The Greek election resulted in a victory for the pro-bailout New Democracy party, reducing the risk of Greece exiting the euro. While this eased financial market concerns, major challenges still remain as the new government will have difficulties maintaining austerity targets and enacting reforms. The threat of contagion also persists for other eurozone countries like Spain and Italy, requiring European leaders to take further steps toward fiscal and banking integration.
It's no secret that what's happening in Europe is driving financial markets worldwide. Even if you have a sound asset allocation strategy and a well-diversified portfolio, it's hard to ignore the fact that this summer seems to have the potential for turbulence. Markets dislike uncertainty, and at this point uncertainty is high, particularly in advance of the June 17 elections scheduled in Greece.
This document discusses the potential economic impacts if Greece were to exit the Eurozone. It outlines two potential triggers that could lead to a Greek exit, including a credit crunch in Greek banks and risks in implementing economic reforms. It then describes three main channels through which a Greek exit could affect the wider Eurozone economy: exposure of European banks, holders of Greek government debt, and potential unexpected contagion. The document projects that a Greek exit could plunge the Greek economy into recession due to high inflation and currency depreciation, but the impacts on the overall Eurozone economy would be more muted and short-lived.
The Global Economy No. 9 - December 20, 2011Swedbank
The Global Economy No. 9 - December 20, 2011: Although 2011 was the year of the debt crisis, challenges still remain in 2012 – not least for the euro zone
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.
- Greek political parties failed to form a new government after recent elections, exacerbating the country's debt crisis and risk of leaving the eurozone.
- Billions have been withdrawn from Greek banks in recent months due to rising fears about the crisis. No new government raises the possibility that leftist anti-austerity parties could gain power in new elections.
- Germany and other eurozone creditors want Greece to address its debt problems, but forcing it out of the euro could also spread economic troubles to other vulnerable countries like Portugal and Ireland. The future actions of European leaders and Greece's political developments remain uncertain.
It's no secret that what's happening in Europe is driving financial markets worldwide. Even if you have a sound asset allocation strategy and a well-diversified portfolio, it's hard to ignore the fact that this summer seems to have the potential for turbulence. Markets dislike uncertainty, and at this point uncertainty is high, particularly in advance of the June 17 elections scheduled in Greece.
This document discusses the potential economic impacts if Greece were to exit the Eurozone. It outlines two potential triggers that could lead to a Greek exit, including a credit crunch in Greek banks and risks in implementing economic reforms. It then describes three main channels through which a Greek exit could affect the wider Eurozone economy: exposure of European banks, holders of Greek government debt, and potential unexpected contagion. The document projects that a Greek exit could plunge the Greek economy into recession due to high inflation and currency depreciation, but the impacts on the overall Eurozone economy would be more muted and short-lived.
The Global Economy No. 9 - December 20, 2011Swedbank
The Global Economy No. 9 - December 20, 2011: Although 2011 was the year of the debt crisis, challenges still remain in 2012 – not least for the euro zone
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.
- Greek political parties failed to form a new government after recent elections, exacerbating the country's debt crisis and risk of leaving the eurozone.
- Billions have been withdrawn from Greek banks in recent months due to rising fears about the crisis. No new government raises the possibility that leftist anti-austerity parties could gain power in new elections.
- Germany and other eurozone creditors want Greece to address its debt problems, but forcing it out of the euro could also spread economic troubles to other vulnerable countries like Portugal and Ireland. The future actions of European leaders and Greece's political developments remain uncertain.
This document summarizes the global economic outlook from Swedbank. It notes that global GDP growth forecasts for 2012 and 2013 have been revised downward to 3.0% and 3.1% respectively, due to slowing growth in developed economies and emerging markets. While some countries saw upward revisions to 2012 growth due to strong early year results, growth is expected to weaken further in 2013, especially in the eurozone and US. Potential global growth is now estimated around 3.8%, lower than previous estimates, due to issues like high debt levels, weak financial systems, and insufficient reforms. Downside risks to the outlook are seen as more probable than upside risks.
The document summarizes Wall Street predictions for 2012 stock market performance and the actual outcomes. Most predictions were overwhelmingly negative, forecasting lackluster returns due to economic troubles. However, the US stock market returned 16% for the year, outperforming the predictions. The eurozone and European markets also defied predictions by not collapsing and some posting returns over 20%. The summary concludes that predictions are unreliable and investors are better off focusing on long-term strategies rather than trying to time markets based on uncertain forecasts.
2000 jetro white paper on international trade and foreign direct investment b...Pim Piepers
The document is a white paper from JETRO (Japan External Trade Organization) on global trends in foreign direct investment (FDI) in 2000. Some key points:
- FDI flows surged in 1998, with outflows rising 36.6% to $648.9 billion and inflows up 38.7% to $643.9 billion, driven mainly by investment between the US and EU countries.
- The US was the largest source of FDI for the 8th year running in 1998, and also the largest recipient of FDI for the 6th consecutive year. Investment between the US and EU more than doubled from 1997 to 1998.
- Foreign investment in Japan also increased substantially in
This document discusses the future of Europe based on data from economic forecasts and interviews with business leaders. It finds:
1) Europe's economies are stagnating with weak growth prospects and high unemployment expected to continue. Public debt is also rising in many countries due to slow growth hampering deficit reduction efforts.
2) Business confidence in Europe is low, with few expecting profits or hiring to increase in the coming year. However, investment in machinery is expected to rise which may provide a boost.
3) There is strong support among eurozone business leaders for further European integration, with 66% open to more economic integration and 40% open to greater political union as well. Ireland is least supportive of further integration.
1) A parliamentary election in Greece failed to form a new government, increasing the risk of Greece defaulting on its debt obligations or leaving the eurozone.
2) If Greece stops implementing austerity measures required for its bailouts, it will have no choice but to default, as it will have no incoming or outgoing funds. This will be a showdown between Greece's new leader and European creditors.
3) During the period of uncertainty until the next election, volatility in currency markets like the USD/THB will likely rise. However, the eurozone will ultimately take steps to keep Greece in the eurozone and inject more liquidity, reducing volatility once a solution is reached.
The document provides a daily market overview report covering major headlines, data events, catalysts for currencies, commodities, and outlooks for various assets. Key points include:
- Hopes that the coronavirus spread is slowing supported risk assets and the dollar. New cases in China fell to the lowest since late January.
- Central bank speakers and testimony from Fed Chair Powell were on the schedule.
- Oil prices rose as China reported lower new virus cases, stoking hopes for recovering fuel demand. Gold prices eased on rising risk appetite.
Quarterly report Q1 perspectives global and spanish economy January 2019Círculo de Empresarios
.Overview of the economic situation Q1-2019
Despite being in a favourable economic cycle (global growth still above 3%), GDP estimates are being revised downwards (IMF, OECD, European Commission, etc.).
The striking main causes: economic cycle phase change, trade slowdown, Trump’s protectionism, monetary policy normalisation, political tensions stemming from populism (Brexit, Italy, etc.) and worse economic expectations in China and Germany.
The growth of world GDP exhibits less synchronisation than in January 2018. In advanced economies, the US expands at rates above 2%, supported by fiscal stimuli and an unemployment rate at record lows. In contrast, the EU loses strength due to the uncertainty associated with Brexit & Italy and the consequences of the trade war having a greater impact on the German external sector.
In emerging markets, on the one hand, given their high levels of debt, the evolution of their growth and inflation rates depend on the rise in US interest rates and the unfolding of oil prices. On the other hand, the financial instability resulting from the near end of the economic cycle and lower prospects for the growth in corporate profits in 2019 worry the financial markets, manifested through an increase in volatility.
El documento describe el perfil de Maureen Guevara en la plataforma educativa Edmodo, incluyendo su nombre, promoción y usuario, así como capturas de pantalla de su perfil, aportes y interacciones con compañeros.
Este documento describe diferentes tipos de mezclas de uso cotidiano o comercial, incluyendo disoluciones acuosas como el agua potable, el vinagre y los refrescos. Explica que las disoluciones son mezclas homogéneas en las que las partículas del soluto son tan pequeñas que no se pueden ver, y que la concentración de una disolución expresa la cantidad relativa de soluto y disolvente. También destaca la importancia de las disoluciones acuosas en la vida cotidiana y en procesos bi
Mapa de conceptos gerencia de proyectos de tecnologiaSandra Torres
Este documento presenta un mapa de conceptos sobre la gerencia de proyectos de tecnología de la educación. Se enfoca en temas clave como planificación, ejecución, monitoreo y control de proyectos educativos que involucran tecnología.
This document discusses key performance indicators (KPIs) for lab technicians. It provides steps to create KPIs for lab technicians, including defining objectives, identifying key result areas and tasks, and determining how to measure results. The document also discusses types of KPIs and cautions against creating too many KPIs or ones that do not change to suit goals. Additional KPI materials can be found on the listed website.
What's *REALLY* behind the mortgage crisisDaryll McDade
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This is the start up psychology session. it deals with the mindset about starting up a sustainable business and stand our career. "Winning from Within, Standing Out Without"
The document provides links to several online tools for creating visual representations of text including Wordle for generating word clouds, a movie poster creator, and Voki for customizing avatars.
Henry, an American teenager, travels to Japan after finishing college exams. While he has visited many other countries, Asia was the only region he had not been to. During his trip, Henry meets a waitress at a restaurant near his hotel who he believes to be Japanese based on her kimono, Asian features, fluency in Japanese, and presence in Japan. However, the next day Henry sees the waitress showing her passport to police during an immigration issue, revealing that she is actually American though living in Japan with her Japanese parents.
Von den legendären Entdeckern wie Magellan bis zu den Abenteurern heutiger Tage hat Patagonien mit seiner ungezähmten Natur stets die Weltreisenden fasziniert. Um diese außergewöhnliche Region der Erde zu erkunden, brauchen Sie leichte, bequeme und zugleich robuste Bekleidung, die schützt und viel Bewegungsfreiheit gewährt. Bekleidung, die wie gemacht ist fürs Abenteuer, bietet Ihnen die neue Kollektion ABENTEUER PATAGONIEN. Entdecken Sie diese tolle, neue Kollektion und nutzen Sie unser fantastisches Angebot: bis zu
50% Rabatt auf die gesamte Kollektion!
http://www.atlasformen.de/categories/neue-kollektionen/abenteuer-patagonien/976.aspx
This document provides information about Juubeo, a global cooperative (COOP) that offers auctions and financial services to members. Key points:
- Juubeo is a European-based cooperative owned and operated by its members.
- It offers monthly dividend programs, auctions of luxury goods at discounted prices, and various financial services and crowd funding opportunities.
- Members can choose different membership levels ("bundles") ranging from 100-2,000 euros that provide different benefits like auction credits and bonuses.
- Juubeo uses a multi-level structure where members can earn bonuses from their own sales and the sales of those they recruit to Juubeo.
This document summarizes the global economic outlook from Swedbank. It notes that global GDP growth forecasts for 2012 and 2013 have been revised downward to 3.0% and 3.1% respectively, due to slowing growth in developed economies and emerging markets. While some countries saw upward revisions to 2012 growth due to strong early year results, growth is expected to weaken further in 2013, especially in the eurozone and US. Potential global growth is now estimated around 3.8%, lower than previous estimates, due to issues like high debt levels, weak financial systems, and insufficient reforms. Downside risks to the outlook are seen as more probable than upside risks.
The document summarizes Wall Street predictions for 2012 stock market performance and the actual outcomes. Most predictions were overwhelmingly negative, forecasting lackluster returns due to economic troubles. However, the US stock market returned 16% for the year, outperforming the predictions. The eurozone and European markets also defied predictions by not collapsing and some posting returns over 20%. The summary concludes that predictions are unreliable and investors are better off focusing on long-term strategies rather than trying to time markets based on uncertain forecasts.
2000 jetro white paper on international trade and foreign direct investment b...Pim Piepers
The document is a white paper from JETRO (Japan External Trade Organization) on global trends in foreign direct investment (FDI) in 2000. Some key points:
- FDI flows surged in 1998, with outflows rising 36.6% to $648.9 billion and inflows up 38.7% to $643.9 billion, driven mainly by investment between the US and EU countries.
- The US was the largest source of FDI for the 8th year running in 1998, and also the largest recipient of FDI for the 6th consecutive year. Investment between the US and EU more than doubled from 1997 to 1998.
- Foreign investment in Japan also increased substantially in
This document discusses the future of Europe based on data from economic forecasts and interviews with business leaders. It finds:
1) Europe's economies are stagnating with weak growth prospects and high unemployment expected to continue. Public debt is also rising in many countries due to slow growth hampering deficit reduction efforts.
2) Business confidence in Europe is low, with few expecting profits or hiring to increase in the coming year. However, investment in machinery is expected to rise which may provide a boost.
3) There is strong support among eurozone business leaders for further European integration, with 66% open to more economic integration and 40% open to greater political union as well. Ireland is least supportive of further integration.
1) A parliamentary election in Greece failed to form a new government, increasing the risk of Greece defaulting on its debt obligations or leaving the eurozone.
2) If Greece stops implementing austerity measures required for its bailouts, it will have no choice but to default, as it will have no incoming or outgoing funds. This will be a showdown between Greece's new leader and European creditors.
3) During the period of uncertainty until the next election, volatility in currency markets like the USD/THB will likely rise. However, the eurozone will ultimately take steps to keep Greece in the eurozone and inject more liquidity, reducing volatility once a solution is reached.
The document provides a daily market overview report covering major headlines, data events, catalysts for currencies, commodities, and outlooks for various assets. Key points include:
- Hopes that the coronavirus spread is slowing supported risk assets and the dollar. New cases in China fell to the lowest since late January.
- Central bank speakers and testimony from Fed Chair Powell were on the schedule.
- Oil prices rose as China reported lower new virus cases, stoking hopes for recovering fuel demand. Gold prices eased on rising risk appetite.
Quarterly report Q1 perspectives global and spanish economy January 2019Círculo de Empresarios
.Overview of the economic situation Q1-2019
Despite being in a favourable economic cycle (global growth still above 3%), GDP estimates are being revised downwards (IMF, OECD, European Commission, etc.).
The striking main causes: economic cycle phase change, trade slowdown, Trump’s protectionism, monetary policy normalisation, political tensions stemming from populism (Brexit, Italy, etc.) and worse economic expectations in China and Germany.
The growth of world GDP exhibits less synchronisation than in January 2018. In advanced economies, the US expands at rates above 2%, supported by fiscal stimuli and an unemployment rate at record lows. In contrast, the EU loses strength due to the uncertainty associated with Brexit & Italy and the consequences of the trade war having a greater impact on the German external sector.
In emerging markets, on the one hand, given their high levels of debt, the evolution of their growth and inflation rates depend on the rise in US interest rates and the unfolding of oil prices. On the other hand, the financial instability resulting from the near end of the economic cycle and lower prospects for the growth in corporate profits in 2019 worry the financial markets, manifested through an increase in volatility.
El documento describe el perfil de Maureen Guevara en la plataforma educativa Edmodo, incluyendo su nombre, promoción y usuario, así como capturas de pantalla de su perfil, aportes y interacciones con compañeros.
Este documento describe diferentes tipos de mezclas de uso cotidiano o comercial, incluyendo disoluciones acuosas como el agua potable, el vinagre y los refrescos. Explica que las disoluciones son mezclas homogéneas en las que las partículas del soluto son tan pequeñas que no se pueden ver, y que la concentración de una disolución expresa la cantidad relativa de soluto y disolvente. También destaca la importancia de las disoluciones acuosas en la vida cotidiana y en procesos bi
Mapa de conceptos gerencia de proyectos de tecnologiaSandra Torres
Este documento presenta un mapa de conceptos sobre la gerencia de proyectos de tecnología de la educación. Se enfoca en temas clave como planificación, ejecución, monitoreo y control de proyectos educativos que involucran tecnología.
This document discusses key performance indicators (KPIs) for lab technicians. It provides steps to create KPIs for lab technicians, including defining objectives, identifying key result areas and tasks, and determining how to measure results. The document also discusses types of KPIs and cautions against creating too many KPIs or ones that do not change to suit goals. Additional KPI materials can be found on the listed website.
What's *REALLY* behind the mortgage crisisDaryll McDade
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This is the start up psychology session. it deals with the mindset about starting up a sustainable business and stand our career. "Winning from Within, Standing Out Without"
The document provides links to several online tools for creating visual representations of text including Wordle for generating word clouds, a movie poster creator, and Voki for customizing avatars.
Henry, an American teenager, travels to Japan after finishing college exams. While he has visited many other countries, Asia was the only region he had not been to. During his trip, Henry meets a waitress at a restaurant near his hotel who he believes to be Japanese based on her kimono, Asian features, fluency in Japanese, and presence in Japan. However, the next day Henry sees the waitress showing her passport to police during an immigration issue, revealing that she is actually American though living in Japan with her Japanese parents.
Von den legendären Entdeckern wie Magellan bis zu den Abenteurern heutiger Tage hat Patagonien mit seiner ungezähmten Natur stets die Weltreisenden fasziniert. Um diese außergewöhnliche Region der Erde zu erkunden, brauchen Sie leichte, bequeme und zugleich robuste Bekleidung, die schützt und viel Bewegungsfreiheit gewährt. Bekleidung, die wie gemacht ist fürs Abenteuer, bietet Ihnen die neue Kollektion ABENTEUER PATAGONIEN. Entdecken Sie diese tolle, neue Kollektion und nutzen Sie unser fantastisches Angebot: bis zu
50% Rabatt auf die gesamte Kollektion!
http://www.atlasformen.de/categories/neue-kollektionen/abenteuer-patagonien/976.aspx
This document provides information about Juubeo, a global cooperative (COOP) that offers auctions and financial services to members. Key points:
- Juubeo is a European-based cooperative owned and operated by its members.
- It offers monthly dividend programs, auctions of luxury goods at discounted prices, and various financial services and crowd funding opportunities.
- Members can choose different membership levels ("bundles") ranging from 100-2,000 euros that provide different benefits like auction credits and bonuses.
- Juubeo uses a multi-level structure where members can earn bonuses from their own sales and the sales of those they recruit to Juubeo.
Este documento trata sobre sialadenitis y sialolitiasis. La sialadenitis puede ser aguda o crónica y se produce por estasis de la saliva, deshidratación, medicamentos u otras enfermedades. La parótida es más propensa debido a su posición y conducto. Los síntomas incluyen dolor local y sistémico. El tratamiento consiste en analgésicos, antibióticos, hidratación y masaje local. La sialolitiasis se asocia con cálculos en el conducto salivar y afecta principal
The document proposes a narrative for a music video about a ballet dancer. It will show the girl using ballet as an escape from her parents' unhappy marriage. Scenes will depict her dancing in a studio and on stage, as well as traveling to lessons. Goodwin's analysis of pop music videos will guide the production, focusing on strong visual connections to the lyrics, close-ups of the artist, and presenting the dancer voyeuristically. Influenced by Black Swan and Broken Arrow, ballet scenes will use dim lighting and tones to portray the girl's dark childhood and hope for the future.
The document summarizes the key points of the Cyprus bailout agreement reached on March 16th, 2013. The agreement sets a precedent by imposing a tax of 6.75-9.9% on all Cypriot bank deposits to raise €5.8 billion, more than half the cost of bank recapitalization. This reduces the bailout amount from €17 billion to up to €10 billion and is expected to put Cypriot debt on a sustainable path to 100% GDP by 2020. However, the deposit tax risks financial instability by undermining deposit guarantees and could increase the risk of bank runs in future crises. Final approval of the deal by the Cypriot parliament and an extension of loans from Russia
Swedbank Analysis Post-election Greece: 10 questions and answersSwedbank
New Democracy won the Greek election by a slight margin, but it is unclear what the new government will look like. New Democracy and Pasok together would have a majority, but they did not previously take responsibility for implementing the reform package from international lenders. If they fail to form a coalition, a new election may be held after the summer, prolonging uncertainty. If Syriza had won and torn up the austerity terms as promised, it likely would have led to Greece exiting the eurozone.
Citibank - Market Outlook September 2012Denny Setiady
Possible Grexit looming in the next 6-12 months with a 90% probability. Key upcoming meetings and events in September could impact the outcome, including a German court ruling on bailout funds and a Dutch election. If Grexit occurs, it would likely involve capital controls and currency adjustments in Greece, but the response from other countries and institutions would be substantial to prevent contagion. However, Grexit may not solve the underlying issues in the Eurozone and further restructurings are still expected.
The Impact of the current Greek financial woes on the global econo.docxcherry686017
The Impact of the current Greek financial woes on the global economy
Introduction
Soon after the implosion of Wall Street in 2008, Greece became the focal point of Europe’s debt crisis. In 2009, Greece announced its deficit figures have been understated for years. This raised concerns across the globe regarding the financial state of Greece and eventually resulted in shutting Greece out of borrowing funds from the financial markets.
By the spring of 2010, Greece was veering toward bankruptcy, which threatened to set off a new financial crisis. The European Central Bank, The European Commission and the International Monetary Fund (IMF) issued a bailout of about 240 billion Euros to Greece.
The bailouts came with conditions. Lenders imposed harsh austerity terms, requiring deep budget cuts and steep tax increases. They also required Greece to overhaul its economy by streamlining the government, ending tax evasion and making Greece an easier place to do business.
The bailout funds were meant to buy some time to help Greece stabilize its finances and allay fears of the European Union breaking up. Though the funds helped to a certain extent, the Greek economy had shrunk by a quarter and unemployment had risen above 25 percent.
Many Greeks and economists, blame the austerity measures for much of the Greece’s continuing problems. While creditors such as Germany, blame Athens for failing to conduct the economic overhauls required under its bailout agreement. They do not want to change the rules for Greece
If Greece defaults, what will happen to the economy?
In the wake of becoming one of the first developed nations to default on their international financial obligations, Greek citizens are hoping that their government strikes a deal to help save them. What exactly is going on in Greece that would cause the country to default, one may ask? Over the past few years, Greece has not been performing well economically. They have experienced increasing levels of the unemployment rate, and their banks simply have not been able to endure the financial crisis. An already high national debt has continued to build up, to the point that the payments due by Greece are almost un-payable. At the very least, the inability to repay debt is a bad signal to all countries and business relationships that the Greeks were a part of. If a deal is not met to help the Greek economy with their creditors on actions to help prevent the debt from growing, as well as repayment, there can be serious consequences.
Greece could default without exiting the Euro. In this scenario, the European Central bank would have to decide on whether or not they want to continue bailing out Greek banks, or put a complete end to aiding the Greek economy. Greece could leave the Euro, and form its own currency. This undoubtedly would have even more adverse effects on the Greek economy. If leaving the Euro-zone is imminent, citizens would begin taking their Euros out of banks. ...
Vgis macro the pigs and the emu lost decadeFahd Rachidy
The document discusses the sovereign debt crisis in Greece and its potential impact on the European Monetary Union (EMU). It notes that Greece is facing severe budget deficits and debt levels that threaten its long-term fiscal stability. There is a risk that the crisis could spread to other weaker Eurozone economies like Portugal, Spain, and Italy. Immediate intervention is needed to prevent Greece's problems from worsening and sparking a wider crisis across Europe. However, options are limited given rules prohibiting bailouts between Eurozone members. In the longer run, the crisis has revealed structural weaknesses in the EMU and calls its sustainability into question.
1) The document discusses the clash between short-term and long-term solutions to the euro area crisis. While urgent action is needed to reduce borrowing costs in Italy and Spain, without long-term reforms like fiscal and banking unions, Germany's willingness to provide funds may decline and the risk of a euro breakup will rise.
2) The euro area crisis stems from economic divergence pre-euro and an institutional deficit without a common fiscal policy. Crisis countries benefited from low rates but did not reform, while northern Europe performed better. The ECB cannot directly intervene due to treaty limits.
3) Deeper integration like banking stress tests and allowing the ECB to directly buy sovereign debt are urgently needed to
Little Global Spillover from the Greek Drama QNB Group
The document summarizes the recent agreement reached between Greece and its European creditors to extend Greece's bailout program by four months. It argues that while the Greek debt crisis may continue, its effects on the global economy will be limited. Specifically, the exposure of other European countries and banks to Greece has been reduced, and other issues will likely dominate the global economic agenda in the coming months. The agreement has eased fears of a Greek exit from the eurozone and reduced the risk of bank runs in Greece. However, further negotiations are still needed to finalize the terms of the deal.
The Greek debt crisis began in 2009 when it was revealed that Greece's budget deficit was much larger than originally reported, reaching 15.4% of GDP rather than the claimed 6.7%. This caused Greece's borrowing costs to skyrocket and prevented the country from repaying its debts. The crisis had severe impacts, including unemployment rising to 25%, riots over austerity measures, and Greece ultimately defaulting on IMF loans in 2015. While three bailout packages involving the EU, ECB, and IMF imposed austerity, Greece's debt-to-GDP ratio rose to over 180% as the economy shrank by 25%. The crisis demonstrated the risks of misleading deficit reporting and overspending by Greece's government.
The document discusses several economic and political issues:
1) European authorities have struggled to effectively address the escalating sovereign debt crisis, providing only temporary solutions while the problems get worse.
2) The US debt level has risen significantly due to tax cuts, spending increases, and the financial crisis, reaching nearly 100% of GDP.
3) Emerging markets saw large declines as investors fled to safe havens like US treasuries, though some emerging countries remain attractive long-term investments due to growth and demographics.
4) South Africa faces economic challenges including slowing growth compared to other emerging markets, while political risks also loom over policy and foreign investment.
- Greece is unlikely to meet its fiscal targets for reducing its budget deficit and debt levels, so its international creditors will need to decide whether to give it more time or force an exit from the Eurozone.
- The Greek economy has already shrunk by 17% since 2008 and is expected to contract further this year and next as austerity measures reduce spending.
- While Germany and other creditors are weary of Greece's repeated failures to meet targets, there are signs the German chancellor has softened her previous threat to halt bailout funding, likely to avoid the economic consequences of a disorderly Greek exit.
- A decision on releasing the next tranche of bailout funds for Greece is expected in early November, and
- Greece is unlikely to meet its fiscal targets for reducing its budget deficit and debt levels, so its international creditors will need to decide whether to give it more time or force an exit from the Eurozone.
- The Greek economy has already shrunk by 17% since 2008 and is expected to contract further this year and next as austerity measures reduce spending.
- While Germany and other creditors are weary of Greece's repeated failures to meet targets, there are signs the German government may now be willing to continue funding Greece to avoid the consequences of its exit from the Eurozone.
- A decision on releasing the next tranche of bailout funds for Greece is expected in early November, and will be a key topic
For some time we have been forecasting a “lost decade” of growth for the Eurozone. However, the risk of an imminent Eurozone breakup, which weighed heavily on business and consumer confidence for much of 2012, has been averted. The economy is expected to start growing again from mid-2013, but overall a decline of 0.5% is still forecast for 2013, followed by very sluggish growth of only 1.4% a year in 2014-17.
Improving competitiveness and strengthening demand from the US and emerging markets will start to boost Eurozone exports over the coming year. Please also see www.ey.com/eef for further information and access to the forecasting data.
The document discusses the role of the International Monetary Fund (IMF) in Greece's 2015 bailout. It provides background on Greece's economic troubles since 2008 and details the multiple bailout packages provided by the IMF and European institutions between 2010-2015. The bailouts aimed to support Greece's austerity reforms but impacted citizens through wage freezes and tax increases. The IMF wanted to see debt relief for Greece and sustainable reforms before committing further funds, as Greece struggled with unsustainable debt levels over 175% of GDP.
This market commentary discusses the Five Stages of Greece as it relates to Psychiatrist Elisabeth Kübler-Ross\'s theoretical model of The Five Stages of Grief.
This document discusses Greece's experience with the eurozone in relation to the five stages of grief. It argues that Greece has progressed through denial, anger, bargaining, and is now in a state of depression. In the denial stage, Greece was admitted to the eurozone in 1992 despite a history of debt defaults. Anger arose from Greece's deception about its finances and the austerity measures imposed. Greece has intensely bargained with EU countries since 2010. The current depression stage reflects Greece's mandated internal devaluation through austerity.
This document provides a summary of Greece's debt crisis and its implications for the European Union. It discusses how Greece accumulated a large debt burden and budget deficits over many years, which led to bailouts from the EU, IMF, and ECB. However, Greece struggled to implement necessary reforms. This created uncertainty around Greece's future in the EU. The crisis highlighted tensions between wealthier and poorer EU nations and raised questions about the sustainability of the eurozone.
1) Election results across Europe indicate growing public distrust in established parties and a shift toward anti-austerity positions.
2) Allowing countries more time to meet fiscal targets while also encouraging growth could help address both economic and political concerns, but structural reforms are still needed to strengthen competitiveness.
3) The future of the eurozone remains uncertain as Greece faces a new election that could undermine austerity commitments and increase the risk of a Greek exit from the euro.
The Greek economic crisis began in 2001 when Greece manipulated its financial accounts to join the Eurozone. Once in the Eurozone, Greece began irresponsible fiscal policies like increasing government spending and pensions. This exacerbated Greece's existing problems like high debt levels, tax evasion, and an uncompetitive economy. The crisis has negatively impacted neighboring Southeast European countries through trade and financial links. While direct exposure is small, a prolonged Greek crisis could slow the broader European economy and thereby impact the US and India through weaker exports. The EU and IMF have approved bailouts for Greece totaling $110 billion so far, but imposed strict austerity measures and reforms in exchange.
An astonishing, first-of-its-kind, report by the NYT assessing damage in Ukraine. Even if the war ends tomorrow, in many places there will be nothing to go back to.
Acolyte Episodes review (TV series) The Acolyte. Learn about the influence of the program on the Star Wars world, as well as new characters and story twists.
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El Puerto de Algeciras continúa un año más como el más eficiente del continente europeo y vuelve a situarse en el “top ten” mundial, según el informe The Container Port Performance Index 2023 (CPPI), elaborado por el Banco Mundial y la consultora S&P Global.
El informe CPPI utiliza dos enfoques metodológicos diferentes para calcular la clasificación del índice: uno administrativo o técnico y otro estadístico, basado en análisis factorial (FA). Según los autores, esta dualidad pretende asegurar una clasificación que refleje con precisión el rendimiento real del puerto, a la vez que sea estadísticamente sólida. En esta edición del informe CPPI 2023, se han empleado los mismos enfoques metodológicos y se ha aplicado un método de agregación de clasificaciones para combinar los resultados de ambos enfoques y obtener una clasificación agregada.
Here is Gabe Whitley's response to my defamation lawsuit for him calling me a rapist and perjurer in court documents.
You have to read it to believe it, but after you read it, you won't believe it. And I included eight examples of defamatory statements/
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
1. Euro Watch
Group Economics
Macro Research
Greece back from the brink Nick Kounis +31 20 343 5616
18 June 2012
The Greek election threw up the most favourable outcome that could have realistically been hoped for by the
international community and financial markets. The New Democracy party came first, increasing its margin of victory
sufficiently for it to have a majority in a possible pro-bailout coalition with the Pasok party. Financial markets will
breathe a sigh of relief given the elections could have thrown up another deadlock or even a victory for the Syriza
party. Indeed, the outcome means that the risk of a Greek euro exit has eased. However, major challenges remain. A
coalition still needs to be formed. In addition, the new government will struggle to stay on track with the current Euro-
IMF programme. More broadly, major steps are necessary at the eurozone level to protect Spain and Italy from fresh
bouts of contagion in the future. Judging by past form, European politicians tend to take their foot off the gas when the
pressure has gone. It is to be hoped that this time will prove different but there is a significant risk that progress will be
slower than hoped and that we will continue to muddle from one crisis to another.
Election likely to lead to pro-bailout coalition Greek election result
The Greek election threw up the most favourable outcome that % vote
could have realistically been hoped for by the international
35
community and financial markets. The centre-right New 30
Democracy party, which is broadly in favour of EU-IMF bail- 25
out, beat the anti-bailout Syriza party to first place. In addition, 20
15
the margin of victory, together with the 50-seat bonus for first 10
place, means that the New Democracy party would be able to 5
form a pro-bailout coalition government with the third placed 0
Pasok party. The two parties together would have a combined New Syriza Pasok Ind. Gr. Comm. Gold. Dem.
total of 162 seats, giving it a majority in the 300-seat Dem. Dawn Left
parliament. To be sure, this is far from a done-deal at this June May
stage. Pasok has been publicly stating that it wants a grand
coalition that would include the anti-bailout Syriza and Source: Greek Interior Ministry
Democratic Left parties. However, such a coalition looks to be
a non-starter, given that Syriza has ruled it out (though the Greek election result
smaller Democratic Left party may join a coalition with ND and Number of seats (total is 300)
Pasok). Tricky negotiations between the parties need to follow,
but given what is at stake, we doubt that Pasok will take the 150 129
country to a third election. So ultimately it seems likely that a 125
pro-bailout coalition will come into place. New Democracy will 100
71
now get three days to attempt to form a government. 75
50 33
20 18 17
25 12
Back from the brink, challenges ahead
The international community and financial markets will breathe 0
New Syriza Pasok Ind. Gold. Dem. Commn.
a sigh of relief given the elections could have thrown up
Dem. Greeks Dawn Left
another deadlock or even a victory for the Syriza party. Indeed,
the outcome means that the risk of a euro exit has eased.
However, major challenges remain. In particular, Greece will Source: Greek Interior Ministry
struggle to stay on track with the current Euro-IMF programme.
There is also a risk of political instability as a New Democracy-
In addition, the depth of the recession will make the budget
Pasok government would have a modest majority, which could
deficit targets difficult to achieve, while far-reaching structural
impact its effectiveness.
reforms will also be a challenge against this background.
Another debt restructuring will probably be needed, which will
involve official sector losses. This will be difficult, but other
eurozone countries will most likely be willing to be flexible as