Our group was required to do a presentation for Financial Management on the Euro Zone Crisis. We took the example of Greece and did the study. Here are our slides.
An attempt to cover different facets of ESD Crisis . Following ppt enumerate how it all got started and draws out rationale behind the formation of EU.
An attempt to cover different facets of ESD Crisis . Following ppt enumerate how it all got started and draws out rationale behind the formation of EU.
Project on Greece Crisis and Impact for Economic Environment of Business Renzil D'cruz
: Project on Greece Crisis and Impact for Economic Environment of Business
• financial crisis of 2007–2008
• Greek government-debt crisis
• Causes for deteriorated economic
• Tax evasion and corruption
• Unsustainable and accelerating debt-to-GDP ratios
• Impact of the Greece Economic Crisis on India
India’s Crisis Responses and Challenges
This presentation explores the causes of the European debt crisis, timeline of the crisis, its extent, how it is being addressed, who is to blamed for the crisis and how it affects us.
The Greek government-debt crisis was the sovereign debt crisis faced by Greece in the aftermath of the financial crisis of 2007–08. Widely known in the country as The Crisis (Greek: Η Κρίση), it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis.[6][7] In all, the Greek economy suffered the longest recession of any advanced mixed economy to date, overtaking the US Great Depression. As a result, the Greek political system has been upended, social exclusion increased, and hundreds of thousands of well-educated Greeks have left the country
The Greek government-debt crisis (also known as the Greek depression) started in late 2009. It was the first of five sovereign debt crises in the euro-zone – later referred to collectively as the European debt crisis.
The 1999 introduction of the euro as a common currency reduced trade costs among the Eurozone countries, increasing overall trade volume. However, labor costs increased more in peripheral countries such as Germany, making Greek exports less competitive. As a result, Greece saw its current account (trade) deficit rise significantly.
Causes:
Government spending
Current account balance
Tax evasion
Misreported debt statistics
SOLUTIONS IMPLEMENTED:
First Economic Adjustment Programme for Greece (May 2010 – June 2011)
Second Economic Adjustment Programme for Greece (July 2011 – present)
RECOMMENDATION TO THE CRISIS:
Exit the Eurozone or "Grexit"
Digital currency cards
Negotiate another bailout
European debt conference
The Greek government crisis (also known as the Greek depression) started in late 2009. It was the first sovereign debt crisis in the Eurozone later referred to collectively as the European debt crisis.
In 2012, Greece's government had the largest sovereign debt default in history.
On June 30, 2015, Greece became the first developed country to fail to make an IMF loan repayment. At that time, Greece's government had debts of €323bn.
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).
Project on Greece Crisis and Impact for Economic Environment of Business Renzil D'cruz
: Project on Greece Crisis and Impact for Economic Environment of Business
• financial crisis of 2007–2008
• Greek government-debt crisis
• Causes for deteriorated economic
• Tax evasion and corruption
• Unsustainable and accelerating debt-to-GDP ratios
• Impact of the Greece Economic Crisis on India
India’s Crisis Responses and Challenges
This presentation explores the causes of the European debt crisis, timeline of the crisis, its extent, how it is being addressed, who is to blamed for the crisis and how it affects us.
The Greek government-debt crisis was the sovereign debt crisis faced by Greece in the aftermath of the financial crisis of 2007–08. Widely known in the country as The Crisis (Greek: Η Κρίση), it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis.[6][7] In all, the Greek economy suffered the longest recession of any advanced mixed economy to date, overtaking the US Great Depression. As a result, the Greek political system has been upended, social exclusion increased, and hundreds of thousands of well-educated Greeks have left the country
The Greek government-debt crisis (also known as the Greek depression) started in late 2009. It was the first of five sovereign debt crises in the euro-zone – later referred to collectively as the European debt crisis.
The 1999 introduction of the euro as a common currency reduced trade costs among the Eurozone countries, increasing overall trade volume. However, labor costs increased more in peripheral countries such as Germany, making Greek exports less competitive. As a result, Greece saw its current account (trade) deficit rise significantly.
Causes:
Government spending
Current account balance
Tax evasion
Misreported debt statistics
SOLUTIONS IMPLEMENTED:
First Economic Adjustment Programme for Greece (May 2010 – June 2011)
Second Economic Adjustment Programme for Greece (July 2011 – present)
RECOMMENDATION TO THE CRISIS:
Exit the Eurozone or "Grexit"
Digital currency cards
Negotiate another bailout
European debt conference
The Greek government crisis (also known as the Greek depression) started in late 2009. It was the first sovereign debt crisis in the Eurozone later referred to collectively as the European debt crisis.
In 2012, Greece's government had the largest sovereign debt default in history.
On June 30, 2015, Greece became the first developed country to fail to make an IMF loan repayment. At that time, Greece's government had debts of €323bn.
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).
It's good to understand Europe's debt crisis and why it's affecting U.S. markets. Here's an overview of how the European Union operates, why the euro is in danger, and what the crisis could mean to American investors.
It’s good to understand Europe’s debt crisis and why it’s affecting
U.S. markets. Here’s an overview of how the European Union
operates, why the euro is in danger, and what the crisis could mean
to American investors.
For the last 6 years, Greece has been a country burdened with bad debt and the threat of default on loans that will take more than a few generations to pay back. During that time, the economy has failed to improve, and again Greece is potentially on the verge of defaulting on its loan obligations, and leaving the European Union.
It’s good to understand Europe’s debt crisis and why it’s affecting
U.S. markets. Here’s an overview of how the European Union
operates, why the euro is in danger, and what the crisis could mean
to American investors.
It’s good to understand Europe’s debt crisis and why it’s affecting
U.S. markets. Here’s an overview of how the European Union
operates, why the euro is in danger, and what the crisis could mean
to American investors.
It’s good to understand Europe’s debt crisis and why it’s affecting
U.S. markets. Here’s an overview of how the European Union
operates, why the euro is in danger, and what the crisis could mean
to American investors.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
2. Euro Zone is an economic
and monetary union of 17
member states of
European Union (EU) that
have adopted the euro (€)
{
as their common currency.
Monetary Policy of the
Euro Zone is laid out by
the European Central
Bank (ECB) and fiscal
policy by individual states.
The euro was introduced
on January 1, 1999.
Background
3. Single Market for free circulation of
goods, capital, people and services.
Single currency to eliminate exchange
rate transaction costs and risks.
Macroeconomic stability (e.g low
inflation) and financial integration of
the nations in the Euro zone.
Each member country to become
stronger against other big economies.
Philosophy of Euro Zone
5. Transmission from the United States.
Housing Price Bubble adversely affected the
highly leveraged banks in the Euro Currency
Zone.
Governments in euro zones tried to prevent
collapse of financial system by bail out of
banks.
This caused pressure on financial resources of
the governments and widened the gap of fiscal
deficits.
The Euro Zone Financial
Crisis
6. BNP-Paribas forced to close funds in August
2007
UK bank Northern Rock taken over by
government
German state banks IKB, WestLB, BayernLB
and SachsenLB bailed out by government
Irish banks given government deposit
guarantees
Switzerland injects funds into UBS
Iceland’s banks unable to roll over short term
borrowing, default on deposits of foreigners
European Financial
Institutions under Stress
7. Continuous high % of debts to GDP
Large welfare budgets
High public debts
High external debts
Slow GDP growth rate
The major causes
8. Portugal
Euro being a common
Ireland currency, the crisis in
Italy these countries badly
Greece affected the economies of
Spain
other euro zone countries.
Countries In Crisis
9. Automatic stabilizers of falling taxes, rising
welfare and unemployment payments kick in as
incomes fall and unemployment rises.
Discretionary fiscal stimulus enacted in most
countries, depending on their fiscal positions.
European countries limited by Stability and
Growth Pact to 3% fiscal deficits, except in
time of “exceptional economic distress.”
Fiscal Policy Responses to
Recession
11. Greece has been living beyond its means since
even before it joined the euro.
Income hit by widespread tax evasion.
May 2010 – 110bn euros of bailout loans.
July 2011 – earmarked to receive another
109bn euros.
October 2011 – the Eurozone asked banks to
agree to a 50% "haircut" on their Greek
holdings, alongside an enhanced 130bn euro
bailout.
Why is Greece in trouble?
12.
13. 2002 – Greece abandoned the drachma as its
currency in favour of the euro in 2002, making
it easier for them to borrow money.
Greece went on a big, debt-funded spending
spree, including paying for high-profile projects
such as the 2004 Athens Olympics, which went
well over its budget.
Prime Minister George Papandreou quit the
following year while negotiating the 110bn
euro bailout package follow-up.
Lucas Papademos has negotiated a second
bailout of 130bn euros, plus a debt writedown
of 107bn euros. The price: increased austerity
and eurozone monitoring.
16. High interest rates on bonds
High unemployment
Foreign trade badly affected
Exchange rate of Euro was adversely
affected
Downgrading of rating of euro zone
nations
Low confidence of global investors
The financial crisis caused slow down in euro
zone and global economy
Impact On Euro Zone
20. Financial markets have become much
more reluctant to lend to euro area
countries . .
. . especially those with higher debt
and deficit levels:
Portugal?
Spain?
Italy?
Belgium?
This has led to sovereign debt crisis.
Where will it end?
21. Negative impact on foreign
trade
Impact on financial/ capital
market
Slowdown in foreign remittances
and NRI deposits
Impact on jobs of Indians in euro
zone countries
Euro zone crisis would impact
global investor confidence
Impact On India
23. Once Greece defaults, banks having Greek
debt will be at loss
Other countries will likely follow to default as
investors become worried about risks in the
region
Portugal is most likely to follow, followed by
Irish Republic, Spain and Italy Generalized
Banking Crisis likely will follow
Outright Defaults by crisis nations
24. De-evaluation of currencies of these nations
would be certain
Collapse of financial system of these nations
International creditors would incur huge losses
Businesses would go bust and these nations
face high Inflation
Mass emigration of skilled labor, towards other
EU countries
New barriers to trade may come up
Greece and other crisis nations exit
the Euro
25. Creation of common euro bonds which
would allow weaker euro nations to
share credit rating of stronger nations
such as Germany and hence to borrow at
lower rates.
This is unlikely as why Germany would
guarantee debts of other nations.
Common European Bonds
26. In the past, ECB has bought bonds of
weaker nations.
However, it cannot do so endlessly. As it
would mean printing of new currency
and buy bonds , leading to an inflationary
flood of money, creating another crisis.
ECB buys bonds of weaker nations
27. To allow euro zone crisis nations to
borrow at low rates with long maturities.
For this financing is needed from
countries having a large foreign exchange
reserves such as China.
Whether China would bailout euro zone
nations and to what extent , is to be seen ?
International Monetary Fund (IMF)
Rescue
28. Financial policy Regulation, Liquidity provision, State-contingent
supervision capital exit from public
(micro- and injections, credit support; audits,
macroprudentional) guarantees, asset stress tests,
relief recapitalisation,
restructuring
Monetary policy Leaning against Conventional and State-contingent
asset unconventional exit from
cycles expansions expansion,
safeguarding
inflation anchor
Fiscal policy Automatic Expansions plus State-contingent
stabilisers within automatic exit from
medium-term stabilisers, while expansion,
frameworks, respecting safeguarding
leaning against fiscal space sustainability of
asset cycles considerations public finances
Structural policy Market flexibility, Sectoral aid, part- State-contingent
entrepeneurship time exit from
and unemployment temporary support
innovation compensation
29. Recently the Greece government has
approved tough austerity measures to get
bailout package from international
creditors.
There are vast demonstrations in Greece
for reducing minimum wages & welfare
budgets.
Bailout packages for other crisis nations to
be followed.
Recent Developments
30.
31. Previous economic crises in Europe have led
to large devaluations of currencies.
Within Eurozone, single currency prevents
devaluation , provides automatic financial
support through capital markets.
Non-euro currencies depreciated sharply in
2008, British pound sterling, Swedish kronor,
Polish zloty, Hungarian forint.
The Role of the Euro
34. Euro Zone crisis has been the combined result of US
financial crisis and excessive debts with slow GDP growth
rates.
This crisis has badly affected the financial market, capital
market and global economy.
The crisis nations are in bad shape and are looking for
bailout packages.
ECB, IMF, International creditors and stronger nations are
considering various options to resolve the crisis.
The situation is grim and there is no immediate solution to
the problem and it has long term affects on global
economy.
Conclusions
35. A presentation by
Tamrish Sinha
Ganesh Nagarsekar
Aniket Chaudhary
Kshitij Jain
Aniket Pant
Sameer Pendse
Kushal Khandelwal
Thank You