This is typical by many MPs from many states of the EU, they have no sense of solidarity to the Union, despite they agreed to it in the EU treaty.

Bringing in the IMF is a huge failure for the Union, but at least we will get our own EMF for handling situations like this in the future.

Not having a Eurozone based backing, and only relying on the IMF as the MPs want would be an enormous failure for the Union, the Eurozone and would have substantial implications for the EU world wide credibility, the Euro and the Dutch economy.

By Mattias | March 26, 2010 9:55 AM

What a mess, and what a terrible deal for the Netherlands and all the other countries throwing money at Greece. I'm even more glad the UK is not in the Euro, although I fully expect the UK government will be forced to contribute somehow.

This is the first real problem the Euro has faced and it's turning out to be an expensive experiment. Countries would be better off without the constraints of centralised control of their economies. One rule and one interest rate definitely does not work for all countries in the Eurozone at the same time so it all turns into a big compromise biased, I'm sure, towards the needs of the biggest economies of France and Germany.

By Mark | March 26, 2010 12:33 PM

Mark,

actually the first real problem the euro faced was when the pound went into the ERM at a level that was to high to be sustainable. Maggie Thatcher would not listen to economic sense and used the valuation of the pound to the DM of 2.95 as a political tool.

We need to remember we're a union and we need to keep the union strong by helping in the areas that are underperforming. I'm all for tighter controls within the Eurozone (as the German chancellor and others have called for), but this absolute refusal by some sections of society to help out Greece is disgusting.

We're in this together people, like it or not.

By JOhn | March 26, 2010 2:30 PM

No Matthias, you cannot cheet your partners and subsequently expect their solidarity to help you out of the shacks. Greece needs a good rapp over the knuckles, so they won't do it again. We have good right to be upset with Greece.

By Frans | March 26, 2010 4:09 PM

One Big United Europe ... Not!
Still got a few things to learn from the United States of America ... or do we need a European Civil War first to resolve our DisUnitedness.

By Gerard | March 26, 2010 5:24 PM

Frans is quite correct. This not about a rich state refusing to help a poor one which has a problem through no fault of its own.

Greece has had money thrown at it by rich states ever since it joined the EU, which it wasted through corruption and greed instead of investing.

It then lied about the figures and when forced to finally admit the truth, tries to make the rest of the EU feel sorry for them and show "solidarity".

Ha! What kind of solidarity did they show to the rest of the EU? Solidarity must come from all sides, including Greece.

You do not take money from your friends, waste it, borrow more to make up for it and then lie about it to cover it up, then when discovered demand more money in the name of friendship. That is not friendship!

Even ordinary Greek people must accept their part of the blame - tax-evasion is endemic in their country - people on large incomes simply lie about it to avoid tax.

There are plenty of people in Greece who have plenty of money, they just don't pay taxes in a way that people in highly-taxed countries like the Netherlands wouldn't be able to believe.

I am tired of the EU meaning we all have to pretend we're all equal friends who behave the same honest way and so and have to help each other.

Friends must be honest with each other and tell the truth - there is no unity in lying and then expecting your "friends" to bail you out.

The Netherlands isn't a rich country be some freak accident. It is small, has few natural resources and is constantly fighting a battle simply go keep the oceans at bay. If it is rich, it is because the Dutch people have worked hard to make it so - it wasn't just given the money.

The situation is what it is now, and perhaps the EU must now help Greece - but for the second and last time, in return for Greece accepting full monitoring from the EU from now on.

If it starts these lies again it must leave the EU - no more chances. European Unity means everyone helping each other, not some countries taking from others with the excuse they are "poor".

I don't mind poor countries joining the EU. I don't mind rich EU countries helping them so they can have a chance to become rich themselves, using the money to invest so they can work to become successful. I do mind them lying about it and then demanding more money.

By lovethenetherlands | March 28, 2010 1:37 PM