The EU, Greece, and the Perfection Syndrome

Color-Greece-debt-EUDuring the past few months, and particularly during the past few days, an avalanche of articles have been published about the most likely future for Greece and especially of the European Union, if Greece gets out of the EU and of the Euro Zone.

The Greek crisis has resurfaced this week as a result of the abandonment of negotiations between the Greek government, the EU, the IMF, and the ECB, and the call for a referendum on the EU membership by the Tsipras administration. The most likely wording of the question to vote on will not be as clear as previously stated. However, at the end of the day, the fundamental question that Greek citizens will reply to is a ‘Yes’ or a ‘No’ to the continuation of its membership to both the EU and the Euro Zone, with all the benefits and responsibilities it implies.

There are many angles in this hot topic. However, scarce attention (if any at all) has been paid to a fundamental element: the EU, like all human creations, has never been close to perfection; understandably, it never will. This simple, axiomatic principle seems to be lost in most arguments that have already kissed the EU project goodbye.

Granted, if Greece leaves the EU and the Euro Zone, in most likelihood it will be viewed as a major setback for the EU, and rightly so. Nonetheless, not necessarily a fatal and insurmountable one. Reiterating the obvious, the EU was not designed and constructed under the perfection premise.

There are plenty of instances in history where major recoveries have been achieved from apparently dead-lock situations. If Greece abandons (or is forced to abandon) the EU and the Euro Zone, there are good chances that the European integration project will continue and eventually gain strength, by learning very valuable lessons from the misfortunate Greek experience.

Let’s hope that reason and common sense ends up prevailing among most of the Greek citizens this coming July 5 so the Greeks will cast their ballots in favor of remaining a part of the EU.

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About Martin Marmolejo

Global Investment Manager | Founder & Managing Director at MMA Global Investment Management | Proud husband and father | Follow me @globalmarmolejo.

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