What are the advantages of Greece being in the EU for the EU?

Answer 1

Greece has the twelfth largest economy of any EU member, but is currently shrinking at an alarming rate (almost -7% for the 2012 Q3). Greece has the thirteenth largest external debt total (about 140% of its GDP), but the largest public debt ratio of any EU member. Greece has taken drastic measures to reduce its debt, where it reduced its debt by almost 40% in the first quarter of 2012.

Although Greece is definitely the largest economic burden for the European Union today, it wasn't always so. Greece's economy hasn't been this terrible since it was destroyed in World War II. Post WWII, Greece experienced high economic prosperity between 1950 and 1970, just a decade before it joined the EU. Greece had a terrific economy at these times, and was one of the main reasons Greece was acceded into the EU in 1981. Greece also experienced high economic prosperity in the turn of the millennium, well above the EU average. In 2008, however, Greece was hit hard by the changing world market because its two main industries, shipping and tourism, were vulnerable. Greece's debt began rising, and its credit score was then forced to be downgraded, etc. Greece has been going downhill ever since then, and has relied on bailouts from the EU (mainly with the help of Germany). Despite all this, Greece is still described as one of the most advanced economies in the world, and sustains one of the highest standards of living while battling an enormous unemployment rate.

So upon Greece's accession to the EU, it obtained one of the largest and most prosperous economies, only to grow more so in the years to come. However, Greece is without a doubt the biggest problem with the EU today.