this post was submitted on 21 Oct 2026
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It's because the debt is so high and the cost of pensions with an aging population will increase that ,raising taxes and cutting pensions and everything the central bank could do within eu rules wouldn't be enough. The current cumulative debt is large and so is the annual deficit.
How's just basically erasing all the debt not enough? Like, yeah, they can't do it on a whim (well, technically they can, because they're technically independent, but that would very quickly show how "independent" they really are), but Euro countries can just decide to make it happen, like they did before countless times.
Because Germany will invade Paris again before they would let them do that. A small country budget like Greece is not the same as a huge country budget on the eu economy.