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GreekReporter.comEuropeSpiegel Magazine: “No Hope for Euro!”

Spiegel Magazine: “No Hope for Euro!”

According to the Spiegel magazine there is no more time left for the common currency. The title of the article “Not At All Out of the Blue” confirms the main idea that there is not such a strong currency policy anymore and a Plan B is necessary. If the member states let Greece go bankrupt then the crisis will spread to every other European country which is financially unstable at the moment. On the other hand, if the politicians go on with the rescue packages, the EMU is going to end up sharing money, something which everyone involved has been avoiding from the beginning.

The problem is that the EU tries to support powerful and financially unstable countries. If there were national currencies, then Greece or Portugal could devalue their currency in order to improve their competence. But now the only solution is cuts. This is why the countries have to implement austerity programs. However, we should not forget that if the reforms are not accepted by the citizens of each country, then there should be an end to it.

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