The European Union is the main initiator of moneyed assistance

It is a well-known fact that European Union, consisting of 27 countries, is the biggest integration association in the world.

By the way as for the European Union there is no doubt about its economic aid, which must render assistance all members, as well as in case of Greece is an integral part of the European Union. If I remember rightly, the European Union had figured prominently in solution of problems in Greece, and then the International Monetary Fund joined it after a time. As a matter of fact, the European Union made an attempt to call for help other stable participants of association to avoid default on debt as well; that I think was quite a sound decision. One should note here that it characterized the European Union as a judicious organization with well thought-out line of conduct, but on the other hand it keeps some important information from us, maybe which we must not know. Another way of looking at this question is to take to pieces problems disturbing all population.

One cannot deny that nowadays most of experts confirm a mistaken solution to join Greece to the European Union. As they say, it is too late to regret that there is such a sad circumstance. Much needs to be done to estimate rightly all situations, deliberately considering all advantages and manifest disadvantages. While the European Union made solid with Countries of Europe in every respect, it had responsibility to help and to extend a helping hand to needy countries in any desperate position. It is very clear from these observations that European Union had been keeping Greece body and soul together notwithstanding the fact that it passed for hopeless. The main colleague of the European Union, which helps it to manage with Greece problems, is Germany which has a full authority to dictate any conditions in respect of Greece, because it is on the first place to provide support to Greece. At the beginning of the huge financial crisis Germany did not hurry to help, but later government of Germany had become soft regarding Greece when it put up with bankruptcy. First of all, let us try to understand why had it suddenly changed its opinion? The chancellor of Federal Republic of Germany said (2011), ‘We are closely tied to each other through the euro. The weakness of one partner is a weakness for all.’ Overall, if we will argue from the position of partnership, undoubtedly Germany should help Greece in its hour of need; all countries consisting of the European Union are hard hit by difficult situation. The euro slump served as a case in point, which had falling tendency since summer 2009. (Impey and Connor, 2011) Nevertheless, one should accept that Germany as a Maecenas, who helps each other on a voluntary basis, but turning back to the European Union one could say that it had been elaborated the programs, which consists of detailed examination of every question relative to its position in the world. According to this program, it is proposed to reduce the level of Greece indebtedness up to 175% of GDP in 2012, to 124% of GDP by the early 2020 and to 110% of GDP in 2022. (Papadimas, 2013) And if on the one hand it can be said that this program is almost unattainable for Greece, the same is not true for reverse side of this terrible problem, because international organizations still believe in its opulence.