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UNITED STATES OF EUROPE TO SAVE GREECE 2012


To: The Right Hon’ble European Commission President José Manuel Barroso

From: Athinarayanan Sanjeevraja 

Date: May 18, 2012

RE: United States of Europe to save Greece 

Suggestion: Good Morning Mr. President. Financial Times, London reported that “Euro Exit Scenario”. I love the idea of EU since it formed. Obviously, to keep Euro strong, we cannot let any European members default. The failing of Greece will surely lead to the failing of European Union Mr. President. European Commission will have a reason to hope and more. European Commission should set an example to other that self managed national currency in an advantage to that country and its people.

The European Union and IMF in the last two years imposed a number of severe cuts in all public spending in Greece and a wide increase of all kinds of taxes. It is my judgment that it was so wrong footed policy. The first step to cut pension and salaries in Greece where the basic salary was €700 and pension varied between €250 lowest to €3000 highest.  European Commission did not realise that Greece high unemployment and high VAT 23 percent would lead in less spending and thus recession. European Commission did not realise that instead of solving Greece deficit problem it would result into killing the private sector and the real economy. The second steps were to cut military expenses. According to Financial Times London, military supplies cost of Greece that represents 8 percent of GNP. The main military suppliers to Greece are Germany, France and U.S.A. Who benefits from this? Greece, never Mr. President. Germany and France have to be given something in return. I keep insisting you since May 2011 that the solution for Eurozone debt crisis. Eurobond won’t solve the complete problem of debt crisis but 70 percent of the problem will solve. Eurobond should be activated within a programme of fiscal consolidation which could occur at a lower pace than today in order to regain some room for automatic stabilisers play their game in the ongoing recession. This framework would entail a long term refinancing opportunity for weaker countries at lower rates which could be used in infrastructural and physical investments in order to compensate the austerity measures at force in their economies. But Eurobonds are against the German Constitutional Court.

Why does European Commission take all these superficial decisions that lead to the opposite results what intended. How can a weak economy become competitive? How can investment rise back in Greece with all severe taxation? How can prices drop with a VAT of 23 percent? European Commission must coach Greece how to implement effective economic laws so that crony driven economy can be turned into a competitive market based economy. 

Thank you very much for letting me states my opinion Mr. President.

I am Athinarayanan Sanjeevraja with great respect of you and the European Union.            

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