Greece eurozone and the euro the body is getting really rottenMarkets Beyond
Greece debt trap is inextricable: there is no way out of a default/restructing - debt "reprofiling" is just a joke since it would require 21% compound annual growth for 10 years to go back to 60% debt/GDP ratio.
Greece eurozone and the euro the body is getting really rottenMarkets Beyond
Greece debt trap is inextricable: there is no way out of a default/restructing - debt "reprofiling" is just a joke since it would require 21% compound annual growth for 10 years to go back to 60% debt/GDP ratio.
The ink has barely dried on the ECB’s shock-and-awe QE program that the market’s attention has already shifted back to Greece. The election over the weekend of a new government, led by Prime Minister Tsipras, has reignited the seemingly annual debate about whether/when Greece will default on its debt and leave the eurozone.
Ivo Pezzuto - "GREXIT": AVOIDED FOR NOW! (The Global Analyst Magazine August...Dr. Ivo Pezzuto
The threat of an unceremonious exit from the Euro Zone might have receded for the beleaguered Greece, at least for now. However, there is no guarantee the present bailout deal is enough to ensure the European economy’s return to normalcy. Given, the billion euro question is: Has it done enough to avoid exiting the Euro Zone? Whatever, one thing is for sure, the collapse of Greek economy could also mean collateral zone for one of the oldest and strongest trade block – Eurozone.
The Greek Financial Crisis has become a major issue in Greece and in Europe. This slideshow will discuss you with the background, effects, reasons, and future outloo k
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. ...
The Greek Sovereign Debt Crisis When the euro was established, som.pdfalankartraders
The Greek Sovereign Debt Crisis
When the euro was established, some critics worried that free-spending countries in the euro
zone (such as Italy and Greece) might borrow excessively, running up large public- sector
deficits that they could not finance. This would then rock the value of the euro, requiring their
more sober brethren, such as Germany or France, to step in and bail out the profligate nation. In
2010, this worry became a reality as a financial crisis in Greece hit the value of the euro.
The financial crisis had its roots in a decade of free spending by the Greek government, which
ran up a high level of debt to finance extensive spending in the public sector. Much of the
spending increase could be characterized as an attempt by the government to buy off powerful
interest groups in Greek society, from teachers and farmers to public-sector employees,
rewarding them with high pay and extensive benefits. To make matters worse, the government
misled the international community about the level of its indebtedness. In October 2009, a new
government took power and quickly announced that the 2009 public-sector deficit, which had
been projected to be around 5 percent, would actually be 12.7 percent. The previous government
had apparently been cooking the books.
This shattered any faith that international investors might have had in the Greek economy.
Interest rates on Greek government debt quickly surged to 7.1 percent, about 4 percentage points
higher than the rate on German bonds. Two of the three international rating agencies also cut
their ratings on Greek bonds and warned that further downgrades were likely. The main concern
now was that the Greek government might not be able to refinance some 20 billion of debt that
would mature in April or May 2010. A further concern was that the Greek government might
lack the political willpower to make the large cuts in public spending necessary to bring down
the deficit and restore investor confidence.
Nor was Greece alone in having large public-sector deficits. Three other euro zone
countriesSpain, Portugal, and Irelandalso had large debt loads, and interest rates on their bonds
surged as investors sold out. This raised the specter of financial contagion, with large-scale
defaults among the weaker members of the euro zone. If this did occur, the EU and IMF would
most certainly have to step in and rescue the troubled nations. With this possibility, once
considered very remote, investors started to move money out of euros, and the value of the euro
started to fall on the foreign exchange market.
Recognizing that the unthinkable might happenand that without external help, Greece might
default on its government debt, pushing the EU and the euro into a major crisisin May 2010, the
euro zone countries, led by Germany, along with the IMF agreed to lend Greece up to 110
billion. These loans were judged sufficient to cover Greeces financing needs for three years. In
exchange, the Greek government agreed t.
A very balanced presentation covering each and every aspect of eurozone economic crisis. A thorough analysis from the start of European Union formation and the further development of the problem of crisis. Also, effect on Indian Economy is pondered upon to make it good piece of word.
I hope it will fulfil everyone's need.
Please provide a summary of the current economic crises existing in .pdfmampbellzumberge517
Please provide a summary of the current economic crises existing in Greece.
Include:
A Background of causal factors for the problems
B. Programs initiated by Greek Government to correct the problems
C. Reaction of Greek citizens
D. What effect Greece\'s problems are having on the rest of the EU?
Solution
Greece Debt Crisis:
The crisis in Greece started decades ago when when government increased the size of country\'s
payroll. As a result every one in five Greek person ended up having a government job.
At one point of time, politicians stopped offering new job opportunities to citizens, rather started
raising pay for the people already working for the government. This cupled with a poor tax
collection regime, had greece scrambling to keep money flowing.
As a result, greece started borrowing from the foriegn countries, which was easier for it being a
Europian union member. But at the same time, being a EU member, it was to require to adhere to
strict financial restrictions which did not allow it to have a national budget deficit of more than
3% of the GDP.
Greece\'s debt increased but no one care because it continued to show a deficit of 3.4% for a long
time. The final blow stuct with a formation of new government in the country which discovered
that the budget deficit of 3.4% was a lie , but the debt has soared beyond 15% of the GDP. The
relevation led the Greece\'s lenders to apply stricter rules of payback. the Greece\'s debt
skyrocketed post it and it became impossible got it repay its loans without taking furthur loads.
IMF and EU came up to its support with the ailout program od 110 billion euro. The money was
given with strict condtions of Greece takng austerity measues of lowering wages and proper tax
collection. The second bailout was of 130 billion dollars, but experts say that greece will not be
able to recover out of its debt before 2020.
Greece crisis might have an spillover effect on other Greece countries, which might punge the
Euro down compared to other countries. Greece\'s exit from EU was was also at one point of
time the point of discussion..
Dogma continues to govern the eurozone instead of sound governance and pragmatism. The EUR 85 billion rescue package extended to Ireland the rescue package is not a game changer since it does not improve competitiveness and does not reduce the debt overload, to the contrary: liquidity support does not work out insolvency.
The ink has barely dried on the ECB’s shock-and-awe QE program that the market’s attention has already shifted back to Greece. The election over the weekend of a new government, led by Prime Minister Tsipras, has reignited the seemingly annual debate about whether/when Greece will default on its debt and leave the eurozone.
Ivo Pezzuto - "GREXIT": AVOIDED FOR NOW! (The Global Analyst Magazine August...Dr. Ivo Pezzuto
The threat of an unceremonious exit from the Euro Zone might have receded for the beleaguered Greece, at least for now. However, there is no guarantee the present bailout deal is enough to ensure the European economy’s return to normalcy. Given, the billion euro question is: Has it done enough to avoid exiting the Euro Zone? Whatever, one thing is for sure, the collapse of Greek economy could also mean collateral zone for one of the oldest and strongest trade block – Eurozone.
The Greek Financial Crisis has become a major issue in Greece and in Europe. This slideshow will discuss you with the background, effects, reasons, and future outloo k
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. ...
The Greek Sovereign Debt Crisis When the euro was established, som.pdfalankartraders
The Greek Sovereign Debt Crisis
When the euro was established, some critics worried that free-spending countries in the euro
zone (such as Italy and Greece) might borrow excessively, running up large public- sector
deficits that they could not finance. This would then rock the value of the euro, requiring their
more sober brethren, such as Germany or France, to step in and bail out the profligate nation. In
2010, this worry became a reality as a financial crisis in Greece hit the value of the euro.
The financial crisis had its roots in a decade of free spending by the Greek government, which
ran up a high level of debt to finance extensive spending in the public sector. Much of the
spending increase could be characterized as an attempt by the government to buy off powerful
interest groups in Greek society, from teachers and farmers to public-sector employees,
rewarding them with high pay and extensive benefits. To make matters worse, the government
misled the international community about the level of its indebtedness. In October 2009, a new
government took power and quickly announced that the 2009 public-sector deficit, which had
been projected to be around 5 percent, would actually be 12.7 percent. The previous government
had apparently been cooking the books.
This shattered any faith that international investors might have had in the Greek economy.
Interest rates on Greek government debt quickly surged to 7.1 percent, about 4 percentage points
higher than the rate on German bonds. Two of the three international rating agencies also cut
their ratings on Greek bonds and warned that further downgrades were likely. The main concern
now was that the Greek government might not be able to refinance some 20 billion of debt that
would mature in April or May 2010. A further concern was that the Greek government might
lack the political willpower to make the large cuts in public spending necessary to bring down
the deficit and restore investor confidence.
Nor was Greece alone in having large public-sector deficits. Three other euro zone
countriesSpain, Portugal, and Irelandalso had large debt loads, and interest rates on their bonds
surged as investors sold out. This raised the specter of financial contagion, with large-scale
defaults among the weaker members of the euro zone. If this did occur, the EU and IMF would
most certainly have to step in and rescue the troubled nations. With this possibility, once
considered very remote, investors started to move money out of euros, and the value of the euro
started to fall on the foreign exchange market.
Recognizing that the unthinkable might happenand that without external help, Greece might
default on its government debt, pushing the EU and the euro into a major crisisin May 2010, the
euro zone countries, led by Germany, along with the IMF agreed to lend Greece up to 110
billion. These loans were judged sufficient to cover Greeces financing needs for three years. In
exchange, the Greek government agreed t.
A very balanced presentation covering each and every aspect of eurozone economic crisis. A thorough analysis from the start of European Union formation and the further development of the problem of crisis. Also, effect on Indian Economy is pondered upon to make it good piece of word.
I hope it will fulfil everyone's need.
Please provide a summary of the current economic crises existing in .pdfmampbellzumberge517
Please provide a summary of the current economic crises existing in Greece.
Include:
A Background of causal factors for the problems
B. Programs initiated by Greek Government to correct the problems
C. Reaction of Greek citizens
D. What effect Greece\'s problems are having on the rest of the EU?
Solution
Greece Debt Crisis:
The crisis in Greece started decades ago when when government increased the size of country\'s
payroll. As a result every one in five Greek person ended up having a government job.
At one point of time, politicians stopped offering new job opportunities to citizens, rather started
raising pay for the people already working for the government. This cupled with a poor tax
collection regime, had greece scrambling to keep money flowing.
As a result, greece started borrowing from the foriegn countries, which was easier for it being a
Europian union member. But at the same time, being a EU member, it was to require to adhere to
strict financial restrictions which did not allow it to have a national budget deficit of more than
3% of the GDP.
Greece\'s debt increased but no one care because it continued to show a deficit of 3.4% for a long
time. The final blow stuct with a formation of new government in the country which discovered
that the budget deficit of 3.4% was a lie , but the debt has soared beyond 15% of the GDP. The
relevation led the Greece\'s lenders to apply stricter rules of payback. the Greece\'s debt
skyrocketed post it and it became impossible got it repay its loans without taking furthur loads.
IMF and EU came up to its support with the ailout program od 110 billion euro. The money was
given with strict condtions of Greece takng austerity measues of lowering wages and proper tax
collection. The second bailout was of 130 billion dollars, but experts say that greece will not be
able to recover out of its debt before 2020.
Greece crisis might have an spillover effect on other Greece countries, which might punge the
Euro down compared to other countries. Greece\'s exit from EU was was also at one point of
time the point of discussion..
Dogma continues to govern the eurozone instead of sound governance and pragmatism. The EUR 85 billion rescue package extended to Ireland the rescue package is not a game changer since it does not improve competitiveness and does not reduce the debt overload, to the contrary: liquidity support does not work out insolvency.
H συνάντηση Ιωάννη Καποδίστρια Εμμανουήλ Ξάνθου
Επανεξετάζοντας την κυρίαρχη άποψη και την κατεστημένη ιστορική θεώρηση για τη σχέση του Καποδίστρια με το '21
(Ο Καποδίστριας ως ο ηγέτης στρατιωτικός και πολιτικός της Εθνεγερσίας) Του Γιώργου Σκλαβούνου
From classical leadership model (Bennis, Boyatzis etc) to a new one, based on the classical values, of ancient Greece of course.
What can make our world better?
Presented in Youth Time Summer School in Siena Italy, June 2014.
Επιλογή στόχευσης αγορών σύμφωνα με δεδομένα Online αναζήτησης και αγοραστικής συμπεριφοράς επισκεπτών τωνελληνικών τουριστικών προορισμών
Ένας οδηγός για τις ελληνικές επιχειρήσεις
της Πελοποννήσου,
που περιέχει θεμελιώδεις γνώσεις
online τουριστικού μάρκετινγκ
πριν την απόφαση για τη στόχευση
των προορισμών της Πελοποννήσου προς τις διεθνείς αγορές
Επιλογή στόχευσης αγορών σύμφωνα με δεδομένα Online αναζήτησης και αγοραστικής συμπεριφοράς επισκεπτών τωνελληνικών τουριστικών προορισμών
Ένας οδηγός για τις ελληνικές επιχειρήσεις
με 14 νησιωτικούς προορισμούς
που περιέχει θεμελιώδεις γνώσεις
online τουριστικού μάρκετινγκ
πριν την απόφαση για τη στόχευση
των ελληνικών προορισμών προς τις διεθνείς αγορές
Η ΚΟΛΟΚΥΘΙΑ ΤΩΝ ΔΗΜΩΝ.
Γιατί να κάνει ένα και όχι τρία κολοκύθια.
Kai oι τρείς δήμοι θα αποτύχουν για τους ίδιους ακριβώς λόγους που απέτυχαν οι πολλοί και ο ένας. Του Γιώργου Σκλαβούνου.
Η Ωδή του Κάλβου, Ευχαί (που παραθέτουμε), δημοσιευμένη στα 1826, αποτελεί την απάντηση του και τη στάση του, απέναντι στο αίτημα αποκλειστικής προστασίας του Ελληνικού Έθνους, από την Αγγλία, που αναγκάστηκαν να υπογράψουν οι Έλληνες οπλαρχηγοί, κάτω από κίνδυνο αφανισμού της Πελοποννήσου και της Επανάστασης από τον Ιμπραήμ, τα 1825. Αποτελεί την απάντηση του Κάλβου απέναντι στην προστασία και στους εκάστοτε προστάτες στην ιστορία.
Η ΈΝΩΣΗ ΤΗΣ ΕΠΤΑΝΗΣΟΥ
Μια προσπάθεια για την προσέγγιση της ιστορικής αλήθειας. Ένα κειμενο γραμμένο για τις εκδηλώσεις διαλόγου με την Ιστορία, στην επέτειο της δολοφονίας του Ι.Καποδίστρια(27/9) και εν όψει της συμπλήρωσης 150 χρόνων από την Ένωση της Επτανήσου με την Ελλάδα,το 2014
του Γιώργου Σκλαβούνου
Η μικρομεσαία και συνεταιριστική επιχείρηση ως η αναγκαία απάντηση στην απειλή της τρομακτικής υπέρ-συγκέντρωσης του πλούτου, της γνώσης, της πληροφορίας, της έρευνας, της λήψης των αποφάσεων και στην παρακμή των συμμετοχικών θεσμών και του συμμετοχικού πολιτισμού.
Μια μικρή συμβολή στη σημαντική σας προσπάθεια
Του Γιώργου Σκλαβούνου
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
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According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
2. Most of my work is on
networks
Physical networks (e.g. telecom)
Virtual networks of complementary
components
Operating systems and applications
Banks that borrow from each other
Credit card networks
Advertisers and users of search in Google
Financial exchanges (NYSE, NASDAQ)
2
5. Greece has three big
economic problems
Significant public sector deficits
Very inefficient public sector; corruption in procurement
Tax evasion; need new tax enforcement
Huge accumulated debt it cannot fully service,
partially alleviated by the PSI (haircut)
Lack of competitiveness caused by
Union power increasing wages and salaries without
productivity increases
“Closed” sectors, including taxis, trucks, pharmacies,
engineers, lawyers, notaries, …
Fixed exchange rate (locked in the Euro)
5
7. Three options available to Greece
(June 27, 2012)
A. Limited renegotiation of lenders’ terms,
implementation of structural changes, staying in Euro
B. Rejection of lenders’ terms, and declaration of
bankruptcy (hard, uncontrolled default), leading to
the drachma and “sudden death” (rejected by voters)
C. To make no significant changes, linger in the
present swamp, leading to eventual bankruptcy
(“death by thousand cuts”)
In my opinion, “A” is by far the best
How should it be done?
7
9. The EU & IMF provided Greece with loans of
€110b asking for reduction of public deficit and
liberalization of “closed” sectors (May 2010)
Things did not work smoothly because
The EU, the IMF, and Greece focused on a short run perspective,
essentially postponing the full acceptance of the problem
Serious disagreements arose among the EU members, and between
the EU and the ECB
Some of the imposed requirements were unfeasible
The Greek gov. proved inept in implementing the agreements and did
not do many of the agreed reforms
The Greek gov. essentially gave its power to the EU/IMF/ECB
lenders; did not distinguish between feasible and unfeasible
demands
Almost every economic measure adopted so far was dictated by the
EU/IMF/ECB lenders
This, combined with a deep recession and high unemployment has
created a very negative mood in Greece
9
10. Greek sovereign debt
large and growing
Greek sovereign debt: €329 billion at end of 2010, €368
billion at end of 2011
In May 2010, EU & IMF promised Greece a €110 billion
loan (EU €80b; IMF €30b)
Greek GDP was €227 billion in 2010; €215 in 2011
Greek sovereign debt was 145% of GDP at the end of
2010; 165% of GDP at end of 2011
Greek debt growing because:
Despite cuts in public sector expenses, the Greek public sector
had a budget deficit of 10.6% in 2010 (9.1% in 2011), which
increased debt
Severe recession in Greece reduces the GDP and therefore
increases Greek sovereign debt as a percentage of GDP
10
12. Economides-Smith (2010) proposed a
fully voluntary restructuring of Greek debt
using the Brady method
Would have had no default and no “credit event”
Instead, Greece used a compulsory restructuring (after a
voluntary one) resulting in
Controlled bankruptcy
“Credit event”
Still there were substantial benefits
74% haircut
Obligations moved to long term
But, because the haircut was imposed in 2012 and not
2010, most Greek obligations have moved to the official
sector
Reducing the size of the restructured amount
Official sector obligations will be harder to restructure in the
future
12
13. Substantial problems for Greek
banks after the PSI
Greek banks had about €50 billion exposure to
Greek sovereign bonds
They took a large accounting hit at the PSI
These losses had already occurred, but banks did
not show the losses in their books
Restructuring implied an accounting recognition
of the existing losses
Greek banks need to recapitalize
Temporary recapitalization
Final recapitalization terms not determined
Crucial that banks do not become part of the Greek
State bureaucracy
13
14. Option A: Limited renegotiation of
lenders’ terms, implement structural
changes, stay in Euro
14
15. Option A: What needs to be done
Internally (1)
Take immediate radical measures:
Reduce the public sector
Cut the general (non-wage) expenses of the
state; change procurement process
Reduce the number of civil servants over and
above the natural attrition of 5% by
(i) closing useless divisions
(ii) eliminating jobs that have been surpassed
by technological change
(iii) evaluating performance in the remainder
of the civil service 15
16. Option A: What needs to be done
Internally (2)
Take immediate radical measures:
Collect the existing taxes
Reduce (presently rampant) tax evasion
Do not impose new taxes
16
17. Option A: What needs to be done
Internally (3)
Immediate measures
New investments in infrastructure
From EU structural funds
From saving €6 billion by postponing
interest payments to the official sector
17
18. Option A: What needs to be done
Internally (4)
Implement the many other
structural changes that will have
effects over time
Liberalize the labor market
Open the “closed” professions
Other structural reforms
18
19. Option A: What needs to be done
Externally (with EU, IMF, ECB)
Extend the fiscal consolidation period and
reduce its year-by-year intensity
Receive the EU structural investments for
infrastructure and possibly renewable
energy
Get a grace period of 3-5 years on interest
of loans to the official sector
Without an increase of the size of the loans
Use the resulting €5-6 billion for investments
19
20. Option B:
Reject lenders’ terms, and declare
bankruptcy (hard, uncontrolled default),
leading to the drachma and “sudden
death” (rejected by voters)
20
21. Should Greece do a hard default /
uncontrolled bankruptcy?
Lehman-like (2008) event with adverse effects for world
financial markets
Bad for Greece, the EU, and the US
Under a hard default, Greece will
have to balance its public sector immediately
have to cut public sector procurement and lay off about 20-25% of
civil servants immediately
Greek importers will have to pay cash
Huge disruption of trade; will be difficult to find imported goods,
even necessities like drugs and fuel
Exclusion of Greece from capital markets for years
Greek banks likely to collapse
EU banks will face additional large losses
“Credit event” will trigger CDS and have repercussions in
many markets, including in the US
21
22. Greece leaving the euro
is a very bad for debt
If Greece leaves the euro, its “new drachma” will
be devalued significantly compared to the old
drachma
Old drachma to euro approx. 340 dr = 1 €
New drachma to euro approx. 1000 Ndr = 1 €
Debt is in euros, suddenly gets multiplied by 3 in
new drachmas
Outside the euro, Greece will be forced to borrow
at very high interest rates
Debt will be unsustainable (again)
It will be hard to cut the debt because most of it
will be to EU countries and the IMF
22
23. Greece leaving the euro
will create very high inflation
Will result in huge inflation in Greece where
practically everything is imported
Prices in Greece will be multiplied by 3, wages and
pensions cannot adjust quickly, and Greeks will
become much poorer
To pay public servants salaries and pensions,
Greece will print too many new drachmas, thereby
creating an inflationary spiral
Greek politicians (who have already proved to be
irresponsible) will have an “easy way out” by
printing drachmas
Will create hyperinflation
23
24. Greece leaving the euro
will lead to bank collapse
As leaving the euro is anticipated,
Greek banks will collapse because
Depositors will withdraw their euros (what
little is left in banks) because they will not
trust the government to convert them to
new drachmas at the “right” exchange rate
The ECB will withdraw its lifeline of more
than € 128 billion cash to Greek banks
24
25. In summary, Greece leaving
the euro will result in
Greek banks collapsing even before the new drachma is
introduced
Extreme poverty as goods become three times more
expensive
Hyperinflation as Greek politicians will now be able to print
currency
Likely social unrest
Greece has significant national and political reasons besides
the economic reasons to stay in the Eurozone at the core of
the EU
Danger of isolation in a neighborhood of a very aggressive
enemy which can easily overpower Greece militarily
Greece needs support of the EU and the US to counterbalance
25
26. Option C:
Make no significant changes, linger in the
present swamp, leading to eventual
bankruptcy … (“death by thousand cuts”)
26
27. Option C: The biggest danger
The new Greek government has to act
decisively now!
Biggest danger is not acting on:
Cutting the expenses of the state sector
Liberalizing the labor market
27
29. The Euro experiment
Euro created without a fiscal and
political union
EU thought it had decades to make a
fiscal and political union
2008 crisis showed the weaknesses of a
common currency without a fiscal and
political union
29
30. Many bailouts – weak firewall
Greece, Ireland, Portugal, Spain, Cyprus
receiving bailouts (5 out of 17) and
more may be added
Weak firewall
ESM/EFSF are very small for the size of
the problem, unable to deal with large
bailouts
Need to be 5-10 times larger
30
31. Bank deposits guarantee
Need Eurozone-wide deposits
guarantee by the ECB
Difficulties because of variance in bank
charters
31
32. EU debt issues
Sovereign debt was recycled to banks and
financed by low interest 3-year loans of
the ECB
Not a good solution
Temporary
Financial markets target the weakest
sovereign bond
Need pooling of risks and closer
supervision of budgets to minimize moral
hazard
32
33. Eurobonds
Very likely to happen within a year
Short or long maturities?
What percentage of the country’s debt
would they cover?
10% of GDP? 30%? Any amount of debt
over 60% of GDP?
Extent of financial supervision by
Brussels
33
34. See “Greek economists for reform” at
http://greekeconomistsforreform.com/
for a discussion by prominent Greek
academic economists on the crisis
34