By Steve Cinelli , CrowdFundBeat Sr. Editor,
As the discourse over the last handful of years has been on the power of the crowd, there is a crowd that will render a financing decision that will have reams of ramifications for not only companies, but for their entire society – namely Greece. Interestingly, though quite inarticulate, a referendum has been posed to the Greek community on its willingness to accept further draconian measures to remain aligned within the Eurozone, or,conversely, might they choose an economic divergence and autonomy?
While the media has reported from both sides, and there is much support for the remaining within the EU, one has to question, with the revelation of IMF research materials, that it will be near 2030 before the debt load that Greece has incurred can possibly be addressed, and in the meantime, economic flexibility will be limited at best. What does that say for a generation of Greek citizens? Employment, growth, family formation, wealth creation, advancement? What does the future hold?
Having been a student of international finance, and witnessing the effect of the Euro through the European community, I always wondered how different economic conditions in different regions can render an equanimity and fairness. Yes there is strength in numbers, but have the southern economies of Europe really advanced their fortunes under the Euro? Does a single currency or even a single standard of value (re Bretton Woods) actually work in the long term as conditions and drivers and features of indigenous economies are basically different and need be adjusted differently and separately? True, has Greece done a formidable job in managing public and private sectors appropriately? Suspect. But, it doesn’t have the same economy as Germany, nor does Italy, nor Spain, nor Portugal.
So where does this go from here? Well, the crowd may decide the future of finance in Greece.