The document discusses Greece and its relationship with the Eurozone. It provides a brief history of Greece and reviews the modern problems that could force Greece to leave the Eurozone. This would have uncharted consequences for both Greece and the Eurozone. The document cautions that economic and political unification can have both advantages and disadvantages, such as giving up sovereign rights to a common cause, and difficulties from cultural differences in solving mutual problems.
Politicians and experts made bold predictions that remaining outside the Eurozone would hurt the British economy through less investment, trade barriers, and relative economic decline compared to Eurozone members. They argued inward investment and jobs would decline as international companies preferred locating in Eurozone countries. Some said joining the Euro would help save the City of London from permanent decline and bring economic benefits by fully participating in the EU single market. Others predicted over time public opinion would change as people saw the success of the Euro on the continent.
This document discusses the structural defects and ineffective policies that have contributed to the ongoing Euro crisis. It argues that the Eurozone fails to meet many of the criteria for an optimal currency union, specifically lacking sufficient labor mobility, risk sharing mechanisms across countries, and synchronized business cycles. While capital mobility is high within the Eurozone, austerity policies have failed to curb high debts and the lack of unified monetary policies have hampered struggling economies. The Eurozone must address these issues to become a more optimal currency zone and determine if it can survive in its current form.
This document discusses the structural defects and ineffective policies that have contributed to the Euro crisis. It argues that the Eurozone fails to meet many of the criteria for an optimal currency union, specifically lacking high labor mobility, risk sharing mechanisms across countries, and synchronized business cycles. While capital mobility is strong within the Eurozone, austerity policies have failed to curb high debts and struggling countries lack a unified monetary policy response. The Eurozone faces an existential crisis of whether it can reform to become a more optimal currency zone or if it can survive in its current form.
Item 8 - Bradford_Marzec_White_Paper_Waking_From_The_Euro_DreamGraham Allen
The document discusses the structural challenges facing the European Monetary Union (EMU) and whether recent events in Greece represent the beginning of the end of the EMU or are simply a Greek tragedy. It outlines three main structural challenges: 1) maintaining a single monetary policy with seventeen different fiscal policies, 2) a lack of labor mobility, and 3) a lack of an executive body to enact decisive crisis policies. It then provides historical context on the formation of the EMU and predecessors, driven by the goal of ensuring peace through economic interdependence following World War 2.
The document discusses Greece's debt crisis and the threat it poses to the European Monetary Union (EMU). It provides background on the establishment of the EMU and eurozone. Greece received bailouts in 2010 but its debt situation was not stabilized. The document examines the effects of a potential Greek default, including contagion risks for other vulnerable eurozone countries. It analyzes how Greece was able to join the EMU despite not meeting deficit and debt criteria, with the help of financial institutions. The Greek government is largely blamed for the debt crisis due to corruption, excessive spending, lax tax collection, and failure to implement economic reforms after receiving bailout funds.
The European debt crisis (often also referred to as the eurozone crisis or the European sovereign debt crisis) is a multi-year debt crisis that has been taking place in the European Union since the end of 2009. Several eurozone member states (Greece, Portugal, Ireland, Spain and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).
The eurozone crisis was caused by a balance-of-payments crisis (a sudden stop of foreign capital into countries that had substantial deficits and were dependent on foreign lending). The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of the national currency).
This document summarizes Greece's financial crisis and its impact on the European Union. It discusses how Greece accumulated large debts and deficits after joining the EU. While the EU delayed assistance from the IMF, which could have helped sooner, Greece also failed to properly manage its finances. Now Greece's instability has strained other EU economies. The document examines Greece's history and current efforts to recover, but notes that without changes to its governance, Greece may not be able to sustain itself without bailouts.
Politicians and experts made bold predictions that remaining outside the Eurozone would hurt the British economy through less investment, trade barriers, and relative economic decline compared to Eurozone members. They argued inward investment and jobs would decline as international companies preferred locating in Eurozone countries. Some said joining the Euro would help save the City of London from permanent decline and bring economic benefits by fully participating in the EU single market. Others predicted over time public opinion would change as people saw the success of the Euro on the continent.
This document discusses the structural defects and ineffective policies that have contributed to the ongoing Euro crisis. It argues that the Eurozone fails to meet many of the criteria for an optimal currency union, specifically lacking sufficient labor mobility, risk sharing mechanisms across countries, and synchronized business cycles. While capital mobility is high within the Eurozone, austerity policies have failed to curb high debts and the lack of unified monetary policies have hampered struggling economies. The Eurozone must address these issues to become a more optimal currency zone and determine if it can survive in its current form.
This document discusses the structural defects and ineffective policies that have contributed to the Euro crisis. It argues that the Eurozone fails to meet many of the criteria for an optimal currency union, specifically lacking high labor mobility, risk sharing mechanisms across countries, and synchronized business cycles. While capital mobility is strong within the Eurozone, austerity policies have failed to curb high debts and struggling countries lack a unified monetary policy response. The Eurozone faces an existential crisis of whether it can reform to become a more optimal currency zone or if it can survive in its current form.
Item 8 - Bradford_Marzec_White_Paper_Waking_From_The_Euro_DreamGraham Allen
The document discusses the structural challenges facing the European Monetary Union (EMU) and whether recent events in Greece represent the beginning of the end of the EMU or are simply a Greek tragedy. It outlines three main structural challenges: 1) maintaining a single monetary policy with seventeen different fiscal policies, 2) a lack of labor mobility, and 3) a lack of an executive body to enact decisive crisis policies. It then provides historical context on the formation of the EMU and predecessors, driven by the goal of ensuring peace through economic interdependence following World War 2.
The document discusses Greece's debt crisis and the threat it poses to the European Monetary Union (EMU). It provides background on the establishment of the EMU and eurozone. Greece received bailouts in 2010 but its debt situation was not stabilized. The document examines the effects of a potential Greek default, including contagion risks for other vulnerable eurozone countries. It analyzes how Greece was able to join the EMU despite not meeting deficit and debt criteria, with the help of financial institutions. The Greek government is largely blamed for the debt crisis due to corruption, excessive spending, lax tax collection, and failure to implement economic reforms after receiving bailout funds.
The European debt crisis (often also referred to as the eurozone crisis or the European sovereign debt crisis) is a multi-year debt crisis that has been taking place in the European Union since the end of 2009. Several eurozone member states (Greece, Portugal, Ireland, Spain and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).
The eurozone crisis was caused by a balance-of-payments crisis (a sudden stop of foreign capital into countries that had substantial deficits and were dependent on foreign lending). The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of the national currency).
This document summarizes Greece's financial crisis and its impact on the European Union. It discusses how Greece accumulated large debts and deficits after joining the EU. While the EU delayed assistance from the IMF, which could have helped sooner, Greece also failed to properly manage its finances. Now Greece's instability has strained other EU economies. The document examines Greece's history and current efforts to recover, but notes that without changes to its governance, Greece may not be able to sustain itself without bailouts.
The document provides instructions for creating an account and submitting an assignment request on the website HelpWriting.net. It outlines a 5-step process: 1) Create an account with an email and password. 2) Complete a 10-minute order form with instructions, sources, and deadline. 3) Review bids from writers and choose one. 4) Review the completed paper and authorize payment. 5) Request revisions until satisfied. The website promises original, high-quality content and refunds for plagiarized work.
1. The document describes an experiment to determine the specific heat capacities of two unknown metals by measuring the temperature change of water when the heated metals are added to it.
2. The specific heat capacities calculated for the two metals were found to match the actual values for zinc and iron.
3. The document also hypothesized that magnesium sulfate and water would make an effective hand warmer based on factors like heat released, toxicity, and cost. The hypothesis was accepted.
The document discusses steps to get writing assistance from HelpWriting.net. It outlines the 5-step process: 1) Create an account with a password and email. 2) Complete a 10-minute order form providing instructions, sources, and deadline. 3) Review bids from writers and choose one based on qualifications. 4) Review the completed paper and authorize payment. 5) Request revisions to ensure satisfaction, with a refund offered for plagiarized work.
Native American creation stories served to pass down history through oral tradition, as these cultures had no written language. The stories helped explain how the world and humans came to be. Telling the stories orally as a communal practice served to reinforce cultural values and traditions. However, translating oral tales into written narratives can reduce reliability and omit important contextual details that change how the stories are understood.
The passage discusses reality television as a genre of programming. It notes that reality TV shows like The Bachelor and Jersey Shore are entertaining but also push boundaries of acceptable situations. Reality TV involves game shows, dating shows, and talent shows, and accounts for 70-80% of US viewership. While some reality-style shows existed in the 1940s, the genre really took off in popularity in the 1990s, allowing viewers to observe unscripted real-life situations and environments.
This document provides instructions for submitting a 200-word essay to win a Maine inn. It outlines a 5-step process: 1) Create an account, 2) Complete an order form with instructions and deadline, 3) Review writer bids and choose one, 4) Review the paper and authorize payment, 5) Request revisions to ensure satisfaction. It emphasizes getting original, high-quality content and the ability to get a full refund if plagiarized.
The document provides instructions for creating an account and submitting assignment requests on the HelpWriting.net website. Users first create an account by providing a password and email. They then complete a form with assignment details, sources, and deadline. Writers bid on the request, and the user chooses a writer based on qualifications. After receiving the paper, the user can request revisions if needed.
The Boston Symphony Orchestra performed works by Claude Debussy and Igor Stravinsky at a February 2014 concert. The concert opened with Debussy's "Prelude to the Afternoon of a Faun", an impressionistic work depicting youth in nature. Debussy was a leading composer of impressionist music in France, an early 20th century art movement. The concert also included Igor Stravinsky's "The Rite of Spring", a groundbreaking early modernist ballet that caused a riot at its 1913 premiere due to its unconventional style.
The document provides instructions for creating a request on the HelpWriting.net website to have a paper written. It outlines a 5-step process: 1) Create an account with email and password; 2) Complete a 10-minute order form with instructions, sources, and deadline; 3) Review bids from writers and choose one; 4) Review the completed paper and authorize payment; 5) Request revisions to ensure satisfaction and get a refund if plagiarized.
The document outlines the steps to request and receive writing assistance from HelpWriting.net, including creating an account, completing an order form with instructions and deadline, and reviewing bids from writers to select one and authorize payment after receiving a satisfactory paper. The process aims to match clients with qualified writers based on qualifications, order history, and feedback to ensure high quality original content that can be revised until the client is fully satisfied.
The document provides instructions for requesting writing assistance from HelpWriting.net in 5 steps:
1. Create an account with a password and email.
2. Complete a 10-minute order form with instructions, sources, and deadline. Attach a sample for style imitation.
3. Review bids from writers and choose one based on qualifications, history, and feedback. Place a deposit to start.
4. Review the paper and authorize full payment if satisfied, or request free revisions.
5. Request multiple revisions to ensure satisfaction. HelpWriting.net guarantees original, high-quality work with refunds for plagiarism.
The document discusses different approaches to organizing communities and advocating for social change as described by Saul Alinsky and Milton Friedman. Alinsky believed in grassroots community organizing and forming organizations led by outsider leaders to give voice to oppressed groups and advocate for their interests. One example discussed was how in the 1930s, Alinsky helped form a neighborhood council coalition in Chicago to address unfair wage cuts and lack of job security at a meatpacking company. The council was able to successfully advocate for workers' rights.
The document discusses the steps involved in requesting writing assistance from HelpWriting.net. It outlines 5 steps: 1) Create an account with a password and email. 2) Complete a 10-minute order form providing instructions, sources, and deadline. 3) Review bids from writers and choose one. 4) Review the completed paper and authorize payment. 5) Request revisions to ensure satisfaction, and the company offers refunds for plagiarized work.
2009 Ap English Language And Composition Synthesis EssayMelissa Williams
The document compares and contrasts the Song Dynasty in China and prominent Islamic scholars Ibn Fadlan and Ibn Sina during the same time period in Asia. Both regions were culturally and intellectually advanced, with large philosophical traditions in Buddhism and Islam, respectively. However, China was politically fragmented under the newly established Song Dynasty after years of division and war, while Islamic states in West Asia were thriving and trading dense ideas and technologies. An Islamic traveler may have viewed China's disunity similarly to power struggles between caliphs in the West.
The Lakeland High School FBLA chapter traveled from New York to Chicago for the National Leadership Conference, where seven of their members would compete in various business-related competitions after qualifying at the state level. The National Leadership Conference is FBLA's largest annual event and gives members a chance to test their skills against the best in their fields. Lakeland High School FBLA members were excited for the opportunity to showcase their talents on the national stage in Chicago.
The document provides instructions for requesting and completing an assignment writing request on the HelpWriting.net website. It outlines a 5 step process: 1) Create an account with a password and email. 2) Complete a 10 minute order form with instructions, sources, and deadline. 3) Review bids from writers and choose one based on qualifications. 4) Review the completed paper and authorize payment if satisfied. 5) Request revisions until fully satisfied, with a refund option for plagiarized work. The purpose is to outline the process for students to get high quality original content through the website's writing services.
Nirmal is faced with a moral dilemma as the head of a government department selecting an ERP system. Company A has the best offer but Company B is run by his friend Devraj, who calls asking Nirmal to favor his bid. Nirmal must choose between his professional duty to select the best option for the department and his friendship. The interests of the government department, Company A, Company B, and Nirmal's professional ethics are at stake in how he resolves this conflict.
This document provides a step-by-step guide for requesting and receiving writing assistance from the website HelpWriting.net. The steps include registering for an account, completing an order form with instructions and deadline, reviewing bids from writers and choosing one, placing a deposit to start the assignment, reviewing and authorizing payment for the completed work, and requesting revisions if needed. The summary also notes that the site uses a bidding system and promises original, high-quality content with refunds for plagiarized work.
The document discusses the registration and order process for using the writing service HelpWriting.net. There are 5 main steps: 1) Create an account with an email and password. 2) Complete a 10-minute order form providing instructions, sources, and deadline. 3) Review bids from writers and choose one based on qualifications. 4) Review the completed paper and authorize payment if satisfied. 5) Request revisions to ensure satisfaction, and the company offers refunds for plagiarized work.
The document provides instructions for requesting and completing an assignment writing request on the HelpWriting.net website. It outlines a 5-step process: 1) Create an account with a password and email. 2) Complete a form with assignment details and attach samples. 3) Review bids from writers and select one. 4) Review the completed paper and authorize payment. 5) Request revisions to ensure satisfaction, with refunds offered for plagiarized work.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
The document provides instructions for creating an account and submitting an assignment request on the website HelpWriting.net. It outlines a 5-step process: 1) Create an account with an email and password. 2) Complete a 10-minute order form with instructions, sources, and deadline. 3) Review bids from writers and choose one. 4) Review the completed paper and authorize payment. 5) Request revisions until satisfied. The website promises original, high-quality content and refunds for plagiarized work.
1. The document describes an experiment to determine the specific heat capacities of two unknown metals by measuring the temperature change of water when the heated metals are added to it.
2. The specific heat capacities calculated for the two metals were found to match the actual values for zinc and iron.
3. The document also hypothesized that magnesium sulfate and water would make an effective hand warmer based on factors like heat released, toxicity, and cost. The hypothesis was accepted.
The document discusses steps to get writing assistance from HelpWriting.net. It outlines the 5-step process: 1) Create an account with a password and email. 2) Complete a 10-minute order form providing instructions, sources, and deadline. 3) Review bids from writers and choose one based on qualifications. 4) Review the completed paper and authorize payment. 5) Request revisions to ensure satisfaction, with a refund offered for plagiarized work.
Native American creation stories served to pass down history through oral tradition, as these cultures had no written language. The stories helped explain how the world and humans came to be. Telling the stories orally as a communal practice served to reinforce cultural values and traditions. However, translating oral tales into written narratives can reduce reliability and omit important contextual details that change how the stories are understood.
The passage discusses reality television as a genre of programming. It notes that reality TV shows like The Bachelor and Jersey Shore are entertaining but also push boundaries of acceptable situations. Reality TV involves game shows, dating shows, and talent shows, and accounts for 70-80% of US viewership. While some reality-style shows existed in the 1940s, the genre really took off in popularity in the 1990s, allowing viewers to observe unscripted real-life situations and environments.
This document provides instructions for submitting a 200-word essay to win a Maine inn. It outlines a 5-step process: 1) Create an account, 2) Complete an order form with instructions and deadline, 3) Review writer bids and choose one, 4) Review the paper and authorize payment, 5) Request revisions to ensure satisfaction. It emphasizes getting original, high-quality content and the ability to get a full refund if plagiarized.
The document provides instructions for creating an account and submitting assignment requests on the HelpWriting.net website. Users first create an account by providing a password and email. They then complete a form with assignment details, sources, and deadline. Writers bid on the request, and the user chooses a writer based on qualifications. After receiving the paper, the user can request revisions if needed.
The Boston Symphony Orchestra performed works by Claude Debussy and Igor Stravinsky at a February 2014 concert. The concert opened with Debussy's "Prelude to the Afternoon of a Faun", an impressionistic work depicting youth in nature. Debussy was a leading composer of impressionist music in France, an early 20th century art movement. The concert also included Igor Stravinsky's "The Rite of Spring", a groundbreaking early modernist ballet that caused a riot at its 1913 premiere due to its unconventional style.
The document provides instructions for creating a request on the HelpWriting.net website to have a paper written. It outlines a 5-step process: 1) Create an account with email and password; 2) Complete a 10-minute order form with instructions, sources, and deadline; 3) Review bids from writers and choose one; 4) Review the completed paper and authorize payment; 5) Request revisions to ensure satisfaction and get a refund if plagiarized.
The document outlines the steps to request and receive writing assistance from HelpWriting.net, including creating an account, completing an order form with instructions and deadline, and reviewing bids from writers to select one and authorize payment after receiving a satisfactory paper. The process aims to match clients with qualified writers based on qualifications, order history, and feedback to ensure high quality original content that can be revised until the client is fully satisfied.
The document provides instructions for requesting writing assistance from HelpWriting.net in 5 steps:
1. Create an account with a password and email.
2. Complete a 10-minute order form with instructions, sources, and deadline. Attach a sample for style imitation.
3. Review bids from writers and choose one based on qualifications, history, and feedback. Place a deposit to start.
4. Review the paper and authorize full payment if satisfied, or request free revisions.
5. Request multiple revisions to ensure satisfaction. HelpWriting.net guarantees original, high-quality work with refunds for plagiarism.
The document discusses different approaches to organizing communities and advocating for social change as described by Saul Alinsky and Milton Friedman. Alinsky believed in grassroots community organizing and forming organizations led by outsider leaders to give voice to oppressed groups and advocate for their interests. One example discussed was how in the 1930s, Alinsky helped form a neighborhood council coalition in Chicago to address unfair wage cuts and lack of job security at a meatpacking company. The council was able to successfully advocate for workers' rights.
The document discusses the steps involved in requesting writing assistance from HelpWriting.net. It outlines 5 steps: 1) Create an account with a password and email. 2) Complete a 10-minute order form providing instructions, sources, and deadline. 3) Review bids from writers and choose one. 4) Review the completed paper and authorize payment. 5) Request revisions to ensure satisfaction, and the company offers refunds for plagiarized work.
2009 Ap English Language And Composition Synthesis EssayMelissa Williams
The document compares and contrasts the Song Dynasty in China and prominent Islamic scholars Ibn Fadlan and Ibn Sina during the same time period in Asia. Both regions were culturally and intellectually advanced, with large philosophical traditions in Buddhism and Islam, respectively. However, China was politically fragmented under the newly established Song Dynasty after years of division and war, while Islamic states in West Asia were thriving and trading dense ideas and technologies. An Islamic traveler may have viewed China's disunity similarly to power struggles between caliphs in the West.
The Lakeland High School FBLA chapter traveled from New York to Chicago for the National Leadership Conference, where seven of their members would compete in various business-related competitions after qualifying at the state level. The National Leadership Conference is FBLA's largest annual event and gives members a chance to test their skills against the best in their fields. Lakeland High School FBLA members were excited for the opportunity to showcase their talents on the national stage in Chicago.
The document provides instructions for requesting and completing an assignment writing request on the HelpWriting.net website. It outlines a 5 step process: 1) Create an account with a password and email. 2) Complete a 10 minute order form with instructions, sources, and deadline. 3) Review bids from writers and choose one based on qualifications. 4) Review the completed paper and authorize payment if satisfied. 5) Request revisions until fully satisfied, with a refund option for plagiarized work. The purpose is to outline the process for students to get high quality original content through the website's writing services.
Nirmal is faced with a moral dilemma as the head of a government department selecting an ERP system. Company A has the best offer but Company B is run by his friend Devraj, who calls asking Nirmal to favor his bid. Nirmal must choose between his professional duty to select the best option for the department and his friendship. The interests of the government department, Company A, Company B, and Nirmal's professional ethics are at stake in how he resolves this conflict.
This document provides a step-by-step guide for requesting and receiving writing assistance from the website HelpWriting.net. The steps include registering for an account, completing an order form with instructions and deadline, reviewing bids from writers and choosing one, placing a deposit to start the assignment, reviewing and authorizing payment for the completed work, and requesting revisions if needed. The summary also notes that the site uses a bidding system and promises original, high-quality content with refunds for plagiarized work.
The document discusses the registration and order process for using the writing service HelpWriting.net. There are 5 main steps: 1) Create an account with an email and password. 2) Complete a 10-minute order form providing instructions, sources, and deadline. 3) Review bids from writers and choose one based on qualifications. 4) Review the completed paper and authorize payment if satisfied. 5) Request revisions to ensure satisfaction, and the company offers refunds for plagiarized work.
The document provides instructions for requesting and completing an assignment writing request on the HelpWriting.net website. It outlines a 5-step process: 1) Create an account with a password and email. 2) Complete a form with assignment details and attach samples. 3) Review bids from writers and select one. 4) Review the completed paper and authorize payment. 5) Request revisions to ensure satisfaction, with refunds offered for plagiarized work.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
हिंदी वर्णमाला पीपीटी, hindi alphabet PPT presentation, hindi varnamala PPT, Hindi Varnamala pdf, हिंदी स्वर, हिंदी व्यंजन, sikhiye hindi varnmala, dr. mulla adam ali, hindi language and literature, hindi alphabet with drawing, hindi alphabet pdf, hindi varnamala for childrens, hindi language, hindi varnamala practice for kids, https://www.drmullaadamali.com
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
Pengantar Penggunaan Flutter - Dart programming language1.pptx
Greece And Its Relationship With The Eurozone
1. Greece And Its Relationship With The Eurozone
Greece and its relationship with the Eurozone
Victor Kasik
International Economics
This paper will provide a brief history of Greece and reviews the modern day problems that may
force Greece out of the Eurozone. Indeed, history is being made on a daily basis as the prospect of a
Greek exit would steer both the nation and the Eurozone into uncharted territory. This is a
cautionary tale about economic and political unification, the advantages and disadvantages of giving
up sovereign rights to a common cause, and the impact of cultural differences in trying to solve
mutual problems.
Modern day Greece is a nation with 10.8 million people, and is the 15th largest economy in the 28
member European Union. As of 2013, the GDP of Greece was ... Show more content on
Helpwriting.net ...
With the collapse of the junta the nation returned to its democratic roots and Greece became a
Parliamentary Republic.
In the years following WWII, Greece began to identify itself more as a Western European nation
than as a Balkan state. The economic integration of the European states began in 1951 with the
creation of the European Coal and Steel Community between Germany and France. This agreement
helped to bury the hatchet between these two former enemies, and served as a blueprint going
forward in lowering trade barriers, implementing common tariffs on imports from outside nations
and increasing cooperation among European countries. These efforts resulted in the establishment of
the European Economic Community in 1957. As old hostilities faded, Europe began to see itself
more as a cohesive unit of interrelated economic and political systems and provided a united front
against the economic power of the United States on one side, and the threat of communism on the
other side.
For example, France and Germany, once bitter enemies, made the decision to link their currencies in
response to what they considered to be the opportunistic economic policies of the United States. By
doing this, it hastened the collapse of the Bretton Woods agreement and allowed European countries
to float their currencies. This also allowed countries to
... Get more on HelpWriting.net ...
2.
3. Leaving The Eurozone Essay
Greece was one of the earliest civilizations to arise in the ancient world, and it has made humongous
progress until today, the 21st century. The history of modern Greece strated when they gained
independence from the Ottoman Empire. Many of the cities adopted a form of democracy and cared
for the rights of the people, while exhibiting traits of a strong government. But these types of
governments only could stay alive with virtuous people running it. Unfortunately, in the modern
world, most politicians only worry about how laws would affect them and their money, so
democracy are not the most reliable. Recently, there was a change in government, and for the
political system to remain stable, a transitional government was formed. Unfortunately, ... Show
more content on Helpwriting.net ...
The workers that need the money will start to rebel since they are losing more than 51 billion euros.
Others believe that Greece is only a small part of the eurozone and that leaving it will give time for
the country to recuperate. The Eurozone will actually be better off without a country who
consistently needs loans from other countries. In our opinion, it is better for Greece to leave the
Eurozone and try to establish a well made government before jumping into new problems. Greece in
the Eurozone had to try to keep up with the other countries making it very difficult for Greece to
maintain a high standard and always requested loans from their neighboring countries. In the 1990s
Mexico and most East Asian economies pegged their currencies to the US dollar. And as with
Mexico and East Asia, this recipe initially seemed to work for the eurozone as well. The problem
with this approach is that any inflow of capital can suddenly stop as investors find other, more
profitable investments – the result is often a financial crisis. For Greece, the government wanted to
use the same strategy, but it did not seem to work because the Euro was more powerful compared to
the US
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4.
5. Discuss the Economic Advantages and Disadvantages to the...
Discuss the economic advantages and disadvantages to the UK of participation in the
European single currency (Euro). Will British businesses be better or worse off if the
country decides to participate?
Introduction of Euro in the world's monetary union is a milestone. Eleven countries were going to
create EMU at the beginning, now there is a long queue to join in EMU. Most of the EMU members
get more advantage then disadvantage to join in Euro. Euro creates a large market in the Eurozone.
Three core members of EU (Great Britain, Sweden and Denmark) still not participate in European
single currency. Many European countries are very excited to join in EU, some of them decided to
implement European rate mechanism– 2 (ERM–2). If Britain ... Show more content on
Helpwriting.net ...
Enhanced coordination from different countries in the economic and monetary policy.
Phase 2:
European Monetary Institute (EMI) established. EMI monitored macroeconomic convergence of
members according to Maastricht treaty. In that stage, commission prepared logistic and
organisation framework for ECB.
Phase 3:
In that stage, Union fixed the exchange rate, euro introduced as a single currency. European
Monetary Institute replaced by establishment of European Central Bank.
Advantage of Single Currency
Several advantages deserves, if one country join in to the single currency such as eliminating
transaction cost, avoid exchange rate uncertainty, increase transparency of price, increase credibility
of monetary union. All the member of European Union gets equal opportunity and benefits.
The countries get benefit in the case of converting currencies. Every European Countries have
separate currency. When anyone converting the currency of any European country in to another
European country's currency then the converting cost added each time. If we used single currency,
6. we can easily minimize the converting cost. According to Solman and Sutcliffe (2004, p.742) "the
European commission estimated that the effect was to increase the GDP of the countries concerned
by an average of only 0.4 percent".
United state of America whose have 51 states with one single currency. They get benefit of single
currency in their market. Euro currency gives the
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7.
8. The Problem Of The Single European Crisis
BMAN 30891 INTERNATIONAL FINANCE
Did the existence of the European single current, the euro, exacerbate the economic severity of the
Eurozone sovereign debt crisis?
Several sovereign states in the eurozone are experiencing difficulties in repayment of their
government debt. Do you believe that the creation of the single European currency has exacerbated
the nature and extent of the eurozone sovereign debt crisis, or do you think that this was a crisis
which would still have occurred even in the absence of the single European currency?
Justin Chan 9569592
11/29/2014
final word count :
The creation of the single European currency has exacerbated the nature and extent of the Eurozone
sovereign debt crisis.
Part A
Part A briefly introduces the background and context of the Eurozone Crisis.
Introduction
The euro was introduced on the 1st of January, 1999 to foster economic integration and growth. The
current member countries of the Euro are Austria, Belgium, Cyprus, Estonia, Finland, France,
Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia,
Slovenia, and Spain. The Euro involves a single, fixed currency within the Eurozone area. The
member states are required to adopt a common monetary policy set by the European Central Bank
(the same interest rate and policy on quantitative easing). The Growth and Stability Pact was
incorporated to set strict limits on government's budget deficit, gross debt and price stability.
How
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9.
10. Is a Common Currency in Europe Sustainable? Essay
The continued existence of the Eurozone is in question, as demanded bond yields in Italy and
Greece ascend to new heights, and governments are unable to budget their future outlays. Austerity
is often proposed as a means to allow these troubled governments to pay back their debts in the
future, but many question whether it can truly lead to growth. The breakup of the Eurozone, while
very possible, threatens to spread financial instability to other European nations and even the United
States. Originally designed to ensure financial stability, the common currency area appears to
restrain policymakers both fiscally and monetarily in these times of economic depression when they
might benefit most from expansionary policies. A key problem ... Show more content on
Helpwriting.net ...
A common currency also minimizes uncertainty about exchange rate fluctuations among member
nations. However, as is often the case in economics, there exist tradeoffs that policymakers must
recognize. The most notable is that by joining the Eurozone, a nation is relinquishing its abilities to
operate their own central bank and easily enact desired monetary policy. Obstfeld warned in 1998
that "nationally asymmetric real shocks" could make transitioning to the Euro difficult for nations
(4). Maurer notes that today the EMU has resulted in convergence of nominal interest rates but
divergence of real interest rates due to differences in business cycles (5). If business cycles among
Eurozone members were to converge however, it might make sense to have a unified central bank
and monetary policy. Massmann and Mitchell report that depending on how one measures this
convergence, one can get drastically different results (16). These results yield a weak argument that
the cycles have converged and suggest centralized monetary policy might be inappropriate at times
for some members. There are two major hypotheses about the source of the current crisis, but the
academic literature seems to have reached a consensus that there are internal and structural problems
in the
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11.
12. Advantages And Disadvantages Of A Currency Union In Mexico
Precious Dyer
Professor Takeshi Yagihashi
ECON 305
December 2, 2014
Currency Union – Mexico
Modern day Mexico has gone though many economic difficulties from government corruption and
mass immigration from the country, to inflation in currency. A country that relies heavily on the
service and textile industry. As of today economic standing is very good and the country continues
to grow, as of right now Mexico is the 14th largest in the world in nominal terms and the 10th
largest by purchasing power. The country has sustained macroeconomics stability and moved
forward in reducing inflation and interest rates and has increased per capita income in household.
The forming of a currency union also known as a monetary union is usually when two or more states
or sovereign ... Show more content on Helpwriting.net ...
One way the union takes away is the independence of the country since membership of the eurozone
establishes a single monetary policy, individual member states can no longer act autonomously,
preventing them from printing money in order to pay back creditors and ease their risk of failure to
pay. By "printing money" a country's currency is devalued relative to its (eurozone) trading partners,
making its exports cheaper, in principle leading to an improved balance of trade, increased GDP and
higher tax revenues in nominal terms.
There are many advantages to establishing a monetary union – especially for Mexico a new growing
economic country. One advantage of creating a currency union would be an end to currency
instability in the country and untimely fix the exchange rate. If Mexico was to join a union with the
likes of The United States and Canada, Mexico would become more stable against any speculation
than just as an individual country. Also the union would result in lower interest rates in the long run
just like seen in Europe with the EU.
A North American Union like this will also force
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13.
14. Germany's The European Central Bank
In this essay, I will argue that Germany has captured the European Central Bank (ECB). The ECB
sets monetary policy for the Eurozone, which includes all nineteen countries that uses the Euro.
Monetary policy, according to the Keynesian Phillips Curve, can either pursue low inflation or low
unemployment. Using this assumption, to prove my hypothesis that Germany has captured the ECB,
I will provide evidence such as what German policy compared to Eurozone policy compared to ECB
policy, and how the charter of the ECB promotes German interests, and newspaper articles that
show how Germany is perceived in other European countries.
To first understand if the European Central Bank has been captured, we should recognize what
capture would look ... Show more content on Helpwriting.net ...
Traditionally sovereign countries control both their own monetary and fiscal policy. Eurozone
countries now directly control only fiscal policy, which affects spending and taxation. They leave
monetary policy, how to react to inflation and unemployment, in the hands of the ECB. Capturing
the ECB would grant the captor, Germany, specifically German politicians, more tools to keep their
constituents content. Capture would provide a strong economy for the captor, which every German
citizen would want. Finally, capture of the ECB allows Germans to present themselves as not–Nazis,
not–hegemons, and as dedicated to European stability. For all of these reasons, capture of the ECB
benefits Germany, and would encourage Germany to seek capture. The first form of capture I
mentioned was control of the Governing Council, especially the Executive Board, of the ECB.
Germany has not done this. The evidence, a list of the nationalities of the members of the Executive
Board shows that the President of the ECB is from Italy, and the Vice President is from Portugal
(Europa – European Union). Two Germans do serve on the Executive Board, but three (including
the governor of the German Central Bank) out of twenty–five is not a majority. This does not mean
that Germany has not captured the ECB.
I believe that the mission of the
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15.
16. The Economic Crisis Of Eurozone Countries
Background: From 2009 onwards several Eurozone countries have come under pressure from the
financial markets as a result of rising debt levels, economic contraction and decreasing solvency
indicated by all major rating agencies. Through raising funding prices on the markets and the lack of
trust in these Eurozone members – they were not able to finance themselves to sustainable costs
anymore. One country after the other (Greece, Ireland, Portugal, Spain and Cyprus) had to be
"rescued" by the then established financial support measures such as the European Financial
Stability Facility (EFSF) and the European Stability Mechanism (ESM). In exchange for these
"bail–outs" countries had to fulfill certain economic conditions – mostly spending cuts – which led
in turn to political change and instability.
In July 2012 the ECB president Mario Draghi gave – for the financial community remarkable
speech when he said that the ECB "will do whatever it takes" to rescue the Euro. This
announcement since then calmed down the markets and the funding prices of most Eurozone
members declined significantly. However, it is not clear for how long this peace will last – after all
the Eurozone has structural problems not monetary ones.
Analysis: The Eurozone–crisis needs to be dealt very carefully, as there is a lot at stake for all major
players (Eurozone members, EU, ECB) involved and every step that will be taken will be difficult to
reverse. Therefore, it must be examined where the roots of
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17.
18. Eurozone Crisis Essay
In the wake of the Great Recession, around late 2009, a debt crisis began to develop in Europe that
left several of its economies with high debt to GDP ratios and 'burden of debt'. The debt ratio in the
Euro Area increased from 64 percent in 2007 to 92 percent in 2015. A similar development was seen
in the European Union as a whole, with some peripheral countries experiencing larger increments.
In what came to be known as the "Eurozone Crisis", many peripheral countries, particularly Greece,
Ireland, Italy, Portugal, and Spain, put in place policies of fiscal consolidation, aimed at tax hikes
and budget cuts, and structural reforms along the lines proposed by the EU leaders and the ECB.
The large budget deficits and high sovereign debts ... Show more content on Helpwriting.net ...
The property market crash plagued the private sector with high debt levels, which inhibited the
investment growth. Ideally, the negative impact of reduced state spending would be less
pronounced, if private sector demand were reasonably resilient (Miller and Zhang, 2013). However,
the excessive private sector debt in Spain doesn't allow for this compensating effect. The weak
banks have been unable to lend to the private sector, thereby failing to restore private sector demand.
Furthermore, boosting demand by devaluing the national currency is not an option within the single
currency. Thus, the government was inclined to assume the debt of several ailing banks, in order to
avoid the collapse of the banking sector. The debt taken over by the government seriously
exacerbated the government's debt problem.
Responding to the market pressure, Spain agreed to the pressures of imposing austerity at home. In
light of reducing the elevated public debt and deficit levels to the Maastricht targets by the year
2020, the Spanish government embarked on a fiscal consolidation program in 2010, as a part of
European Commission's Excessive Deficit Procedure. It implemented policies of fiscal
consolidation, wage freezes, spending cuts and tax hikes. To a great extent, Spain has succeeded in
consolidating its budget and has been one of the most ambitious champions
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19.
20. Monetary Policy For The Entire Euro Area
ECB The European Central bank in Frankfurt, Germany defines the monetary policy for the entire
Euro area. It is a single monetary authority with a single monetary policy and primary objective to
maintain price stability. The ECB sets interest rates at which it lends to commercial banks in the
Eurozone. This controls money supply and inflation. It manages the Eurozones foreign currency
reserves and the buying or selling currencies to balance exchange rates. It ensures that financial
markets and institutions are well supervised. This makes sure the payments systems work well. It
produces Euro's banknotes by Eurozone countries. Last, the ECB monitors price trends and risks to
price stability. There are three decision–making bodies: Governing Council, Executive Board, and
General council. Governing Council is the main decision–making body that assesses economic and
monetary developments. The Executive Board implements monetary policy and manages day–to–
day operations. The General Council has more of an advisory and coordination role to help prepare
for new countries joining the euro. The ECB works with the national central banks of all EU
countries. Together they are the European System of Central Banks. This helps with cooperation
between central banks and the Eurozone. The ECB chose a quantitative definition of price stability
with three main reasons: to make monetary policy more transparent, provide a yardstick against
what the public can hold the ECB accountable, and is
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21.
22. The Economy Of A Country
The economy of a country has a controversial impact on the people of a nation, the nation's relations
with other countries and even other country's economies. Over the course of about eight years,
Greece has faced multiple economic challenges that many other countries have struggled with in the
past. One of these struggles includes a shrink comparable the size of the United States' economy
during the Great Depression (1). Though facing economic hardships, Greece has found a way to
thrive in other sections of the economy. Greece has multiple trading partners that help lead to a very
abundant market for the households and firms. They hope that with some help from the European
Union they will find a way out of all the debt they have ... Show more content on Helpwriting.net ...
To be accepted into the Eurozone, a country needs to pass the Maastricht criteria. In total, there are
five economic issues that are related to admittance. The qualifications include interest rates,
government debt and deficits, inflation, and the country must be a part of the European Exchange
Rate Mechanism for a minimum of two years. These criteria had the intention to promote stability
within the union and avoid financial hardships that reach extremes like present day Greece. Of the
required criteria, Greece had struggled the most with their fiscal standpoint. Their budget deficit was
drastically more than the 3% of annual GDP maximum, and their debt was already 100% more than
the annual GDP 10 years prior.
Early economic troubles in Greece can be dated back to 2001, the year of admittance to the
Eurozone. In 2004, Greece was the host of the Olympic Games, which was the start of borrowing
mass amounts of money that the country had no set plan to repay. By 2009, data inaccuracies proved
that Greece's budget deficit was actually 12.7% in the year that it applied to be a member of the
Eurozone, instead of the 3.7% that they claimed. That was more than four times larger than what the
European Union allowed. Following that, in 2010 Greece was told by the European Union to further
spending cuts in order to reduce some debt. Greece borrowed euros in emergency
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23.
24. What Is The European Union?
What is the european union The EU is a different type of state –it isn 't a legislature, a relationship of
states, or a worldwide association. The 28 Member States have surrendered some portion of their
power to EU organizations, with numerous choices made at the European level.
The European Union has conveyed over 60 years of peace, soundness, and success in Europe, raised
our natives ' expectations for everyday comforts, propelled a solitary European coin (the euro), and
is logically fabricating a solitary far–reaching free market for merchandise, administrations,
individuals, and capital.
They are occupied with remaking lives and groups in zones of contention, for example, Afghanistan.
They claim that they aim to accomplish peace ... Show more content on Helpwriting.net ...
At the point when the EU was established in 1957, the Member States focused on building a 'typical
business sector ' for exchange. In any case, after some time it turned out to be clear that closer
financial and money related co–operation was required for the inner business sector to create and
thrive further, and for the entire European economy to perform better, bringing more occupations
and more noteworthy flourishing for Europeans. In 1991, the Member States endorsed the Treaty on
the European Union (the Maastricht Treaty), choosing that Europe would have a solid and stable
coin for the 21st century.
The advantages of the euro are various and are felt on various scales, from people and organizations
to entire economies. They include:
More decision and stable costs for purchasers and residents
More prominent security and more open doors for organizations and markets
Enhanced financial strength and development
More incorporated money related markets
A more grounded vicinity for the EU in the worldwide economy
An unmistakable indication of a European personality
A considerable lot of these advantages are interconnected. For instance, financial solidness is useful
25. for a Member State 's economy as it permits the administration to get ready for what 's to come. Be
that as it may, monetary steadiness likewise advantages organizations since it diminishes
vulnerability and urges organizations to contribute. This, thusly, advantages natives who see more
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26.
27. Banking On Legitimacy : Ecb And The Eurozone Crisis Essay
b. Banking on Legitimacy: The ECB and the Eurozone Crisis
This section contains a summary of the article, Banking on Legitimacy: The ECB and the Eurozone
Crisis by Kathleen McNamara, in the Georgetown Journal of International Affairs, published in
Summer/Fall 2012, Volume 13, No. 2, pages 143 – 150. The main thesis, methodology of the report,
results/findings and the final conclusion and recommendations of the articles will be addressed
below.
1. Thesis
Over the last few years, the EU has been the main focus of the world as the sovereign debt crisis
unfolds. The European Central Bank (ECB), which started out as a hyper–independent central bank
later played a more political role that is initially intended by its creators. The article discusses about
the origins and evolution of the European Monetary Union (EMU) as well as the ECB leading up to
the sovereign debt crisis in Europe.
To assess the situation, the author addresses and answers several issues about the European
sovereign debt crisis. The questions are:
How did the crisis originate?
How did it span out? What are its problems?
What was done to curb the expanding issue?
2. Methodology
To assess the situation, the author presented an overview regarding the crisis. Then the author
discusses how the crisis spanned out and the problems associated with the crisis that the European
Union faces in light of this crisis. The author also evaluates the crisis by discussing the ways to
control this issue.
3. Results
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28.
29. The Balance Of Payment ( Bop ) Essay
According to Federal Reserve Bank of New York, "The Balance of Payment" (BOP) is a statement
used by a country to summarize an economy's transactions with the rest of the world by both private
and public sectors for a specified time period, usually every quarter or year. It is known as "Balance
of International Payment", it involves all transactions between a country's residents and its non–
residents involving goods, services and income, financial claims on and liabilities to the rest of the
word. If a country has received money, this is known as a "credit", and if a country has paid or given
money, the transaction is counted as a "debit". Theoretically, the BOP should be zero, meaning that
assets (credits) and liabilities (debits) should balance; however, in the reality, this is rarely the case.
The BOP is divided into 3 main categories: the current account, the capital account, and the
financial account:
1. The Current Account
The current account refers to the export and import of goods and services into a country. Within the
current account are credits and debits on the trade of merchandise, including goods such as raw
materials and manufactured goods that are bought, sold or given away in the form of aid. Services
refer to receipts from tourism, transportation, engineering, business service fees such as lawyers or
management consulting, and royalties from patents and copyrights, and income–generating assets
such as stocks. Last but not least, it includes the unilateral
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30.
31. European Sovereign-Debt Crisis
SUMMARY: European sovereign–debt crisis is still going on in some countries in eurozone, such as
Greece, Spain, Ireland, Portugal. The origins of these crises started from Greece when the
government borrowed a huge amount of money from foreign investors and was unable to repay. As
a result, a financial crisis started to hit Greece as the starting point of the crisis over countries in
Eurozone. While the old deutschmark (DM) bloc – Germany, France, etc. experience lower than
average growth and inflation, the Eurozone experienced the contrary. In general, instead of global
factors as the causes of the crisis, the Eurozone itself should hold responsible for the start and spread
of the crisis.
I. INTRODUCTION
European sovereign–debt ... Show more content on Helpwriting.net ...
However, in 2009, Greece started to hit the crisis as it is indebted heavily to eurozone countries and
become one of three eurozone countries that have gone under two bail–out. Although the Greek
economy is relatively small with direct damage of it defaulting on its debts may be soaked up by the
eurozone (Financial Times, 2012). The need of financial support from EU and the IMF was
requested in 2010 as a loan of 45bn. According to Carmen Reinhart – Co–author of This Time is
Different; she believed that it was difficult for Greece to get out of the crisis without restructuring.
The problem of the Greek crisis is involved with fiscal problems, which can be income problem,
profiling problem, servicing problem or balance sheet problem. As the government took benefit
from the growth, they ran a large structural deficit. The restructuring happens more slowly with the
support from the EU and IMF, therefore, the private bank from France, Switzerland, etc. which gave
a loan to Greece, are not distressed with a huge haircut. As a result, Greece owned the IMF 28bn
Euros, the EU 74bn Euros and had a market debt of 262 bn Euros, according to JP Morgan. From
2000 to 2008, the Greek budget deficit was 5.1% as a real number instead of 2.9% of GDP
(Marzinotto et al. 2010). In 2009, George Papandreou won the election with his promise of spending
more on social causes and trying to reduce the loan that Greece faced. A short time
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32.
33. Domestic Financial Stability And The Sovereign Bank Nexus
What about domestic financial stability and the sovereign–bank nexus?
Furthermore, the pickup in sovereign bonds demand by domestic banks when foreign investor
demand decreases does act as a stabilizing pillar for sovereigns. Overall reliance on domestic banks
for funding might be characterized as a low run risk, however, it could turn into a high one if there is
an accompanying increase in bank–sovereign nexus that could transfer into higher funding costs for
sovereigns and larger refinancing risk. This is exactly what was observed in the GIIPS countries of
Europe during the sovereign debt crisis. Sovereigns should therefore assess the motivations of such
domestic banks for increasing their holdings of their own sovereign bonds in order to assess the risk
of those banks as an investor base.
For instance, the share of sovereign debt held by banks in the Eurozone, in particular, has been more
than twice in 2013 compared to that of 2007. (Becker and Ivashina (2014a)) Such an observation is
evident despite the fact that European banks incurred substantial mark–to–market losses in 2009 on
their peripheral sovereign holdings (Greece, Italy, Ireland, Portugal, Spain, or so called "GIIPS")
and that in 2011 alone, banks on average lost 40 percent of their market value in an effort to increase
regulatory capital ratios. (Acharya and Steffen (2014)) At the same time, banks sovereign debt
portfolios have exhibited increased home bias. (Battistini et al. (2014); Acharya and Steffen
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34.
35. Eurozone
On November 1, 1993 the fate of our economy was decided. After one half of a century of waiting,
the Eurozone came to a solemn existence. The once great powers of the world, the European
nations, had completed a risky, and perhaps foolish, task. The world's first regional economic system
was successfully created. Now, almost two decades later, the world's economies are on the verge of
collapse, and it seems that no economy, other than the Eurozone, is at fault, due to its recent and
quite careless economic endeavors. As the rest of the world continues to force the blame upon the
Eurozone and its twenty–five member states–including the United Kingdom of Great Britain and
Northern Ireland, France, Spain, Portugal, Italy, and Germany, we ... Show more content on
Helpwriting.net ...
And looking at these facts, it is safe to reason that the recovery is worse than the downfall–just
because of the sheer scale of this crisis.
In some cases though, the Sovereign Debt Crisis lacks the power to harm the global economy. Take
the United States of America and their recent Standard and Poor 500 downgrading form AAA, the
highest and most prized global rating to AA+, a lesser rating. Essentially, the United States of
America harmed the world economy more so than the Eurozone. First off, in examining the
conditions of the U.S.A., one finds that the net debt was approximately 80% of the GDP (of the
national GDP, to be exact) in 2011. It has been forecasted that this number could breach an
astonishing 90% according to a study conducted by the American Institute for Economic Research
in 2011. Now, taking into account the fact that the United States of America is the largest and most
powerful economic force in the world, the issue deepens. This further develops into a weakening
global economy, and a loss of trade (the driving force in the global free market economic system.
The United States of America is on the verge of suffering other downgrades; yet the Standard and
Poor 500's downgrade is by far the worst, as it shows a global decline, not just a domestic decline.
Surprisingly, Eurozone members
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36.
37. The Greek Sovereign Debt Crisis
The Greek sovereign debt crisis has required multiple controversial bailouts; due to deflation and
tense political that have caused Greek citizens to unsatisfied current economic condition. This is a
large problem of economic stability and political unity facing the European Union. This study seeks
to answer two main questions. Firstly, why should European Union help Greece bailouts its
economy woes? Secondly, should Greece change its domestic economic policies in response to
demands from the EU?
Yes, the European Union should help Greece bailout its economy woes. The reasons are as follows.
Greece was living expenditure beyond its means even before it joined the European Union. After
Greece adopted the euro of single currency, so ... Show more content on Helpwriting.net ...
Due to debt levels reached a high point where Greece has not any longer able to repay its loans, and
were forced to ask for help from its European partners and the IMF in the form of massive loans.
Therefore, the higher debt level and the attached conditions have compounded Greece 's woes
(Arghyrou & Tsoukalas, 2011)
As every know, Greece is a founding member of the European family. Not any one can exist in any
meaningful way without the other. Therefore, Greece needs European Union help, equally, the EU
needs Greece. If European Union is fail to find a solution to bailout the Greek economy hardship, it
entail seriously devastating consequences, even if they are only temporary, but the Greek debt crisis
has severe economic burdens on the part of member states in European Union, especially the weaker
economy country.
Throughout the Greek sovereign debt crisis, the European Union is an important role who is an
organization with responsibility for the connection of member states, aiming at promote economic
and social progress and help people earn enough money and get treated fairly. That is to say, the
main objective of European Union is the consolidation of democracy and the well–being of its
member states through collective decision–making (Europa, 2015). But in process, has been
occurred issue. Certainly, there needs to be awareness that, all member states
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38.
39. The Eurozone Debt Crisis
Introduction The Eurozone debt crisis has been and continues to be a hot button topic in the
economic and financial world with Greece at its center. As the possibility of the first default by a
country in modern history looms over Greece there are a multitude of questions to be answered. This
paper will focus on the effect joining the euro had on the Greek current account deficit. Was there a
deficit problem before Greece joined the Eurozone in 2001? How did Greece's deficit change after
joining the Eurozone? In the academic paper Monetary Policy before and after the euro: Greece the
author, Michael G. Arghyrou, asks the question of how Greece managed to join the Eurozone with
very high inflation in the 1990's. Arghyrou also discusses whether or not Greece's economy fits the
Euro Central Bank's policies. The major conclusions from the study that are relevant to my study
include: foreign markets have determined monetary policy in Greece since the 1990's and Greece
has not been compatible with the Eurozone policy since it joined in 2001. This paper contains a
thorough study of Greece's current account deficit including; a brief current history of Greece, a
long run analysis the year 1985 to present, forecasting using the Holt Winters model, comparison
with the forecast and other Eurozone countries. There are three major conclusions made from this
study; Greece was spending beyond its means before joining the Eurozone, Greece's current account
balance was
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40.
41. Pros and Cons of a Eurozone Breakup Essay
Assess the advantages and disadvantages of a Eurozone breakup.
In the past few months, the likelihood of a Eurozone breakup has been escalating due to increasing
tensions in the monetary union. The departure of problematic periphery countries like Greece from
the Eurozone would have many implications onto Europe and the rest of the world. If the Eurozone
were to break up, whether partially or completely, it would send the rest of the world into panic and
economic turmoil. The countries departing the euro would have to revert back to its old currency
and as such face a significant devaluation. Thus people who have their savings in these countries
would see a significant fall in value of their savings. In order to prevent this from ... Show more
content on Helpwriting.net ...
Meanwhile, the depositors in other Eurozone countries which are seen to be at risk of leaving the
Euro, such as Spain, Portugal and Italy, may transfer their money to the safety of a German bank
account. This would spark a banking crisis in Southern Europe as banks suffer from liquidity
shortages. Despite the negative outcomes of a Eurozone breakup, it is worth to note that it may be
the best solution to the current debt crisis. At the moment, the crisis has reached the stage where it
may no longer be both financially and politically feasible to keep the whole Eurozone together. A
prime example is Greece. Financially, the Eurozone may be better off letting Greece go, as efforts to
reduce its national debt by offering exorbitant bailouts have been a huge drain on funds. Political
wise, the Greek public has rejected the austerity measures imposed as a condition for the bailouts
and have even voted for political parties which rejected austerity. Thus the funds used to bail out
Greece can be better used on larger, more integral Eurozone countries which are more determined to
reduce their debt levels. Lastly, a Eurozone breakup may have adverse effects on the remaining
member countries in the form of rising bond yields. This is because investors will be wary of
lending to struggling Eurozone countries in fear of the contagion spreading and a further breakup of
the
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42.
43. Greece : A Debt Of More Than 350 Billion Euros
Road Ahead
Greece has a debt of more than 350 Billion Euros or close to 175% of its GDP. Its annual interest
obligation is close to 23 Billion Euros. Unemployment is more than 25% and its annual GDP is
declining by 2% per year. Greece is clearly in a grave crisis situation which is extremely hard to
overcome. On June 30th, it became the first developed country to default to make an IMF loan
repayment. It is in an urgent need of funds to make another loan repayment to European Central
Bank on 20th August, to the tune of 3.2 Billion Euros. Its credit ratings have been recently revised
by all agencies to the level of 'Junk Bonds', making it extremely hard to obtain financial help.
Being a part of the EU, it may ask for additional bailout funds and debt relief. But these will require
stringer austerity measures to be followed by the Greek government. It would require them to cut
public pensions, increase taxes, and privatise certain government owned businesses. This strategy of
austerity measures, however, did not produce the expected results in the previous bailout and led to
a Greek Depression and made it even harder for the government to pay back debt.
Greece potentially has two alternatives as discussed below.
Greece Exits the Euro Zone
Greece can strive for recovery by exiting the Eurozone and adopting Drachma as its currency. The
relative devaluation of the currency will give a boost to its export industry and also allow it to repay
its debt with cheaper currency.
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44.
45. Why The Uk Should Join The Eurozone
A question reviewed on numerous occasions, weather the UK should join the Eurozone, considering
what a currency union intakes, the benefits and costs, a judgment can be entailed weather the
Eurozone would be a valid investment for an economy such as the UK. Exchange rate, capital risk,
interest rates or any monetary policy and fiscal policies, shall be taken in to account when formation
a judgment to weather the UK should become a member of the Eurozone. The heart of this case is
revolved around interest rates and to whether it shall cause a great impact on the financial sector of
the economy, as the UK largest revenue resource is from there banking sector.
A currency union is where more than two economies share the same currency, without having any
additional economic and monetary union, in which resulting in a single market and custom union.
The Eurozone is the economic region formed by those member countries of the European Union that
have adopted the euro. (Perry, S. 1994).
Optimum currency union is a theory published by Mundell in 1961, the theory is used to debate is a
certain area has the requirements to become a currency union, one of the final stages in economic
integration, in which a monetary unions benefits compensate the costs.
Some of the criteria for an optimum currency union are high capital and labour mobility, which
allows capital and workers to move freely through different areas of the union. Wage and price
flexibility through different areas, allowing
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46.
47. Greece's Economic Situation With The United States
Since 2008, the Hellenic Republic (Greece) has been suffering from one the worst economical and
financial depressions in its history. From its beginning, the nation 's banking system has teetered on
the brink of collapse and over 20% of its citizens have been unemployed. This essay will discuss the
history of the crisis, its causes, and comparative study between Greece 's economic situation with
that of the United States. The paper will close with my future predictions about Greece 's response to
the crisis based on experiences I shared with friends and family members in Greece. The crisis
began alongside the worldwide recession in 2008. Preceding this worldwide economic downturn ,
eurozone countries experienced an 35% of GDP increase ... Show more content on Helpwriting.net
...
However, despite this rapid deterioration of the worldwide economy, Greek 's decrepit financial
situation did not occur overnight. It was result of a flurry of factors stemming from a wide variety of
sources. In Georgios P. Kouretas and Prodromos Vlamis 's work, The Greek Crisis: Causes and
Implications, the authors indentified "at least three key players," which led to Greece 's continued
financial crisis (Kouretas and Vlamis, 393). The first and most responsible institution was the Greek
government and its feeble political system. Throughout the years, the national government
mismanaged the domestic economy to the level that the economy was adding on government debt at
a rate faster than any other eurozone nation. Combined with its rapid increase was its debt/GDP ratio
was already greater than 100% by the time of the crisis. In order to combat this overspending,
Greece implemented tough austerity in both its fiscal and economic policies (in order to lower its
budget deficit and debt/GDP ratio) while relying on 110 billion euro package, provided by the EU
and IMF, to finance its short–term operations. As a consequence of its large budget deficit, the
financial market downgraded Greece 's credit rating to the point that the country had to withdraw
from the international bond markets (due to extremely high interest rates). The final major factor lies
in the response of both Eurozone governments and the European
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48.
49. Greek Government 's Debt Has Been Around Since 2010
Greece government's debt has been around since 2010. The countries surrounding Greece are now
worried that it may affect them. The economy in Greece started getting worse after United Stated
had its crisis in 2007. Since Greece entered the Eurozone changes in the economy, financial stability,
and employment had caused Greece to go into more debt, but it could have been avoided if Greece
would have not entered the Eurozone. There are several events that led to Greece being bankrupt,
but for a better understating let's start in the year 2001. This year they entered the Eurozone, which
is one of the biggest economic regions that consists on all the European Union countries and its
currency is the euro. Two years later people found out that ... Show more content on Helpwriting.net
...
This might have not happened if Greece would have collected its taxes, this collapse of Greek
economy resulted in unemployment, low salaries, and immigration labor being abused.
(Sakellaropoulos, Spyrous, and Panagiotis, 72–73). Greece was not doing any better and the Prime
Minister was not helping, so the government decided in 2011 to fire Prime Minister George
Papandreou. Now they ran through two provisional Prime Ministers, which were not much help
either because they accepted one more loan making things worse. Greece: The Open Circle analyzed
more in depth the conservative economic by previous ministers and all the overspending they had.
(Kulukundis, 74– 98). In the year of 2007 United States had its own crisis, were many of the citizens
also struggled with unemployment and financial instability. Surprisingly as the crisis progress it also
caused social disaster. Van der VEEN says that there has been decline in public health, much more
suicides, child hunger, longer working hours starting with teenagers, and more immigrants. One
factor that was in United States advantage is that it has its own currency, which is the US dollar;
unlike Greece that joined the Eurozone and it had to changed its currency to euros. One possibility
that might happen is that Greece will have to leave the Eurozone in order to stand back on its feet.
Greece owes great amounts of money, but in foreign debt United States has the
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50.
51. Expansion of the Eurozone
Expansion of the EUROZONE
Introduction
The euro zone which is officially called the "euro area" consists of 17 countries. In other words, it
consists of countries which are also part of the European Union. The European Union consists of
approximately 27 member states. For a country to be a member of the euro zone it is necessary for it
to be a member of the European Union. A single currency was introduced as a result of European
union reforms and the currency was named as the "Euro". Those countries which adopted the Euro
as their currency by giving up their local currencies became the member states of the Euro Zones.
These countries include: Austria, Belgium, Estonia, Cyprus, Finland, France, Germany, Greece,
Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
The Monetary policy of all the member states is the responsibility of the European Central Bank,
which is indirectly a part and parcel of the president of the bank and includes a central board of
European Bank which includes heads of national central banks. Though, some countries were
granted special permission under agreements with the European Union to use the Euro as their
currency and print them on their own but they did not become a member of the Euro zone as their
monetary policies were not under the control of the European Central Bank. These states that use the
Euro as their currency but do not form part of the Euro zone are called the micro states.
But the
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52.
53. The European Monetary System ( Ems )
The Euro was launched as a single currency electronically on 1 January 1999 in 11 European
Monetary Union (EMU) member countries (Austria, Belgium, Finland, France, Germany, Ireland,
Italy, Luxembourg, Netherlands, Portugal and Spain). However, the origins of its conception go
back to the launch of the European Monetary System (EMS) in March 1979. The EMS was created
with the goal of currency stability and low inflation across Europe via an Exchange Rate
Mechanism (ERM) that was based upon a quasi–currency, the European Currency Unit (ECU),
which represented the weighted average value of member countries' currencies (European Central
Bank, 2014).
In 1991, the 15 members of the European Union met in Maastricht, Netherlands, to set up a ... Show
more content on Helpwriting.net ...
The European sovereign debt crisis refers to the ongoing crisis that has affected countries of the
Eurozone since 2009 when a group of 10 central and eastern European banks requested bailouts and
a 1.8% decline in EU economic output was forecasted by the European Commission (Wagstyl,
2009). The crisis has posed great difficulties and even impossibilities for some EMU members to
repay sovereign debt without the external assistance in the form of emergency loans ("bailouts")
from the ECB or International Monetary Fund (IMF). Examples of this include Greece and Ireland
in 2010, Portugal in 2011, Spain in 2012 and Cyprus in 2013 (UK Parliament, 2014).
Some of the causes of and factors that have exacerbated the crisis include a misperception of risk
leading to rising national debt levels, trade imbalances, structural issues with the Eurozone system
and monetary policy inflexibility.
The adoption of the euro led many EMU countries of different creditworthiness receiving similar,
very low interest rates for government bonds and private credits during the years preceding the crisis
due to the inherent belief in investors that the euro would induce endogenous economic convergence
in the Eurozone. In 2005, ECB President Jean–Claude Trichet claimed that yields on Eurozone
sovereign bonds were driven overwhelmingly by "euro–area–wide shocks" and there was only a
small effect from
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54.
55. Although the Euro Zone Has a Unified Monetary Policy, It...
Project Topic:
Although the euro zone has a unified monetary policy, it does not have a unified fiscal policy, Is
such a situation sustainable? Address this issue using Greece and Ireland as case studies.
From late 2009, fears of a sovereign debt crisis developed among investors concerning some
European states, intensifying in early 2010. This included eurozone members Greece, Ireland, Italy,
Spain and Portugal, and also some non–eurozone European Union (EU) countries. Iceland, the
country which experienced the largest financial crisis in 2008 when its entire international banking
system collapsed, has emerged less affected by the sovereign debt crisis. In the EU, especially in
countries where sovereign debts have increased sharply ... Show more content on Helpwriting.net ...
Greek government could default, exit the euro and reintroduce the drachma, which would instantly
depreciate, possibly by 50 percent or more. This would leave Greeks much poorer than their
European neighbours, and would inflict horrible economic pain in the short term. But it would also
make the Geek economy much more competitive. Flight capital would begin to return to take
advantage of the investment opportunities, and millions of tourists would flock in for a cheap
holiday. After the intial pain, growth would soon pick up.
Scenario C might be described as the Armageddon option whereby the eurozone collapses in its
entirety. This rests in part on a view of German policy, 20 years after unification. In a nutshell, the
Germans simply declare that they have run their economy brilliantly and see no needs to make the
kind of adjustments that the majority of the eurozone countries would like to see. The compromises
which underpinned European integration prove impossible to sustain. It is unlikely the scenario
because Europe will be less influence on the world stage which Germany, France do not want to see.
After working on the project, there are no good solutions to the euro–crisis–the "big bazooka" EFSF
plan is floundering and structurally unsound; the Chinese show no sign of riding to the rescue; euro–
periphery resistance to austerity is growing. Some combination of debt monetization and (implicit or
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56.
57. What Is The Future Of The European Monetary Union?
European monetary union has replaced national currencies with a single currency, the euro to
eliminate exchange rate variability among eurozone member countries. The European Central Bank
manages the European currency the euro, whose primary objective is price stability, defined in
practice as involving inflation less than 2 percent. A series of fiscal rules were (unsuccessfully)
adopted to prohibit the bailouts of member states from the eurozone.
There are no legal means of leaving the eurozone, even temporarily, aside from leaving the
European Union altogether (O'Rourke and Taylor, 2013, page 168). The European Central Bank was
intended to reduce inflation, accelerate economic growth, and protect member states against external
economic ... Show more content on Helpwriting.net ...
The exceptional nature of the euro does not mean that Europe becomes a sovereign federation or
Europe's monetary union is unsustainable in the long run. The parameters of the questions have been
well stated by the head of the European Central Bank, Mario Draghi (2012), who said that "those
who claim only a full federation can be sustainable set the bar too high." However, Draghi focuses
on the "minimum requirements to complete economic and monetary union." The future of the euro
depends on a key political variable: the heterogeneity costs associated with the minimum set of
functions that must be pooled or delegated for a currency union to work in such a framework.
Moreover, if the costs associated with heterogeneity were small, the euro area crisis of last few years
could perhaps be addressed with deep fiscal and political integration.
If the costs of leaving the euro are relatively higher, henceforth, heterogeneity remains high and
monetary union could lead to a fiscal and political union in this situation. In principle, the fiscal and
political integration is perceived by national governments and voters as the only solution in these
circumstances. That outcome could be seen as a vindication of the darker version of Monnet's chain
reaction: heterogeneous Europeans would have been "trapped" in a fiscal and political union
because they took an irreversible decision to enter a monetary union without anticipating the
spillover to further
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58.
59. What Is The Extremity Of The European Financial Crisis
The European Financial Crisis
Alexis Farin
ECON 335–07
Fall 2017
The European Financial Crisis
As many countries are part of the European Union and heavily rely on the EU to financially keep
their nations afloat, the shared economy must do what it can to aid those European nations with
weak economies. Mentioned in Chapter 16 of lecture, a number of European economies struggled
financing government debt, boosting interest rates on government bonds. Such countries included
Portugal, Ireland, Italy, Greece, and Spain (also known as PIIGS).
The extremity of the Eurozone crisis was revealed to the European Union and the rest of the world
the moment Greece admitted to having a soverign debt of 300 billion euros. ... Show more content
on Helpwriting.net ...
Figure 2 displays the substantial financial struggle Greece faced compared to their fellow European
counterparts between 1994 and 2014. In more recent years, the Greek government debt was 177% of
its GDP. (Kirk, 2017)
Figure 1: ECON 335 Chapter 16 Lecture Notes Today, wealthier countries, like Germany and
France, funding for PIIGS consequences have grown frustrated with their lending. Initially guiding
the countries in crisis in 2009, the European Union demanded France, Spain, Ireland, and Greece to
reduce their nation's budget deficit due to the fact that such severity could affect the European
economy as a whole. (BBC News, 2012) In an article by Justin Kuepper, he explained how investors
reacted to the economic crisis, stating, "The negative sentiment led investors to demand higher
yields on sovereign bonds... by making borrowing costs even higher. Higher yields also led to lower
bond prices, which meant larger countries and many eurozone banks holding these sovereign bonds
began to lose money." (Kuepper, 2016) Eventually the EU granted multiple bailout packages to save
Greece and Ireland, and in 2010, founded the EFSF to continue to track movements within the
failing economic crisis. The EFSF have provided hundreds of billions of euros to these nations.
Consequently, national banks avoid large cash loans (rightfully), causing a liquidity
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60.
61. Greece Economy : The Economy Over A Period Of Three Years
a) First bailout:
On 2nd May 2010, The IMF and EU agreed to infuse 110 billion Euros in the Greece economy over
a period of three years, to avoid a default. In exchange, Prime Minister Papandreou committed to
severe austerity measures, including 30 billion Euros in government spending cuts and tax increases
on the Greek population.
On 10th May 2010, the European Central Bank (ECB) launched its Securities Market Program,
which allowed it to buy government bonds of ailing economies like Greece on the secondary market
in order to boost investor confidence and also to prevent further penetration of this problem.
Eurozone Finance ministers also agreed to implement rescue measures worth 750 billion Euros to
keep struggling Eurozone economies afloat. These austerity measures did indeed help Greece in
bringing down its fiscal deficit from 10.6% of GDP in 2009 to just 2.4% of GDP in 2011, however,
it also worsened the Greek recession as a side effect. The Greek GDP had its worst decline in 2011
with a 6.9% contraction a 28.4% lower industrial output than in 2005. As a result, Greeks lost about
40% of their buying capacity since the start of the crisis and unemployment rates ballooned to more
than 25% in June 2013.
b) Second bailout:
On 21st February 2012, EU Finance ministers and the IMF approved a second bailout for Greece,
the largest in history, worth 130 billion Euros. The deal included a 53.5% debt write down for
private Greek bondholders (A write–down is the reducing of the
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62.
63. The Growth Of The Eurozone Essay
Looking at the development of the Eurozone almost 15 years after the Euro introduction, the gross
domestic product (GDP) of the Eurozone has only minimally (0.6%) increased in 2015 compared to
2007. Further, a pattern of divergence can be observed across the Eurozone. There are some
countries which have experienced modest growth (i.e. Germany) and others that show a rather
constant decline (i.e. Greece). The overall productivity has developed worse than expected, and is
with an increase of only 0.6% from 2007 to 2015 fairly low. Another important indicator of the
well–being of a country is the standard of living, measured by GDP per capita. This figure has been
decreasing by almost 2% in the last 7 years. In terms of economic security, population still suffers
under the crisis, shown in the increasing rates of unemployment and the decrease in government
spending especially for social expenditures (i.e. Greece: 22% by 2015). A high standard of living
also implicates a certain "connectedness" with family members, through the high youth
unemployment rates in Spain, Italy etc. many young people leave their families in order to seek
better opportunities in other countries (Stiglitz, 2016). Unemployment was on average 11% across
the Eurozone and youth unemployment is levelled at twice that size, which will have enduring/long–
lasting effects on future income and pension scheme. ... "The euro has deepened the divide (...)
weaker countries are becoming weaker and stronger are becoming
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64.
65. The Eurozone Crisis As A Multi Year Debt Struggle
The Eurozone crisis is defined as a multi–year debt struggle that began as early as 2009 and
originated in several of the Eurozone states. These countries were not able to pay back the debt they
continuously built up even with help from institutions such as the European Financial Stability
Facility, the European Central Bank, and the International Monetary Fund. The debt the European
Union members acquired were not considered a crisis until after the Great Recession in 2009. This is
because some countries released false reports, which soon became discovered, regarding their
economic stance. States were able to deceive other nations by inconsistent accounting, off–balance
sheet transactions, and the use of complex currency and credit derivatives structures. Greece is
considered the main culprit for causing the majority of the debt within the European Union. The
Economic and Financial Committee are responsible for receiving and organizing these reports.
Fabricated reports were easy for nations to submit due to the established rules set and the
organization of the Maastricht Treaty created on February 7, 1992 right before the European Union
was established. Furthermore, the Maastricht treaty was responsible for the creation of the European
Union and it reflected the serious intentions of all countries to create a common economic monetary
union (Investopedia). It provided rigorous economic regulations, known as "convergence criteria"
(Jason Voss, CFA) in which it is mandatory
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66.
67. Greek Economy and the Eurozone
In 1999, ten European nations joined together to create an economic and monetary union known as
the Eurozone. Countries, such as Germany, have thrived with the euro but nations, like Greece, have
deteriorated since its adoption of the euro in 2001. The Eurozone was created in 1999 and currently
consists of eighteen European nations united under the European Central Bank and all use the euro.
The Eurozone has a one point six percent inflation rate and an eleven point six percent
unemployment rate in 2014. Greece joined the Eurozone in 2001 and was the poorest European
Union member at the time with a two point six percent inflation rate3 (James, 2000). Greece had a
long economic history before joining the Eurozone. The economy flourished from 1960 to 1970
with low inflation and modernization and industrialization occurring. The market crash in the late
1970's led Greece into a state of recession that the nation is still struggling with. Military failures,
the PASOK party and the introduction of the euro have further tarnished Greece's economic stability.
The nation struggles with lack of competitiveness, high deficit, and inflation. Greece has many
options like bailouts, rescue packages, and PPP to help dig it out of this recession. The best option is
to abandon the Eurozone and go back to the drachma. Greece's inflation and deficit are increasing
more and more and loans and bailouts have not worked in the past. Leaving the Eurozone will allow
Greece to restructure and rebuild
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68.
69. Economic Integration And The European Union
After the horrific aftermath that was created by World War II, Europe worked towards economic and
political integration. The economic integration began in 1958, with the creation of the European
Economic Community (EEC), which included Germany, France, Belgium, Italy, Luxembourg and
the Netherlands. The EEC removed tariffs on goods produced within those six countries, in order to
promote trade and reconstruction after the war. In 1993 the EEC was renamed to the European
Union (EU), when the focus of just economic integration began to include policies of "climate,
environment and health to external relations and security, justice and migration" in Europe (Europa).
In 1981, Greece became a member of the EU. Twenty years later, Greece adopted the Euro as its
currency. Recently, Greece has been experiencing many economic problems, that threaten the
overall stability of the Euro. Although Greece is still part of the Eurozone today, its inability to pay
off debt, lack of effective reform, and its negative effect on the European Union as a whole, will
eventually lead to its exit from the Eurozone. The 2008 Great Recession, Greece had the highest
debt in the European Union. The Greek inefficient tax collection, and its unemployment was "worse
than unemployment in the United States during the Great Depression," which made it very difficult
to cut spending (O'Brien). Prior to joining the EU, Greece already experienced inflation and fiscal
deficits (Johnston). Although the
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70.
71. Greece : The Greek Debt Crisis
In 2009, The Greek debt crisis began. This crisis is still ongoing today, but there have been many
changes that occurred in Greece. This is also known as the Greek Depression. It is part of the
ongoing Eurozone crisis, which was generated by the global economic recession which started in
October of 2008. It is said to be caused by a combination of a weak Greek economy and an overly
high structural deficit and debt to the countries ' government debt and the gross domestic product.
Later in 2009, the question/ fear of sovereign debt crisis, which is the failure or refusal of the
government to pay back debt in full, developed concerning Greece's ability to even meet its
obligations of paying its debt. This all led to a full blown crisis and risk insurance on credit default
swaps, which are pretty much giving out loans to help pay off some of their debts.
There was a downgrade of the Greek government in April 2010 that alarmed the financial markets.
Bond yields rose so high that private capital markets were no longer an option for Greece as a
support foundation. In May 2010, the Eurozone countries and the International Monetary Fund gave
Greece a "bailout loan" of $110 billion, conditional on compliance with 3 conditions 1.)restore fiscal
balance 2.) privatization of government assets worth $50 billion by the end of 2015 to be sustainable
3.) to improve competitiveness and growth prospects. Sadly, Greece worked slower than expected
and they needed another year offer and more
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72.
73. The Fallout from a Potential Eurozone Breakup
The Fallout From a Potential Eurozone Breakup
Executive Summary: Today, the global economic crisis is centered around the struggles of the
European Union to protect its very existence. At the start of its second decade of existence, the
common currency form of the Euro, shared by 17 of the European Union's 27 member states, is
imperiled by the threat that some of its struggling member might depart from the Eurozone. With a
particular focus on Greece, which balanced the question of its status in the Eurozone over the course
of its recent elections, the discussion here considers the possible consequences of a breakup of the
Eurozone. By and large, the discussion will demonstrate that the consequences would be
catastrophic for the global community as a whole. The discussion considers a brief history of
globalization and, subsequently, a concise history of the institution of the Euro itself. Within the
context of this history, the discussion will note that substantial evidence existing the foreshadow the
forces that are now threatening to dismantle the singular monetary currency of Europe. Among those
forces, the research addresses the reality that the differently scaled economies of Europe have long
struggled to find common currency ground, and always with little success. The findings also suggest
that an era of unbridled borrowing and budget deficit spiraling have now produced a scenario where
the Eurozone appears on the brink of dismantling. Were such an event to occur,
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74.
75. Management: Eurozone and Member Countries
School of Management Accountability, Representation & Control (MN7262) Discuss whether
the concepts of accountability, representation and control can help explain the Euro crisis. Use
course materials in your answer. GAO LU Student number 120938023 Date: 13 January 2013 Totur:
Paul Brook & Geoff Lightfoot Word account: 2733 1. Introduction ARC (Accountability,
representation and control) can be treated as a process of management. In fact, in order to make
sense those three words, it would be best to divide this process into four parts, accounting,
accountability, representation and control. Accounting is a kind of activities which started from
ancient times. when ... Show more content on Helpwriting.net ...
Maybe his words are right, but it is also necessary for us study Greece first if we need to know what
is really happened for the euro zoon. As Reuters (22 Dec 2009, P, 1) shows, in early 2009, the new
Greece government had exposed that the true budget deficit of Greece would be 12.7% not as the
government had announced before. After the cheating activities coming to light, the three
international credit rating agencies, Standard & Poor 's, Moody 's Investors Service, and Fitch,
had downgraded the Greece to a low standard one by one for its large sovereign debt. It is because
of this event that the whole euro zone came to fell into the crisis, in turn, and the economy of euro
zone was hit hard. It might be an economic problem when we saw it at first sight, the huge
sovereign debt which was as high as 12.7% of its GDP in 2009, and its economy definitely cannot
afford the huge debt (Wilkinson 2012). This might be a reason for the market holding a pessimistic
altitude of the debt default. 3. Greece There must be something wrong inside Greece. However, it is
hard to claim that the Greek government intented to show a misleading report to the EMU
(European Monetary Union) or Greek government itself cannot even understand how bad status they
were in. According to the criteria of EMU, Greece must decrease the debt and improve the financial
performance, so a new government which was settled in 1993 puts forward a convergence policy in
order to restrict the
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76.
77. The Pros And Cons Of The European Crisis In Europe
Marsh gives interesting arguments developing the various reasons by which the crises is in place and
some solutions like producing a political union for all members and breaking deals among creditors
and debtors despite thinking the EU is not currently led strongly or cohesively enough to achieve
them.
A core argument of the book worth highlighting is the exponential discrepancy between Germany
and countries like Greece after the crises. While Germany grew by 3 percent during this period,
Greece was down by almost 25 percent.
Despite the fact Germany is economically stronger among the rest of the Eurozone countries, it
doesn't show interest in being a political titans and being in charge using France as a way to cover
up the real extent of ... Show more content on Helpwriting.net ...
This story is enlightening due to a clear overview of how a single currency with the ultimate goal of
union and growth results idealistic as differences, not only regarding cultural and social
backgrounds but also political ones, makes it very difficult for the Eurozone as a whole to have the
same objectives and interests.
The title of the book says it all. "Deadlock" meaning lack of movement, stagnation. Even if Marsh
concludes that the European debt crisis could be cured, the idea of pessimism is conveyed.
It is worth reading as it encourages readers to understand the mistakes made by the European
Monetary Union, and, based on them, warns SAAR (South Asian Association for Regional
Cooperation) of its difficulties. Starting with the strengths of the core arguments of David Marsh's
book, there is the fact that EU state member's economies have different environments and don't
make progress at the same rate. Culture, education, and politics are influential factors. Being
members of the EU means not only to enjoy the benefits but also to share the effort of bailing out
economically weaker countries. This
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