Greece has gotten a second chance with EU leaders approving a 109 billion euro bailout package. And while some remain skeptical about such a measure, others consider it a wise step.
“Europeans get what they need to do to solve the problems with the euro,” Deutsche Welle journalist Simon Young told RT. “I think… these measures will keep Greece going under for at least a few years, and will probably stave off the immediate debt problems for Ireland and Portugal.”
“This was certainly a step in a right direction,” he added.
Since Greece is at least temporary rescued, experts’ eyes are now turning to other struggling economies, such as Italy, Portugal or Ireland, which are considered too big to fail.
What Europe really needs to avoid more deep debt holes is growth across the entire continent, not just in a half of the eurozone, Young says.
“That, of course, was a watchword when the euro was introduced,” Young concluded. “At least to have that – growth sustained over several years – and also governments need to get really tough about reforming their economy, tightening up public spending. All of that is a huge agenda to take on. And governments have been putting it off for too long.”