European Union Divided Over Greek Bailout

European Union Divided Over Greek Bailout. YaleGlobal. Chris Miller. April 16, 2015.

Fervent democracy at the national level is hampering monetary policymaking for the broader European Union in bringing quick end to the Greek debt crisis, explains Chris Miller. Greek voters resent austerity measures imposed by the rest of Europe led by Germany, yet polls show that two thirds prefer staying in the eurozone. Europe is divided: Electorates in the south generally favor debt write-offs and those in the north insist on austerity. Extremists on both the left and right take advantage of the divide. The debt crisis could be ended swiftly with a compromise mix of write-offs and conditions on austerity, yet both sides stubbornly seek voters’ approval to cling to their positions. An exit by Greece from the eurozone would trigger economic chaos along with other unintended security consequences spreading throughout the continent. The reputations of Greece and the European Union each would suffer with a Grexit. [Note: contains copyrighted material].

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