Greece experienced an economic crisis due to overspending on the 2004 Olympics and infrastructure, high labor costs reducing competitiveness, an inefficient pension system, early retirements, and tax evasion. This debt crisis impacted other European countries financially as they loaned money to Greece. If Greece exited the Eurozone, European countries would lose hundreds of billions loaned, and countries like Italy and Spain may face increased borrowing costs, though ECB intervention aims to prevent this. Overall the crisis cast uncertainty over Europe and weakened the euro.
Eurozone Crisis : A case study on GreeceAniket Pant
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.
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
Eurozone Crisis : A case study on GreeceAniket Pant
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.
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
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.
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 economy is rarely a few weeks or months away from another economic, financial or political crisis. Does Greece have a long-term future inside the Euro Zone? It is clear that, having enjoyed strong economic growth in the years following her accession to the European Union, Greece has struggled to emerge from deep economic problems in the aftermath of the Global Financial Crisis. Greece is a small open economy, her GDP accounts for less than 0.25% of world output and Greece is a relatively small country within the Euro Zone. But her difficulties pose systemic risks for the currency union.
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).
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.
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
Greece government debt crisis -cause, result and effect kasaken
I made this when I was in Canada as study abroad. I took business management course in KGIBC for 6 module. I learned business manner, economics, accounting, etc. Every modules had presentation, quiz and test. This is the one of presentation I had. thanks,
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
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.
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 economy is rarely a few weeks or months away from another economic, financial or political crisis. Does Greece have a long-term future inside the Euro Zone? It is clear that, having enjoyed strong economic growth in the years following her accession to the European Union, Greece has struggled to emerge from deep economic problems in the aftermath of the Global Financial Crisis. Greece is a small open economy, her GDP accounts for less than 0.25% of world output and Greece is a relatively small country within the Euro Zone. But her difficulties pose systemic risks for the currency union.
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).
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.
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
Greece government debt crisis -cause, result and effect kasaken
I made this when I was in Canada as study abroad. I took business management course in KGIBC for 6 module. I learned business manner, economics, accounting, etc. Every modules had presentation, quiz and test. This is the one of presentation I had. thanks,
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
An Ipsos survey of citizens of nine European Union countries finds most people hold the Greek government responsible for the ongoing debt crisis. Some 88% say the Greek government is a great deal, or a fair amount, to blame for the crisis –rising to 94% among German respondents. The German government was mentioned by 46%, attracting less blame than the Greek populace, the IMF and the European Commission overall.
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.
We all know Greece is in deep trouble after defaulting on its debt to the International Monetary Fund. Many Greeks blame the austerity measures for much of the country’s continuing problems. The leftist Syriza party rode to power this year promising to renegotiate the bailout.
The Greek economy is shrinking. At such times one of the tools available with government is to tinker with the currency. Unfortunately the Greeks cannot do so because they share their currency with other nations of the EURO region.
Today’s lesson by Prof. Simply Simple attempts to explain you the story of ‘Greece Crisis’ using an interesting analogy.
An insight and a research of how the Greek economy came about to being of the most deteriorating economy today. Explains the 2000-2009 crises, the 2010 crises and the current situation of Greece economy. Also highlights the the social and economic effects of these crises.
Greek Economy Greek Loan to Germany during World War Two Greek Economic reform Transparency Tax evasion in Greece Improvements in the Greek economy since the Global Financial Crisis Namibian Case Study Lagarde List of Greeks with Bank Accounts HSBC Geneva Switzerland Option B Default on Greek Debts Consequences of debt default The Troika Reform or Austerity in Greece IMF policy Merkel
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
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
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
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
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
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
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
3. INTRODUCTION TO GREECE
• Greece is a country located in Southern Europe on
the southern end of the Balkan point possessing an
archipelago of about 2,000 islands.
4. INTRODUCTION TO GREECE
• Capital – Athens
• Currency before Euro – Drachma
• Adopted Euro as a currency in 2000
• Main sectors with grater distribution to
GDP
(a). Tourism
(b). Shipping
5. INTRODUCTION TO EURO ZONE
• A geographic and economic region that
consists of all the European union countries
that have fully incorporated the euro as
their national currency.
• The euro zone consists
of Austria, Belgium, Cyprus,
Estonia, Finland, France, Germany, Greece,
Ireland, Italy, Latvia, Lithuania, Luxembourg,
Malta, the Netherlands, Portugal, Slovakia,
Slovenia, and Spain.
6. PHILOSOPHY OF EURO ZONE
• 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.
7. WHY GREECE IN TROUBLE?
Just like a household that spends
more money each month than it
brings in, Greece has piled up a
mountain of debt by spending
beyond its means.
8. THE REASONS BEHIND THE CRISIS
• 2004 Summer Olympic games
• 2007 US Recession
• Increase of labor cost
• Inefficient Pension System
• Early Retirement
• Benefits
• Tax Evasion
• Euro Currency
• Mismanagement
• Corruption
9. 2004 SUMMER OLYMPIC GAMES
In 2004 Greece was hosting for the summer
Olympic Games. The costs were huge.
Government had to build new airports, roads,
hotels, facilities and stadiums around the
Athens. Moreover, Greece had to complete
new transportation plan of rebuilding the
Athens infrastructure and clean up the whole
city. The costs of doing all of these points were
astronomically high, these costs created a high
budget deficit in the next year, beside the
decrease in tourism.
10. 2007 US RECESSION
As the Great Recession that began in
the U.S. in 2007–2009 spread to
Europe, the flow of funds lent from
the European core countries (e.g.,
Germany, France, and Italy)to the
peripheral countries such as Greece
began to dry up.
11. INCREASE OF LABOUR COSTS
However, labour costs increased more in
peripheral countries such as Greece relative to
core countries such as Germany, making Greek
exports less competitive. As a result, Greece saw
its current account (trade) deficit rise
significantly.
A trade deficit means that a country is
consuming more than it produces, which
requires borrowing from other countries.
12. INCREASE OF LABOUR COSTS
The main is the enormously high prices for the
trips and services for the visitors. Greeks
decided that they can easily make the prices
higher than it should be and overcharge the
tourists because of natural beauty of the
country and its historical and cultural places.
However, the tourists started to choose often
a close alternative – Turkey. Turkey has
beautiful beaches, excellent service and many
places to visit as well for much lower price.
13. INEFFICIENT PENSION SYSTEM
• Greece spent 17.5 percent of its
economic output on pension
payments.
• For example, a employee retires with
salary of 10,000 Euros, Greece pay
pension of 9,500 Euros
14. BENIFITS
• Government employees have had
some of the best worker benefits in
Greece. For example, an unmarried
daughter used to receive her dead
father's pension
• Some workers received atypical
bonuses for showing up to work on
time.
15. EARLY RETIREMENT
• In 2013, Greece's retirement age was raised by two
years to 67. According to government data,
however, the average Greek man retires at 63 and
the average woman at 59.
• And some police and military workers have retired
as early as age 40 or 45.
• There are also unique benefits for some workers.
Female employees of state-owned banks with
children under 18 could retire as early 43.
16. TAX EVASION
• The country has struggled to collect taxes
from citizens, especially the wealthy, which is
a problem when Greece's national debt is 177
percent of its GDP.
• For example, there is no tax on property. The
famous business in Greece was to take loans
and to buy many apartments , houses for rent.
What is more, after the crisis has come,
Greeks refused to start paying higher taxes in
order to save economy and began the
demonstrations and protests.
17. EURO CURRENCY
• Greece wants devaluation in the Euro
• Countries like Germany & France who are
not in debt problem like the Greece, a
reduction in the value of the Euro works
against their interests because
unnecessarily make their imports more
expensive and prices of the commodity
in the general interests.
21. Here we present some
pictures that shows the
intensity of Greece crisis
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34. GREECE CRISIS TIMELINE
• 20 October 2009 – Greece’s budget deficit is
expected to reach -12.5% of GDP.
• 22 October 2009 – Greece’s credit rating is
downgraded by Fitch, one of the Big Three credit
ratings agencies, from A to A−.to BBB+
• 16 December 2009 – Greece’s credit rating is
downgraded by Standard and Poor’s, another of
the Big Three credit ratings agencies.
• 23 December 2009 – Greece’s credit rating is
downgraded by Moody’s, the third of the Big
Three credit ratings agencies, from A1 to A2.
35. GREECE CRISIS TIMELINE
• 21 January 2010 – The Greek/German
10-year debt yield spread surpasses 300
basis points.
• 9 April 2010 – Greece’s credit rating is
downgraded by Fitch from BBB+ to BBB−.
• 22 April 2010 – Greece’s credit rating is
downgraded by Moody’s from A2 to A3.
36. GREECE CRISIS TIMELINE
• 14 January 2011 – Greece’s credit rating is
downgraded by Fitch from BBB− to BB+ to B+
• 7 March 2011 – Greece’s credit rating is
downgraded by Moody’s from Ba1 to B1.
• 29 March 2011 – Greece’s credit rating is
downgraded by Standard and Poor’s to BB− to
B.
• 1 June 2011 – Greece’s credit rating is
downgraded by Moody’s from B1 to Caa1.
37. GREECE CRISIS TIMELINE
• 9 March 2012 – Greek 10-year bond yields
reach a peak of 44.21% on the eve of debt
restructuring. 83.5% of Greek bondholders are
in the private sector.
• 25 May 2012 – The Athens Stock Exchange
general index falls below 500 points.
38. GREECE CRISIS TIMELINE
• 14 Jan 2014 – Greece posts a primary budget
surplus of 1.5% of GDP for the 2013 financial year
(€691 million).
• 10 April 2014 – Greece returns to financial
markets with the issue of €3 billion Eurobonds at
a yield below 6%.
• 9 May 2014 – The Greek Parliament approves the
Medium-term Fiscal Strategy plan 2015-2018.
• 23 May 2014 – Greece’s credit rating is upgraded
by Fitch from B− to B.
39. GREECE CRISIS TIMELINE
• 25 January 2015 – The Greek legislative election is held. Syriza
wins a historic victory.
• 26 January 2015 – Syriza and the Independent Greeks join to
form a new coalition government.Alexis Tsipras is sworn in as
the new Prime Minister.Yanis Varoufakis becomes the new
finance minister.
• 20 February 2015 – The Eurogroup brokers an agreement
between Greece and the eurozone for a four-month loan
extension.
• 27 June 2015 – Prime Minister Tsipras announces a referendum
on a bailout agreement, to be held on 5 July 2015.
• 28 June 2015 – The Greek parliament approves the referendum,
with 178 votes for and 120 against.
40. GREECE CRISIS TIMELINE
• 5 July 2015 – The Greek bailout referendum is held.
Over 61% vote against the proposed measures by the
Juncker Commission, the ECB and the IMF.Antonis
Samaras resigns as leader of New Democracy and is
succeeded by acting leader Vangelis Meimarakis
• 6 July 2015 – Finance minister Varoufakis resigns and
is replaced by Euclid Tsakalotos.
• 11 July 2015 – The Greek parliament approves the
government proposal about bailout plan. 251 MPs vote
for the proposal but 17 MPs of governmentcoalition do
not support.
41. GREECE CRISIS TIMELINE
• 13 July 2015 – Greece and Europeans creditors strike deal
for 86 billion euros bailout over three years, though it must
be approved by the parliaments of all of the Eurozone
member states.
• 16 July 2015 – The Greek Parliament approves the first
round of measures (“prior actions”) required by the
creditors, including changes to pensions and taxes, by 229
to 64 despite 21% of Syriza MPs voting against,and some
violent protests.
• 17 July 2015 – The cabinet is reshuffled. The left wing
deputies who revolted against the new bailout agreement
are sacked from government . German parliament approves
the start of negotiations for the third bailout programme
for Greece.
42. GREECE CRISIS TIMELINE
• 14 August 2015 – Greek parliament approves the
package of measures for the third bailout package. 222
MPs voted for the agreement, 64 against and another
14 abstained or were absent. 32 Syriza MPs voted
against and another 11 abstained.
• 20 August 2015 – The prime minister Alexis Tsipras
resigns and proclaims elections for 20 September.
• 27 August 2015 – Vassiliki Thanou was sworn as
caretaker prime minister until 20th September
election.
• 20 September 2015 – The Greek legislative election is
held. Syriza wins with 7.5 point over New Democracy.
43. Crisis Impact On European Countries
First off, they'd lose real money here, as in
the hundreds of billions. Greece's
government hasn't just gotten 240 billion
Euros, but its banks also have received 89
billion Euros in loans from the ECB that
might be defaulted on in the case of euro
exit.
44. Crisis Impact On European Countries
Second, there'd be some
contagion. Borrowing costs could creep
up for Italy, Spain and Portugal, but the
fact that the ECB is already buying their
bonds and has promised to buy as many
as it takes to keep their interest rates low
means they shouldn't rise that much.
45. Crisis Impact On European Countries
Third, all this uncertainty should
make the euro fall further,
boosting their exports in the
process.
46. Another Solutions
• Greece leave the euro Zone.
• Reform the tax code.
• Devaluation of Euro.
• Reform the pension system.
• Cut spending.
• Selling the Islands.
47. Conclusion
• The EU, IMF, ECB lending Greece to solve the
underlying program. But the maximum money
is spent for repayment of debt and not for
productive use.
• Though they are pumping money in the
Greece, they are not sure about the future of
the Greece Economy.
• Now the condition is in dilemma, Whether to
save Greece or let it go default.
48. Greece’s successful recovery can lead to
European recovery and the world’s. Let
Greek thought become a leader of action
too.