Member Since: August 7, 2012
Answers: 1038
Last Update: August 2, 2021
Visitors: 33746
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If Greece's economy was that bad then why would it be such a big deal if it and potentially even Portugal left the Eurozone? And why doesn't the media give as much press for struggling African economies, or is it just cause Europe, the U.S., and Asian countries want to cover up the corruption they contribute to in Africa? But somehow I should feel more anguish over Greece, which has been bailed out numerous times, than African nations where politicians get bribed for their counties' resources, inhibiting growth? If not for the slave trade and colonialism, how wealthy would all of Europe even been today? Africa is rich, it just continues to be pilfered... (link)
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The Greece issue is a big headache for the European Economic Comunity (Eurozone) rather than global economics directly. Mainly because, if they default it sets a precedent. If they are not penalised in some way it may encourage other countries to default. If Greece are expelled or allowed to leave, and the country does somewhat better in terms of trade and economy OUTSIDE the EU than it did INSIDE then other countries may well in effect think "Hang on...maybe we would be better out than in?". And the whole EU would begin to collapse. That's basically why it is such a big issue. I think it's fair to say Greece will never be a major player in trade and commerce. It's more the effect their very public problems may have on the whole EU. As far as industrialised nations 'writing-off' third-world debt, to be honest it's an academic exercise. Or a show of goodwill and generosity of spirit at most, because they are never going to able to recover the debts anyway.
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Rating: 3
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former and continuing colonizers owe more debt to "third world nations" than the other way around. Thanks for your explanation of Greece's significance, but you show your ignorance otherwise
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