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.
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
The Impact of Covid-19 on the Worlds LogisticsGlobal Sources
The logistics sector plays an integral role in facilitating trade and commerce and helping businesses get their products to customers – and the ongoing pandemic has put an unprecedented strain on the industry. Mandated lockdowns and travel restrictions across the globe had disrupted activities at both manufacturing facilities and logistics operations.
In the wake of the disruptions brought by the pandemic, key supply chains in logistics and transportation industries were impeded across air, ocean and land freight sectors. Cargoes were backlogged at major container ports, shipments were delayed, and orders took longer to arrive.
The Impact of COVID-19 on the World’s Logistics takes a hard look at the significant economic impact of the pandemic on the global supply chain and logistics and how businesses are coping with the disruptions. The book gives an outlook of the logistics sector, the challenges in key transportation segments, and what the future holds for the industry and beyond.
Globalization has altered the way we live and earn a livelihood. Consequently, trade and travel have been recognized as significant determinants of the spread of disease. Additionally, the rise in urbanization and the closer integration of the world economy have facilitated global interconnectedness. Therefore, globalization has emerged as an essential mechanism of disease transmission. This paper aims to examine the potential impact of COVID-19 on globalization and global health in terms of mobility, trade, travel, and countries most impacted.
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
The Impact of Covid-19 on the Worlds LogisticsGlobal Sources
The logistics sector plays an integral role in facilitating trade and commerce and helping businesses get their products to customers – and the ongoing pandemic has put an unprecedented strain on the industry. Mandated lockdowns and travel restrictions across the globe had disrupted activities at both manufacturing facilities and logistics operations.
In the wake of the disruptions brought by the pandemic, key supply chains in logistics and transportation industries were impeded across air, ocean and land freight sectors. Cargoes were backlogged at major container ports, shipments were delayed, and orders took longer to arrive.
The Impact of COVID-19 on the World’s Logistics takes a hard look at the significant economic impact of the pandemic on the global supply chain and logistics and how businesses are coping with the disruptions. The book gives an outlook of the logistics sector, the challenges in key transportation segments, and what the future holds for the industry and beyond.
Globalization has altered the way we live and earn a livelihood. Consequently, trade and travel have been recognized as significant determinants of the spread of disease. Additionally, the rise in urbanization and the closer integration of the world economy have facilitated global interconnectedness. Therefore, globalization has emerged as an essential mechanism of disease transmission. This paper aims to examine the potential impact of COVID-19 on globalization and global health in terms of mobility, trade, travel, and countries most impacted.
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.
Latvijas Bankas ekonomistes Santas Bērziņas un Ievas Opmanes prezentācija sanāksmē ar starptautisko reitinga aģentūru "Moody's Investors Service" 2022. gada 24. martā.
This study presentation looks at the causes and consequences of different types of financial crisis. It also focuses on the Hyman Minsky theory of financial instability in a capitalist economic system.
Xinshen Diao and James Thurlow
POLICY SEMINAR
The Ukraine crisis: Unraveling the impacts and policy responses in low- and middle- income countries
AUG 31, 2022 - 9:30 TO 11:00AM EDT
In this presentation we will deal with “Trade Finance”, where in we will talk about Methods and Types of Trading, Trade Contracts and Agreements, Trade Zone and role of financial institutions and banks in the Trading Business.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
2015: Real GDP growth of 0.8%
• The downward revision of Q4-2014 real GDP growth rate to -0.4% QoQ minimized the momentum of the Greek economy, drastically reducing the carry – over effect to just 0.1% forcing us to revise our forecast for real GDP growth rate to a range of 0.5% to 1.0% noting a median value of 0.8%
• Despite worries we believe that tourism will accelerate further in 2015 continuing to support the Greek economy
• EU funding: we expect EU funding to decelerate in 2015
• An upside risk on our estimates depends on the outcome of the negotiations between the new government and our EU partners.
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.
Latvijas Bankas ekonomistes Santas Bērziņas un Ievas Opmanes prezentācija sanāksmē ar starptautisko reitinga aģentūru "Moody's Investors Service" 2022. gada 24. martā.
This study presentation looks at the causes and consequences of different types of financial crisis. It also focuses on the Hyman Minsky theory of financial instability in a capitalist economic system.
Xinshen Diao and James Thurlow
POLICY SEMINAR
The Ukraine crisis: Unraveling the impacts and policy responses in low- and middle- income countries
AUG 31, 2022 - 9:30 TO 11:00AM EDT
In this presentation we will deal with “Trade Finance”, where in we will talk about Methods and Types of Trading, Trade Contracts and Agreements, Trade Zone and role of financial institutions and banks in the Trading Business.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
2015: Real GDP growth of 0.8%
• The downward revision of Q4-2014 real GDP growth rate to -0.4% QoQ minimized the momentum of the Greek economy, drastically reducing the carry – over effect to just 0.1% forcing us to revise our forecast for real GDP growth rate to a range of 0.5% to 1.0% noting a median value of 0.8%
• Despite worries we believe that tourism will accelerate further in 2015 continuing to support the Greek economy
• EU funding: we expect EU funding to decelerate in 2015
• An upside risk on our estimates depends on the outcome of the negotiations between the new government and our EU partners.
Aranca views: Europe Debt - That Sinking Feeling AgainVikas Sharan
European debt has increased either absolutely or as a percentage of GDP over the years. Aranca’s article provides overview of european debt data, net debt, eurozone inflation data, gdp growth, unemployment rate and more.
Check out the published version here: http://www.aranca.com/knowledge-center/articles-and-publications/300-european-debt-that-sinking-feeling-again
European Debt: That sinking feeling…again? | Articles and PublicationsAranca
European debt has increased either absolutely or as a percentage of GDP over the years. Aranca’s article provides overview of European debt data, net debt, Eurozone inflation data, GDP growth, unemployment rate, etc.
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
European leaders could be forgiven for feeling they are being besieged from all angles.
From the East, tensions with Russia over Ukraine have echoes of the Cold War, dampening business growth hopes in neighbouring economies and highlighting reliance on Russian natural resources.
Slides from the Nevin Economic Research Institute's post Budget seminar. Speakers Michelle Murphy (Social Justice Ireland), Cormac Staunton (TASC) and Michael Taft (UNITE)
Για τρίτη συνεχή χρονιά, ο Κύκλος ιδεών για την Εθνική Ανασυγκρότηση,
σε συνεργασία με τη Συμεών Γ. Τσομώκος Α.Ε., πραγματοποιούν το ετήσιο διήμερο συνέδριο H ΕΛΛΑΔΑ ΜΕΤΑ
στις 19 και 20 Ιουνίου 2019
στο ξενοδοχείο Divani Caravel.
Κεντρικό θέμα στο φετινό συνέδριο είναι: Η ανασύσταση της μεσαίας τάξης
Κύκλος ΙΙ: Οι επιπτώσεις της περιόδου 2009- 2019 στη μεσαία τάξη
https://ekyklos.gr/19-20-iouniou-ellada-meta-iii-i-anasystasi-tis-mesaias-taksis.html
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.
Tightening labour markets: threat or opportunity for HR service providers? The presentation start with an economic outlook and the conséquences for the labour market in Belgium. With some concluding remarks voor HR service providers.
In this revision presentation we look at recent trends in UK trade union membership, consider how trade unions can affect both pay and employment and challenge the textbook view that union-negotiated pay increases inevitably have negative consequences for employment.
In this revision presentation we cover key examples of pure and quasi public goods and consider the arguments for and against an increase in government spending on public goods.
Poverty Reduction Policies in Low Income Countriestutor2u
This revision presentation covers some of the main causes of continued high levels of extreme poverty in low and middle income countries and considers a range of pro-poor government interventions designed to increase productivity and regular employment and waged income in formal labour markets.
You don’t need to produce a lot of evidence in your macroeconomics exams but knowing some basic and key facts and figures can make your answers stand out from the crowd! Here is a quickfire journey through twenty important economic numbers that won’t change before the exam – use them to support your answer and impress the examiner!
Microeconomics - Great Applied Examples for Examstutor2u
In this presentation, I have chosen loads of current examples that you might want to use as context in your microeconomics exams. We look at examples from different market structures, recent mergers and takeovers, the world's most valuable companies, the largest employer, unicorn business, de-mergers, the biggest initial public offerings (IPOs) and much else. Hopefully a useful video to go through to add some super examples into your revision notes.
This revision presentation considers the variety of stakeholders impacted by business activity. How will a change in objectives, such as a move from profit maximisation to revenue maximisation have an effect on different stakeholders?
This revision presentation looks at profit satisficing as an alternative objective for businesses. Why might firms satisfice? What are some of the possible consequences for economic welfare and efficiency?
In this short revision video, we look at the substantial productivity gap between the UK and many of the UK’s major competitor countries.
Paul Krugman, the Nobel Prize-winning economist said twenty fives years ago that “Productivity isn’t everything, but in the long run it is almost everything,”
In this presentation we consider the theory of wage-setting with a monopsony employer and the possible impact that a trade union might have on wages and employment. We also look at efficiency wage theory and mutual gains from pay bargaining between stakeholders.
For many economists, the labour market is the most important market of all to study, analyse and evaluate. Like product markets for goods and services, labour markets can also fail. The main types of labour market failure are labour immobility including skills gaps, inequality, disincentives to be economically active, labour market discrimination and the effects of monopsony power of employers.
Updated revision presentation on aspects of behavioural economics and topical issues where behavioural nudges are being used to change the choices of consumers and businesses.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
2. Greece in 2017
• Real output (GDP) has fallen by 25% since 2008
• Per capita incomes were Euro 18.6K in 2011, now 16K
• Real consumption is 40% lower than pre-crisis
• Unemployment has been above 20% for six years
• Economy remains on the edge of price deflation
• Private sector wages have fallen by more than 40%
• Investment fell to 10% of GDP in 2014 v 27% in 2007
• Tourism is recovering strongly – having the Euro helps!
• But economy has number of supply-side weaknesses
• Interest rate on 10 year government debt = 7.4%
3. GDP Growth in Greece
-10
-8
-6
-4
-2
0
2
4
6
8
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Annual % Change in Real GDP
Real GDP
Forecast for 2017 is from the OECD
During the period 2008-13, the Greek economy went through a dramatic contraction.
Output fell by approximately one-quarter during this period, and unemployment rose to
more than 25 per cent of the labour force
%
4. GDP and Investment in Greece
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Annual % Change in Real GDP and Capital Investment
Real GDP Investment
Forecast for 2017 is from the OECD
5. Real GDP in Greece
By way of comparison, the UK’s economy shrank by 6% during the 2008/2009 recession
6. Context on the depth of the crisis
IMF Report on
Greece, February
2017
Greece has not
managed to return
to sustainable
growth, with output
having contracted
by more than 25
percent since 2008,
investment down by
more than 60
percent, and
unemployment at
the highest level in
the euro-zone.
7. Social costs of the Greek depression
• Steep rise in relative poverty – more than a 3rd of households
now fall below the poverty line of <50% of median income
• NEETs - 30 per cent of young people in Greece are not in
employment, education or training, this is one of the highest
rates in Europe. Graduate employment rates are only 49%.
• Sharp decline in measured life satisfaction / happiness
• A third of marriages in Greece are ending in divorce
compared to 2 in 10 before the recession
• The informal economy of Greece is one of the largest in
Europe, exceeding 20 per cent of the country’s GDP
• Greece ranked 29th on HDI outcomes – below the average
score for high income advanced countries
8. “Thirty-six per cent of the population are at risk of poverty or
social exclusion and almost 30 per cent of young people not
in employment, education or training, one of the highest
rates in Europe.” (Source: EBRD)
10. Structure of Output in Greek GDP
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
ShareofGDP
Agriculture Industry Services
Greece’s economy is dominated by services. The share of industry in GDP is the third lowest
in the EU. Presently, manufacturing in Greece is mainly related to labour-intensive food
processing. Real estate and tourism are key sectors for the Greek economy. Shipping does
well but it is capital intensive and is often said to take advantage of tax-holidays (avoidance).
11. Real House Prices in Greece
-15
-10
-5
0
5
10
15
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Real House Prices%
Source: OECD Economic Outlook
The Greek national minimum wage is about 500 euros/month. It means people remain living
at home into their late 20s and early 30s. Their real disposable income has also been hit by
high price due to taxes including VAT at 24%.
12. Greek Unemployment Rate
Women in Greece are facing significantly more unemployment than men (30.2 per cent for
women compared to 23.7 for men).
13. Youth unemployment rate in EU member
states in October 2016 (seasonally adjusted)
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0%
Greece
Spain
Italy
Croatia
Portugal
Cyprus
France
Belgium
Euro area
Romania
Finland
Slovakia
EU
Sweden
Youth unemployment rate
14. Estimated Output Gap for Greece
-20
-15
-10
-5
0
5
10
15
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Output Gap% of potential GDP
Forecast for 2017 is from the OECD
15. Inflation and Deflation in Greece
-2
-1
0
1
2
3
4
5
6
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Inflation (Annual % change in consumer prices)%
Forecast for 2017 is from the OECD
What is the main cause of the deflationary pressure in Greece? Most likely to be a
chronic lack of aggregate demand, high unemployment and a large output gap.
17. Essentials on the Greek Debt Crisis
• Over the last 6 years, Greece has had 7 governments
• Public debt has continued to rise, reaching 180% of GDP
by end-2015 (65% higher than its pre- crisis level.
• Greek pension system is in crisis – deficit of 11% of GDP
• Greece has a very narrow tax base - taxpayers in the
highest income decile pay about 60 percent of personal
income tax revenue, while 53 percent of wage earners
and 85 percent of farmers are exempt from tax
• Rates for all major taxes in Greece are higher than the
euro-area average (e.g. VAT is 24%) this encourages tax
evasion and also reduces labour market participation.
18. Greek Fiscal Balances
-20
-15
-10
-5
0
5
10
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fiscal Balance for Greece, % of GDP
Fiscal Balance Cyclically adjusted fiscal balance
% of GDP
19. Greek Public Debt
In February 2017, the International Monetary Fund predicted that Greece’s sovereign
debt pile could climb to 275 per cent of GDP by 2060. They argue that Greece is
currently unable to grow her way out of the crisis and that debt relief is inevitable.
Under the deal struck in 2015,
Greece is supposed to achieve a
primary fiscal surplus before
interest payments in 2018 of 3.5%
and maintain this surplus for the
medium term.
20. Fiscal Austerity
• The TROIKA has imposed fiscal
austerity on Greece
• TROIKA comprises the European
Commission, ECB and IMF
• Fiscal austerity has included:
1. Cuts in public sector pay and
pensions
2. Rise in the retirement age
3. Large scale privatizations
4. Increases in VAT (to 24%)
5. Deep cuts in public sector
employment
“With the drachma, immediately
better" says the hard left union fly
poster on an Athens street.
(Credit: Phil Holden)
21. Can Greece grow her way out of debt?
• Trend growth of potential GDP comes from:
1. Growth in the productivity of labour and capital
2. Expansion of the active labour supply
3. Positive net investment to grow the capital stock
4. Growth benefits spilling-over from improved innovation
• Supply-side gains gives a country the extra capacity
• The strength of aggregate demand creates actual output
• Crucial for Greece to invest in areas of potential comparative
advantage
• Greece’s long-term potential lies in sectors such as tourism,
logistics, regional energy projects, energy efficiency, food
processing and pharmaceuticals
22. Would Greece benefit from debt relief?
• What forms might debt relief take?
1. Longer grace periods, i.e. pushing back the date of
when Greece makes its first loan repayment
2. Reduction in the interest rates on existing loans
3. Creditors agree a partial “haircut” to unpaid debt
• Debt relief would ease pressure for fiscal austerity and
perhaps allow increased public sector investment
• Greek debt already has a long maturity (not an issue)
• Debt relief is a necessary, but not sufficient condition for
Greece to return to growth – economic reforms needed
• Opponents of debt relief for Greece argue that it would
create a problem of moral hazard for other debtors
23. Supply-Side Challenges Facing Greece
Fragile banking
system – limited
funds for credit
High rate of
structural
unemployment
Low degree of
economic
diversification
Narrow tax base +
high tax avoidance
Low productivity
and innovation
Shrinking and
ageing population
Most estimates find that Greece’s long run “trend” growth rate is low – perhaps around 1%.
But it is almost impossible to estimate this when aggregate demand is so depressed. The
economy has been de-industrializing for some years.
24. Risks from a fragile banking system
Falling trust and capital flight
Greek banks lost 27 percent of deposits in
the first half of 2015 and had to resort to
capital controls and emergency liquidity
assistance (ELA)
Non-performing loans
High level of bad debts in the banking
system threatens / limits the ability of
banks to extend credit to growing
businesses. Mortgage lending has
collapsed.
25. Half of Greeks in work pay no income tax
“Problem with the tax-free threshold in Greece: No matter how low it is, tax-evading
Greeks will always declare lower income than that.” (Source: @greekanalyst)
26. Greece’s lack of Competitiveness
• 86th/138 countries on 2016-17 competitiveness index
Inside a single currency, Greece cannot rely on a devaluation/depreciation of her exchange
rate to improve their competitiveness – they need to achieve this through internal means.
But there are strong vested interests blocking reforms to oligopolistic industries.
28. Graduate
Employment Rates Greek university
graduates are forced
to compete for a very
limited number of
available jobs,
resulting in 49 per
cent not transferring
into employment
after graduation.
30. Greece’s Internal Devaluation
• Internal devaluation is when a country attempts to improve
competitiveness through lower wage costs and prices
• This is an alternative to a currency depreciation / devaluation
• In Greece there has been a significant reduction in labour
costs – with private sector wages falling by 40%
• A key evaluation point is that prices have not fallen much –
because of sheltered oligopolistic sectors and high VAT
• And Greece does not have a sufficiently large export sector
that sells price-sensitive products to other countries.
“In Greece economic policies of austerity, in conjunction with internal devaluation, have
been adopted in an attempt to improve competitiveness, correct external deficits and
promote export-led growth.”
Source: https://dspace.lib.cranfield.ac.uk/bitstream/1826/11158/1/A_post-mortem_of_austerity-2016.pdf
31. Relative Unit Labour Costs
70
80
90
100
110
120
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Relative Unit Labour Costs (2010=100)
Greece Spain Germany
Source: OECD Economic Outlook
Greece and Spain have both made progress in lowering their relative unit labour costs – a
measure of competitiveness. But Greece’s export sector is relatively small – her exports
account for only 15% of GDP, much lower than the EU average)
32. Internal Devaluation – Wage Cuts
Labour cost index has
fallen in part because of
reductions in the
minimum wage and cuts
in salaries of government
civil servants
But retail prices for
Greek consumers have
not fallen as much
The result is a very deep
reduction in real incomes
which has depressed
domestic consumptionGreece remains a small and fairly closed economy, with goods and
services exports still focusing mainly on a few medium and low-
tech sectors (e.g. refined oil products, shipping, tourism).
(Source: BNP Paribas Research)
33. Greek Current Account (BoP)
% of GDP
-16
-14
-12
-10
-8
-6
-4
-2
0
2
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Current Account Balance for Greece (% of GDP)
34. Would the Greek economy be better off outside of the Euro Zone?
35. Grexit “It is becoming increasingly
obvious that Grexit is Greece’s
best hope. Otherwise, where is
recovery ever supposed to
come from?”
(Paul Krugman, July 2015)
“The Greeks are losing
patience with the euro as
they continue to see their
living standards
deteriorate. Support for the
EU in Greece is lowest than
in any other European
country.”
(Danae Kyriakopoulou,
Head of Research, Official
Monetary and Financial
Institutions Forum, 2017)
“A single currency without the political institutions
to support it has not worked and is not likely to do
so. There either has to be more Europe or less.
Many would be saddened by the death of the
euro. But it's not the end of the world.
Currencies come and go.”
(Joseph Stiglitz, July 2016)
36. Benefits
• Chance of export-led growth from a devaluation
• Higher import prices will help domestic producers
• Greece able to inflate away some of their debts
• Greece able to run an independent monetary policy
• Negative real interest rates can provide a monetary
stimulus to help Greece out of a deflationary trap
• End to imposed fiscal austerity allowing the Greek
government to increase their spending
• Some countries such as Iceland have recovered well since
their own financial crisis / currency devaluation
37. Risks
• Spike in inflation – affecting the poorest most
• Risk that Greece will turn printing presses on – hyper-inflation?
• Higher inflation will bring about increased interest rates
• Risk of huge capital flight from banks – big risks for depositors
• Likely to be another deep short term slump in real output
• Devaluation comes with debt default - creditors are unlikely to
lend to Greece again at an affordable interest rate
• Greek export capacity is limited – modest gains from devaluation
• Tourism has boomed with Euros - no guarantee this will continue
• May involve leaving the EU and loss of key EU structural funds
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.
In the years following Greece’s accession to the euro zone, economic growth relied mainly on credit-driven private consumption and debt-financed public expenditure rather than on saving and investment. All of this came to a halt in 2008 and by 2009, Greece was at the start of what was to prove a persistent and deep depression in real output.
The fall in capital investment spending dwarfs the contraction in real GDP – strong evidence here of a negative accelerator effect. Real investment has declined by more than 60 per cent since 2007 and capital investment is only 10-11% of GDP, easily the lowest investment rate of any country inside the EU. Greece’s capital stock is shrinking and ageing, a major factor hindering progress in lifting productivity and improving competitiveness.
At around 180 per cent of GDP, Greece’s general government debt is among the highest in the world
Does fiscal austerity work in a country in semi-permanent recession and with a shrinking ability to raise the tax revenues needed to pay off the debt and provide basic public services?
Low female participation rate in the labour market is also an issue. In 2014, the female labour force participation in Greece stood at 41.1% compared to 58% for men.
Jan-June 2006 Greek banks approved 80,000 mortgages across Greece.
Jan-June 2016 they approved just 800 new mortgages.
The weakness of the Greek banking system means that it is reliant on the European Central Bank for emergency funding