Just as news hits the headlines that Greece hasn’t met its terms set for the first bail out tranche, CNN Money has run an article saying that ‘Economists actually believe the euro will survive.’ Just as the protests in Greece and Wall Street continue, in a not very elaborate article, apparently 17 of 22 economists surveyed, believe the euro will survive even though the majority think Greece will default by the end of the year.
Good news, slightly vague, but good nontheless. Meanwhile, British PM David Cameron, has delivered an address trying to illuminate, behind the rhetoric, why the euro and ultimately EU must pull together and survive – “40% of our exports go to the eurozone,” so it’s important for Britain that it maintains financial health. At the same time, the BBC interviewed a selection of Germans trying to see where the public barometer is for the eurozone – unsurprisingly, many were angry and wanted debtor nations like Greece cut out of the picture, but several echoed the sentiment that fiscal solidarity and union will ultimately benefit the nation as a whole.
It’s interesting to note that while the press is never short of detailed analysis of how and why the eurozone is struggling, there is very little on what the actual benefits are to member nations for achieving a more settled, cohesive monetary union. One German pensioner argued in an interview for the BBC that “it was much easier and cheaper to send money to my Granddaughter in London than it was before…”. Politicians, who are currently struggling to shore up confidence in the public and marketplace, might do well to outline what exactly it means for Europe to try to pull out of this mess.