It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
While it remains unclear whether the 110-billion-euro (146 billion U.S. dollars) package could help to end the six-month Greek crisis, a deeper question looms large over the future of the 16-nation eurozone as a whole.
No doubt Greece is primarily responsible for its own mess, but the crisis has also exposed serious institutional flaws of the eurozone, which was established more than a decade ago.
For years, Athens had run high deficits which sowed the seeds for the current crisis, but the Brussels-based European Commission (EC) has been turning a blind eye to it.
That was partly beca
The EU's Stability and Growth Pact is probably the only weapon at hand, under which eurozone countries should keep their budgetary deficits below 3 percent of gross domestic product (GDP) and public debts below 60 percent of the GDP, but all the EC could do is to send warnings and provide recommendations.
Although in theory any eurozone member may face penalty if continuously breaching EU rules, no one has ever been punished for that.
Greece now has a staggering deficit that accounts for 13.6 percent of its GDP and a debt level of nearly 120 percent of the GDP. Obviously, the figures did not come overnight.
In fact, eurozone countries are now paying a price for the lack of unity and slow response to the crisis, for if they had acted upon the crisis earlier, the amount of aid to Greece could have been much smaller.