Posts Tagged ‘Currency’

Greece: cradle of democracy and philosophy – and now also destroyer of Europe?

May 16, 2012

Greeks were the first to organise themselves politically to represent the common interest. Philosophers such as Plato and Aristotle showed the power of reason, which never lost its influence despite religions which insisted knowledge came only from divine revelation.  Greeks have thus inspired us over the ages.

Will they now write a third chapter in their history by destroying the vision of a Europe which no longer tears itself apart – as it did at huge cost in human lives in the last century?

Since joining the European Union, Greece acquired a reputation as the member which consistently flouted its rules. Its citizens lived far beyond their means and today show no signs of acknowledging responsibility.

Predictions are that the new elections will favour parties who care nothing for Europe and nothing for the financial ruin they will bring by reneging on the country’s debts. In doing so, they may bring down the euro and perhaps even the European Union.

Europe’s younger generations take the benefits of the European Union largely for granted – that is, freedom of movement and employment, relaxed personal relations, democracy, rule of law, common standards, no passport queues at airports, and, yes, a common currency which facilitates price comparisons and is immensely convenient.

Greeks now risk writing themselves into history as the destroyers of this harmony. They will be remembered long for their selfishness and fecklessness if they choose that path. It is hard to believe Europe’s young people will let them get away with it. But if they succeed, how many will still remember Greeks as pioneers of democracy and philosophy?

 

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The euro? Greece may be on the way out but Turkey has already embraced it

May 16, 2012

If you are one of the millions who visit Istanbul nowadays, you can pay for most things with the euro. Greeks may be about to vote in a government which will take their country out of the common European currency. But Turkey, which does not even belong to the European Union, is already unofficially using it.

Even in the teeming tunnels of the Grand Bazaar, dating back to the 18th century, cash machines offer the euro and dollars besides the Turkish lira. Try getting a euro out of a cash machine in Britain. No chance.

Turkish cars carry number plates with the blue flash on the side used by member countries of the European Union. The plates carry the letters TK, as if it were a member country. Only the yellow stars of the European Union are missing.

The concept of a united Europe may seem tattered to some. But to outsiders such as the Turks, it is still an alluring prospect.

Panicked about the euro? Not the Europeans I talk to.

January 8, 2012

British newspapers and politicians have been predicting the imminent demise of the euro for months, but I don’t sense panic among the people who use it in their daily lives.

Travelling on the continent over the past month, I asked a German businessman, a Spanish tourist resort manager, some Italian cultural officials and a group of Slovenian professionals whether they feared the currency they used could collapse. All replied firmly they expected no such thing. They found the question surprising.

Of course it is hard really to believe the promises printed on the banknotes of any currency. However the currency remains viable if people at least behave as if the promises were trustworthy. For that reason, I believe the euro is in no real danger.


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