Borrowing not the solution

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The European financial crisis is in full swing and shows no signs of stopping. In the worst scenario, the economies of Greece and Italy will crash and cause a wide bank run which would spread to other European countries and cripple the Euro. One step to avoid this was the move by our country and others to lower borrowing rates. I do not think we should have done this because while this will keep their economies afloat for a while longer, it may not help in the long-term. In exchange, we need to demand that they take even more austerity measures. The economically troubled European countries need to accept whatever very strict austerity measures are asked of them, whether the populace likes them or not. Borrowing alone won’t help in the long run. They do not have a choice about whether or not to take the measures, as not doing so will just cause more harm. To use a metaphor, “If they don’t take their medicine, they won’t get better.” Zachary Haupt, student, E.V. Cain Middle School, Auburn