Saturday, September 3, 2016

Brexit may be followed by Grexit

The Greek Prime Minister called the European Union a somnambulant moving to an abyss because of the obsession for strict austerity that brings about inequality of EU member countries. According to him, Athens has fully fulfilled its obligations to European creditors and is expecting concessions from them.

Specifically, the EU should permit Greece to determine a budget deficit on its own that would pave the way to an economic recovery. Recent opinion polls show that Greeks get poorer with every passing month and can hardly make ends meet. Further belt-tightening may well put them out of patience and Brexit will be followed by Grexit, which would entail the breakup of the EU.

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