John Kallianiotis
Professor, University of Scranton, USA.The Financial and Public Policy of Greece as a
Member of the Economic and Monetary Union
This paper explores the public policy of Greece (Hellas) since the
Treaty of Rome (1957) up to her European integration and today with
the common currency and the uncommon debt crisis; and discusses
some of the advantages and problems that the current European (and
the prospective Euro-Asian and global) Union has created to all
European citizens. A theoretical social loss function is used to
determine the loss to society before and after the integration. The most
severe difficulties are the social chaos, which is increasing every day,
due to the overvalued euro, an enormous debt, the current financial
crisis and the worst recession (double digit unemployment) since the
war, occupation, hunger, and great depression of the 1940s; the
economic and political corruption, which are underrated by the
officials; the European Constitution; and the tremendous uncertainty
that this artificial and controlled Economic and Monetary Union has
generated to its member-nations and their citizens. Europe has a unique
seven thousand years old history, which comes from ancient Greek
(Hellenic) civilization and is complemented by Christianity (the
Christendom). Greece, in her journey, experienced many difficulties,
conflicts, and invasions by barbarians and other neighboring countries.
But at the same time, many good and glorious periods with tremendous
contribution to the global scene are recorded. Lately, after the political
changeover of 1974, the European integration has destroyed the
sovereign state-nation and it is ruling undemocratically not only
Greece, but an entire continent. EU has lowered the European
indigenous cultures to a uniform sub-culture of waste, dependency,
and apostasy. Greece, due to her history, idiosyncrasy, and values
should have not become a member of the Euro-zone.