The document summarizes information about Greece's economic problems and the protests occurring in response to austerity measures. It explains that Greece has been overspending for years by paying government workers more than it could afford and spending money on unnecessary committees. As a result, Greece is in danger of bankruptcy and needs a bailout from European nations. New laws have been passed to cut spending, but citizens are protesting pay cuts, pension reductions, and tax increases. European countries are providing €150 billion to help Greece pay off its loans and avoid defaulting, but Greece must cut spending even more to receive the funds.
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
The Greek economy is rarely a few weeks or months away from another economic, financial or political crisis. Does Greece have a long-term future inside the Euro Zone? It is clear that, having enjoyed strong economic growth in the years following her accession to the European Union, Greece has struggled to emerge from deep economic problems in the aftermath of the Global Financial Crisis. Greece is a small open economy, her GDP accounts for less than 0.25% of world output and Greece is a relatively small country within the Euro Zone. But her difficulties pose systemic risks for the currency union.
The Adam Smith Plan to Save Markets and the Climate: The Climate is Too Big t...Nancy Skinner
This is a Proposed Plan B for financing the global climate crisis and the rapid transition to a clean energy economy. The existing funding mechanisms are woefully insufficient to meet the 1.5°C goal or 2°C limit. The goal of having $100 million/yr. by 2020 for the Green Climate Fund is wildly unrealistic, especially given US political developments and the unintended effects of Brexit.
Moreover, the IPCC has underestimated the rate of climate change and relied on far more extensive development of Carbon Capture and Storage (CCS) than is currently possible or incentivized to meet the 2°C limit. The stark reality is we simply lack financing at the scale needed to decarbonize both developing and developed economies, in the time frames needed.
In short, we need a "Big Bold Idea' that is much larger in size, that facilitates all stakeholders, including developing and developed nations, to decarbonize economies rapidly, and incentivize CCS to unleash rapid innovation.
Finally, the Fund addresses the interests of companies that find themselves with enormous stranded assets - fossil fuels. The plan incentivizes them to lead the development of CCS implementation from existing technologies used by coal, oil & gas plants to the progression of net-negative CCS (including BECCS and newer breakthrough technologies).
The Adam Smith Plan elegantly produces a Global Climate Fund of roughly $6.7 Trillion USD/year. The International Energy Association has projected $1.1 Trillion per year required for investments in the energy sector alone to meet the 2°C goal.
Adam's Smith described an "invisible hand" that could serve all interests even as people pursue their own self-interest. That is quite different than the existing paradigm which requires financial "sacrifice" by nations to help solve the global crisis; effectively a zero-sum game. The Plan utilizes a global funding mechanism to benefit nations, not only to reduce emissions but to deliver an economic shot in the arm to whole new industries and new jobs, while actually reducing risks to global financial institutions and investors from large Institutional investors (Insurers and Pensions), to Portfolio and Fund managers, to ordinary investors.
It's an offshoot of the Tobin Tax, a .05% tax on the estimated $5.30 Trillion/day of currency exchanges (FX), that yields a $6.7 Trillion Annual fund that can save the Climate, grow global growth and stabilize Markets.
A single private bank in London now closes FX of 18 currencies at the same time across all time zones. The bank is owned by 69 Member Banks and as such, we can avoid the perpetual obstacle of political resistance. Imposing a minuscule tax on the trade of the wealthiest on the earth, currency traders, which amounts to rounding errors for them, can finance the entire global transition to clean energy economies, with minimal administration of collection efforts, essentially acting as Adam’s Smith’s “Invisible Hand".
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
The Greek economy is rarely a few weeks or months away from another economic, financial or political crisis. Does Greece have a long-term future inside the Euro Zone? It is clear that, having enjoyed strong economic growth in the years following her accession to the European Union, Greece has struggled to emerge from deep economic problems in the aftermath of the Global Financial Crisis. Greece is a small open economy, her GDP accounts for less than 0.25% of world output and Greece is a relatively small country within the Euro Zone. But her difficulties pose systemic risks for the currency union.
The Adam Smith Plan to Save Markets and the Climate: The Climate is Too Big t...Nancy Skinner
This is a Proposed Plan B for financing the global climate crisis and the rapid transition to a clean energy economy. The existing funding mechanisms are woefully insufficient to meet the 1.5°C goal or 2°C limit. The goal of having $100 million/yr. by 2020 for the Green Climate Fund is wildly unrealistic, especially given US political developments and the unintended effects of Brexit.
Moreover, the IPCC has underestimated the rate of climate change and relied on far more extensive development of Carbon Capture and Storage (CCS) than is currently possible or incentivized to meet the 2°C limit. The stark reality is we simply lack financing at the scale needed to decarbonize both developing and developed economies, in the time frames needed.
In short, we need a "Big Bold Idea' that is much larger in size, that facilitates all stakeholders, including developing and developed nations, to decarbonize economies rapidly, and incentivize CCS to unleash rapid innovation.
Finally, the Fund addresses the interests of companies that find themselves with enormous stranded assets - fossil fuels. The plan incentivizes them to lead the development of CCS implementation from existing technologies used by coal, oil & gas plants to the progression of net-negative CCS (including BECCS and newer breakthrough technologies).
The Adam Smith Plan elegantly produces a Global Climate Fund of roughly $6.7 Trillion USD/year. The International Energy Association has projected $1.1 Trillion per year required for investments in the energy sector alone to meet the 2°C goal.
Adam's Smith described an "invisible hand" that could serve all interests even as people pursue their own self-interest. That is quite different than the existing paradigm which requires financial "sacrifice" by nations to help solve the global crisis; effectively a zero-sum game. The Plan utilizes a global funding mechanism to benefit nations, not only to reduce emissions but to deliver an economic shot in the arm to whole new industries and new jobs, while actually reducing risks to global financial institutions and investors from large Institutional investors (Insurers and Pensions), to Portfolio and Fund managers, to ordinary investors.
It's an offshoot of the Tobin Tax, a .05% tax on the estimated $5.30 Trillion/day of currency exchanges (FX), that yields a $6.7 Trillion Annual fund that can save the Climate, grow global growth and stabilize Markets.
A single private bank in London now closes FX of 18 currencies at the same time across all time zones. The bank is owned by 69 Member Banks and as such, we can avoid the perpetual obstacle of political resistance. Imposing a minuscule tax on the trade of the wealthiest on the earth, currency traders, which amounts to rounding errors for them, can finance the entire global transition to clean energy economies, with minimal administration of collection efforts, essentially acting as Adam’s Smith’s “Invisible Hand".
A very balanced presentation covering each and every aspect of eurozone economic crisis. A thorough analysis from the start of European Union formation and the further development of the problem of crisis. Also, effect on Indian Economy is pondered upon to make it good piece of word.
I hope it will fulfil everyone's need.
Richard Woolhouse, Senior Economist at Centre for Cities, delivered this presentation at the West Midlands Regional Observatory's Annual Conference, 20th October 2009 in Sutton Coldfield, UK. Richard looks at the global recession, government debt, how the recession has impacted different cities and areas of the UK differently, and regional unemployment rates in the UK.
Greece government debt crisis -cause, result and effect kasaken
I made this when I was in Canada as study abroad. I took business management course in KGIBC for 6 module. I learned business manner, economics, accounting, etc. Every modules had presentation, quiz and test. This is the one of presentation I had. thanks,
Project on Greece Crisis and Impact for Economic Environment of Business Renzil D'cruz
: Project on Greece Crisis and Impact for Economic Environment of Business
• financial crisis of 2007–2008
• Greek government-debt crisis
• Causes for deteriorated economic
• Tax evasion and corruption
• Unsustainable and accelerating debt-to-GDP ratios
• Impact of the Greece Economic Crisis on India
India’s Crisis Responses and Challenges
The Greek Financial Crisis has become a major issue in Greece and in Europe. This slideshow will discuss you with the background, effects, reasons, and future outloo k
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
We all know Greece is in deep trouble after defaulting on its debt to the International Monetary Fund. Many Greeks blame the austerity measures for much of the country’s continuing problems. The leftist Syriza party rode to power this year promising to renegotiate the bailout.
The Greek economy is shrinking. At such times one of the tools available with government is to tinker with the currency. Unfortunately the Greeks cannot do so because they share their currency with other nations of the EURO region.
Today’s lesson by Prof. Simply Simple attempts to explain you the story of ‘Greece Crisis’ using an interesting analogy.
The Greek government-debt crisis (also known as the Greek depression) started in late 2009. It was the first of five sovereign debt crises in the euro-zone – later referred to collectively as the European debt crisis.
The 1999 introduction of the euro as a common currency reduced trade costs among the Eurozone countries, increasing overall trade volume. However, labor costs increased more in peripheral countries such as Germany, making Greek exports less competitive. As a result, Greece saw its current account (trade) deficit rise significantly.
Causes:
Government spending
Current account balance
Tax evasion
Misreported debt statistics
SOLUTIONS IMPLEMENTED:
First Economic Adjustment Programme for Greece (May 2010 – June 2011)
Second Economic Adjustment Programme for Greece (July 2011 – present)
RECOMMENDATION TO THE CRISIS:
Exit the Eurozone or "Grexit"
Digital currency cards
Negotiate another bailout
European debt conference
A small presentation on Greece crisis. Some information about Greece crisis. You can understand the reasons behind the crisis and can understand the reasons to resolve it.
A very balanced presentation covering each and every aspect of eurozone economic crisis. A thorough analysis from the start of European Union formation and the further development of the problem of crisis. Also, effect on Indian Economy is pondered upon to make it good piece of word.
I hope it will fulfil everyone's need.
Richard Woolhouse, Senior Economist at Centre for Cities, delivered this presentation at the West Midlands Regional Observatory's Annual Conference, 20th October 2009 in Sutton Coldfield, UK. Richard looks at the global recession, government debt, how the recession has impacted different cities and areas of the UK differently, and regional unemployment rates in the UK.
Greece government debt crisis -cause, result and effect kasaken
I made this when I was in Canada as study abroad. I took business management course in KGIBC for 6 module. I learned business manner, economics, accounting, etc. Every modules had presentation, quiz and test. This is the one of presentation I had. thanks,
Project on Greece Crisis and Impact for Economic Environment of Business Renzil D'cruz
: Project on Greece Crisis and Impact for Economic Environment of Business
• financial crisis of 2007–2008
• Greek government-debt crisis
• Causes for deteriorated economic
• Tax evasion and corruption
• Unsustainable and accelerating debt-to-GDP ratios
• Impact of the Greece Economic Crisis on India
India’s Crisis Responses and Challenges
The Greek Financial Crisis has become a major issue in Greece and in Europe. This slideshow will discuss you with the background, effects, reasons, and future outloo k
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
We all know Greece is in deep trouble after defaulting on its debt to the International Monetary Fund. Many Greeks blame the austerity measures for much of the country’s continuing problems. The leftist Syriza party rode to power this year promising to renegotiate the bailout.
The Greek economy is shrinking. At such times one of the tools available with government is to tinker with the currency. Unfortunately the Greeks cannot do so because they share their currency with other nations of the EURO region.
Today’s lesson by Prof. Simply Simple attempts to explain you the story of ‘Greece Crisis’ using an interesting analogy.
The Greek government-debt crisis (also known as the Greek depression) started in late 2009. It was the first of five sovereign debt crises in the euro-zone – later referred to collectively as the European debt crisis.
The 1999 introduction of the euro as a common currency reduced trade costs among the Eurozone countries, increasing overall trade volume. However, labor costs increased more in peripheral countries such as Germany, making Greek exports less competitive. As a result, Greece saw its current account (trade) deficit rise significantly.
Causes:
Government spending
Current account balance
Tax evasion
Misreported debt statistics
SOLUTIONS IMPLEMENTED:
First Economic Adjustment Programme for Greece (May 2010 – June 2011)
Second Economic Adjustment Programme for Greece (July 2011 – present)
RECOMMENDATION TO THE CRISIS:
Exit the Eurozone or "Grexit"
Digital currency cards
Negotiate another bailout
European debt conference
A small presentation on Greece crisis. Some information about Greece crisis. You can understand the reasons behind the crisis and can understand the reasons to resolve it.
Postawy wobec Stanow Zjednoczonych. Raport z międzynarodowych badań porównawc...Agnieszka Stępińska
A. Stepińska, B. Hordecki, (2010), Postawy wobec Stanów Zjednoczonych: raport z międzynarodowych badań porównawczych [Attitudes towards the US: a report of international comparative study], Przegląd Politologiczny, No. 4, pp. 53–68.
1. Vol. 9, Issue 17 | Week of May 31, 2010 Level 1B
the national newspaper for kids
GreeceOverspends
Greece’sgovernmenthas
spenttoomuchmoney.
by L. Salzberg
On Saturday, May 29th, a large
protest was scheduled to take place
in Greece.The Greek people are angry at
the way their government is handling
its economic problems.
Greece’sgovernmenthasbeenspending
too much money. It has spent more than
it has received from taxes. To keep the
country running, the government had to
borrow large amounts of money. Now, it
doesnothaveenoughtorepayitsloans.
As a result, the Greek government is in
danger of bankruptcy.
How Did This Happen?
Greece’s spending problems have been
going on for years. The government
has been paying its workers more than
it could afford. In addition, the govern-
ment spends money that it does not
need to. For example, it pays a commit-
tee to manage a lake known as Lake
Kopais. It does so even though this lake
has been dry for about 70 years. Experts
estimate that Greece pays about 10,000
continues on page 2
Getty Images
People argue with police during a protest in Athens, Greece, on May 26, 2010.
Have a Great
Summer!
loans > sums of money lent
out that have to be repaid
bankruptcy > unable to repay
money that was borrowed
See page 8.
2. people to “work” on committees like
these.
Bonuses are another drain on the
government’s money. Government
workers are paid for two extra months
each year. They are paid a bonus every
spring, summer, and winter. In addition,
government workers receive bonuses
for certain on-the-job skills, like knowing
a second language or using a computer.
Parkworkersreceiveabonusforworking
outdoors. Some people even receive a
bonus for getting to work on time!
Another problem is that many Greek
citizens do not pay the taxes that
they owe the government. Now the
government has begun to crack down
on these people.“People are angry,”a tax
official said. “They have to know those
evaders are being punished.”
Rescuing the Greek Economy
In an attempt to rescue the nation’s
economy, new laws have been passed.
These laws raise taxes and cut govern-
ment workers’pay. Another law requires
government workers to retire later. For
example, women used to be allowed to
retire at age 60. Now they will not be al-
lowed to retire before they are 65 years
old. This will help the government save
money because it will have fewer pen-
sions to pay. Another law calls for gov-
ernment workers to receive reduced
pensions.
Unfortunately, these efforts have not
been enough to save Greece’s economy.
The country still needs a huge amount
of money to repay its loans. On May 2nd,
some European nations announced that
they will “bail out” Greece. They plan
to give the country about 150 billion
www.TheCurrentEvents.com | Week of May 31, 2010 | Level 1B | Vol. 9, Issue 172
continued from page 1
continues on page 3
bonuses > amounts paid
to workers, often as rewards
for extra work or effort
evaders > people who avoid
their responsibilities
retire > stop working,
usually because of age
pensions > amounts of money
paid regularly to people who
have retired, or to their families
Getty Images
Tourism brings much-needed money into Greece. Visitors come to see historic
landmarks such as this one, called the Parthenon. This important structure is about
2,500 years old, and is getting a fix-up. However, a protest on May 25, 2010 halted work
at this site.
This is the world in
t
hem
aking.Thisistheworldyouaremaking!
Checkoutourblog
forupcomingstories
andadditionalresources.
Apreviewofthecomingweek’s
paperwillbepostedeachFriday.
thecurrentevents.com/blog
6. www.TheCurrentEvents.com | Week of May 31, 2010 | Level 1B | Vol. 9, Issue 176
by Shirley Granahan
Every May since 1992, people across
America celebrate Asian-Pacific
American Heritage Month. Schools,
museums, and other places plan
special events. The president issues
a proclamation. This year, President
Obama said: “For centuries, America’s
story has been tied to the Pacific.
Generations of brave men and women
have crossed this vast ocean, seeking
better lives and opportunities. … We
celebrate the … contributions these
diverse peoples have made to our
Nation.”
Who Are Asian-Pacific Americans?
Asian-Pacific Americans include
Asians and Pacific Islanders living in
the United States. Asia is the world’s
largest continent, with more people
living there than anywhere else. Some
Asian countries are India, China, Japan,
Vietnam, Cambodia, South Korea, and
the Philippines. People who came to
American from Asia, or whose families
did, are called Asian-Americans.
The Pacific is the largest ocean in the
world. It contains thousands of islands.
Some of them are New Guinea, Fiji,
Guam, New Zealand, the Philippines,
and Hawaii. People from the Pacific
Islands are called Pacific Islanders.
“I am a proud American,” says Hawaii
Senator Daniel Inouye (say: ee-NO-way).
“My grandparents came from Japan and
worked in the plantations of Hawaii.”
Inouye is one of two Asian-Americans in
the U.S. Senate.
Asian-Pacific Heritage
Americacelebrates
Asian-Americans. Getty Images
President Obama greets people after speaking at an Asian-Pacific Heritage Month
celebration on May 24, 2010 in the East Room of the White House.
Many words we use every day
originated in Asian-Pacific
languages. For example: ketchup is
a word from Malaysia; futon, karate,
and tsunami are Japanese; typhoon
and wok are Chinese; and pajamas is
a Hindi word from India. continues on page 7
proclamation > official
announcement
contributions > things
that are given to others
diverse > having many varieties
plantations > large farms,
often in tropical areas
This is the world in
t
hem
aking.Thisistheworldyouaremaking!
7. www.TheCurrentEvents.com | Week of May 31, 2010 | Level 1B | Vol. 9, Issue 17 7
ReviewQuestions
1. WhenwasAsian-PacificHeritage
Monthfirstcelebrated?
2.Whydoyouthinkpeoplefromso
manydifferentcountriescometothe
UnitedStates?
3.WhichAsiancountrywouldyou
mostliketovisit?Why?
continued from page 6 transcontinental >
across a continent
origin > beginning
Talk
to
a family
member about what it
means for the United States to
be“a nation of immigrants.”How
does immigration make the United
States unique compared to other
countries?
Ralph Kiggell
“Orange Turtle” by artist Ralph Kiggell is a modern Japanese
print, created with woodblock. The woodblock process
began in Asia.
A few other well-known Asian-Pacific
Americans include:
• Piyush“Bobby”Jindal, governor of
Louisiana
• Amy Tan, award-winning author
• Jerry Yang, businessman and co-
founder of Yahoo!
Why Celebrate in May?
Asian-Pacific Heritage Month marks two
important dates in U.S. history. On May
7, 1843, the first Japanese immigrants
arrived on American shores. And on May
10, 1869, the transcontinental railroad
was completed. More than half of the
workers who built the railroad were
Chinese immigrants.
In1862,twotraincompanies,theCentral
Pacific and the Union Pacific, set out
to build the transcontinental railroad.
Thousands of Central Pacific railway
workers laid train tracks east from
California. Union Pacific railway workers
laid tracks west from Nebraska. Workers
connected the two sets of tracks at
Promontory Point, Utah.Thanks to these
Chinese immigrants, people could now
travel by train from the Atlantic to the
Pacific Coasts.
Asian Influences in America
Asian-Pacific countries gave us silk,
sushi, curry, and Chinese noodles. They
introduced us to woodblock printing
and the paper-folding art of origami.
The Japanese taught us to shape bonsai
trees and create peaceful sand gardens.
Look around you. What do you see
that had its origin in Asia or the Pacific
Islands? ▲