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.
Greece experienced a debt crisis following the 2008 global financial crisis that severely impacted its economy. Factors such as low cost borrowing pre-2008, non-compliance with budget and debt level targets, and loss of investor confidence exacerbated Greece's public finances troubles. This led Greece to require bailout packages from the EU and IMF. Austerity measures were implemented but unemployment rose to nearly 20% while many businesses closed. Political turmoil and leadership changes occurred as the Greek people grew unhappy with their economic situation and the Eurozone's response.
Martin Wolf on 'The Shifts and the Shocks: What we've learned – and still hav...IPPR
This document summarizes the key events and causes of the global financial crisis according to Martin Wolf. It discusses the large declines in output compared to pre-crisis trends in the US, Eurozone, and UK. It analyzes factors such as global imbalances with excess savings in countries like China and oil exporters, private sector debt growth and leverage, low interest rates set by central banks, and the Eurozone sovereign debt crisis. The document examines how these shifts and shocks led major economies into recession and prolonged periods of weak demand and managed depressions.
Topic "European Debt and Global Currency Chaos: Understanding and Managing the Risk"
The growing foreign debt problems in Europe, combined with a variety of dramatic global economic and political upheavals, has led to unprecedented global currency volatility and growing economic uncertainty. As economists contemplate the prospect of a break-up of the euro, an unpegging of the Chinese renminbi to the U.S. dollar, and the possibility of a second global economic crisis (centered this time in Europe), what should companies do to understand their exposure and protect corporate value from foreign currency risk?
While Greece has defaulted on debts before and may do so again, its current financial troubles stem from a history of hiding its true budget deficits, unsustainable government spending, and resistance to austerity measures required by international lenders. Greece concealed its excessive deficits for years, leading to repeated bailouts that failed to solve its underlying issues, like high unemployment and corruption. Unless Greece addresses problems like tax collection and government overspending, its financial crises are likely to continue into the future.
Congo ontvangt jaarlijks ruim 2 miljard euro Thierry Debels
The top 10 recipients of ODA to Africa in 2017 were Ethiopia, Nigeria, Tanzania, Kenya, Democratic Republic of Congo, South Sudan, Uganda, Morocco, Mozambique, and Somalia. The top 10 donors of ODA to Africa were the United States, EU Institutions, IDA, United Kingdom, Germany, Global Fund, African Development Bank, France, Japan, and Canada. Total ODA commitments to Africa in 2017 amounted to $66.1 billion (in constant 2016 US dollars), a 6.6% increase from 2016. The largest sectors for ODA commitments in 2017 were social infrastructure (42%), economic infrastructure (20%), and production sectors (12%).
1. The Financial Services Authority and Serious Organised Crime Agency arrested 7 bankers from a South-London insider trading ring who used inside information between 2007-2009 to profit from major capital raises by Barclays, Mitsui Banking Corporation, Segro, and Taylor Wimpey.
2. The Royal Bank of Scotland, owned 84% by taxpayers, unveiled a rescue plan to issue up to £15 billion in new debt securities, cash, and equities to bondholders to replace existing debts and increase its core capital by £1-1.5 billion.
3. Greece's incorrect deficit reporting to the EU put pressure on the euro currency, dividing the French and German governments on how to resolve
Greece experienced a debt crisis following the 2008 global financial crisis that severely impacted its economy. Factors such as low cost borrowing pre-2008, non-compliance with budget and debt level targets, and loss of investor confidence exacerbated Greece's public finances troubles. This led Greece to require bailout packages from the EU and IMF. Austerity measures were implemented but unemployment rose to nearly 20% while many businesses closed. Political turmoil and leadership changes occurred as the Greek people grew unhappy with their economic situation and the Eurozone's response.
Martin Wolf on 'The Shifts and the Shocks: What we've learned – and still hav...IPPR
This document summarizes the key events and causes of the global financial crisis according to Martin Wolf. It discusses the large declines in output compared to pre-crisis trends in the US, Eurozone, and UK. It analyzes factors such as global imbalances with excess savings in countries like China and oil exporters, private sector debt growth and leverage, low interest rates set by central banks, and the Eurozone sovereign debt crisis. The document examines how these shifts and shocks led major economies into recession and prolonged periods of weak demand and managed depressions.
Topic "European Debt and Global Currency Chaos: Understanding and Managing the Risk"
The growing foreign debt problems in Europe, combined with a variety of dramatic global economic and political upheavals, has led to unprecedented global currency volatility and growing economic uncertainty. As economists contemplate the prospect of a break-up of the euro, an unpegging of the Chinese renminbi to the U.S. dollar, and the possibility of a second global economic crisis (centered this time in Europe), what should companies do to understand their exposure and protect corporate value from foreign currency risk?
While Greece has defaulted on debts before and may do so again, its current financial troubles stem from a history of hiding its true budget deficits, unsustainable government spending, and resistance to austerity measures required by international lenders. Greece concealed its excessive deficits for years, leading to repeated bailouts that failed to solve its underlying issues, like high unemployment and corruption. Unless Greece addresses problems like tax collection and government overspending, its financial crises are likely to continue into the future.
Congo ontvangt jaarlijks ruim 2 miljard euro Thierry Debels
The top 10 recipients of ODA to Africa in 2017 were Ethiopia, Nigeria, Tanzania, Kenya, Democratic Republic of Congo, South Sudan, Uganda, Morocco, Mozambique, and Somalia. The top 10 donors of ODA to Africa were the United States, EU Institutions, IDA, United Kingdom, Germany, Global Fund, African Development Bank, France, Japan, and Canada. Total ODA commitments to Africa in 2017 amounted to $66.1 billion (in constant 2016 US dollars), a 6.6% increase from 2016. The largest sectors for ODA commitments in 2017 were social infrastructure (42%), economic infrastructure (20%), and production sectors (12%).
1. The Financial Services Authority and Serious Organised Crime Agency arrested 7 bankers from a South-London insider trading ring who used inside information between 2007-2009 to profit from major capital raises by Barclays, Mitsui Banking Corporation, Segro, and Taylor Wimpey.
2. The Royal Bank of Scotland, owned 84% by taxpayers, unveiled a rescue plan to issue up to £15 billion in new debt securities, cash, and equities to bondholders to replace existing debts and increase its core capital by £1-1.5 billion.
3. Greece's incorrect deficit reporting to the EU put pressure on the euro currency, dividing the French and German governments on how to resolve
1. The Financial Services Authority and Serious Organised Crime Agency arrested 7 bankers from a South-London insider trading ring who used leaked information between 2007-2009 to profit from major capital raises by Barclays, Mitsui Banking Corporation, Segro, and Taylor Wimpey.
2. The Royal Bank of Scotland, owned 84% by taxpayers, unveiled a rescue plan to issue up to £15 billion in new debt securities, cash, and equities to bondholders to replace existing debts and increase its capital buffer against future losses.
3. Greece's incorrect deficit reporting to the EU put pressure on the euro currency, dividing the French and German governments on how to resolve the issue, with Germany
The document discusses making money through passive income and financial freedom. It covers 4 key points: 1) Having a dream, 2) Establishing multiple income streams, 3) Achieving financial and geographic freedom, and 4) Creating opportunities. It then provides examples of monthly expenses over 25-30 years totaling over $3.8 million. Next, it discusses investing $3 million over different time periods at varying rates of return and inflation. Finally, it promotes a specific investment fund claiming 24% annual returns but questions the validity of this return.
Europe continues to face long-term challenges from its debt crisis, including severe austerity measures that undermine growth and high youth unemployment. Central banks worldwide are ending quantitative easing programs. While money printing can cause inflation if the money is lent and spent in the real economy, much of the benefits of quantitative easing programs were absorbed rather than stimulating broader growth. Developed economies will need to focus on creating real wealth in today's difficult environment rather than relying on nominal growth.
The debt crisis began in Greece in late 2009 when the new government revealed the budget deficit was much higher than previously reported. This undermined market confidence in Greece and caused borrowing rates to rise sharply. The crisis spread to other European nations like Portugal, Ireland, Spain and Italy who had taken on large debts. A bailout package was created by the IMF and Eurozone nations to help Greece, but long term solutions are still needed to restore confidence and prevent the crisis from worsening or spreading further. National austerity measures are being implemented but more fiscal coordination between European states may be required to contain the problem.
1. Forbury Investment Network (FIN) facilitates investments between £250,000-£5 million in early-stage environmental technology companies for business angels and institutional investors.
2. FIN provides access to financing and business support for entrepreneurs, as well as exposure to a range of early- and growth-stage companies for investors.
3. When evaluating investment opportunities, investors consider the "three T's" - the strength of the team, the technology, and evidence of traction or past performance, with the team usually being the most important factor for early-stage companies.
Gold prices declined on Wednesday, ahead of the Federal Reserve's highly-anticipated policy statement due later in the day.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery shed $2.80, or 0.24%, to trade at $1,178.10 a troy ounce during U.S. morning hours. Futures held in a range between $1,177.50 and $1,182.10.
A day earlier, gold prices lost $4.90, or 0.41%, to close at $1,180.90. Futures were likely to find support at $1,168.50, the low from June 8, and resistance at $1,191.80, the high from June 10.
Also on the Comex, silver futures for July delivery dipped 3.2 cents, or 0.2%, to trade at $15.93 a troy ounce. Silver declined 11.8 cents, or 0.73%, on Tuesday to end at $15.96.
The struggle to set aside savings and the increasing difficulty that many working people find in securing a decent income at retirement is one of the less noticed but potentially most far-reaching issues in the living standards debate.
In her first major speech on pensions policy since becoming Shadow Secretary of State for Work and Pensions, Rachel Reeves MP discussed Labour’s plans for helping those on modest and low incomes save for a pension and secure a decent income at retirement.
These are the slides presented by Michael Johnson, Research Fellow at the Centre for Policy Studies who responded to the speech by Rachel Reeves MP on 29th May 2014.
The document discusses the history and functions of gold and silver as money. It notes that gold has held its value as a currency better than paper money like the US dollar, which has lost over 90% of its purchasing power since 1900. The document also analyzes historical and projected supply and demand trends for gold and silver that suggest their prices could increase substantially in the future as demand grows, especially from China, while new supply remains limited. Central banks own around 19% of the existing stock of gold globally.
This offers leaders whose businesses have shut down as a result of the lock-down some intelligence and projections of how the wider business scene and global economy may develop. #LeadershipPreparedness
The document discusses several topics related to personal finance including vacation homes, family expenses, the stock market, bonds, mutual funds, and protecting investment portfolios. It provides statistics on stock market returns over 15 years and bond yields. It also notes that achieving high returns requires taking on substantial risk and losing 50% of an investment requires doubling the remaining amount to get back to the initial investment.
Little Global Spillover from the Greek Drama QNB Group
The document summarizes the recent agreement reached between Greece and its European creditors to extend Greece's bailout program by four months. It argues that while the Greek debt crisis may continue, its effects on the global economy will be limited. Specifically, the exposure of other European countries and banks to Greece has been reduced, and other issues will likely dominate the global economic agenda in the coming months. The agreement has eased fears of a Greek exit from the eurozone and reduced the risk of bank runs in Greece. However, further negotiations are still needed to finalize the terms of the deal.
Wirtschaftliche Stabilität hängt stark vom niedrigen Verschuldensgrad der öffentlichen Hand ab – ein Umstand, auf den nur wenige EU-Länder verweisen können. Sehen Sie die länderspezifische Darstellung der Staatsschulden in Europa.
The document summarizes the challenges facing the Euro area in 2014 regarding monetary policy. It discusses:
1) Where the Euro area has come from, noting the financial crisis is mainly behind but private and public debt remain high.
2) Where the Euro area currently stands, with a slow and fragile recovery and inflation remaining too low.
3) Where the Euro area is headed, with the ECB pursuing resolute monetary policy to ensure inflation does not fall into deflation or remain too low for too long.
Global debt levels are at an all-time high of over $255 trillion as of 2019, up significantly from $200 trillion in 2011. While global growth has slowed, the growth rate of debt continues to rise, mirroring debt levels prior to previous debt crises. High debt levels have historically been correlated with periods of low interest rates and extra debt burdens that leave economies vulnerable to rate increases or declines in output. Current debt levels as a percentage of global GDP are also at their highest since the last crisis in 2008. With debt continuing to outpace economic growth, concerns are rising around the sustainability of high debt levels and the potential for another global debt crisis.
Aligica & Tarko - The Uses of Austerity, Romania 2007-2011Vlad Tarko
The document analyzes Romania's response to the 2009 economic crisis through austerity measures. It found that while austerity led to short-term government spending cuts, it lacked structural reforms. This caused indiscriminate cuts and recentralization of the public sector without addressing long-term issues. The private sector adapted rapidly by restructuring and wage adjustments, but unemployment increased, especially for youth. Overall, the crisis largely stemmed from the government overspending in prior years.
- Ireland and Spain experienced housing bubbles fueled by excessive credit growth as interest rates fell under EMU, crowding out their tradable sectors.
- The mismanagement of housing markets had significant macroeconomic costs as the bubbles burst, including large falls in economic demand and activity.
- Governments must better manage their housing markets through fiscal policy, financial regulation, and ensuring balanced growth to prevent unsustainable imbalances from developing.
This document summarizes a presentation given at the 1st Global Flat Tax Forum in Bratislava, Slovakia in October 2012. The presentation discusses the flat tax reform implemented in the Czech Republic in 2008, and argues that a flat tax can increase individual freedom when combined with fiscal rules to control government spending. It shows charts comparing government revenue, expenditure, and tax structures in the Czech Republic and Slovakia over time. The presentation advocates for fiscal rules like balanced budget requirements and debt ceilings to limit public spending and the growth of bureaucracy. It cautions that fiscal harmonization across countries could undermine fiscal competition and national control over budgets.
Presentation at Columbia University School of International Affairs, April 22, 2013. Full details of the event here https://www.facebook.com/events/249889465155114/
1. The Financial Services Authority and Serious Organised Crime Agency arrested 7 bankers from a South-London insider trading ring who used leaked information between 2007-2009 to profit from major capital raises by Barclays, Mitsui Banking Corporation, Segro, and Taylor Wimpey.
2. The Royal Bank of Scotland, owned 84% by taxpayers, unveiled a rescue plan to issue up to £15 billion in new debt securities, cash, and equities to bondholders to replace existing debts and increase its capital buffer against future losses.
3. Greece's incorrect deficit reporting to the EU put pressure on the euro currency, dividing the French and German governments on how to resolve the issue, with Germany
The document discusses making money through passive income and financial freedom. It covers 4 key points: 1) Having a dream, 2) Establishing multiple income streams, 3) Achieving financial and geographic freedom, and 4) Creating opportunities. It then provides examples of monthly expenses over 25-30 years totaling over $3.8 million. Next, it discusses investing $3 million over different time periods at varying rates of return and inflation. Finally, it promotes a specific investment fund claiming 24% annual returns but questions the validity of this return.
Europe continues to face long-term challenges from its debt crisis, including severe austerity measures that undermine growth and high youth unemployment. Central banks worldwide are ending quantitative easing programs. While money printing can cause inflation if the money is lent and spent in the real economy, much of the benefits of quantitative easing programs were absorbed rather than stimulating broader growth. Developed economies will need to focus on creating real wealth in today's difficult environment rather than relying on nominal growth.
The debt crisis began in Greece in late 2009 when the new government revealed the budget deficit was much higher than previously reported. This undermined market confidence in Greece and caused borrowing rates to rise sharply. The crisis spread to other European nations like Portugal, Ireland, Spain and Italy who had taken on large debts. A bailout package was created by the IMF and Eurozone nations to help Greece, but long term solutions are still needed to restore confidence and prevent the crisis from worsening or spreading further. National austerity measures are being implemented but more fiscal coordination between European states may be required to contain the problem.
1. Forbury Investment Network (FIN) facilitates investments between £250,000-£5 million in early-stage environmental technology companies for business angels and institutional investors.
2. FIN provides access to financing and business support for entrepreneurs, as well as exposure to a range of early- and growth-stage companies for investors.
3. When evaluating investment opportunities, investors consider the "three T's" - the strength of the team, the technology, and evidence of traction or past performance, with the team usually being the most important factor for early-stage companies.
Gold prices declined on Wednesday, ahead of the Federal Reserve's highly-anticipated policy statement due later in the day.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery shed $2.80, or 0.24%, to trade at $1,178.10 a troy ounce during U.S. morning hours. Futures held in a range between $1,177.50 and $1,182.10.
A day earlier, gold prices lost $4.90, or 0.41%, to close at $1,180.90. Futures were likely to find support at $1,168.50, the low from June 8, and resistance at $1,191.80, the high from June 10.
Also on the Comex, silver futures for July delivery dipped 3.2 cents, or 0.2%, to trade at $15.93 a troy ounce. Silver declined 11.8 cents, or 0.73%, on Tuesday to end at $15.96.
The struggle to set aside savings and the increasing difficulty that many working people find in securing a decent income at retirement is one of the less noticed but potentially most far-reaching issues in the living standards debate.
In her first major speech on pensions policy since becoming Shadow Secretary of State for Work and Pensions, Rachel Reeves MP discussed Labour’s plans for helping those on modest and low incomes save for a pension and secure a decent income at retirement.
These are the slides presented by Michael Johnson, Research Fellow at the Centre for Policy Studies who responded to the speech by Rachel Reeves MP on 29th May 2014.
The document discusses the history and functions of gold and silver as money. It notes that gold has held its value as a currency better than paper money like the US dollar, which has lost over 90% of its purchasing power since 1900. The document also analyzes historical and projected supply and demand trends for gold and silver that suggest their prices could increase substantially in the future as demand grows, especially from China, while new supply remains limited. Central banks own around 19% of the existing stock of gold globally.
This offers leaders whose businesses have shut down as a result of the lock-down some intelligence and projections of how the wider business scene and global economy may develop. #LeadershipPreparedness
The document discusses several topics related to personal finance including vacation homes, family expenses, the stock market, bonds, mutual funds, and protecting investment portfolios. It provides statistics on stock market returns over 15 years and bond yields. It also notes that achieving high returns requires taking on substantial risk and losing 50% of an investment requires doubling the remaining amount to get back to the initial investment.
Little Global Spillover from the Greek Drama QNB Group
The document summarizes the recent agreement reached between Greece and its European creditors to extend Greece's bailout program by four months. It argues that while the Greek debt crisis may continue, its effects on the global economy will be limited. Specifically, the exposure of other European countries and banks to Greece has been reduced, and other issues will likely dominate the global economic agenda in the coming months. The agreement has eased fears of a Greek exit from the eurozone and reduced the risk of bank runs in Greece. However, further negotiations are still needed to finalize the terms of the deal.
Wirtschaftliche Stabilität hängt stark vom niedrigen Verschuldensgrad der öffentlichen Hand ab – ein Umstand, auf den nur wenige EU-Länder verweisen können. Sehen Sie die länderspezifische Darstellung der Staatsschulden in Europa.
The document summarizes the challenges facing the Euro area in 2014 regarding monetary policy. It discusses:
1) Where the Euro area has come from, noting the financial crisis is mainly behind but private and public debt remain high.
2) Where the Euro area currently stands, with a slow and fragile recovery and inflation remaining too low.
3) Where the Euro area is headed, with the ECB pursuing resolute monetary policy to ensure inflation does not fall into deflation or remain too low for too long.
Global debt levels are at an all-time high of over $255 trillion as of 2019, up significantly from $200 trillion in 2011. While global growth has slowed, the growth rate of debt continues to rise, mirroring debt levels prior to previous debt crises. High debt levels have historically been correlated with periods of low interest rates and extra debt burdens that leave economies vulnerable to rate increases or declines in output. Current debt levels as a percentage of global GDP are also at their highest since the last crisis in 2008. With debt continuing to outpace economic growth, concerns are rising around the sustainability of high debt levels and the potential for another global debt crisis.
Aligica & Tarko - The Uses of Austerity, Romania 2007-2011Vlad Tarko
The document analyzes Romania's response to the 2009 economic crisis through austerity measures. It found that while austerity led to short-term government spending cuts, it lacked structural reforms. This caused indiscriminate cuts and recentralization of the public sector without addressing long-term issues. The private sector adapted rapidly by restructuring and wage adjustments, but unemployment increased, especially for youth. Overall, the crisis largely stemmed from the government overspending in prior years.
- Ireland and Spain experienced housing bubbles fueled by excessive credit growth as interest rates fell under EMU, crowding out their tradable sectors.
- The mismanagement of housing markets had significant macroeconomic costs as the bubbles burst, including large falls in economic demand and activity.
- Governments must better manage their housing markets through fiscal policy, financial regulation, and ensuring balanced growth to prevent unsustainable imbalances from developing.
This document summarizes a presentation given at the 1st Global Flat Tax Forum in Bratislava, Slovakia in October 2012. The presentation discusses the flat tax reform implemented in the Czech Republic in 2008, and argues that a flat tax can increase individual freedom when combined with fiscal rules to control government spending. It shows charts comparing government revenue, expenditure, and tax structures in the Czech Republic and Slovakia over time. The presentation advocates for fiscal rules like balanced budget requirements and debt ceilings to limit public spending and the growth of bureaucracy. It cautions that fiscal harmonization across countries could undermine fiscal competition and national control over budgets.
Presentation at Columbia University School of International Affairs, April 22, 2013. Full details of the event here https://www.facebook.com/events/249889465155114/
1) Structural reforms in Egypt from 2001-2008 led to slow redistribution of employment towards sectors like manufacturing, transportation, communication, wholesale/retail trade, and extraction.
2) These structural changes were associated with increasing productivity in the same economic activities.
3) The private sector was the primary source of both employment growth and productivity increases over this period.
The document discusses Colombia's economic growth and improvements in social indicators from 1999-2009. Some key points:
- Colombia's GDP growth has consistently exceeded Latin America's average since 1999. FDI, exports, and tourism have all more than doubled over the past decade.
- Unemployment and poverty rates have fallen significantly since 2002. Colombia ranked second in Latin America for progress on the Human Development Index from 2002-2009.
- Violence levels have decreased surprisingly - homicides have been reduced to half of 2000 levels, and kidnappings have decreased five-fold in the last six years.
This document summarizes information about the BAST group, including its annual sales, company structure, production facilities, products, markets, and references. The BAST group is an engineering company founded in 1991 that specializes in metal processing and assembly groups for the railway industry. Its annual sales were approximately 10 million EUR in 2010. It has expanded its production capabilities over the years through investments in new machinery. Railway industry customers include Siemens, Alstom, and Bombardier.
Ehip1 caring through-sharing the-e health-landscape dirk de langhe veronique ...imec.archive
The document discusses trends in healthcare and the potential for eHealth to help address challenges in the industry. It notes that the world population is growing and aging, placing more demands on healthcare systems. New technologies are needed to help improve quality of care, access, and efficiency. eHealth aims to transform healthcare through more integrated and collaborative systems that support prevention, early diagnosis, and targeted treatments. This can help move healthcare from a focus on treating late-stage disease to emphasizing early health and wellness. However, key issues around standards, funding, change management, privacy, and coordination of innovation still need to be addressed for eHealth to realize its full potential.
Ipsos MediaCT: Business Elite Breakfast SeminarIpsos UK
This document summarizes a breakfast seminar on understanding the business elite. The seminar included presentations on how the business elite have evolved since the 1970s and remain influential leaders of large companies who are early adopters of new technologies. While their media consumption and wealth have increased, they also face challenges relating to volatile markets and attracting top talent. The business elite were discussed from an ethnographic perspective, noting their broad knowledge skills and efficient use of information for business purposes.
This document provides an overview of COST Action TU1001, also known as P3T3, which studies public-private partnerships in transport. The objectives of P3T3 are to develop a theoretical basis for PPPs grounded in multidisciplinary analysis of cross-sectoral data. It aims to analyze decision-making processes, performance evaluation, and the impact of external events on PPPs. P3T3 consists of over 100 researchers from about 50 institutes organized into working groups on decision models, performance, modal contexts, national contexts, and external impacts.
Global business management - Topic 1: Global economy and international businessGrenville Lannon
1. The document discusses key concepts related to the global economy and international business, including globalization, economic indicators such as GDP and population trends, and unemployment.
2. GDP per capita, population growth rates and shifts, and unemployment rates can provide important insights for understanding business conditions and opportunities in different markets.
3. The scale and nature of international business is defined, and factors like the role of governments and trade organizations that influence international business are introduced.
The document discusses opportunities for tourism investment in the COMESA region using Mauritius as a case study. It outlines Mauritius' transition to a services economy focused on tourism and hospitality. A case study of the Anahita luxury resort development shows the potential for large scale private investments. The COMESA region has significant untapped tourism resources from beaches and reefs to safaris and endemic wildlife. Key challenges to regional tourism growth include infrastructure, air connectivity, security, and awareness of offerings.
Re-building confidence in the lending market, Working Party on Land Registrat...LandRegistry
Re-building confidence in the lending market, Working Party on Land Registration UNECE 2012, London, Paul Broadhead, Head of Mortgage Policy, Building Societies Association
FLE2012 - 8nov: Lucas Simons (voedselschaarste)MVO Nederland
This document summarizes challenges facing the agricultural sector and strategies for promoting sustainability. It notes that agriculture is an unsustainable sector due to factors like ineffective policies, low productivity, and lack of market demand for sustainable products. This leads to problems like environmental degradation. The document then discusses how Douwe Egberts coffee company could use its position to increase consumer demand for sustainable coffee and help prevent issues like food scarcity. Finally, it outlines a 4-step model for creating an efficient agricultural finance market that could help boost investment and sustainability.
The document discusses the potential link between career guidance, human resources development, migration, labor market efficiency, training quality, and democracy. It argues that career guidance can help address challenges related to migration between Europe and MENA countries by improving education and skills matching labor demands. Effective career guidance systems also support public policy goals in education, employment, and social cohesion. While challenges remain in implementing career guidance programs in MENA, governments and support organizations could help by developing long-term strategies and providing technical assistance.
Session1 cdm eligibility of prosol (amel bida, rcreee)RCREEE
The document summarizes a regional workshop on solar thermal applications held in Cairo, Egypt in March 2009. It discusses Egypt's eligibility for Clean Development Mechanism (CDM) projects under the Kyoto Protocol and highlights two potential CDM projects involving Egypt's PROSOL program: (1) a 450,000 square meter residential solar water heating project called PROSOL II, and (2) a 90,000 square meter commercial solar water heating project called PROSOL Collectif. The document provides details on each project's approval status, anticipated greenhouse gas reductions, and socioeconomic benefits.
Similar to Greek Public Debt Crisis and Options for a Solution (20)
As individuals or entrepreneurs, we have hundreds of good ideas every month on how to improve life. Some of these ideas are good enough to launch a start-up on. In this presentation, I look at some of the factors any start-up founder should look at in determining when and how to launch his or her startup. This presentation was originally given to the University of Cyprus, Centre for Entrepreneurship. https://www.navigator-consulting.com/post/developing-great-ideas-for-startups-2
ECN Your Gateway to European Project CooperationPhilip Ammerman
The European Consulting Network (ECN) is an international network of consultancies, universities, chambers of commerce, individual experts, and other members who cooperate on projects funded by the European Commission as well as other international and bilateral organisations.
Membership in ECN is open to all participants. Free and subscription options exist.
On the ECN site, you will find the most comprehensive range of consultancy services and grant procurement opportunities funded by the European Commission; its specialised agencies; the European Parliament; the European Delegations, and all other programmes and institutions managed centrally by the EU. We provide daily coverage of over 200 European Union agencies, programmes and institutions.
We are also gradually expanding our range of coverage to include consultancy procurements, recruitments and subcontracting from other organisations, including the World Bank, International Finance Corporation, United Nations Development Programme, European Bank for Reconstruction and Development, African Development Bank and others.
There is no longer any need to scan multiple sites: our tender notice preferences enables you to receive all tenders in a standard format (e.g. daily email, weekly summary, etc), or to specify your preferences in terms of countries, sectors, functions and donors.
Members also use our innovative cooperation platform to post and view consortium offers, recruitment opportunities and sub-contracting positions. Membership profiles and CVs are created, which enable other members a rapid assessment of consultancy capabilities, references, resources, and consultant skills.
Our social networking applications enable you to keep in touch with your colleagues, sub-contractors and employers; to immediately broadcast news; and to search for and link to colleagues and partners.
Greece has faced economic difficulties since the global financial crisis of 2008. The document summarizes key economic indicators for Greece from 2008-2013, showing a recession with declining GDP, rising unemployment and public debt levels increasing from 113% of GDP in 2008 to a projected 172% in 2013 despite fiscal austerity measures outlined in agreements with international lenders. Interest costs on Greece's debt exceeded the projected savings from austerity reforms.
Navigator is an international consulting firm based in London and Athens that has advised on over 80 investment projects totaling €6 billion since 1995. It provides services throughout the investment cycle, including investment analysis, due diligence, business planning, post-investment support, and investment monitoring. Navigator has experience advising a wide range of clients on projects in various industries and regions.
3. Gross Public Debt
€ mln
Debt:GDP Ratio
106%
105%
101%
102%
103%
109%
109%
114%
129%
146%
350,000
300,000
Gross Public Debt
250,000
200,000
150,000
100,000
50,000
Centre
Centre-Left
Centre-Right
-Left
0
Eurostat
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Historically, Greece has had a high public debt which transcends political ideologies. In part,
this was due to the development model: state-led development delivered through public
sector enterprises, emphasizing high fixed capital investment in highways, hospitals, public
buildings and infrastructure.
4. Per Capita GDP
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Germany
Greece
Spain
Eurostat
To some extent, this state-led model has been justified given Greece’s political instability (civil
war (1944-1949; military dictatorship: 1967-1974) and low starting point of development. This
has also been reflected by a traditionally rural society, based on tourism, agriculture and light
industry, in a mainly inward-oriented economy, and by Greece’s isolated position.
5. Government Revenue vs Expenditure
General Govnt Revenue & Expenditure, € mln
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total Revenue
Total Expenditure
Eurostat
With EU entry in 1981 and Eurozone entry in 2001, the true challenges to Greece’s develop-
ment became clear: the lack of competent and transparent governance. No government
since 1981 has been able to translate the monolithic aspiration of a state-led development
similar to that of Singapore’s with the reality of an impoverished country in the Balkan region.
6. Government Tax Revenue / Capita
General Govnt Tax Receipts, €/Capita
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Germany
Greece
Spain
Eurostat
The growth of the public sector became synonymous not with world-class development a la
Singapore, but with patronage, monopolistic practise, corrupt public procurement, and an
electorate content to turn a blind eye in exchange for public sector employment and
“development”. A part of this “bargain” was the tolerance of wide-spread tax avoidance.
7. The End of the Ride
In 2009, the limits of this model were reached: The sovereign debt crisis which began in
Dubai and the European economic recession laid bare the shortcomings of the Greek
development model. An election in October 2009 resulted in a landslide win for the George
Papandreou’s Socialist Party, which coincided with the ramp-up of interest rates for Greek
bond issues. By end-2010, Greece’s debt had been consolidated and stood at EUR 340 bln.
8. Unreliable Public Debt Statistics
• Hospitals, social security funds and public enterprises have notoriously poor budgeting and
controlling : annual accounts are published 2-4 years after the last financial year.
• Public enterprises such as the State Railways or Armaments Companies have massive debts
and function as adjuncts of the public sector: these have recently been consolidated.
• Government cash flow is inadequate: major delays in VAT refunds or government payments to
suppliers is seen.
• Hellenic Statistics has operated as part of the political system, not independently.
9. Arrested Development
• Tourism investments are blocked
by a lack of urban and town
planning and irrational
environmental restrictions.
• The public sector refuses to
recognise private tertiary
institutions and degrees in Greece
(in violation of EU law): this blocks
investment and leads to migration
of university students abroad.
• The waste management system is
a public monopoly: this prevents
private investment and new
technology in recycling, biogas and
landfill management.
• In power generation, the public
sector is both a regulator and
monopolistic supplier of energy
generation and distribution
systems (DEH, DEPA).
10. Misallocated Resources
State Railways: OSE
• EUR 10 bln debt (2010)
• EUR 100 mln sales (2009)
• EUR 200 mln loss (2009)
• Geotechnical limits
• EUR 1.1 bln EIB loan (2010)
Agricultural Sector
• 4% of GDP
• Over EUR 2 bln in subsidies
Tourism Sector
• 20% of GDP (WTTC)
• EUR 200 mln in spend (2009)
12. High Bureaucracy
Case: Public Health Insurance
½ day personal time
Step 1: Confirm Fee Balance
Step 2: Choose Doctors
Step 3: Enter into System
Step 4: Approval by Supervisor
Step 5: Final Print-out
Case: Tax Residence Certificate
1 day pers. time; 2 months elapsed time
Step 1: Request Certification at
Regional Tax Office
Step 2: Collect Certification
Step 3: Submit to Ministry of Finance
Step 4: Collect from Ministry of
Finance
Step 5: Submit to Prefecture for
Apostille
14. 1. Timeline of the Crisis
1. In May 2010, the government accepted the
terms of a EUR 110 bln bail-out package in
exchange for structural and fiscal reforms (“The
Memorandum”).
2. In November 2010, Eurostat revised Greek debt
statistics, showing that public sector expenditure
was higher than initially recorded, and
consolidating semi-governmental organisations.
3. In March 2011 there was a second upward
revision of debt due to late reporting by hospitals
and social security funds. PDMA now records
2010 total debt at EUR 340 bln; Eurostat records
2010 debt at EUR 328 bln.
4. In March-May 2011, the Troika pressed for
greater structural reform: the government
announced plans on Monday, 23 May for an
additional EUR 28 bln in operational savings and
revenue to 2015, and a EUR 50 bln privatisation
programme.
15. 2. Impacts of Structural Reform
1. Deficit fell by 5% GDP in 2010: 2.6% GDP
expenditure cut; 2.4% GDP revenue increase.
Central government deficit reduced by 36% to
EUR 19.6 bln.
2. Revenue increased by 7% (5.5% without one-off
items). (The original revenue increase forecast
was 13.7%). Nevertheless, this occurred in a
recession of -4.5% GDP.
3. Net reduction of 84,300 public sector staff; wage
reductions of up to 30% in public sector.
4. Exports grew by 35% year-on-year growth
between Q4 2010 and Q1 2011; current account
deficit fell by 14% over 2009.
5. Pension reform was implemented; government
wages were reduced; some professions were
liberalised. The recession deepened to -4.5%
GDP in 2010, but has been shallowing out in
quarterly terms; QI 2011 GDP shows a positive
growth.
16. 3. Problems with the Memorandum
The main problem with the initial Memorandum is that the
numbers did not easily add up. These called for a “soft
landing”, with the deficit falling from 8.2% in 2010 to 2.0% in
2015. It was clear (in May 2010) that not all public sector debt
was being counted. GDP decline and growth forecasts were
optimistic and not grounded or justified.
There was no provision for higher interest rates during this
time; the GDP forecast and debt scenarios left too much
detail out. Moreover, in this time, total debt would have
increased from EUR 340 bln in 2010 to EUR 405 bln in 2015:
the debt-to-GDP ratio would have reached 179%.
2009
2010
2011
2012
2013
2014
2015
GDP, € bln
237
226
220
215
215
219
226
Change, %
-2.0%
-4.5%
-3.0%
-2.0%
0
2.0%
3.0%
Govn’t Debt, yr start , € bln
-298.0
-340.0
-358.6
-375.2
-389.2
-399.6
-405.3
Deficit Target, % GDP
-8.2%
-7.6%
-6.5%
-4.8%
-2.6%
-2.0%
Deficit, € bln
-18.6
-16.7
-14.0
-10.3
-5.7
-4.5
Debt:GDP Ratio, %
126%
150%
163%
174%
181%
182%
179%
Avg. Interest Rate, %
4.1%
4.1%
4.1%
4.1%
4.1%
4.1%
Avg. Interest, € bln
-13.9
-14.7
-15.4
-16.0
-16.4
-16.6
17. 4. Problems with Timing
Additional problems of the Memorandum
involve timing. Greece was supposed to
return to markets in 2012 and 2013 for €
60 bln in funds not covered by the bail-out.
Furthermore, bail-out repayments were
supposed to start in 2014. Even with the
extension of bail-out terms, the repayment
schedule will be impossible to meet.
• EUR 6 bln in savings in 2011
• EUR 22 bln in savings & revenue by 2015
EUR 110 bln 50 bln in privatisation Schedule by 2015
Navigator)
• EUR Bail-Out – Revised Loan income (forecast by
All Figures, € bln
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Debt Balance, Start of Yr
0.0
38.0
79.6
105.3
116.7
102.1
88.0
73.4
58.1
42.2
25.7
8.4
Accrued Interest, Previous Yr
0.0
1.6
1.6
3.4
4.6
5.1
4.5
3.9
3.3
2.6
1.9
1.2
New Disbursements, Current Yr
38.0
40.0
24.0
8.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Interest 4.2% (Payable Next Yr)
1.6
1.7
3.4
4.6
5.1
4.5
3.9
3.3
2.6
1.9
1.2
0.4
Interest + Principle, Balance
38.0
79.6
105.3
116.7
121.2
107.2
92.5
77.3
61.4
44.8
27.6
9.6
Repayments
19.1
19.1
19.1
19.1
19.1
19.1
19.1
9.6
Debt Balance, Yr End
102.1
88.0
73.4
58.1
42.2
25.7
8.4
0.0
18. 5. Toward a New Memorandum
The problems with the definition of the original Memorandum, the high dimension of debt and the
critical payment times, has failed to convince the markets that Greece will be creditworthy anytime
soon. This has led to the discussion of a second bail-out, which may include:
• A second Troika loan of at least EUR 60 bln
• Increased austerity measures of EUR 6 bln in 2011 and EUR 22 bln in 2012-2015
• A privatisation programme of EUR 50 bln.
19. 6. Second Memorandum
Challenges
The second Memorandum mirrors the problems of the first: there is no visibility on the repayment
schedule or Greece’s capacity to repay the total debt (including the private sector debt). The
privatisation timing suffers from taking place at a historic low valuation in the Athens Stock
Exchange. There will be significant political resistance against privatisation: a programme of this
magnitude has never been implemented before.
21. 8. Model Assumptions & Upside
Assumptions
1. The model assumes that annual
interest is added to the debt
forecast at a rate of 4.1%.
2. Any new Troika bail-out will roll Upside
over existing private debt.
If, instead of paying down debt, the
3. Any new income is used to pay privatisation income of EUR 50 bln
down the debt.
were used to purchase bonds at a
discount (≈35-40% discount), this
4. Due to privatisation and restr- could lead to a successful open
ucturing of state-owned enter- market restructuring. The upside
prises, the government budget would be two-fold:
returns to surplus earlier.
1. EUR 50 bln could purchase EUR
5. GDP growth is unchanged: 65-70 bln in bonds
upon privatisation, an extensive
debt work-out must be made 2. Interest costs would eliminated.
which reduces or offsets the It is unknown if this solution is accept-
GDP impact of the investment.
able to the Troika.
23. 1. Public Sector Fiscal Adjustment
& Debt Restructuring
1. Expand current bail-out with EUR 60-80
bln additional loans in 2012 based on
performance against conditionalities and
voluntary restructuring
2. Voluntary restructuring of EUR 230 bln in
private sector debt starting in 2012 as
condition for new bail-out
3. Use portion of bail out funds and
additional resources for open market
debt purchase (30-40% discount)
4. Extend Structural Adjustment
Programme to 2020 and expand scope
5. Extend EUR 110 bail-out grace period;
start repayments in 2018
24. Voluntary Restructuring
As part of a second bail-out, Greece and the Troika should convene a creditor meeting and require a
voluntary restructuring. The basic objective is a renewal of the credit loan term at the same interest rate.
Creditors accepting the deal will be able to exchange 25% of their outstanding bonds at face value. (EUR
230 bln @ 25% = EUR 57.5 bln). This removes a significant part of the problem of repayment timing and
gives the structural adjustment programme time to be implemented.
Restructuring after 2013 under ESM may include losses for bond-holders: this condition should be
implemented.
25. 2. Privatisation Programme
Govnt. Market Value
Public Enterprise
Share
€ mln
OTE
16.0%
550
OLP
74.1%
260
OLTH
74.3%
100
OPAP
34.0%
1500
DEH
51.1%
1300
ELPE
35.5%
760
EYDAP
61.3%
330
EYATH
74.0%
126
TT
34.0%
270
Agrotiki
77.3%
600
Ethniki
1.2%
87
Bank of Greece
8.9%
63
Pireaus
2.5%
14
Alpha
0.6%
15
Total
5,975
The privatisation programme should be fully implemented. However, low market values mean that
innovative privatisation conditions will have to be used, and that external investors will be needed to make
the programme succeed. Rather than an outright share sale, the privatisation could include long-term
licensing based on a lump-sum payment plus profit-sharing. Any privatisation has to be matched by
additional private investment in related sectors (“Plan B”).
26. Strategic Investors
Know-How & Technology
Market Access
Capital Scale
The privatisation programme needs to be implemented as fully and quickly as possible, taking
into account the transparency of the tender process, and the quality of the investors selected.
Greece will only benefit if well-capitalised strategic investors participate. This requires a profes-
sional international investment promotion campaign; not private deals or direct negotiation (e.g.
the Qatar model). Pure financial plays (equity funds) or capital-light domestic investors will
probably not succeed (c.f. Alapis investment by Blackstone).
27. World-Class Examples
Privatisations/PPP
Indigenous Groups
Common Characteristics
Lafarge: Herakles
Aegean Airlines
• Professional Management
MARFIN: Olympic Air
Folli Follie
• Capital Discipline
Athens Metro
Mytilineos
• Internationalisation through
Athens International Airport
Titan
exports or foreign investment
COSCO: Pireaus Terminal B
Frigoglass
Deutsche Telekom: OTE
Hellenic Bottlers
Grecotel, Costa Navarino
Shipping
Banking
28. Additional Privatisation/
Restructuring
1. End the public monopoly on waste
collection and management: support
open tenders for municipal waste
collection and recycling services.
2. End the public monopoly in higher
education: transform tertiary institutions
in non-profits; transfer public property
as a capital endowment; provide
autonomous management and fund-
raising; fund students, not
organisations.
3. Tender long-term leases on ports and
airports (underway)
4. Enable secondary schools to fundraise;
create autonomous schools; include
parents, teachers and students in
management boards.
5. Develop a National Park system using
long-term management contracts, with
fund-raising, merchandising and fee
structures.
6. Increase female employment through
all-day schools, kindergartens, day
care.
29. 3. Investment Promotion
A strategic investment promotion is needed, targetting specific sectors and projects. Greece
can assure international investment interest by co-funding MIGA’s political risk insurance
coverage for investors. A professional Investment Promotion Agency is required. Projects
need to be “shovel ready”. Bureaucratic streamlining is needed. Invest at least EUR 100
mln / year in international investment promotion.
Investment Initial Tax Annual Tax
Investment Sector
Value, € bln
Revenue € bln
Revenue € bln
Energy Sector
13.9
2.1
1.6
Tourism Sector (w/out arrivals)
13.0
2.0
3.1
Shipping Sector (transfer value)
40.7
0.0
5.0
Property Development
6.0
0.9
0.0
Agriculture
2.3
0.0
0.6
Natural Resources
4.8
2.6
1.0
Total
80.6
7.5
11.2
30. 4. Tax Reform
The following tax reforms should be
implemented:
1. Equalisation of corporate income tax on
LLC, SA and individual professionals to
20% in 2011.
2. A reduction of social security
contributions from 44% to 20% within 4
years.
3. VAT reduction to 10% for sectors such
as tourism, construction.
4. Progressive increase of minimum wage
by EUR 100 per month by January
2012.
5. Implementation of a non-domiciled tax
system and an International Business
Centre with low tax rates for companies
doing business outside Greece.
6. Reduction in tax deductions for items
such as luxury cars or personal
expenditure.
7. More frequent tax and labour audits: at
least 2.5-5% of all companies should be
audited each year.
8. Automatic matching of bank account
income with declared income.
31. 5. Energy Sector Strategy
& Investment Promotion
1. Meet Europe 2020 targets
2. Replace high-carbon emissions
feedstock and generation with
renewables and natural gas through
investment programme
3. Develop domestic hydrocarbon
resources: crash-launch exploration
in Ionian, Aegean, Libyan Seas
4. Develop biogas and domestic
recycling and waste management
5. Develop domestic equipment and
storage industry
32. Energy Sector Data
Investment New Emp- Initial Tax Tax Revenue
Energy Generation & Related Industries
# Units
Value, € bln
loyment*
€ bln
€ bln
1. Natural Gas CHP Power Plants, 1000 MW
8
4.0
60
0.60
0.48
2. Geothermal Investments
50
1.0
30
0.15
0.01
3. Photovoltaic & Solar Collector Generation
na
4.0
150
0.60
0.20
3. Wind Power Investments
na
2.0
150
0.30
0.20
4. Integrated Waste Management Centres
10
2.0
1500
0.30
0.10
5. Solar Panel Fabrication Plant
1
0.5
200
0.08
0.04
6. Wind Turbine Fabrication Plant
1
0.2
200
0.03
0.04
7. Industrial Battery Fabrication Plant
1
0.2
200
0.03
0.03
Total
13.9
2490
2.09
1.09
* Most employment provided for from transfers from DEH, DEPA
33. 6. Tourism Sector Strategy
& Investment Promotion
1. Increase tourism arrivals from ≈14 mln in 2010 to 20 mln in 2015 and 25 mln in 2020; expand season
2. Increase tourism promotion spend to EUR 200 mln/year; streamline visa process; restructure
3. License 10 major integrated resort developments, minimum 2,000 beds/development by 2015
4. License 100 tourism upgrade products (marinas, casinos, golf courses, etc.) by 2015
5. License ports and airports to private investors on long-term lease basis; improve infrastructure
6. End general hotel subsidies; reduce VAT to 10%; reduce social security taxes
34. Tourism Sector Data
Arrivals
2009
2015
2020
Arrivals, mln
14.9
20
25
Avg Spend/Tourist, EUR
697
697
697
Total Expenditure, € bln
10.4
13.9
17.4
38. 8. Property Sector Strategy
1. Attract investors for 20,000 residential
& Investment Promotion
units per year @ EUR 250,000 per
unit: EUR 2 bln investment per year
2. Reduce land plot requirement from
4,000 m2 to 2,000 m2 in rural areas
3. Create “Land Bank”, a one-stop online
multi-language website for land and
property sales w/pre-approved docs.
4. Minimise VAT on property transfers;
expand the property tax instead
5. Systematically transfer public land to
sustainable development initiatives for
tourism, vacation properties, other
6. Reduce VAT on building trades and
materials
39. Property Sector Data
Cost/Unit, Investment Tax Revenue,
Property Development
# Units
€ mln
Value, € mln
€ bln
Private Housing
20,000
0.250
5.0
0.75
Public Land Sales & Leases
1,000
1.000
1.0
0.15
Total Revenue, € bln
6.0
0.90
40. 9. Agrifood Sector Strategy
& Investment Promotion
1. Promote investment in high-value cultivation: license 50 new greenhouse units to 2015; import replacement
2. Develop links between farmers, retail areas and exports: promote investment in retail and export infrastructure
3. Promote processing facilities, agrotourism and value curve migration in the agricultural sector
4. Raise product quality; promote organic agriculture and innovative production models (e.g. geothermal energy)
5. Invest EUR 150 mln per year in marketing Greek agricultural and food products & investment promotion
41. Agri-Food Sector Data
Cost/Unit Investment Tax Revenue
Agricultural Investments
# Units
€ mln
Value € bln
€ bln
1. Industrial Greenhouses
50
20
1.0
0.038
2. Processing Units
50
20
1.0
0.50
3. Cold Chain, Export & Retail
50
5
0.3
0.05
Total Revenue, € bln
2.3
0.6
42. 10. Natural Resources Sector Strategy
& Investment Promotion
1. Crash-start exploration in the Aegean, Libyan, Mediterranean and Ionian Seas
2. License gold & metallic minerals mining in Northern Greece; promote investment in sector
3. Promote investments in processing and value-chain migration in building materials, ceramics, stone
43. Natural Resources Data
Investment Value Tax Revenue
Natural Resources
# Units
€ bln
€ bln
1. Hydrocarbon Licensing & Exploration
20
3.0
1.5
2. Gold & Metal Development
10
3.0
0.4
3. Building Materials & Natural Stone
25
1.1
0.2
Total Revenue, € bln
7.1
2.1
44. 11. Government Restructuring
1. Migrate to e-Government for routine functions (taxes, insurance, registrations, etc.)
2. Implement a single purchasing organisation with transparent procedures and annual third-party audits
3. Reward outstanding performance and increase public sector pay in certain professions
4. Separate Ministry of Environment from Ministry of Energy
5. Develop professional agencies with social partner involvement rather than ministries
6. Increase / implement co-pay for schools, hospitals, universities; change funding structure
45. 12. Judicial Reform
Greece has a huge backlog of court cases;
contract enforcement is time-consuming.
1. Establish/expand commercial courts
2. Simplify current case law
3. Standardise penalties and resolution for
commercial law
4. Increase the number of public
prosecutors and judges
5. Modernise the judicial administration
6. Provide independent financing by
increasing direct fees for trials.
7. Create an independent agency to
investigate political corruption and
crimes involving public procurement
8. End parliamentary immunity for certain
crimes.
46. Conclusions
The Greek public debt crisis creates a unique opportunity for public sector reform. The
results of the first year of the Austerity Programme have brought strong results, which
are for the benefit of Greece’s citizens and companies.
More time will be needed for reforms to take effect: this time is not available under the
current bail-out package and debt maturity profiles.
Any future Troika bail-out should include a voluntary debt maturity extension by Greece’s
private creditors in exchange for face-value purchase of Greek govn’t bonds. Any future
income generation through privatisation should allocate a portion of funds for open-
market debt restructuring via bond repurchase.
The government needs to focus on concrete structural reforms and long-term, strategic
planning rather than short-term ad-hoc decision-making.
There is no “Plan B”: we recommend the implementation of an ambitious but realistic
private sector investment programme targetting specific sectors and projects which will
bring investment, create places of employment, generate tax revenue, and replace
imports/create exports.
47. www.navigator-consulting.com
Philip Ammerman
Navigator Consulting Partners LLP
Navigator Consulting Group Ltd.
Garrick House ▪ 26-27 Southampton Street
March 25th Street No. 30-32
London WC2E 7RS United Kingdom
Athens 15344 Greece
Tel +44-207-717-8452 Fax +44-207 717-8401
Tel +(30-210) 640-3098 Fax +(30-210) 643-4042
GSM Greece: +(30) 6977-662-450
Skype: philipammerman
Email: pga@navigator-consulting.com