Catch21 - Our Charity ArmCatch21 is a charitable production company set up in 2005 which trains young people to make videos and engage with their communities.Catch Creative - Our Video Production ArmCatch Creative offers a complete video production service, from Conception to Distribution.Catch EngagementCatch Engagement is the new video interaction platform from Catch21 which allows you to run a campaign using both user generated films as well as professionally shot ones which are displayed via Video 'Walls'. Catch Engagement is all about using films to build an online community - welcome to the future of video.

We shoot cutting edge videos and provide a forum to give people a voice.
Engagement. Discussion. Empowerment.


All content featured on our charity site is produced by young volunteers with the support and mentoring of our professional production team.

Blog no image

Published on November 3rd, 2011 | by David Christie
Image © [caption id="" align="alignleft" width="240" caption="Greek PM George Papandreou shakes hands with European Council President Herman Van Rompuy after their meeting on 13 October. Image from the President of the European Council's photostream"]Greek PM George Papandreou shakes hands with European Council President Herman Van Rompuy after their meeting on 13 October.  Image from the President of the European Council's photostream[/caption] The Greek Prime Minister’s shock announcement of a referendum on whether to accept the EU’s new bailout package spooked the financial markets on Tuesday.  Due to the huge unpopularity of the austerity measures needed to implement the bailout, there is a high chance that it will be rejected by the Greek people.  This throws the whole bailout package into doubt, just when everyone thought that the Eurozone crisis had reached a conclusion.  The referendum could be seen as a gamble on the part of Greek PM George Papandreou – if a majority of the Greek population says yes to the bailout, his government will have much greater legitimacy in enforcing the conditions which come with it, but if the Greeks vote no, it could spell the end for his political career.  In fact, he may have misjudged the situation entirely – with unrest in his own party growing in the wake of the announcement, as well as extraordinary rumours of a military coup (the defence minister has recently sacked the military chiefs of staff, possibly because they were opposed to the bailout deal), his government might not last much longer. If the referendum does go ahead and the Greek people vote no, this could lead to Greece defaulting on its debts and leaving the Euro, leading to more defaults by other Eurozone countries, and possibly the collapse of the Euro itself.  If the Euro was dismantled in a careful and organised way, there could be a lot of beneficial consequences.  Poorer Eurozone countries like Greece find themselves in so much trouble because their membership of the Euro prevents them from taking action on key areas of their economic policy: they cannot lower interest rates to encourage investment, and cannot make their exports cheaper by devaluing their currency.  Getting rid of the Euro would enable these countries to take these measures, and would also benefit the global economy by removing one of the main causes of the current instability. However, it is more likely that the Euro will collapse in a chaotic and messy fashion, unleashing another global financial meltdown in the process.  Certain European leaders (i.e. Angela Merkel and Nicolas Sarkozy) are so committed to the Euro that they will probably try to hang on to it for as long as possible, until events will finally move beyond their control and they will be unable to prevent it from self-destructing.  A collapse of this nature, which is looking increasingly likely, as well as causing a lot of pain for the global economy, could also deal a fatal blow to the whole European project.  With one of its key institutions gone, the EU will begin to look like a spent force. There is something noble about the idea of the EU, the idea of building a peaceful, free and democratic community of nations.  However, the elitist bureaucracy and economic powder keg which the EU has become is a world away from the idealistic expectations which lay behind its creation.  If the EU had not bothered with the single currency, and focused instead on making its political institutions fully accountable and democratic, it could have come closer to realising its ideals.  If it does collapse soon, it will instead go down in history as a failed bureaucratic experiment whose only achievement was to prolong and deepen the great recession of the 21st century.

0

Is Greece about to bring down the whole European project?

Greek PM George Papandreou shakes hands with European Council President Herman Van Rompuy after their meeting on 13 October.  Image from the President of the European Council's photostream

Greek PM George Papandreou shakes hands with European Council President Herman Van Rompuy after their meeting on 13 October. Image from the President of the European Council's photostream

The Greek Prime Minister’s shock announcement of a referendum on whether to accept the EU’s new bailout package spooked the financial markets on Tuesday.  Due to the huge unpopularity of the austerity measures needed to implement the bailout, there is a high chance that it will be rejected by the Greek people.  This throws the whole bailout package into doubt, just when everyone thought that the Eurozone crisis had reached a conclusion.  The referendum could be seen as a gamble on the part of Greek PM George Papandreou – if a majority of the Greek population says yes to the bailout, his government will have much greater legitimacy in enforcing the conditions which come with it, but if the Greeks vote no, it could spell the end for his political career.  In fact, he may have misjudged the situation entirely – with unrest in his own party growing in the wake of the announcement, as well as extraordinary rumours of a military coup (the defence minister has recently sacked the military chiefs of staff, possibly because they were opposed to the bailout deal), his government might not last much longer.

If the referendum does go ahead and the Greek people vote no, this could lead to Greece defaulting on its debts and leaving the Euro, leading to more defaults by other Eurozone countries, and possibly the collapse of the Euro itself.  If the Euro was dismantled in a careful and organised way, there could be a lot of beneficial consequences.  Poorer Eurozone countries like Greece find themselves in so much trouble because their membership of the Euro prevents them from taking action on key areas of their economic policy: they cannot lower interest rates to encourage investment, and cannot make their exports cheaper by devaluing their currency.  Getting rid of the Euro would enable these countries to take these measures, and would also benefit the global economy by removing one of the main causes of the current instability.

However, it is more likely that the Euro will collapse in a chaotic and messy fashion, unleashing another global financial meltdown in the process.  Certain European leaders (i.e. Angela Merkel and Nicolas Sarkozy) are so committed to the Euro that they will probably try to hang on to it for as long as possible, until events will finally move beyond their control and they will be unable to prevent it from self-destructing.  A collapse of this nature, which is looking increasingly likely, as well as causing a lot of pain for the global economy, could also deal a fatal blow to the whole European project.  With one of its key institutions gone, the EU will begin to look like a spent force.

There is something noble about the idea of the EU, the idea of building a peaceful, free and democratic community of nations.  However, the elitist bureaucracy and economic powder keg which the EU has become is a world away from the idealistic expectations which lay behind its creation.  If the EU had not bothered with the single currency, and focused instead on making its political institutions fully accountable and democratic, it could have come closer to realising its ideals.  If it does collapse soon, it will instead go down in history as a failed bureaucratic experiment whose only achievement was to prolong and deepen the great recession of the 21st century.

Tags: , , , , , ,


About the Author



Back to Top ↑