SlideShare a Scribd company logo
“The Greek crisis”

      Kim Blervacq
Introduction
 The Greek crisis
 The current solution
 Influence on the banking system
 Moral issues
 My conclusion
The Greek crisis
   European sovereign
    debt crisis
     Influence of the US
   Why Greece?
     User of the Euro
     Abuse of rules
     Wrong solutions
The current solution
   Bail-out loans of €252bn
     Could rise to €444bn
   “Haircuts” on Greek bonds
     Holdings take close to 60% loss
     IMF and ECB dont agree
   Increase the firepower of Rescue fund
     Proposition of Eurozone leaders
     Disagreement France & Germany
   Push for a more balanced world economy
The current solution
   The Greek privatisation programme
     Privatization of public enterprises
     Expected to collect €66bn
     Will be €20bn less


   No clear solution
     A lot of suggestions but no clear agreement
Influence on banking
system
   4 key weaknesses
     Fragility of funding across the eurozone
      ○ Squeezing profit margens  uneconomic
     Business models
      ○ Bad structures
     Balance sheet problems
     Capital weaknes
      ○ New test of capital strenght
      ○ Mass recapialisation
Moral issues
   Other problems
     Not only money, moral issues
     Attitude, pessimism and fear
     We must stay optimistic


   David Cameron
     “We must counsel against the pessimism
     and fear that can become self-fulfilling
     prophecies”
Moral issues
   Why should we stay optimistic?
     Good universities in England and Europe
      ○ Have faith
     Opportunities, not threats!
     Use this situation to learn from it
My conclusion
   Enough solutions
     Have to be improved
 Stay optimistic
 Faith in Eurozone leaders and the
  economy
Thank you for listening

More Related Content

Similar to European economy

Global crisis2011
Global crisis2011Global crisis2011
Global crisis2011
sadettin
 
The euro: fix it or abandon it
The euro: fix it or abandon itThe euro: fix it or abandon it
The euro: fix it or abandon it
Stavros A. Zenios
 
Putting Europe back on track - Report 2010
Putting Europe back on track - Report 2010Putting Europe back on track - Report 2010
Putting Europe back on track - Report 2010
thinkyoung
 
Interview Banco di Brescia
Interview Banco di BresciaInterview Banco di Brescia
Interview Banco di Brescia
Inma Olías
 
Extracts Module 1 Section 1 Drivers of Change - Debt
Extracts Module 1 Section 1 Drivers of Change - DebtExtracts Module 1 Section 1 Drivers of Change - Debt
Extracts Module 1 Section 1 Drivers of Change - Debt
Ged Melia
 
Quantitative easing
Quantitative easingQuantitative easing
Quantitative easing
Akshay K. Gupta
 
What did the financial crisis taught us about the eurozone
What did the financial crisis taught us about the eurozoneWhat did the financial crisis taught us about the eurozone
What did the financial crisis taught us about the eurozone
Markets Beyond
 
The imf supervision and crisis management in recent financial crises
The imf   supervision and crisis management in recent financial crisesThe imf   supervision and crisis management in recent financial crises
The imf supervision and crisis management in recent financial crises
Long Tran
 
Policy and Research Agenda on Prudential Supervision
Policy and Research Agenda on Prudential SupervisionPolicy and Research Agenda on Prudential Supervision
Policy and Research Agenda on Prudential Supervision
SYRTO Project
 
Vox eu schoenmaker_(21-12)
Vox eu schoenmaker_(21-12)Vox eu schoenmaker_(21-12)
Vox eu schoenmaker_(21-12)
Duisenberg school of finance
 
Consumer Debt
Consumer DebtConsumer Debt
Consumer Debt
kktv
 
The future of banking
The future of bankingThe future of banking
The future of banking
Mustafizur Rahman Palash
 
‘European financial centres will survive the crisis’ – storify
‘European financial centres will survive the crisis’ – storify‘European financial centres will survive the crisis’ – storify
‘European financial centres will survive the crisis’ – storify
mersaberden27
 
Hollande's popularity | ZIMBIO
Hollande's popularity | ZIMBIOHollande's popularity | ZIMBIO
Hollande's popularity | ZIMBIO
Wally Cournier
 
Leadership in Financial Services
Leadership in Financial ServicesLeadership in Financial Services
Leadership in Financial Services
Paul Woods
 
‘European financial centres will survive the crisis’ – redgage
‘European financial centres will survive the crisis’ – redgage‘European financial centres will survive the crisis’ – redgage
‘European financial centres will survive the crisis’ – redgage
ashleyweeks
 
European financial centres will survive the crisis’ – skyrock
European financial centres will survive the crisis’ – skyrockEuropean financial centres will survive the crisis’ – skyrock
European financial centres will survive the crisis’ – skyrock
ashleyweeks
 
‘European financial centres will survive the crisis’ – OPENSALON
‘European financial centres will survive the crisis’ – OPENSALON ‘European financial centres will survive the crisis’ – OPENSALON
‘European financial centres will survive the crisis’ – OPENSALON
Jake Fury
 
European financial centres will survive the crisis’ – WELLSPHERE
European financial centres will survive the crisis’ – WELLSPHEREEuropean financial centres will survive the crisis’ – WELLSPHERE
European financial centres will survive the crisis’ – WELLSPHERE
alduckhum
 
European economic crisis
European economic crisisEuropean economic crisis
European economic crisis
DineshOli2
 

Similar to European economy (20)

Global crisis2011
Global crisis2011Global crisis2011
Global crisis2011
 
The euro: fix it or abandon it
The euro: fix it or abandon itThe euro: fix it or abandon it
The euro: fix it or abandon it
 
Putting Europe back on track - Report 2010
Putting Europe back on track - Report 2010Putting Europe back on track - Report 2010
Putting Europe back on track - Report 2010
 
Interview Banco di Brescia
Interview Banco di BresciaInterview Banco di Brescia
Interview Banco di Brescia
 
Extracts Module 1 Section 1 Drivers of Change - Debt
Extracts Module 1 Section 1 Drivers of Change - DebtExtracts Module 1 Section 1 Drivers of Change - Debt
Extracts Module 1 Section 1 Drivers of Change - Debt
 
Quantitative easing
Quantitative easingQuantitative easing
Quantitative easing
 
What did the financial crisis taught us about the eurozone
What did the financial crisis taught us about the eurozoneWhat did the financial crisis taught us about the eurozone
What did the financial crisis taught us about the eurozone
 
The imf supervision and crisis management in recent financial crises
The imf   supervision and crisis management in recent financial crisesThe imf   supervision and crisis management in recent financial crises
The imf supervision and crisis management in recent financial crises
 
Policy and Research Agenda on Prudential Supervision
Policy and Research Agenda on Prudential SupervisionPolicy and Research Agenda on Prudential Supervision
Policy and Research Agenda on Prudential Supervision
 
Vox eu schoenmaker_(21-12)
Vox eu schoenmaker_(21-12)Vox eu schoenmaker_(21-12)
Vox eu schoenmaker_(21-12)
 
Consumer Debt
Consumer DebtConsumer Debt
Consumer Debt
 
The future of banking
The future of bankingThe future of banking
The future of banking
 
‘European financial centres will survive the crisis’ – storify
‘European financial centres will survive the crisis’ – storify‘European financial centres will survive the crisis’ – storify
‘European financial centres will survive the crisis’ – storify
 
Hollande's popularity | ZIMBIO
Hollande's popularity | ZIMBIOHollande's popularity | ZIMBIO
Hollande's popularity | ZIMBIO
 
Leadership in Financial Services
Leadership in Financial ServicesLeadership in Financial Services
Leadership in Financial Services
 
‘European financial centres will survive the crisis’ – redgage
‘European financial centres will survive the crisis’ – redgage‘European financial centres will survive the crisis’ – redgage
‘European financial centres will survive the crisis’ – redgage
 
European financial centres will survive the crisis’ – skyrock
European financial centres will survive the crisis’ – skyrockEuropean financial centres will survive the crisis’ – skyrock
European financial centres will survive the crisis’ – skyrock
 
‘European financial centres will survive the crisis’ – OPENSALON
‘European financial centres will survive the crisis’ – OPENSALON ‘European financial centres will survive the crisis’ – OPENSALON
‘European financial centres will survive the crisis’ – OPENSALON
 
European financial centres will survive the crisis’ – WELLSPHERE
European financial centres will survive the crisis’ – WELLSPHEREEuropean financial centres will survive the crisis’ – WELLSPHERE
European financial centres will survive the crisis’ – WELLSPHERE
 
European economic crisis
European economic crisisEuropean economic crisis
European economic crisis
 

Recently uploaded

一比一原版(GWU,GW毕业证)加利福尼亚大学|尔湾分校毕业证如何办理
一比一原版(GWU,GW毕业证)加利福尼亚大学|尔湾分校毕业证如何办理一比一原版(GWU,GW毕业证)加利福尼亚大学|尔湾分校毕业证如何办理
一比一原版(GWU,GW毕业证)加利福尼亚大学|尔湾分校毕业证如何办理
obyzuk
 
2. Elemental Economics - Mineral demand.pdf
2. Elemental Economics - Mineral demand.pdf2. Elemental Economics - Mineral demand.pdf
2. Elemental Economics - Mineral demand.pdf
Neal Brewster
 
一比一原版(UoB毕业证)伯明翰大学毕业证如何办理
一比一原版(UoB毕业证)伯明翰大学毕业证如何办理一比一原版(UoB毕业证)伯明翰大学毕业证如何办理
一比一原版(UoB毕业证)伯明翰大学毕业证如何办理
nexop1
 
快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样
快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样
快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样
5spllj1l
 
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
mayaclinic18
 
Seminar: Gender Board Diversity through Ownership Networks
Seminar: Gender Board Diversity through Ownership NetworksSeminar: Gender Board Diversity through Ownership Networks
Seminar: Gender Board Diversity through Ownership Networks
GRAPE
 
Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...
Labour Market Information Council | Conseil de l’information sur le marché du travail
 
How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
How Non-Banking Financial Companies Empower Startups With Venture Debt FinancingHow Non-Banking Financial Companies Empower Startups With Venture Debt Financing
How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
Vighnesh Shashtri
 
Who Is Abhay Bhutada, MD of Poonawalla Fincorp
Who Is Abhay Bhutada, MD of Poonawalla FincorpWho Is Abhay Bhutada, MD of Poonawalla Fincorp
Who Is Abhay Bhutada, MD of Poonawalla Fincorp
beulahfernandes8
 
1.2 Business Ideas Business Ideas Busine
1.2 Business Ideas Business Ideas Busine1.2 Business Ideas Business Ideas Busine
1.2 Business Ideas Business Ideas Busine
Lawrence101
 
The Impact of GST Payments on Loan Approvals
The Impact of GST Payments on Loan ApprovalsThe Impact of GST Payments on Loan Approvals
The Impact of GST Payments on Loan Approvals
Vighnesh Shashtri
 
一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
taqyea
 
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...
Eco-Innovations and Firm Heterogeneity.Evidence from Italian Family and Nonf...Eco-Innovations and Firm Heterogeneity.Evidence from Italian Family and Nonf...
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...
University of Calabria
 
Detailed power point presentation on compound interest and how it is calculated
Detailed power point presentation on compound interest  and how it is calculatedDetailed power point presentation on compound interest  and how it is calculated
Detailed power point presentation on compound interest and how it is calculated
KishanChaudhary23
 
一比一原版(UCSB毕业证)圣芭芭拉分校毕业证如何办理
一比一原版(UCSB毕业证)圣芭芭拉分校毕业证如何办理一比一原版(UCSB毕业证)圣芭芭拉分校毕业证如何办理
一比一原版(UCSB毕业证)圣芭芭拉分校毕业证如何办理
bbeucd
 
快速制作美国迈阿密大学牛津分校毕业证文凭证书英文原版一模一样
快速制作美国迈阿密大学牛津分校毕业证文凭证书英文原版一模一样快速制作美国迈阿密大学牛津分校毕业证文凭证书英文原版一模一样
快速制作美国迈阿密大学牛津分校毕业证文凭证书英文原版一模一样
rlo9fxi
 
Who Is the Largest Producer of Soybean in India Now.pdf
Who Is the Largest Producer of Soybean in India Now.pdfWho Is the Largest Producer of Soybean in India Now.pdf
Who Is the Largest Producer of Soybean in India Now.pdf
Price Vision
 
Independent Study - College of Wooster Research (2023-2024)
Independent Study - College of Wooster Research (2023-2024)Independent Study - College of Wooster Research (2023-2024)
Independent Study - College of Wooster Research (2023-2024)
AntoniaOwensDetwiler
 
Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!
FinTech Belgium
 
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
nimaruinazawa258
 

Recently uploaded (20)

一比一原版(GWU,GW毕业证)加利福尼亚大学|尔湾分校毕业证如何办理
一比一原版(GWU,GW毕业证)加利福尼亚大学|尔湾分校毕业证如何办理一比一原版(GWU,GW毕业证)加利福尼亚大学|尔湾分校毕业证如何办理
一比一原版(GWU,GW毕业证)加利福尼亚大学|尔湾分校毕业证如何办理
 
2. Elemental Economics - Mineral demand.pdf
2. Elemental Economics - Mineral demand.pdf2. Elemental Economics - Mineral demand.pdf
2. Elemental Economics - Mineral demand.pdf
 
一比一原版(UoB毕业证)伯明翰大学毕业证如何办理
一比一原版(UoB毕业证)伯明翰大学毕业证如何办理一比一原版(UoB毕业证)伯明翰大学毕业证如何办理
一比一原版(UoB毕业证)伯明翰大学毕业证如何办理
 
快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样
快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样
快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样
 
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
 
Seminar: Gender Board Diversity through Ownership Networks
Seminar: Gender Board Diversity through Ownership NetworksSeminar: Gender Board Diversity through Ownership Networks
Seminar: Gender Board Diversity through Ownership Networks
 
Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...
 
How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
How Non-Banking Financial Companies Empower Startups With Venture Debt FinancingHow Non-Banking Financial Companies Empower Startups With Venture Debt Financing
How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
 
Who Is Abhay Bhutada, MD of Poonawalla Fincorp
Who Is Abhay Bhutada, MD of Poonawalla FincorpWho Is Abhay Bhutada, MD of Poonawalla Fincorp
Who Is Abhay Bhutada, MD of Poonawalla Fincorp
 
1.2 Business Ideas Business Ideas Busine
1.2 Business Ideas Business Ideas Busine1.2 Business Ideas Business Ideas Busine
1.2 Business Ideas Business Ideas Busine
 
The Impact of GST Payments on Loan Approvals
The Impact of GST Payments on Loan ApprovalsThe Impact of GST Payments on Loan Approvals
The Impact of GST Payments on Loan Approvals
 
一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
 
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...
Eco-Innovations and Firm Heterogeneity.Evidence from Italian Family and Nonf...Eco-Innovations and Firm Heterogeneity.Evidence from Italian Family and Nonf...
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...
 
Detailed power point presentation on compound interest and how it is calculated
Detailed power point presentation on compound interest  and how it is calculatedDetailed power point presentation on compound interest  and how it is calculated
Detailed power point presentation on compound interest and how it is calculated
 
一比一原版(UCSB毕业证)圣芭芭拉分校毕业证如何办理
一比一原版(UCSB毕业证)圣芭芭拉分校毕业证如何办理一比一原版(UCSB毕业证)圣芭芭拉分校毕业证如何办理
一比一原版(UCSB毕业证)圣芭芭拉分校毕业证如何办理
 
快速制作美国迈阿密大学牛津分校毕业证文凭证书英文原版一模一样
快速制作美国迈阿密大学牛津分校毕业证文凭证书英文原版一模一样快速制作美国迈阿密大学牛津分校毕业证文凭证书英文原版一模一样
快速制作美国迈阿密大学牛津分校毕业证文凭证书英文原版一模一样
 
Who Is the Largest Producer of Soybean in India Now.pdf
Who Is the Largest Producer of Soybean in India Now.pdfWho Is the Largest Producer of Soybean in India Now.pdf
Who Is the Largest Producer of Soybean in India Now.pdf
 
Independent Study - College of Wooster Research (2023-2024)
Independent Study - College of Wooster Research (2023-2024)Independent Study - College of Wooster Research (2023-2024)
Independent Study - College of Wooster Research (2023-2024)
 
Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!
 
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
 

European economy

  • 1. “The Greek crisis” Kim Blervacq
  • 2. Introduction  The Greek crisis  The current solution  Influence on the banking system  Moral issues  My conclusion
  • 3. The Greek crisis  European sovereign debt crisis  Influence of the US  Why Greece?  User of the Euro  Abuse of rules  Wrong solutions
  • 4. The current solution  Bail-out loans of €252bn  Could rise to €444bn  “Haircuts” on Greek bonds  Holdings take close to 60% loss  IMF and ECB dont agree  Increase the firepower of Rescue fund  Proposition of Eurozone leaders  Disagreement France & Germany  Push for a more balanced world economy
  • 5. The current solution  The Greek privatisation programme  Privatization of public enterprises  Expected to collect €66bn  Will be €20bn less  No clear solution  A lot of suggestions but no clear agreement
  • 6. Influence on banking system  4 key weaknesses  Fragility of funding across the eurozone ○ Squeezing profit margens  uneconomic  Business models ○ Bad structures  Balance sheet problems  Capital weaknes ○ New test of capital strenght ○ Mass recapialisation
  • 7. Moral issues  Other problems  Not only money, moral issues  Attitude, pessimism and fear  We must stay optimistic  David Cameron  “We must counsel against the pessimism and fear that can become self-fulfilling prophecies”
  • 8. Moral issues  Why should we stay optimistic?  Good universities in England and Europe ○ Have faith  Opportunities, not threats!  Use this situation to learn from it
  • 9. My conclusion  Enough solutions  Have to be improved  Stay optimistic  Faith in Eurozone leaders and the economy
  • 10. Thank you for listening