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European policymakers seem to be taking an awfully long time to realize the fact that there cannot be general blanket solutions to the problems in the euro-zone. Every time a member nation is in trouble, the same few steps seem to be repeated.
The coming to power of a Left-leaning Syriza government in Greece is not because people supported their ideology but they wanted to protest against the economic stagnation caused by austerity programme, says Ramon Perez-Maura, Assistant Editor of leading Spanish daily, ABC.
Greece's problems were inevitable because the concept of Eurozone is based on flawed solidarity. While the monetary policy is controlled by the ECB, the fiscal policy is under the member states. They have to obey the diktat of the ECB regarding interest rates and this has made Greece uncompetitive with rising costs.
Ambassador of the European Union to India, Dr. Joao Cravinho, admits that the current problem is "big" and it is "about the EU project", but he also believes that "the EU has the strength to deal with Greece" and that it has come out stronger after every crisis it has been facing in the past.
A legalistic position towards the Greek demand for reparations is neither sufficient nor politically wise. A generous gesture towards Athens would strengthen Germany's position as a country that is more than a leader by default in the EU.
In the face of the Greece crisis, the fundamental problem that needs to addressed is whether the European Union was sustainable, as very soon Spain would also be faced with a financial crisis similar to Greece. A total re-writing of the books and balance sheet of the European economy is required as it was done in 1945, according to Dr. S. Narayan.
Greece's problems, which started in 2009, are casting a deep shadow on world stock markets. India is also feeling the impact. The BSE Sensex took a deep plunge though it has recovered recently. The rupee has been falling in terms of the dollar during the last few weeks.
If the Syriza government in Greece had the foresight to seek technical assistance from the bureaucracy of any Latin American, African or Asian country on how to deal with agitated lenders, they would never have got into the mess they are in now.
Greece may be far away from India but the lessons to be drawn are many. Bringing down fiscal deficit through harsh austerity measures has brought Greece to the brink. India should also not cut the important social sector spending in order to bridge the fiscal deficit.
Alexander of Greece, the Scythians, Genghis Khan, Mahmud Ghazni (17 times), Mohammed Ghori, Timur the Lame and the Mughals, among others, all invaded India through the Khyber Pass. But, like it is said of the Bourbons of France, though we forgot nothing, we learnt nothing.
Covid-19-related economic repercussions have rendered the unifying, cooperation-creating element of a common energy market in the Eastern Mediterranea
At a time when it is facing Western sanctions and a proxy war on oil prices, Russia sprang a huge surprise early this month by signing a gas deal with Turkey. The deal will enable Russia to pump natural gas into a Turkish hub, near the Turkey-Greece border and from there into the southern EU market.
Greece is having unprecedented economic problems and so is Spain which is seeing the rise of a new party Podemos. France too is in economic trouble and Germany is facing flattening out of exports and slower growth prospects.
सामरिक भागीदारीच्या संस्थात्मक यंत्रणेमुळे जगातील भारत व ग्रीस या सर्वांत मोठ्या व सर्वांत जुन्या लोकशाही देशांना त्यांच्या अभिसरणाच्या अनेक क्षेत्रांत शाश्वत संबंध
सामरिक भागीदारीच्या संस्थात्मक यंत्रणेमुळे जगातील भारत व ग्रीस या सर्वांत मोठ्या व सर्वांत जुन्या लोकशाही देशांना त्यांच्या अभिसरणाच्या अनेक क्षेत्रांत शाश्वत संबंध
