What to do with Greece?
As countries from around the world gathered for the international Organization Economic Cooperation and Development (OECD) meeting yesterday, one topic in particular seemed to dominate the conversation: what to do with Greece. As we previously discussed, the country will hold another election next month. This leaves a lot of uncertainty in the international community regarding the future of Greece.
Angela Merkel, the Chancellor of Germany, has been pressured by France’s new prime minister to lessen the requirements of Greece’s next bailout. But after late night meetings, she told reporters, “We want Greece to stay in the euro, but we insist that Greece sticks to commitments that it has agreed to.”
Whatever occurs, stability and predictability are greatly needed. With so much unknown, banks, investors, and businesses cannot build the economy Greece needs. The current method of bailout and hope has put the entire Euro Zone in a stable and uncertain situation. Once the Greek people can unite behind a fiscal plan that controls spending, it will be much easier to make the country more competitive in the global market.