Thus Germany bears some of the burden for the decimation of Greece's economy, and that of other European states, to begin with.
During its bailout of Greece, Germans banks do not have to incur any costs. In fact, German banks are buying high-interest bonds that are effectively guaranteed by the euro-zone governments. The best part of this plan for the banks is that German taxpayers are guaranteeing the interest and the amortization. While only time will tell if this plan works in the long run, it is appears successful enough to implement in a second country, if necessary. Thus a continued bailout is not only in the best interest of the EU, it is also in Germany.
Finally, providing funds for others states to get out of debt is the only way to ensure the stability of the euro and the EU. In another ironic twist of fate, commentators, academics and politicians have concluded...
NAFTA vs. The EU NAFTA History and formation of the trade bloc The North American Free Trade Agreement (NAFTA), a free trade agreement uniting Canada, Mexico, and the United States, was signed in January 1994 by Democratic President Bill Clinton. The intention of the agreement was to eliminate most of the tariffs on products traded between these three nations. The tariffs were phased out gradually, and the full agreement was not realized until
Political legitimacy derives from the peoples of the Member States and thus from the states themselves; (b) the primacy of European law: this is not 'absolute' and the Court reserves the right to block European legislation in order to protect sovereignty and 'constitutional identity', which is, moreover, enshrined in the Lisbon Treaty itself; and (c) ring-fences certain sovereign powers for the Member States: in the areas of criminal law
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