Friday, February 10, 2012

Why not an exit clause for EURO

It can be sorry spectacle when an agreement does have an if what clause. And when it comes to the European Union integration, I don’t understand that the so called best minds in the business either deliberately or intentionally did not put in the agreement that what and how a country can exit the Euro if it is forced too or by choice. Even Marriage the so called most sacred institution has an exit clause called Divorce if one party cheats or there are irreconcilable differences in the marriage, so how come the Europeans thought that once a Country has adopted the Euro it will stay there and other rich countries in the Union will bail them out. First it is not a true union to start with since every country in the Union has a border and speaks different language. Second every country has its prime minister and has elections to elect its sovereign parliament and then each country has its own armed forces, budgets, visa policies, border control and the list goes on and on.

The only thing the Union said that fiscal union will be integrated but some countries went into the Union when they were ill equipped to do so and here we have Greece now. If Greece or for that matter any other fiscally weak country wants to exit either by choice or by force, it should be allowed too since you cannot force somebody to stay with you piling it with more debt. If it cannot pay the old debt with few exports, how will it be able to pay more debt? The European Union should stop this doling out of money and let Greece finds its own way out of its mess.

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