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European debt crisis: No pain, no gain

(People's Daily Online)

08:10, June 13, 2012

The European sovereign debt crisis has reached a turning point as eurozone finance ministers recently agreed to lend Spain up to 100 billion euros to save its stricken banks.

When taking about the European debt crisis, many people always focus on how much money Germany is able and willing to offer. In fact, lack of money is just one aspect of the problem. Any problem that can be solved with money is really not a big problem. Germany and France remain economically powerful enough to save debt-ridden eurozone nations.

The real problems facing Europe are those concerning European integration and lifestyles. Whether the debt-ridden nations can implement reforms in a sincere and hard-working manner is crucial to resolving the debt crisis. Greece and Spain need “blood transfusion,” but should also establish their own “blood-making mechanism” by carrying out fiscal austerity and other reform measures, reshaping their culture, and regaining the spirit of struggle and hard-working that contributed heavily to the rise of modern Europe.

There have been more than 200 years of industrialization in Europe, and several generations of Europeans have devoted themselves to the reconstruction and development of the continent after the Second World War. Many cities in Europe were destroyed in the war, and later rebuilt. If young Europeans can work as hard as their forefathers, and the people in other eurozone nations can be as industrious and thrifty as Germans, the policy room for resolving the European debt crisis will be broadened, and “unpopular reforms” will meet fewer obstacles.

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