he following table summarizes these very rough estimates of the burden that the crisis has imposed on the members of the EZ so far.
Assuming that the July 2011 agreement is indeed approved and the money is actually handed over to Greece, then the crisis will have cost about €740 per capita in the EZ core, or about 2.5% of annual income in 2010. For the periphery countries, the cost of the crisis ranges between about €1,300 and €3,700, depending on the country, or between 6% and 18% of one year of average income.
If you believe that solving the EZ crisis is a matter of shared responsibility -- and since the crisis was largely the result of forces beyond the control of the EZ periphery, that seems a reasonable conclusion -- then then these figures are badly askew. At the very least, they suggest that any additional costs imposed by this crisis should henceforward be paid for primarily by the EZ core. The periphery has already paid its dues, and then some.
The Street Light
If you believe that solving the EZ crisis is a matter of shared responsibility -- and since the crisis was largely the result of forces beyond the control of the EZ periphery, that seems a reasonable conclusion -- then then these figures are badly askew. At the very least, they suggest that any additional costs imposed by this crisis should henceforward be paid for primarily by the EZ core. The periphery has already paid its dues, and then some.
The Street Light
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