"European Union Will Pay After All"

Looks like the European Union finally decided to save Greece by offering $40 billion. It looks like the Euro is finally safe, however, many fear that Spain, Portugal and Italy might be next, and it's highle unlikely all can be saved.

Back to Greece, they are quite lucky, since the interest of the saving loan was of only 5%, comparing to the 7.5% of before (and in billions that's A LOT), and if more is needed, the International Monetary Found its prepared to give $20 extra billions at an even a lower interest. Anyway, it isn't all beauty for Greece, since it looks like it will be expelled from the Euro Zone. This is probably why Greece hasn't yet accepted the EU and IMF aid, probably holding hopes in staying in, which is highly unlikely, since avery Euro Zone country seems to be quite "mad" at Greece, specially Germany.

What I wonder is, What would happen if Greece didn't paid? What measures would be taken? War?

Tough spot for Greece

Greece was in the ancient world one of the main civilizations, they had great thinkers and made many advances in sciences and philosophy. Today, I’m sure the Greeks are nothing less of what they used to be, but sadly they’re not having the same luck. Greece is going through a very bad budget deficit brought about by many debts the Greeks have; Greece's national debt stands at about 300bn Euros. This budget deficit has forced the government to make many cuts both in wages and public spending. The economic crisis through which Greece is going will most likely affect the whole European Union.

Certainly the Greeks will be affected by all of this; many are complaining and going into strike due to the lack of support by the government. It is very bad that there are such great differences among all the economic levels of the European Union. These kinds of differences are likely to destabilize the Euro’s value and even reduce it. If Greek economy goes “over the cliff” it is likely to take with it Spain and create a chain of falling economies. It is imperative that the Greece does something about this, but also they have to be supported by the European Union because this also affects them.

There are several things that can be done about this deficit. Greece can begin by reducing its spending and making all those who evade taxes pay. They have to be very strict when dealing with taxes. The European Union should boost Greece’s economy and help it regain its strength. Reaching this goal will be tough because the Greeks have begun to complain and go into strikes. They should do the total opposite, they should be united and work hard to make their economy go up and reach their previous economic level.

Current crisis in Europe

We all know that the current crisis has affected our lives; we need to pay more for goods and services, we have to prioritize our expenses, and many other consequences.
Although the crisis' problems have been regulated and the economy is becoming more stable, there are still some aspects that suffer from the crisis. One of those aspects is the one that includes Europe.

There are some countries like Spain or Greece whose economy is still the worst in the eurozone due to the current global crisis, this countries have the largest desompleyment percentage (20% and 10% respectively) and have bigger expenses that income.

What the EU is trying to do is to help these countries by telling them how they should manage their economies; however, the governments are not always willing to follow these instructions.

I believe that if the economy of these, and some other European countries, continues to grow negatively, we could fear that the cost of the Euro will fall and a lot of social issues (migration, immigration, discontent among people) will become present. Also, I think we would fear the relations between Spain, Greece, etc. and the rest of the world (Including México) regarding its comercial exchange. I believe that the politic parties should set aside the opinion of the people about the parties' popularity and should focus on raising their countries' economies; in order, for there to be a faster exit of the current crisis.