Why should Greece leave the Euro-zone?
First we wanted to give a basic outline of what exactly the Eurozone is and explain some of the benefits and negatives of being a member:
Officially called “euro area” - It is the term for the group of countries that have adopted the euro as their single currency. Not all countries in the European Union are part of this monetary union e.g. Czech Republic, Poland. Exceptions exist whereby countries can be part of the Union but retain their own currency, e.g. United Kingdom and Denmark
Benefits: Easier and cheaper to operate in Single Market, Easier for consumers to travel , Price transparency
Negatives: Smaller countries reliant on bigger one
Next we wanted to explain briefly a historical timeline of recent years to illustrate how Greece got into a position where leaving the Eurozone would be a real possibility. We explained the timeline of events in the recession all the way up to the present day with last summers events.
Then we arrived at our first major point why Greece should leave the Eurozone: Austerity.To summarise the key points, many economists now argue that Austerity does not work and will do the economy more harm than good. Furthermore, many experts believe that the terms & conditions attached to the bailout programme are scientifically impossible for Greece to meet, and that defaulting on their loans and returning to the Drachma is the only remaining viable strategy, with a managed exit preferably.
We briefly tried to show how returning to the drachma could actually benefit some sectors of the economy such as Tourism, which would receive a large boost.
Our next major argument why Greece should leave the Eurozone is because the option of staying and continuing to work with the EU will be a violation of their Sovereignty as Greece has lost control over its economic policies and that many parts of the bailout agreement are undemocratic. We wanted to drive this point home by including striking images of the riots in Athens in summer 2015, sparked by this very issue of the bailout being agreed despite a ‘No’ vote in the referendum.
We concluded by highlighting the fact that should Greece leave the Eurozone that it is crucial that they remain firmly within the EU. We include expert opinions and reasons why this would probably be the best course of action for Greece right now, from both a Greek and EU perspective such as; providing a clear end to the crisis, rebuilding trust between EU and Greece, preventing Greece from falling into the Russian sphere of influence, and remaining true to the EU’s core values.
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