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Euro Never Suited Greek Economy, Now Country Will Crash – Belgian Media

© Flickr / Ion AndroutsopoulosThe euro was never a liable currency for Greece, since its economy, too far from the industrial heartland of Europe, was too weak to stay competitive, said Bruno Colmant, Professor of Economics at the Free University of Brussels, according to Belgian weekly Le Vif.
The euro was never a liable currency for Greece, since its economy, too far from the industrial heartland of Europe, was too weak to stay competitive, said Bruno Colmant, Professor of Economics at the Free University of Brussels, according to Belgian weekly Le Vif. - Sputnik International
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The euro was never a liable currency for Greece, since its economy, too far from the industrial heartland of Europe, was too weak to stay competitive, said Bruno Colmant, Professor of Economics at the Free University of Brussels, according to Belgian weekly Le Vif.

A woman passes by the Bank of Greece headquarters where 'Greece' was changed to 'Berlin' during a 24-hour general strike in Athens on February 7, 2012. - Sputnik International
Current Solution to Greek Debt Crisis Only Postpones Problems – Politician
The weakness and incompatibility of the Greek economy with that of the European Union (EU) was exposed after the country couldn't take advantage of low interest rates and reform its public sector expenditure. A series of bailouts followed, debt re-structure plans were offered, austerity measures were forced, but nothing helped — the amount of debt kept rising until the Greek economy has come to the verge of defaulting, Colmant said.

Currently, Greece has a new bailout plan that is even more severe than the previous one, rejected by the former right-wing government. The Greeks voted for the left-wing Syriza party hoping they'll deal with harsh austerity measures, but Alexis Tsipras' government crumbled under the strict policies of EU foreign ministers.

Right now, Greece is in a really bad state of affairs. The situation is so bad that Colmant believes "the stars have aligned perfectly to unleash the fury of a revolution." The Belgian economist is convinced that by 2017 or even earlier, Greece will have an authoritarian government that would come to power as a result of a revolution or other civil unrest caused by the events we're witnessing right now.

One of the harsh conditions that Greece had to accept this weekend to receive its next bailout package from a group of international creditors to save its crumbling economy was to agree to hand over €50 billion worth of its public assets to an external fund. - Sputnik International
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The new Greek political agreement is reminiscent of the 1919 Treaty of Versailles and the 1938 Munich Treaty. In both cases Europe witnessed disasters. Colmant predicts that a similar fate will follow Greece. When social unrest hits the country, Greece will become ungovernable. Countries going through harsh economic turmoil always end up in less democratic geometries, the Belgian professor argued.

The recent Greek agreement was never about Greece or its people. When Eurozone leaders forced the Greek government to accept their terms of the agreement, they thought about saving their own interests and soon they will bear heavy responsibility before the history of Europe. EU political elites should have never extended the euro outside of its natural center of gravity — the Franco-German axis. Now their decision might undermine the whole idea of European unity.

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