To be sure, the European Union is better prepared now than in 2010, when a 20 billion-euro hole in the Greek budget evolved into a continental crisis that claimed Ireland, Portugal, Spain and Cyprus as victims, and nearly splintered the now 18-nation euro. Back then, aid funds like the European Financial Stability Facility and European Stability Mechanism didn’t exist. Neither did the European Commission’s intrusive monitoring system, designed to flash red when a country is headed for economic or fiscal trouble. Most important, European leaders bred to see the euro as permanent and indissoluble were blindsided by the crisis. Don’t “overrate” Greece’s woes, German Chancellor Angela Merkel said in December 2009 as the budgetary bad news was trickling out of Athens. “There are deficits in other parts of the world as well.” Europe’s stewards received a lesson in crisis management and the whims of markets, and can point to success stories since. Ireland, Portugal and Spain have been weaned off aid, and the sums in dispute with Greece -- roughly 7 billion euros -- are small change compared to what it swallowed before. 
Access Investments-Building Awareness - European Union-ROMANIA
Sunday, December 21, 2014
To be sure, the European Union is better prepared now than in 2010, when a 20 billion-euro hole in the Greek budget evolved into a continental crisis that claimed Ireland, Portugal, Spain and Cyprus as victims, and nearly splintered the now 18-nation euro. Back then, aid funds like the European Financial Stability Facility and European Stability Mechanism didn’t exist. Neither did the European Commission’s intrusive monitoring system, designed to flash red when a country is headed for economic or fiscal trouble. Most important, European leaders bred to see the euro as permanent and indissoluble were blindsided by the crisis. Don’t “overrate” Greece’s woes, German Chancellor Angela Merkel said in December 2009 as the budgetary bad news was trickling out of Athens. “There are deficits in other parts of the world as well.” Europe’s stewards received a lesson in crisis management and the whims of markets, and can point to success stories since. Ireland, Portugal and Spain have been weaned off aid, and the sums in dispute with Greece -- roughly 7 billion euros -- are small change compared to what it swallowed before. 
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