Aristotle 27s Ethics

Can Europe overcome the crisis?

By Nawab Khan Brussels, June 26 (KUNA) - The leaders of the European Union of 27 members, last Thursday agreed on a rescue plan for Greece seconds estimated at 120 billion euros.
The move is seen as a desperate attempt by the EU to save Greece from bankruptcy.
Last year, the EU and the International Monetary Fund (IMF) has decided to give Greece a financial assistance package of 110 billion euros, but the economic situation in the countries of the Mediterranean continues to deteriorate.
The new financial help depends on the Greek parliament adopting next week a harsher five-year austerity program that is bound to increase discontent and social unrest in the country.
EU leaders argue that without further support, Greece will have to default with all the negative consequences for the country and Europe as a whole.
Analysts, however, say that giving more money to Greece is like prescribing stronger medicine for a severely-ill patient without considering whether the treatment will cure or exacerbate his or her condition.
The media and think tanks in Europe continue to be pessimistic about the chances of economic recovery in Greece, while flat helplessness and discouragement in the EU capital Brussels.
An analysis published by the Brussels-based European Policy Centre for the tank warned that "the situation in Greece is becoming more precarious by the day." "No satisfactory solution exists in this situation - unfortunately there is no quick fix," he noted.
A comment by the think tank German Marshall Fund (GMF) released in Brussels said that "slow and confused response of Europe to the crisis involves significant risks for the global economy.

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