Europe has a big foreign exchange reserve like China?

They can spend foreign exchange reserve to overcome the Greek financial crisis…isn’t it?

It is easy to understand some financial crises happened in USA, because US have little foreign exchange reserve…but it is hard to understand the Greek financial crisis…. …show more

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• Harbans answered 2 years ago

Yes, Europe has a big foreign exchanged reserve. It can be used to tide overcome this economic crunch. But this can only be possible if all the countries of the region come together and pool their resources and do a rescue work together. It is not only the Europe which is being impacted by the Greek financial stringency. It is adversely impacting the world as a whole and that is why the meeting of 20 countries have recently delved upon a economic recovery package. Lets hope everything comes out positively. But Greece should also should make concerted efforts in shaping its own house in order for utilizing the funds judiciously for a recovery.

Although Europe is duty bound to help one of its members (Greece) yet that country should also make best use of the resources for keeping its economics in order; meet all parameters for shaping its economy in future so that such a predicament does not recur.
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