Economic Crisis Greece

The recent economic crisis in Greece has sparked response by Elliott School of International Affairs professor Scheherazade Rehman in a recent debate on PBS, a U.S TV Channel.
In the debate , she posited that because many of the countries in the Eurozone share the same currency (the Euro) , if Greece’s economy collapses completely it will drag down the economic recoveries of many of the other countries in Europe, perhaps even jeopardising the global recovery. Rehman used the analogy of a domino to describe the possible effects of Greece sliding into economic oblivion , that as a member of a single-market economic entity (The EU) Greece’s fate is interrelated with the fates of many others on the continent and if it falls, it is likely that others will too.
Although the bailout by the IMF seems to have had a positive impact on the debt crisis so far in Greece, it has not stopped other European nations from trying to shore up their finances in case they follow a similar fate – Hungary for example has already approached the IMF provisionally, Rehman states.
She also delivers somewhat of a damning indictment on the current situation in the EU , that is primary function was that only five or six of the big economic players in Europe were to join, countries that could withstand an economic shock , not the 16 countries of wildly varying economic situations that currently comprise the EU and her opinion is made clear when she states that “the real fault lines in a regional block like this don’t come when times are good, but when times are bad.”
And with the worst economic crisis in 60 years having occurred, and a major European nation having to resort to petitioning the IMF for bailout money, it can be said that times are quite convincingly bad, at least for the time being. As in previous articles, it will be an interesting situation for students at the Elliott School of International Affairs to study and learn from.

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