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I agree, the euro was premature and rushed through, combined countries with too different economic systems together in one currency. Additionally the euro count
by GekkePrutser 5y ago
I agree, the euro was premature and rushed through, combined countries with too different economic systems together in one currency. Additionally the euro countries allowed 'advisors' like Goldman Sachs to help the southern countries fiddle the books to get in.
This really hurt Europe during the credit crisis. Because of this we had to 'save' Greece. If they'd not had the euro they'd just gone bankrupt and crawled back up within a couple years. Instead they're going to be paying us back for our 'help' for decades because their fall would have hurt the euro and the whole Eurozone.
I put this in quotes because another major reason we had to 'save' them was actually saving our own West European investment banks and pension funds which had bought cheap Greek bonds and didn't want to take the associated investment risks. But the problem was really combining such different systems in one monetary union which was our fault too.
So really we were saving ourselves :) And now we're dumping the burden of the refugee crisis on them too by not distributing the refugees across Europe as agreed.
I'm from Western Europe but living in a southern one (not Greece). I just think sometimes we give the southern countries too much flak. We just can't blame them for not having comparable economies and our help is more to help ourselves.
In my opinion Europe should have focused more on getting prosperity more equally distributed first, which would have made for a much more stable euro as well. And would have reduced disagreement between member nations.