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Euro-Greece Debt Crisis--Is there an alternative plan ?

By       Message Stavros Tasiopoulos     Permalink
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Much is being said about the real choices that ultimately has the current government, let alone a new government, with the party of Syriza as the main trunk of her. What is true and binding on Greece from its participation in the Euro zone, unfortunately although four years in memorandum, has not been clear not only to citizens but possibly in political parties and politicians.


The Treaty on Stability, Coordination and Governance in Economic and Monetary Union in force from 1/1/2013 in conjunction with Regulation 472/2013 of the European Parliament and Council provides the context in which it occurred to strengthen the monetary union in the EU.

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Therefor, it is a direction where each member state should examine whether they can meet these commitments or they choose to lead off the treaties, an autonomous monetary course.

However this treaty has to be consistent with the Law of the EU and what the EU Treaties define, something that relies on: Treaty on Stability, Coordination and Governance in Economic and Monetary Union, article 2 (Consistency and relationship to the law of the Union)

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Nowadays the main issue is the relationship between the Law of Treaties of the EU and the decisions on monetary and fiscal policies of the member states of the eurozone. Which way and on what basis the countries of EU and Eurozone decide in accordance with the statutory conditions and whether exists an institutionalized automation of valid decisions to specifically directed policy followed by the member states.


Today among a dozen of scenarios, more realistic seems to be this revision of the treaties of the EU in a direction relaxation of fiscal stringency and strengthen solidarity between member beyond the logic of the European Social Fund. A review of the issues where deficits and debt will be treated as yet another social issue that the EU is asked to solve on the axis of cohesion policy, as it does for all individual issues of policies.


This perspective, although it's not considered to be written off, now has little chance of implemention, something that emerges from the results of the European elections. Although the power of Eurosceptics (left and right) increased, the dominant forces of the Christian Democrats, Socialists and Liberals remained in a status they had before, Crisis. To expect a shift in policy and even more a revision of the EU treaty and the treaties governing the euro zone, it's probably not feasible.

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Hence the discussions even in countries of North Europe about the prospects of a relaxation of the austerity policies tend to formulating an attempt for alternative plans based on the documentation of failure to fulfill the objectives set by the EMU and the ECB. Levered the economic analysis and social situation, in countries that implemented memorandum and especially in Greece, this attempt aims to defeat existing policies.


But every country and also the ECB itself has the right to process alternative plans. For Greece the Plan B, is not necessarily a return to the national currency, but the beginning of a great debate within the Economic Monetary Union for the fate of a member-state, which, despite cooperation programs and financial assistance, finds it terribly difficult to move forward. The start and the result of this diplomatic, political, financial negotiation trading from the outset is an alternative to the current status with the signed commitments being kept.

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Lawyer, LLM in Public Law & Political Science, Master in Environmental Governance & Sustainable Development,

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Euro-Greece Debt Crisis--Is there an alternative plan ?