In the recent global recession, no country has been as hard hit or had so much publicity as Greece. With its recent scandal of bailouts, riots, and now a growing possibility of insolvency looming on the horizon, many of Greece’s closest economical allies are starting to lose confidence in the nation. Despite the government’s best efforts to control the crisis, countries like Germany and France who have invested 44.9 and 56.7 billion into the economy are beginning to make contingency plans. In my opinion organizations like the EU should not get in the business of bailing out failing economic systems like the one in Greece.
It is both unethical and unproductive to shore up a system that clearly hurting its citizens as evidenced by the nationwide riots and social instability. Failing companies often go into bankruptcy so that stronger competitors can take their place in the market and this situation is no different. It is my belief that no countries should be engaged in bailing out these economically failing countries because it exposes them to greater risk in the place of a possible Greek default. What do you think? Are countries ethically or economically obligated to bail out other countries?
