Greek Public Debt Crisis and Options for a SolutionPhilip Ammerman
Navigator Consulting Group Ltd. presented its economic forecast for Greece and its scenarios for the public debt crisis at a conference organised by the Open University of Catalonia and AENI on May 25-27, 2011.
The theme of the conference was to review the present status of the European public finance crisis and to examine its likely future repercussions and potential solutions.
Navigator’s Hellenic Debt Forecast provides an integrated model for assessing central government debt, tax revenue and expenditure, interest costs, total debt and debt service costs. It is one of the most comprehensive such models available, and is continually updated to reflect the current situation in the country.
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.
Greek Public Debt Crisis and Options for a SolutionPhilip Ammerman
Navigator Consulting Group Ltd. presented its economic forecast for Greece and its scenarios for the public debt crisis at a conference organised by the Open University of Catalonia and AENI on May 25-27, 2011.
The theme of the conference was to review the present status of the European public finance crisis and to examine its likely future repercussions and potential solutions.
Navigator’s Hellenic Debt Forecast provides an integrated model for assessing central government debt, tax revenue and expenditure, interest costs, total debt and debt service costs. It is one of the most comprehensive such models available, and is continually updated to reflect the current situation in the country.
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.
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.
To revitalize the economy in Eurozone, different monetary and fiscal policies have been considered and implemented. In the presentation, we also suggested our monetary and fiscal policies for year 2015 based. This slides were presented for professor Daniel Fernandez Kranz's Managerial Economics at IE Business School MBA.
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,
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 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.
This presentation analyzes the sources of the eurozone crisis, policy responses, and solutions. It also shows a debt sustainability analysis for Greece, Ireland, Italy, Portugal and Spain.
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.
To revitalize the economy in Eurozone, different monetary and fiscal policies have been considered and implemented. In the presentation, we also suggested our monetary and fiscal policies for year 2015 based. This slides were presented for professor Daniel Fernandez Kranz's Managerial Economics at IE Business School MBA.
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,
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 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.
This presentation analyzes the sources of the eurozone crisis, policy responses, and solutions. It also shows a debt sustainability analysis for Greece, Ireland, Italy, Portugal and Spain.
Greece-crisis is an article explains about the major crisis which hit the Greece during July- 2015 which is still surviving.The reasons why still Greece crisis is surviving.
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.
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
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.
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.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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
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
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
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 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.
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
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
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.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
3. Countries borrow money from capital markets,
international financial institutions, and
governments to pay for infrastructure such as
roads, public services, and health clinics or even
to purchase weapons
Also like individuals, countries must pay back the
principal and interest on the loans they take
If the financial conditions are beyond the
government's control, it makes loan repayment
impossible; Moreover, countries cannot file for
bankruptcy, there is no such procedure, no
arbitrator
At the international level, the creditors, not a
court, decide whether and under what conditions
should a country pay its debt
4.
5.
6. Greece joined the European Union in 1981 and as of
2013 it is the thirteenth-largest economy in the 28-
member European Union
Greece is a developed country with an economy based
on the service sector 81%, industry 16%
Main Sectors with greater contribution to GDP
a) Shipping
b) Tourism
Currency: Euro since 1 January 2001 (formerly Greek
drachma, GRD). Converted at 340.75 drachmae per euro
The Greek Merchant Navy is the largest in the world,
with Greek-owned vessels accounting for 15% of
global deadweight tonnage as of 2013.
Greece is classified as an advanced, high-
income economy, and was a founding member of
the Organisation for Economic Co-operation and
Development (OECD).
9. Before the Euro currency acceptance
Drachma was devalued and helped in
borrowing
Greece was able to continue its high level of
borrowing because of the lower interest
rates that government bonds in Euros could
command
Problem was caused after 2008 great
recession, the main contributors to GDP –
Shipping and Tourism were affected badly,
revenues fell nearly 15% in 2009
10. Increased social security expenses
High cost of Production
Incompetent pricing in global
market
11. The CAD was an average 9.1% between 2000-2011
Trade deficit is balanced by capital surplus
Incase of Greece it was funded by foreign financial
surplus which stopped during crisis
Countries facing such a sudden reversal in capital flows
typically devalue their currencies to resume the inflow
of capital; however, Greece was unable to do this, and
so has instead suffered significant income (GDP)
reduction, another form of devaluation
TAX EVASION
• Tax income of the government has always been below
the expected level
•Due to widespread corruption
•Greece is the most corrupt country in European Union
12.
13. Bailout package
Rescue package
European Stability Mechanism
European Central Bank
Austerity Measures
Measures adopted
15. On 2 May 2010, the European
Commission, European Central Bank(ECB)
and International Monetary Fund (IMF), later
nicknamed the Troika, responded by
launching a €110 billion bailout loan to
rescue Greece from sovereign default and
cover its financial needs throughout May
2010 until June 2013
On conditional implementation of austerity
measures, structural reforms, and
privatization of government assets
16. A year later, a worsened recession along with a
delayed implementation by the Greek government of
the agreed conditions in the bailout programme
revealed the need for Greece to receive a second
bailout worth €130 billion (including a bank
recapitalization package worth €48bn), while all
private creditors holding Greek government bonds
were required at the same time to sign a deal
accepting extended maturities, lower interest rates,
and a 53.5% face value loss
This meant a total of €240 billion was to be
transferred to Greece in regular tranches throughout
the period of May 2010 to December 2014
17. In December 2012 the Troika agreed to provide
Greece with a last round of significant debt relief
measures, while the IMF extended its support with an
extra €8.2bn of loans to be transferred during the
period of January 2015 to March 2016
Due to an improved outlook for the Greek economy,
with achievement of a government structural
surplus both in 2013 and 2014 – along with a decline
of the unemployment rate and return of positive
economic growth in 2014, it was possible for the
Greek government to regain access to the private
lending market for the first time since eruption of its
debt crisis – to the extent that its entire financing gap
for 2014 was patched through a sale of bonds to
private creditors
18. Income
Tax
45%
40%
VAT
23%
19%
Luxury tax increased by
10%
New duties levied on
Petrol
New tax is levied on
electricity charges
Duties on imported cars
increased by 30%
Big cuts in public
employee expenditures
Privatization by
disinvestment
Reduction in number of
Municipalities
Increase of retirement
age from 60 to 65
19.
20. 12,31,000 people are unemployed
presently
@42.5% of 15-24 age group, 22.6% of
25-34
21. Alexis Tsipras led Syriza party came to power in snap
election in Greece.
The new Syriza-led government refused to
respect the terms of its current bailout
agreement
The rising political uncertainty of what would
follow, caused the Troika to suspend all
scheduled remaining aid to Greece under its
current programme
22.
23. The Eurogroup granted a further four-month technical
extension to negotiate its second bailout programme
So that the financial transaction could be completed by
end of June
The Greek government unilaterally broke off negotiations
late on June 26
A few hours later, Alexis Tsipras announced on Greek
national television that instead a referendum would be
held on July 5, 2015 to approve or reject the latest counter
proposal submitted and offered by the Troika on 25 June,
for a new set of updated terms ensuring completion of the
second bailout agreement
Referendum resulted in a NO with 61% citizens against it
Negotiations between Greece and other Eurozone
members continued in the following days to try to procure
funds from the European Central Bank in order to decide
whether Greece should or should not remain a member of
the Eurozone area
On July 13, after 17 hours of negotiations, Eurozone
leaders reached a provisional agreement on a third bailout
programme to save Greece from bankruptcy. But a final
deal needs further negotiations, and requires ratification
in several national parliament
24. Greek GDP fell from €242 billion in 2008 to €179 billion
in 2014, a 26% decline overall
GDP per capita fell from a peak of €22,500 in 2007 to
€17,000 in 2014, a 24% decline
The public debt peaked at €356 billion in 2011; it was
reduced by a bailout program to €305 billion in 2012
and has risen slightly since
The annual budget deficit (expenses over revenues) was
3.4% GDP in 2014, much improved versus the 15% GDP
of 2009
The unemployment rate has risen considerably, from
below 10% (2005–2009) to around 27% (2013–2014)
An estimated 44% of Greeks lived below the poverty line
in 2014
Greece defaulted on a $1.7 billion IMF payment on June
29, 2015
25. Sale of Assets to Other NationsConversion of Euro into the
Earlier Currency “The
Drachmas”
OTHER MEASURES
26. Exit the Eurozone or "Grexit“
the Greek economy can recover from the
severe recession by exiting the Eurozone and
launching a national currency, the drachma
The devaluation of the currency may help
Greece boost its exports and pay down its
debts with cheaper currency
27. In return for an expected €85bn package of loans to meet
payments over the coming three years, Greece will agree to
softened economic targets including hitting a 'primary' budget
surplus before debt repayments of 0.5 per cent in 2016, rising to
1.75 per cent in 2017 and 3.5 per cent in 2018.
The Greek economy is expected to contract this year and next.
The economy is expected to shrink by between 2.1pc and
2.3pc this year and and 0.5pc in 2016. Policymakers are
expecting growth of 2.3pc in 2017.
A review of the welfare system, phasing out early retirement,
scrapping tax breaks for islands by the end of 2016,
deregulating the energy market and proceeding with a
privatisation program already in place.
The Guardian says the specifics of how to manage the proceeds
from €50bn worth of privatisations remains a key issue to
resolve.
A spokesperson for the Greek delegation suggested agreement
could be reached by 11 Aug, which would allow time for approval
by finance ministers later in the week and for the deal to be
ratified in the parliaments of Greece, Germany and elsewhere
before a €3.2bn bond repayment falls due to the European
Central Bank on 20 August