The Stability and Growth Pact must be changed. Currently, the rules cannot exit from the euro, either voluntarily or by force. Anyone who has ever had in it, made it. Greece has already demonstrated in the implementation stage, but after the Euro 2001 and accession to the year 2006 (2.9 percent) in each year the Maastricht budget deficit criterion of 3 percent torn.
How many years later turned out this was done with the help of “creative accounting” to a considerable extent and with premeditation. Greece during the days of the drachma or risk premiums of 500 basis points relative to German government bonds had to lay on the table. Currently apply risk premiums of 300 basis points for Greek government bonds. Fact is that the Greek government has cheated at the expense of other members in the euro, which will have to pay the expensive today.The euro has only a chance if the two pillars of stability function. The independence of the ECB and its strict focus on monetary stability and fiscal compliance with the Stability and Growth Pact with its deficit targets for the general government debt (60 percent of GDP) and the budget deficit are (3 percent of GDP), therefore not disposable. Therefore, it is better an end with horror than to be a horror without end.
The control is good
Greece has received from the European Commission imposed a strict austerity program. Fall to 2012, the government deficit to 2.8 percent of GDP.The government deficit must be reduced within two years to 2.8 percent. A decline of about 10 percentage points in comparison to today. Good, because the causes of the imbalance are homemade. The hope of the Greeks on the funds of the EU Monetary Affairs.
Instead, the Commission threatened Greece to penalties if the imposed austerity plan is not followed. Of course, one thing is certain. A clear definition of a concrete sentence is essential. Because with Portugal and Spain already waiting for the next bankruptcy candidates.