With the concluding moments of Europe’s crisis almost reaching critical levels, the sting resulting from economic losses are becoming too painful to bear with political confrontation gearing up to fabricate quick and intensive response to the escalating financial crisis. With Greece’s current and apparent helpless situation many economic experts are expecting at any moment that Greece will eventually drop the currency.
The impending truth is undeniable and yet Greece, its people and the nation’s leaders are still adhering to a dying hope that there is still a way to uplift their economic struggle and still find a way in Europe’s currency. There have been reports mocking the efforts of the nation by calling their efforts eurozone’s bluff.
With the Greek’s economic crisis reaching critical limits, the other members of the Eurozone are faced with awkward and daunting task of whether other members of the Eurozone will aid in providing monetary support for the Greeks. This proposition might well be in the favour of France, with the northern countries still facing reluctance in giving their well earned money for support. If Greece does however move out from the Euro then apparently they would have to default their debt obligations in the Eurozone.
With such stress surrounding the nation of Greece, it’s no surprise that other members of the Eurozone are already conceptualising their contingency plans in order to hold the rest of the region together free from economic catastrophes from happening again. Firewalls are being considered for extension, bailout methods are to be heightened and solid commitments would have to be fully reintegrated. This crisis will eventually subside and the market will favour the remaining members once more but there are those who will be highly sceptic that such likelihood will actually happen.
The greatest threat for the remaining constituents of the Eurozone is not the fact that Greece will become overly dependent to the support from other Eurozone countries but rather the relative victory over the dropping of the euro. Assuming that the economy of Greece will eventually recover the even larger problem that the governments of Spain, Portugal, Italy and Ireland will have to overcome will be on how to effectively convince the rest of the members of the region that there should be no substitute to austerity extensions until to the last second of crisis.