Greek crisis: Hungarian views

drapeau hongrieWe were a little bit surprised after we had got to know that we would have to write about this question. Nothing gives cause for retirement of Greece from the EU, and it’s most unlikely that Greece will leave the European Union. An opportunity presented itself that Greece would leave the EMU (European Monetary Union, alias Eurozone) but it’s a thing of the past.

        Since the global economic recession (and the Olympic Games in Athens), Greece had had a lot of economic and social problems and also a big debt. The country chose the way to crisis management that the Troika, frankly speaking the European Commission, the European Central Bank (because Greece is member of the EMU) and the International Monetary Fund (IMF) offered: hard constraints,  quick privatisation and more credit. This way was – to say the least – very unsuccessful, the Greek economic indexes didn’t get better, on the contrary!

        The ensuing general dissatisfaction yielded that an extremist political party – the Syriza – won the elections because of its promise that they would take the Troika on and gain the Greek economic independence by fighting. The “Greek economic war of independence” lasted only two weeks because the new Greek government signed a credit agreement with Germany (so they broke most of their promises)… Sic transit gloria mundi.

        Summing up what has been said, it’s possible that the Greek government has considered leaving the Eurozone (because it would have helped the economic independence of the country) but visibly they gave up this plan and submitted to their “old enemies”.

       But what have the Hungarians thought of this topic? We’ve interviewed a few people and got the following answers.

         “If the Greeks wanted to leave the Eurozone, they would do it. On the other hand, they want to leave neither the EU nor the EMU. As a result they want to benefit from the financial assistant of the EU and they don’t want to pay their debt back. Who would want to do it?”

          “While the governments of Greece were spending the EU money and the credits on theinfrastructure (where the German companies were present a profiteers) – not on the reconstruction and on the development of the economic situation – similarly to other developed EU countries, there wasn’t any problem. While the consumption and the profit of the foreign companies were growing, there wasn’t any problem. But when the balloon blew out, Greece became a problematic country.”

         “The Greeks can leave the EMU and introduce a new currency – but it will surely become an inflated currency in a few years.”

         “We’ve never seen such a thing yet that can come after this. The Greek nation has to face a big challenge.”

         “The Greeks should already have been sacked!”

Consequently, the opinions are different, both in Hungary and in the whole world. Only one thing is sure: the Eurozone isn’t a stable system.

– by Lorinc F. and Bernadett V.