Greece heads into new negotiations on Monday for its third bailout since 2009. The country is looking to secure a $93-billion (Dh341.51 billion) bailout over three years and, as almost every news story from a major media source will tell you, if Greece doesn’t secure the bailout, it faces expulsion from the Eurozone.
It’s time for Greece’s creditors to face facts. Greece will likely be leaving the Eurozone unless some of its debts are forgiven, regardless of any new bailout. Germany, Greece’s largest and arguably most demanding creditor, has staunchly refused to forgive any debt, despite the fact that its creditors forgave that country’s war debt after the Second World War. Instead, Germany is seeking to have Greece sell off national assets, such as sea and airports, which will probably sit idle considering the state of Greece’s economy.
That Greece’s toes are being held to a fire over this debt is ludicrous. This new bailout will fail, just like the other two, and Greece’s economy will continue its plunge back into its ongoing six-year depression. The country will never raise the cash it will need to pay off its new bailout under these demands.
In other words, thanks to the European Union tendency to postpone dealing with its economic problems until they explode onto the global stage, we will be reliving this Greek drama again in just a few short years.
