Euro Crisis

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Cours d'international economy sur "L'euro crisis"

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Euro Crisis

  1. 1. International EconomySession 3: The Crisis of the Euro Niki Papadopoulou Fall 2012
  2. 2. A little note…
  3. 3. International Economy:The Economic and Political Crisis of the European Union Presentation by Students The Greek sovereign crisis Who, what, when, how and why of the EU crisis Germany vs. the others
  4. 4. International Economy:The Economic and Political Crisis of the European Union Presentation by Students The Greek sovereign crisis Who, what, when, how and why of the EU crisis Germany vs. the others
  5. 5. The Headlines
  6. 6. The Headlines
  7. 7. The HeadlinesPMI: PurchasingManagers Index:Key EconomicIndicator made-upof five sub-indexes:-Production level- New orders- Supplierdeliveries- Inventories- Employmentlevel
  8. 8. The Headlines
  9. 9. The Headlines
  10. 10. The Headlines
  11. 11. The Headlines
  12. 12. The Headlines
  13. 13. The Headlines
  14. 14. It says it all….
  15. 15. It says it all….
  16. 16. It says it all….
  17. 17. Speculation
  18. 18. Contagion!!!
  19. 19. Contagion!!!
  20. 20. Getting weaker…
  21. 21. The influence of markets…
  22. 22. Before and after the EUGreece, 1980 Greece, 2012
  23. 23. Before and after the EU
  24. 24. The privileges of the few
  25. 25. How does a country go into debt? Too much of this: Not enough of that:
  26. 26. Plus things were not what they seemed to be…
  27. 27. Plus things were not what they seemed to be…
  28. 28. Where does it all go?
  29. 29. Where does it all go?
  30. 30. But it’s not over…
  31. 31. Not only aGreek problem:
  32. 32. Who
  33. 33. Who
  34. 34. Who
  35. 35. Who
  36. 36. Who
  37. 37. Who
  38. 38. Who
  39. 39. Who
  40. 40. What
  41. 41. What’s the cost?
  42. 42. What’s the cost?
  43. 43. Where
  44. 44. Where
  45. 45. How
  46. 46. How
  47. 47. How?
  48. 48. How (did it get this bad)?What Greeks were doing the last 10 years(according to the Germans)
  49. 49. How (did it get this bad?)•  Greece was treated as a Northern European borrower while it didnot and had never acted like one.• Slow reaction to the Greek crisis and conflicting views between theleading countries of the Eurozone (France and Germany) led tospeculation, prolonging the crisis and leading to a serious lack ofconfidence in the euro itself.•  The cost of the Greek bailout multiplied each day that Germany andthe other EU countries could not agree on what to do--as investorslost confidence the price of the bailout increased.•  Germany’s defenders say that Greece would never agreed to suchan austerity package had it not been for the stress of a potentialeconomic apocalypse.
  50. 50. How (did it get this bad)?But…
  51. 51. Why (the beginning of an answer) Le 3 janvier 1996, lEtat grec confiait au consortium franco- hellénique Gefyra S.A. une concession de 42 ans pour la conception, la construction, lexploitation et lentretien du pont Harilaos Trikoupis. LUE apportera un appui financier important – subvention du FEDER, prêt de la Banque européenne dinvestissement (BEI) – à cet ambitieux chantier.
  52. 52. Even Historical Figures are Upset…

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