To Salvage Their Future, Greece Should Exit The European Union

A nation should never sacrifice their independence to foreign bureaucrats

I’ve written before about why Greece should leave the European Union. The reasons are many, and they add up each day.

Greece suffers economically from having an artificially high currency in the Euro (the Greek Drachma would be way cheaper), and they suffer in terms of lost national independence and autonomy.

Greece has become a tool of Germany, the European Central Bank, and the IMF. All those institutions dictate Greece’s economic policy, and exercise a veto over Greece’s decisions.

In return for being dominated, Greece has seen an economic collapse worse than the great depression (from the perspective of Greek citizens).

Greece obviously put themselves in a terrible position, but being stuck in the Euro has closed off any hope of Greece recovering. Consider this: They can’t stimulate their economy, they can’t cut taxes, they can’t lower the value of their currency, they can’t put more money into the system, they can’t sign trade deals.

So how can they be expected to recover?

Greece has lost about 30% of their entire economic output since their crisis began, and is nowhere close to recovery.

And now, another bailout debacle is looming.

Greece needs a new bailout under the terms of the European Union “rescue plan,” which amounts to money flowing into German banks while the Greek people suffer.

Every bailout package is clearly a failure, since new ones are always needed.

That’s why Greece needs to leave the EU.

There is going to be economic suffering either way. Greece can either suffer as a free and independent nation, or they can suffer under the dominion of Germany and the European bureaucracy.

Being independent is the far better option.

And being independent is the only option that gives Greece a path to economic success sooner rather than later. If Greece left the EU and went to their own currency, it would be way cheaper than the Euro. This would of course lower the external spending power of individual Greek citizens, but it would also be a huge boost to the tourism industry, and would rebalance the entire economy in a more sustainable way.

Greece could develop a stronger internal economy, while benefitting from rebalanced trade. And Germany would no longer get the double benefit of having the economic size of a highly-valued currency nation while getting to export (trade) with their European partners at equal exchange rates thanks to the Euro.

Greece needs to reclaim independence and chart their own course. That can only happen if they leave the EU, and go back to their own currency.

Reclaim independence.

Spencer Fernando

Photo – Twitter