All tagged eurozone

Under Pressure

It is certainly not very far-fetched to foresee the rise of a far right party in Germany today taking advantage of the skepticism surrounding the euro that is prevalent in Germany today. Anyone with a sense of history should realize this. Thus, this is a time for greater European solidarity. Instead of isolating and incessantly criticizing Germany, we must cooperate with it before it is too late.

This past week the now hydra-like Greek debt crisis reared yet another one of its re-growing heads. Anti-austerity protests returned to Athens as Greek ministers attempted to acquiesce to the demands of European Union leaders who thought that the problem had already been dealt with. The continuation of the Greek recession, now entering historic periods of length and severity at five years and a 16 percent decrease from pre-recession GDP, should not be seen as a surprise.

The past year has been a most tumultuous one for the nations of the eurozone, from the sunny shores of debt-ridden Greece to her disgruntled northern neighbors. The seventeen-member union has approached the brink of disaster and backed down seemingly several times a day for months, exhausting lenders and spectators, while inciting political unrest throughout the region.