Love thy Neighbor: Greece, Defaulting, and the Purpose of the EU

By: Mari Manoogian

Just recently, the Greek Parliament passed austerity measures that saved Greece from defaulting.  This prompted rioting in the streets, and a sense of disbelief among Greek Americans.   Honestly, I would feel the same as they do about the passing of this legislation if this was occurring in Armenia, my family's motherland; that is if I didn't understand the catastrophic implications of letting a European Union member nation's economy collapse into complete oblivion.
After spending the last 6 weeks of my international relations class studying the creation of the EU and what it takes to continue it's model of governance, I recognize that the Greek Parliament needed to heed the recommendations of the EU to keep the country functioning.  Had Greece defaulted and the economy imploded, the first impacts would have been felt by the rest of the EU member nations, most probably causing an enormous economic downturn even in nations not experiencing such horrendous economic conditions.  Within a few days, there would probably have been a pullback in the global market.  As growth and prosperity returns to the world, the last thing we need is a slowdown.
The EU was created to build the economy of the broken post-WWII nations, and the unification of Europe was meant to help each country out when economic troubles plagued the region.
While there continues to be lots of criticism, Greeks should seriously consider that the neighboring nations are just treating others as they would want to be treated.