Andy Duncan discusses the Greek financial crisis and problems which threaten to engulf the entire European Union.
Greece is currently mired in debt, but it is not alone. To some extent, all the countries of the European Union – like most nations worldwide – are running unsustainable deficits. Those countries that also have the Euro as their currency are in even deeper trouble. Greece and the rest of the so-called P.I.G.S. – Portugal, Ireland and Spain – are merely the tip of the iceberg. If Greece were to exit the Euro, it would be the first major sign of the entire project shifting into reverse, and the ideologues behind the scheme cannot allow this to happen. If Greece goes, others will surely follow. The true nature of the European Union as a purely political construct is being revealed.
The bureaucrats in Brussels and the central bank controllers will do whatever it takes to paper over the cracks, but it’s just a matter of time before the entire edifice collapses. The profligacy and corruption of the political class sowed the seeds of its own destruction, and the nationalist tensions that the EU was supposed to eradicate are once again on the rise. The very future of the European Union, the Euro and even democracy within Europe are at stake. There will be winners as well as losers as this grand vision of perpetual peace and unity goes up in smoke, but what might a future Europe look like when the rubble finally stops bouncing?
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