As some of you know, Greece is currently in an economic crisis. They have billions of Euros (€) in debt over their heads, and the country has no money. Banks have closed, ATM users are limited to withdrawing 60 € per day (approx 85$ CAD), and citizens have been prevented from making international transactions.(How the heck will companies pays their bills?) The government and its citizens probably don’t want to believe that it’s their fault. The thing is, it is their fault.
It was Greece’s fault for joining the Euro in the first place. I’ve never been a big fan of monetary unions(when many countries share a currency). I think countries with their own currency are at an advantage, simply because in extreme cases countries can produce more extra money (although printing extra money comes with a price, which is making the currency worthless. ). I mean, not all the countries in the European Union(EU) joined the Euro, so why should Greece, which never really achieved economic stability? Now their money supply is controlled by the European Central Bank and not them.
The other thing about joining the Euro is that Greece had access to more borrowed money than ever before. And as you can see, they used a lot of that money. They borrowed a lot of money, and then borrowed more money to pay back their debts , because the credit rates were lower. Unfortunately, in 2008 there was a crisis, money ran out, and Greeks now owed more money than they could ever pay back. Whose fault was that? It was theirs and theirs alone. Oh well. It’s their fault if they won’t pay taxes.
Guess what Greece? Quit the Euro. Then stop complaining.