Should Greece be given another chance?

Many economists, market participants and general people are of the view that there had been enough of Greek drama and it should be out or thrown out of Euro zone. Greek government is haggling over the bailout conditions and many a time is threatening for the extreme.

• In spite of the current bargain Greece has implemented strenuous reforms since 2010. Many might say it was necessary given the levels of debt Greece had which it hid while joining Euro zone with help of derivatives.
  
  
• Nevertheless these draconian cuts and reforms pushed Greece towards a humanitarian crisis. People not being able to afford medical care and basic services undermine the structure of European societies.
  
  
• Since the crisis, Greek economy shrank 26% unemployment rose from 8% to 26% and wages declined close to 33%. These are far worse than any country in Europe.
  
  
• Fiscal adjustments have been large, close to 45% of the household income compared to 20% in Spain and 15% in Ireland and Italy.

• So far Greek bonds remain exempted from waiver and ECB purchase program. Without market access situation is tough for Greece.

Successful negotiation with Syriza is not enough, European leaders must win the hearts of people who are ravaged by the crisis. Stronger countries like Germany, Finland, and Netherlands who benefited a lot from lower currency rate and money and funds flow due to relative economic confidence must look at from humanitarian point too and help the people of Greece, if not serious solidarity is at stake here.