Case Study: The Finance Minister Of Greece

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The Finance Minister of France,

The terrible economic condition of Greece calls for the necessity of a debt relief to be given to its government in order for the country’s administration and economy to be sustained. France will support for the debt relief to Greece. The French government will address the need for an extension of the debt payments to a later period of time as well as cutting the high interest rate that the Greek government needs to repay its creditors.
The French government took into consideration continental economic stability to support the debt relief for Greece. The impractical austerity measures that have been implemented in the country are not helping the Greek economy since it was implemented but had made it worst than
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The continuation of the austerity measures will just deprive the Greek population and push the domestic demand to fall. There is no fruitful impact in the Greeks economic growth by continuing such policy. It is better to slow down the tight fiscal condition and allow the Greek government and economy to reform and progress. France and the whole of Europe must continue to assist Greece. It will be risky to allow Greece to fail. Most of the European countries own billions of Greeks debt for instance Germany €68.2 billion, France €43.8 billion, Italy €38.4 billion and Spain €25 billion. Allowing Greece to collapse will cause its debt to default thus wasting billions of taxpayers’ money resulting the government to answer to its population. Apart from that, the Greek’s debt is not only own by the European governments, private companies and banks also held them. The banks and firms will be severely impacted when the debt defaults and allow banks to burden a huge amount of loss. If the banks and …show more content…
Firstly, there is a decrease in the French support for the Greek exit. In 2011, there was an approximate 75 percent of the French in favour for Greece to leave the Eurozone however 4 years later the support dropped to 45 percent. Most of the French (85 percent) acknowledge that the Greece will never be able to pay back their debt. However, it is important for Greece to still remain in the Eurozone in order to ensure economic stability and it is important for the French government to seen as the champion for the stability of Europe. Moreover, there is an evidently increasing support for the euro-sceptic and right wing political in France, the National Front. Only 38 percent of the French population who is in favour of the European Union and the sentiment is declining. It is a crucial moment for Europe. Solidarity and unity in getting compromises in the Greek debt relief can be a platform for European leaders to prove the idea of a strong cooperative European Union still lives. The European leaders must show commitment in assisting each other during period of crisis and avoid disparities among them because this would allow the euro-sceptic and right wing party to take advantage and gather support for their political agenda. Furthermore, the recent immigration issue that is affecting all the European countries including France has cause a huge debate in the country. Refugees consider Greece as

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