Currency Valuation
Out of context: Reply #4
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"Correct me if I'm wrong, but doesn't it have to do with what the country as a whole "accomplishes?""
That is the problem. When using common currency with separate fiscal policy, it does not work as a whole. Before Euro every country had its currency at different value. It was because different countries had their own policy on economy, how to spend and make money.
Euro equalizes everything in terms of value but it needs centralized fiscal policy that governs every country which no country wants.
The austerity measures are dictated by central EU and Greece does not want to abide by such stating the sovereignty. Sovereignty can not be a defense to debt when you spend money based on someone else's credit and not telling them about until you are about to default.