Friday, March 10, 2017
The Euro experiment under threat
Since the Britain referendum resulting it to quit the European Union, some of the other nations on the periphery of being unhappy with the union are contemplating going their separate ways. By far the unhappy out of all Europeans are the French who are complaining about the increasing immigration (mostly Muslims) and annoying control of laws from the European Union headquarters in Brussels, Belgium. Then there is Greece who has been constantly trying to get aid in order to repay the old debt so that it can stay afloat. Since Greece does not have control over Euro currency and hence cannot devalue them out of this debt, they are in dire straits and the people are fed up with all this austerity as it has been going on for last so many years. The International Monetary Fund (IMF) has said that without substantial forgiveness of debt by the European Union, Greece cannot continue on the current path. European Union especially Germany is no mood to forgive any of the debt that Greece has accumulated and IMF will not be on board with another round of money provided to Greece. Now there is news that European Union has sounded alarm on the enormous debt load of Italy as being unmanageable in the long run. With all this going on Germany is the only one which is holding onto this European experiment with various statements coming out of that country to abandon the Euro currency as they are also fed up with providing money to government with no sign of repayment. I don’t know how long this experiment will last with the Euro currency but it is only shaky ground right now.