03:13 GMT10 August 2020
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    The EU is facing a split. Greece is the catalyst for a new dynamic of European financial systems. Angela Merkel is tired and exhausted and she can only watch how the European Union is falling apart, DWN wrote.

    The summit in Brussels has shown that the EU is not functioning in a proper way. Greece is no longer the problem: the shortcomings are systemic and can’t be resolved by compromises, DWN reported.

    According to the newspaper, the EU consists of numerous imperfect institutions which have proved unable to function in times of the crisis. It has become a hostage to the Troika: the ECB, the IMF and the EU Commission which have totally failed.

    These institutions committed themselves to a pure austerity policy: increasing taxes and reducing social benefits. Such policy may look well on paper. But in practice it is hard to implement, the newspaper wrote.

    Moreover, the EU member states are pursuing different goals: Southern countries want a different Europe, not a Europe of austerity, but of a growth, Italian Prime Minister Matteo Renzi said.

    Francois Hollande, for his turn, stated that he wants Greece to stay in the Eurozone: a Grexit will give good chances for the oppositional National Front in the new elections and pose a serious challenge to his government.

    Germany maintains an opposite point of view. Merkel and Schäuble can’t give up as they have promised German taxpayers that Greece is on the right track. The small states, for their turn, are increasingly becoming Euro-skeptic, with fringe political parties gaining more popularity.

    In this complex situation, a common political will is impossible, DWN wrote.


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