The 2008 financial crisis was caused by a combination of factors, including loose government policies, reckless banking practices, an overreliance on the construction sector, and external global events. Ireland experienced a property bubble and credit-fueled construction boom from 1998-2006, with house prices quadrupling and construction accounting for 15% of GNP. When the bubble burst in 2008, it devastated the Irish economy and led to a banking crisis, soaring unemployment, and budget deficits. Lax financial regulation and a policy of bailing out the banks at all costs exacerbated the crisis in Ireland.
Greece faced a severe debt crisis from 2008 onward due to years of overspending and high deficits. This was exacerbated by the global financial crisis. Greece had a debt level of 214% of GDP by 2008, with both high public and private debt. Two international bailout packages in 2010 and 2011 totaling €240 billion were agreed to, but Greece continues to struggle with high unemployment reaching over 25%, rising poverty levels, and economic contraction. Austerity measures imposed have failed to turn around the economy.
CEL-CEIBS PE Scholarship - Alex F. Favila - 2009-03-24alexfavila
This document discusses the opportunities for private equity in China despite the current economic downturn. It provides context on the state of the global and Chinese economies, including significant slowdowns and factory closures in China. While conditions are challenging, the document argues that China's domestic economy still has growth potential and private equity can play an important role in facilitating China's economic transition by providing financial expertise and capital to companies. Private equity has evolved from early leveraged buyouts in the 1960s-1980s to focus more on long-term value creation through turnarounds and lower leverage today. Access to leveraged funding is now a challenge for private equity due to the credit market crisis.
The Wall Street-caused financial crisis and ongoing economic downturn have cost the American people an estimated $12.8 trillion so far. This includes actual losses in GDP as well as additional losses avoided through government spending and Federal Reserve actions. The crisis resulted in tens of millions of unemployed Americans, massive losses in household wealth totaling $19 trillion, and huge government bailouts and support programs. While the full costs are impossible to calculate, $12.8 trillion likely understates the true financial toll of the crisis on the US economy and its citizens.
This document summarizes Dr. Usman W. Chohan's presentation on debt issues in the context of the COVID-19 pandemic. It notes that the pandemic has created both health and economic crises. Lockdowns have pushed many households and businesses over the edge financially. Global debt levels reached a record high in 2019 and many debts are coming due for emerging markets. It proposes creating a central credit facility at a multilateral institution to help countries access funds to deal with the pandemic by diverting interest payments to the facility and allowing countries to borrow from it. However, private creditors may not be willing to cooperate with debt relief efforts. The presentation argues more systematic mechanisms are needed for sovereign debt restructuring.
Presentation at Texas Christian University\'s AddRan Festival Of Undergraduate Scholarship and Creativity, April 2009 and winner of TCU\'s Economic Department Award to Best Presentation in Economics.
The document summarizes Greece's financial crisis from the 1960s to present. It describes Greece's transition from economic growth to debt crisis. Key factors that contributed to the crisis include excessive government spending, tax evasion, and inflated deficit and debt levels. As the crisis unfolded in 2009, Greece received multiple bailout packages from the IMF, EU, and ECB totaling over €240 billion. The bailouts imposed strict austerity measures to reduce deficits and reform Greece's economy through spending cuts, tax increases, pension reductions, and privatization. While painful, the conditions aim to resolve Greece's debt issues and establish long-term economic stability, though they have also slowed growth.
The international debt crisis arose in the 1970s when developing nations borrowed heavily from private banks and other creditors to finance their economies. This external debt grew rapidly and unsustainably for some countries. By the mid-1980s, developing country debt totaled over $800 billion, requiring more than 20% of some countries' export earnings just for debt service payments. While debt reschedulings provided temporary relief, the underlying debt problem remained and has continued dragging down growth in indebted nations.
The document discusses recessions over time and analyzes the current global recession of 2009. It compares factors like duration, impact on unemployment and GDP, and leading economic indicators. While the 2009 recession is more widespread than previous recessions, emerging economies like India and China are still expected to see growth. The recovery may take until 2014, led by growth returning to China and India, but the conditions of the 2009 recession are not expected to be as severe as the Great Depression.
Greece faced a severe debt crisis from 2008 onward due to years of overspending and high deficits. This was exacerbated by the global financial crisis. Greece had a debt level of 214% of GDP by 2008, with both high public and private debt. Two international bailout packages in 2010 and 2011 totaling €240 billion were agreed to, but Greece continues to struggle with high unemployment reaching over 25%, rising poverty levels, and economic contraction. Austerity measures imposed have failed to turn around the economy.
CEL-CEIBS PE Scholarship - Alex F. Favila - 2009-03-24alexfavila
This document discusses the opportunities for private equity in China despite the current economic downturn. It provides context on the state of the global and Chinese economies, including significant slowdowns and factory closures in China. While conditions are challenging, the document argues that China's domestic economy still has growth potential and private equity can play an important role in facilitating China's economic transition by providing financial expertise and capital to companies. Private equity has evolved from early leveraged buyouts in the 1960s-1980s to focus more on long-term value creation through turnarounds and lower leverage today. Access to leveraged funding is now a challenge for private equity due to the credit market crisis.
The Wall Street-caused financial crisis and ongoing economic downturn have cost the American people an estimated $12.8 trillion so far. This includes actual losses in GDP as well as additional losses avoided through government spending and Federal Reserve actions. The crisis resulted in tens of millions of unemployed Americans, massive losses in household wealth totaling $19 trillion, and huge government bailouts and support programs. While the full costs are impossible to calculate, $12.8 trillion likely understates the true financial toll of the crisis on the US economy and its citizens.
This document summarizes Dr. Usman W. Chohan's presentation on debt issues in the context of the COVID-19 pandemic. It notes that the pandemic has created both health and economic crises. Lockdowns have pushed many households and businesses over the edge financially. Global debt levels reached a record high in 2019 and many debts are coming due for emerging markets. It proposes creating a central credit facility at a multilateral institution to help countries access funds to deal with the pandemic by diverting interest payments to the facility and allowing countries to borrow from it. However, private creditors may not be willing to cooperate with debt relief efforts. The presentation argues more systematic mechanisms are needed for sovereign debt restructuring.
Presentation at Texas Christian University\'s AddRan Festival Of Undergraduate Scholarship and Creativity, April 2009 and winner of TCU\'s Economic Department Award to Best Presentation in Economics.
The document summarizes Greece's financial crisis from the 1960s to present. It describes Greece's transition from economic growth to debt crisis. Key factors that contributed to the crisis include excessive government spending, tax evasion, and inflated deficit and debt levels. As the crisis unfolded in 2009, Greece received multiple bailout packages from the IMF, EU, and ECB totaling over €240 billion. The bailouts imposed strict austerity measures to reduce deficits and reform Greece's economy through spending cuts, tax increases, pension reductions, and privatization. While painful, the conditions aim to resolve Greece's debt issues and establish long-term economic stability, though they have also slowed growth.
The international debt crisis arose in the 1970s when developing nations borrowed heavily from private banks and other creditors to finance their economies. This external debt grew rapidly and unsustainably for some countries. By the mid-1980s, developing country debt totaled over $800 billion, requiring more than 20% of some countries' export earnings just for debt service payments. While debt reschedulings provided temporary relief, the underlying debt problem remained and has continued dragging down growth in indebted nations.
The document discusses recessions over time and analyzes the current global recession of 2009. It compares factors like duration, impact on unemployment and GDP, and leading economic indicators. While the 2009 recession is more widespread than previous recessions, emerging economies like India and China are still expected to see growth. The recovery may take until 2014, led by growth returning to China and India, but the conditions of the 2009 recession are not expected to be as severe as the Great Depression.
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.
1) International debt, especially third world debt, is one of the most contentious issues facing the global economy as it highlights disparities between developed and developing nations.
2) As of 2002, total international debt amounted to $2.48 trillion, around 57% of debtors' collective GDP.
3) Third world debt presents challenges to both debtor and creditor nations, and finding solutions that adequately address the needs of both sides has proven difficult.
The document summarizes the global financial crisis that began in 2007. It describes the crisis as the worst since the Great Depression, triggered by the collapse of the US housing bubble and subprime mortgage crisis. Loose lending practices, deregulation, and risky investments on Wall Street spread the crisis worldwide, resulting in falling markets, tight credit, high unemployment, and recessions around the globe. Government interventions attempted to rescue banks and stimulate economies but recovery was slow.
The document compares the 2008 recession to the Great Depression of the 1930s. It discusses the causes of each event, including the housing bubble and subprime mortgage crisis that contributed to the 2008 recession. For the Great Depression, it mentions the 1929 stock market crash, bank failures, reduction in purchasing, American economic policies, and drought conditions as causes. Both events led to declines in GDP, increases in unemployment, and changes in prices - inflation during the recession and deflation during the depression. The document provides an overview of the key economic impacts of each historical downturn.
Alternative Currencies: The Solution to the Economic Crisis?Brian McConnell
"What is now being called the 'Great Recession' shows no sign of ending either in the U.S. or elsewhere in the world. What then should be done? In many locations people are increasingly turning to creation of alternative currencies. But can these really be effective?
This and many other questions will be addressed by Richard C. Cook, author and retired U.S. Treasury analyst."
As a resident of Roanoke and director of the Peace Spiritual Center, Richard brings a wealth of information and an open-eyed critique of the most discussed solutions as well as examples from both ancient and recent history.
Greece accumulated high levels of debt in the decade before the financial crisis when markets were liquid. This led to a sovereign debt crisis as the financial crisis deepened and liquidity dried up, making borrowing more difficult and expensive. The crisis impacted Greece through lower incomes, savings, capital flows and sector output like tourism and shipping that contribute significantly to GDP. The European Union, IMF and ECB implemented measures like bailout loans and austerity programs to reduce Greece's deficit while the ECB also engaged in bond purchases to increase confidence. Protests have occurred against austerity cuts while leaders debate solutions to the dilemma of whether to continue supporting Greece or risk default.
An Ipsos survey of citizens of nine European Union countries finds most people hold the Greek government responsible for the ongoing debt crisis. Some 88% say the Greek government is a great deal, or a fair amount, to blame for the crisis –rising to 94% among German respondents. The German government was mentioned by 46%, attracting less blame than the Greek populace, the IMF and the European Commission overall.
A glance at the uk economy (netsaving, fdi & debt) thienhuongEva Do
The document analyzes economic trends in the UK, US, and Philippines from 1990-2010. It finds that while the UK economy is still faring better than others, its national debt and debt per capita have risen significantly in recent decades. Net saving rates in the UK and US have declined from 15% on average to around 10% by 2010. Both countries also experienced quieter foreign direct investment flows following the 2008 financial crisis. To ensure future stability, the UK should focus on maintaining a strong banking sector, improving its business environment to attract investment, and creating more jobs while managing inflation and national debt.
The document summarizes the US financial crisis and its impact on the US dollar and global economy. It discusses how loose lending standards, mortgage-backed securities, and credit default swaps led to the crisis. Central banks have responded by printing vast sums of money to inject liquidity. However, coordinated global policy action is also needed to rebalance global imbalances between surplus and deficit countries. Going forward, the world faces challenges around debt contraction and whether $8 trillion is sufficient given potential solvency issues rather than just liquidity problems.
1) The European Union provided a 10 billion euro rescue package to Cyprus in 2013 when its banking sector was on the verge of collapse. Cyprus has a small economy and population of 1 million people, but its banking crisis could have major implications for the entire Eurozone.
2) Though controversial, a compromise agreement was reached where depositors in Cypriot banks would lose up to 40% of savings over 100,000 euros to help Cyprus recover from its liquidity crisis. However, Cyprus now faces challenges in reinvigorating its economy while maintaining financial restrictions.
3) While Cyprus has a small economy, the real debt problems lie elsewhere in Europe, particularly in Italy which has over 2.5 trillion dollars
This document provides a summary of the economic crisis that began in 2007. It discusses how the increasing integration of global markets led to growth but also vulnerability. The crisis that started in 2007 was more than a recession, as the housing market collapse in the US continued through 2009, exacerbating problems of high household debt levels. Government and central bank efforts to inject liquidity and spend on stimulus programs struggled to stop the economic downward spiral. Major banks remained fundamentally insolvent despite government capital injections, and credit creation broke down. By the end of 2008, the US government had committed over $7 trillion to bailouts, and deficits were rapidly rising.
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,
- Global warming, inequality, and structural economic changes are long-term problems facing the global economy that require addressing even during times of immediate economic crises. Retrofitting the global economy for climate change would help restore growth and demand. Rapid technological changes necessitate structural shifts that markets often do not handle well. Investing in human capital development, which individuals often cannot afford, is necessary for transitions and addressing issues like health and education. The market alone will not solve problems like global warming, and governments need to play a more active role during times of fiscal constraints.
The document analyzes the causes of Greece's debt crisis and possible ways out. The key causes included overreliance on tourism that decreased after prices rose, large costs from hosting the 2004 Olympics, and Greeks taking on significant debt without paying taxes. Possible ways out discussed providing Greece with large bailout loans to reduce debt to 120% of GDP, or allowing Greece to default which some argue is inevitable and would better help Spain and Italy with their crises. The document examines both sides of continuing bailouts versus allowing default.
SEP - Crisis: causes, consequences and cures Short VersionPRBS
The document provides background on the global financial crisis. It discusses how a period of growth from 2002-2007 was followed by a recession. Countries like Germany, Japan, and China saw trade surpluses but did not increase domestic spending. Low interest rates in the US led to a spending boom and rise in household debt. Risky "NINJA" mortgages were securitized and sold, fueling a property bubble. The defaults began with subprime mortgages, causing interbank lending to dry up. Governments launched expensive bailouts of banks but now face high debt levels. International groups like the IMF, EU stabilization fund, and Financial Stability Board are working to reform regulations and restore stability.
The document discusses disagreements among economists about the causes and solutions to the UK's debt crisis and deficit. It argues that the crisis is more complex than a single narrative suggests, with factors like inequality, banking practices, and economic growth needing consideration. Alternative views are presented that show the UK's debt levels are relatively low compared to other nations and that tax revenues, not overspending, may be more to blame for the deficit.
Greece had been running large budget deficits for decades and its debt level exceeded 100% of GDP since 1993. In 2001 it joined the Eurozone despite not meeting deficit and debt criteria. A secret deal with Goldman Sachs in 2001 helped Greece disguise its true financial situation. When the financial crisis hit in 2010, Greece's misreporting was revealed and it faced a debt crisis. Goldman Sachs then did currency swaps with Greece in 2001 and 2011 that moved debt off Greece's balance sheet without reporting. Goldman also sold credit default swaps on Greek debt, meaning it would profit if Greece defaulted without regulation of the opaque CDS market.
Greece has been experiencing a debt crisis as its budget deficit and debt levels have risen significantly. This was caused by falling tax revenues, increased spending, misreporting of economic statistics, and the effects of the global financial crisis which hurt Greece's major industries of tourism and shipping. To address the crisis, Greece has implemented austerity measures like spending cuts and tax increases, and the EU/IMF have agreed to a bailout package of up to €110 billion in loans to help Greece pay its debts and restore market confidence. However, the crisis has highlighted issues with fiscal policy and oversight in the eurozone.
The document discusses the real problems that led to the global financial crisis, including abundant cheap credit, money created without backing, high fiscal deficits, and highly leveraged financial institutions. It analyzes case studies of Iceland, Greece, Ireland, and the US subprime crisis, noting how easy access to credit fueled unsustainable booms in these countries. While governments have intervened to bail out banks, the underlying issues of too much debt, inflated asset prices, and lack of fiscal discipline remain unsolved.
The document describes different types of paragraphs that can be used in writing, including opening, transition, and closing paragraphs. It also discusses argumentative, conceptual, chronological, enumeration, descriptive, explanatory, expository, narrative, comparative, cause and effect, process, deductive, inductive, and conclusion paragraphs. Each paragraph type has a specific purpose or way of organizing information.
Lindsey Dowling has over 15 years of experience in human resources, payroll, and accounting roles in the construction industry. She currently works as an Administrative Manager for Robins & Morton Construction, overseeing HR, payroll, accounting, and purchasing functions on multiple power and industrial construction sites. Previously, she held similar roles managing payroll, accounting, and HR for BE&K Construction and KBR Construction. She has a Master's degree in Human Resource Management from Auburn University.
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.
1) International debt, especially third world debt, is one of the most contentious issues facing the global economy as it highlights disparities between developed and developing nations.
2) As of 2002, total international debt amounted to $2.48 trillion, around 57% of debtors' collective GDP.
3) Third world debt presents challenges to both debtor and creditor nations, and finding solutions that adequately address the needs of both sides has proven difficult.
The document summarizes the global financial crisis that began in 2007. It describes the crisis as the worst since the Great Depression, triggered by the collapse of the US housing bubble and subprime mortgage crisis. Loose lending practices, deregulation, and risky investments on Wall Street spread the crisis worldwide, resulting in falling markets, tight credit, high unemployment, and recessions around the globe. Government interventions attempted to rescue banks and stimulate economies but recovery was slow.
The document compares the 2008 recession to the Great Depression of the 1930s. It discusses the causes of each event, including the housing bubble and subprime mortgage crisis that contributed to the 2008 recession. For the Great Depression, it mentions the 1929 stock market crash, bank failures, reduction in purchasing, American economic policies, and drought conditions as causes. Both events led to declines in GDP, increases in unemployment, and changes in prices - inflation during the recession and deflation during the depression. The document provides an overview of the key economic impacts of each historical downturn.
Alternative Currencies: The Solution to the Economic Crisis?Brian McConnell
"What is now being called the 'Great Recession' shows no sign of ending either in the U.S. or elsewhere in the world. What then should be done? In many locations people are increasingly turning to creation of alternative currencies. But can these really be effective?
This and many other questions will be addressed by Richard C. Cook, author and retired U.S. Treasury analyst."
As a resident of Roanoke and director of the Peace Spiritual Center, Richard brings a wealth of information and an open-eyed critique of the most discussed solutions as well as examples from both ancient and recent history.
Greece accumulated high levels of debt in the decade before the financial crisis when markets were liquid. This led to a sovereign debt crisis as the financial crisis deepened and liquidity dried up, making borrowing more difficult and expensive. The crisis impacted Greece through lower incomes, savings, capital flows and sector output like tourism and shipping that contribute significantly to GDP. The European Union, IMF and ECB implemented measures like bailout loans and austerity programs to reduce Greece's deficit while the ECB also engaged in bond purchases to increase confidence. Protests have occurred against austerity cuts while leaders debate solutions to the dilemma of whether to continue supporting Greece or risk default.
An Ipsos survey of citizens of nine European Union countries finds most people hold the Greek government responsible for the ongoing debt crisis. Some 88% say the Greek government is a great deal, or a fair amount, to blame for the crisis –rising to 94% among German respondents. The German government was mentioned by 46%, attracting less blame than the Greek populace, the IMF and the European Commission overall.
A glance at the uk economy (netsaving, fdi & debt) thienhuongEva Do
The document analyzes economic trends in the UK, US, and Philippines from 1990-2010. It finds that while the UK economy is still faring better than others, its national debt and debt per capita have risen significantly in recent decades. Net saving rates in the UK and US have declined from 15% on average to around 10% by 2010. Both countries also experienced quieter foreign direct investment flows following the 2008 financial crisis. To ensure future stability, the UK should focus on maintaining a strong banking sector, improving its business environment to attract investment, and creating more jobs while managing inflation and national debt.
The document summarizes the US financial crisis and its impact on the US dollar and global economy. It discusses how loose lending standards, mortgage-backed securities, and credit default swaps led to the crisis. Central banks have responded by printing vast sums of money to inject liquidity. However, coordinated global policy action is also needed to rebalance global imbalances between surplus and deficit countries. Going forward, the world faces challenges around debt contraction and whether $8 trillion is sufficient given potential solvency issues rather than just liquidity problems.
1) The European Union provided a 10 billion euro rescue package to Cyprus in 2013 when its banking sector was on the verge of collapse. Cyprus has a small economy and population of 1 million people, but its banking crisis could have major implications for the entire Eurozone.
2) Though controversial, a compromise agreement was reached where depositors in Cypriot banks would lose up to 40% of savings over 100,000 euros to help Cyprus recover from its liquidity crisis. However, Cyprus now faces challenges in reinvigorating its economy while maintaining financial restrictions.
3) While Cyprus has a small economy, the real debt problems lie elsewhere in Europe, particularly in Italy which has over 2.5 trillion dollars
This document provides a summary of the economic crisis that began in 2007. It discusses how the increasing integration of global markets led to growth but also vulnerability. The crisis that started in 2007 was more than a recession, as the housing market collapse in the US continued through 2009, exacerbating problems of high household debt levels. Government and central bank efforts to inject liquidity and spend on stimulus programs struggled to stop the economic downward spiral. Major banks remained fundamentally insolvent despite government capital injections, and credit creation broke down. By the end of 2008, the US government had committed over $7 trillion to bailouts, and deficits were rapidly rising.
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,
- Global warming, inequality, and structural economic changes are long-term problems facing the global economy that require addressing even during times of immediate economic crises. Retrofitting the global economy for climate change would help restore growth and demand. Rapid technological changes necessitate structural shifts that markets often do not handle well. Investing in human capital development, which individuals often cannot afford, is necessary for transitions and addressing issues like health and education. The market alone will not solve problems like global warming, and governments need to play a more active role during times of fiscal constraints.
The document analyzes the causes of Greece's debt crisis and possible ways out. The key causes included overreliance on tourism that decreased after prices rose, large costs from hosting the 2004 Olympics, and Greeks taking on significant debt without paying taxes. Possible ways out discussed providing Greece with large bailout loans to reduce debt to 120% of GDP, or allowing Greece to default which some argue is inevitable and would better help Spain and Italy with their crises. The document examines both sides of continuing bailouts versus allowing default.
SEP - Crisis: causes, consequences and cures Short VersionPRBS
The document provides background on the global financial crisis. It discusses how a period of growth from 2002-2007 was followed by a recession. Countries like Germany, Japan, and China saw trade surpluses but did not increase domestic spending. Low interest rates in the US led to a spending boom and rise in household debt. Risky "NINJA" mortgages were securitized and sold, fueling a property bubble. The defaults began with subprime mortgages, causing interbank lending to dry up. Governments launched expensive bailouts of banks but now face high debt levels. International groups like the IMF, EU stabilization fund, and Financial Stability Board are working to reform regulations and restore stability.
The document discusses disagreements among economists about the causes and solutions to the UK's debt crisis and deficit. It argues that the crisis is more complex than a single narrative suggests, with factors like inequality, banking practices, and economic growth needing consideration. Alternative views are presented that show the UK's debt levels are relatively low compared to other nations and that tax revenues, not overspending, may be more to blame for the deficit.
Greece had been running large budget deficits for decades and its debt level exceeded 100% of GDP since 1993. In 2001 it joined the Eurozone despite not meeting deficit and debt criteria. A secret deal with Goldman Sachs in 2001 helped Greece disguise its true financial situation. When the financial crisis hit in 2010, Greece's misreporting was revealed and it faced a debt crisis. Goldman Sachs then did currency swaps with Greece in 2001 and 2011 that moved debt off Greece's balance sheet without reporting. Goldman also sold credit default swaps on Greek debt, meaning it would profit if Greece defaulted without regulation of the opaque CDS market.
Greece has been experiencing a debt crisis as its budget deficit and debt levels have risen significantly. This was caused by falling tax revenues, increased spending, misreporting of economic statistics, and the effects of the global financial crisis which hurt Greece's major industries of tourism and shipping. To address the crisis, Greece has implemented austerity measures like spending cuts and tax increases, and the EU/IMF have agreed to a bailout package of up to €110 billion in loans to help Greece pay its debts and restore market confidence. However, the crisis has highlighted issues with fiscal policy and oversight in the eurozone.
The document discusses the real problems that led to the global financial crisis, including abundant cheap credit, money created without backing, high fiscal deficits, and highly leveraged financial institutions. It analyzes case studies of Iceland, Greece, Ireland, and the US subprime crisis, noting how easy access to credit fueled unsustainable booms in these countries. While governments have intervened to bail out banks, the underlying issues of too much debt, inflated asset prices, and lack of fiscal discipline remain unsolved.
The document describes different types of paragraphs that can be used in writing, including opening, transition, and closing paragraphs. It also discusses argumentative, conceptual, chronological, enumeration, descriptive, explanatory, expository, narrative, comparative, cause and effect, process, deductive, inductive, and conclusion paragraphs. Each paragraph type has a specific purpose or way of organizing information.
Lindsey Dowling has over 15 years of experience in human resources, payroll, and accounting roles in the construction industry. She currently works as an Administrative Manager for Robins & Morton Construction, overseeing HR, payroll, accounting, and purchasing functions on multiple power and industrial construction sites. Previously, she held similar roles managing payroll, accounting, and HR for BE&K Construction and KBR Construction. She has a Master's degree in Human Resource Management from Auburn University.
The document repeatedly provides information about modeling car and motorcycle shows in Ho Chi Minh City, Vietnam. It lists the services provided which include car and motorcycle models, models for motor shows, and providing models in Ho Chi Minh City. Contact information is also repeatedly listed which includes the website www.sukienvietsky.com and two phone numbers.
Este documento trata sobre la ética y la atención a la diversidad. Define la ética como aquello que fundamenta la moralidad y guía los actos humanos mediante valores y principios. Explica que la moral evalúa nuestras acciones y nos compromete con la conducta debida. También define la diversidad como las diferencias entre personas en cultura, origen, raza y nivel socioeconómico. Finalmente, señala que la atención a la diversidad implica medidas educativas para adaptarse a las necesidades del alumnado dada su variedad.
Slack & Parr is a UK-based company founded in 1917 that designs and manufactures high-precision geared flow dividers used in industries worldwide. The document discusses the company's commitment to customers and products, provides an overview of its small and large capacity flow dividers, and details features such as precision-ground gears and modular construction. Typical applications mentioned include lifting arms, oilfield equipment, hydraulic presses, agricultural machinery, and more.
Brihan Ford is seeking a challenging career that utilizes her experience and skills. She has over 7 years of experience in customer service roles including as a receptionist, waitress, cashier, and sales associate. Brihan has a license in esthetics and training in dermalogica and microdermabrasion techniques. She aims to build on her strengths in communication, problem-solving, and relationship building.
Dewahar Babu is an experienced electrical engineer seeking a position that allows professional growth. He has over 15 years of experience in electrical maintenance and has expertise in electrical technology, fault finding, and maintaining electrical systems. His professional experience includes roles at several manufacturing companies where he performed preventative maintenance on machinery, utilities, and automated systems.
Este documento trata sobre la ética y la atención a la diversidad. Define la ética como aquello que fundamenta la moralidad y guía los actos humanos mediante valores y principios. Explica que la moral evalúa nuestras acciones y nos compromete con la conducta debida. También define la diversidad como las diferencias entre personas en cultura, origen, raza y nivel socioeconómico. Finalmente, señala que la atención a la diversidad implica medidas educativas para adaptarse a las necesidades del alumnado dada su variedad.
Este documento explica cómo programar una tarea en Windows 7 utilizando el programador de tareas. Primero, debe iniciar sesión como administrador y abrir el programador de tareas a través del panel de control. Luego, cree una tarea básica, seleccione cuándo se ejecutará, elija iniciar un programa, seleccione el programa a ejecutar, y finalice la tarea. Esto programará la tarea para que se ejecute automáticamente según la configuración seleccionada.
The document advertises a company that organizes professional customer conferences in major cities in Vietnam such as Ho Chi Minh City, Đồng Nai, Phan Thiết, Nha Trang, Cần Thơ, and Đà Nẵng. It provides the company website and phone numbers for contact.
This document summarizes a study that transformed the plant Artemisia dubia with the rolA gene using Agrobacterium tumefaciens to increase production of artemisinin and its derivatives. The rolA gene was inserted into A. dubia and transgenic plants were regenerated. Thin layer chromatography analysis found that both rolA and rol ABC transgenic A. dubia produced comparable amounts of artemisinin and derivatives, demonstrating that rolA transformation is effective for enhancing secondary metabolite production. Optimization of the transformation protocol improved regeneration of transgenic A. dubia plants.
Công ty tổ chức lễ khởi công khánh thành chuyên nghiệp nhất tại tp.hcm, Khởi công, động thổ, khánh thành, khai trương, Công ty tổ chức lễ khởi công khánh thành chuyên nghiệp nhất ở tại HCM, Khởi công, động thổ, khánh thành, khai trương, Công ty tổ chức lễ khởi công khánh thành chuyên nghiệp nhất ở tại HCM
Este documento explica cómo programar una tarea en Windows 7 utilizando el programador de tareas. Primero, debe iniciar sesión como administrador y abrir el programador de tareas a través del panel de control. Luego, cree una tarea básica, seleccione cuándo se ejecutará, elija iniciar un programa, seleccione el programa deseado, y finalice la tarea. Esto programará la tarea para que se ejecute automáticamente según la configuración seleccionada.
This document discusses MySQL and SQL. It provides information on installing and downloading MySQL, how to connect to a MySQL database using the command line, how to create, select, insert, update, and delete data from MySQL databases and tables using SQL statements. It also includes SQL statements for creating sample tables to demonstrate MySQL and SQL commands.
The document discusses the future of Ireland's economy. It notes that while market-based models have led to economic growth, the recent recession showed weaknesses that require government intervention. For Ireland specifically, the recession resulted in a large national debt and budget deficit as tax revenues fell. The document considers what policies Ireland could adopt to strengthen its economy, create jobs, and deal with issues markets don't address like education, healthcare, renewable energy and infrastructure projects. It questions what the future may hold for Ireland and what steps the country could take.
Emer O’Siochru: Land Value Tax in Ireland: Recent Failure and Future ProspectsMoral Economy
Emer O’Siochru: Land Value Tax in Ireland: Recent Failure and Future Prospects. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
The document discusses the economic crisis that occurred in Ireland in 2008. It examines the causes of the crisis, including the property bubble fueled by increased bank lending, low interest rates after joining the euro, and lax fiscal policy. The crisis had severe consequences for Ireland, including a deep recession, loss of economic sovereignty after an EU-IMF bailout, and high unemployment. The government responses including expanding deposit guarantees and eventually guaranteeing all bank debts, which increased public debt substantially.
This document discusses the 2008 financial crisis and its impact on the UK. It begins by defining a financial crisis and explaining the housing bubble and subprime lending practices in the US that triggered the crisis. It then discusses the effects in the UK, including falling retail sales, rising unemployment, and GDP declining by 1.5% in the fourth quarter of 2008, officially pushing the country into recession. The document also outlines some measures taken by the UK government to stimulate the economy through recapitalizing banks, loan guarantees, and an asset protection scheme.
The Structure Of A Financial Crisis EssayAmber Moore
The document discusses the structure and causes of financial crises. It begins by providing context about Turkey's financial crisis in 2001 and discusses why countries experience financial crises. It then examines Turkey's privatization policies from the 1980s onward and some challenges they faced. Finally, it looks at Turkey's efforts to resume privatization in the early 1990s and the revenues generated, though the program progressed more slowly than planned. In general, the document analyzes Turkey's privatization approaches and the ongoing economic difficulties they faced.
The 2008 collapse of the U.S. financial system was precipitated by a housing bubble fueled by easy credit and risky lending practices. As housing prices declined sharply from their 2006 peak, millions of homeowners defaulted on mortgages. This caused the failure of major financial institutions like Lehman Brothers and placed firms like AIG and Fannie Mae in financial peril, ultimately requiring government intervention. Widespread use of complex financial instruments like derivatives and CDOs further amplified systemic risks in the absence of proper oversight. The crisis had devastating economic impacts worldwide and revealed critical shortcomings in regulation of the financial industry.
1. Ireland's membership in the EU contributed to its 2008 fiscal crisis in several ways. The introduction of the euro in particular led to low interest rates that fueled a property bubble in Ireland through reckless lending by Irish banks. Political mismanagement exacerbated the situation.
2. When the global financial crisis hit in 2008, Ireland was vulnerable because it could no longer independently set interest rates or print money as an eurozone member. To prevent a banking collapse, the Irish government issued an unlimited bank guarantee that ultimately saddled taxpayers with the banks' debts.
3. The EU and ECB response has also hindered Ireland's recovery at times. Bailout terms have been criticized as unfair compared to other countries like
Rebalancing for what? Rebalancing for whom?The uneven geographies of urban ...Simon Parker
Presentation to the session 'Between the Punitive and the Supportive II: Urban Social Policy's 'Messy Middle Ground’, Association of American Geographers Meeting Los Angeles, 12 April 2013.
The document is a 3,157 word research paper that investigates whether the average Irish person would have been better off if the Irish government did not bail out the banks during the 2008 financial crisis. It begins with an introduction describing the events that led to the crisis in Ireland. It then reviews three relevant past financial crises: the Great Depression, the Icelandic Financial Crisis of 2008-2011, and the Irish Financial Crisis of 2008-2014. The literature review finds that banking reforms and bailouts during the Great Depression helped economic recovery in the US, while Iceland's decision to only bail out domestic banks protected its citizens but angered other countries. The paper aims to determine if Ireland made the right choice to bail out its banks based
The document discusses the Eurozone debt crisis, providing background on the origins of the euro currency and how debt levels grew unsustainably in Greece, Portugal, Italy and Spain (PIIGS countries). It explains that lack of fiscal controls allowed these countries to overspend for years. The crisis emerged in late 2000s when debt became unsustainable and these countries could no longer borrow from markets. They required bailouts from the EU, IMF and ECB to pay debts and stabilize banks. Root causes included bloated public sectors and uncompetitive economies that struggled with austerity reforms tied to bailout loans.
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".
The document criticizes Brian Cowen and Brian Lenihan, the former Taoiseach and Finance Minister of Ireland, for their roles in the bank guarantee of 2008 and subsequent financial crisis in Ireland. It argues that they committed "treason" by shifting hundreds of billions of private bank debt onto Irish taxpayers to bail out banks. This decision plunged Ireland into insolvency and forced it to accept an EU-IMF bailout, imposing austerity on Irish citizens. The document calls for Ireland to default on bank debt, leave the Euro, end private central banking, and implement economic reforms to achieve prosperity.
This document discusses the Irish media's coverage of Ireland's economic crisis. It argues that the media failed to properly identify and report on the housing bubble due to its close ties to corporate and government interests, as well as advertising pressures. It also critiques the media for giving disproportionate voice to economists and commentators who repeatedly denied the existence of a housing bubble and advocated for austerity measures despite evidence they would be economically contractionary.
Global Financial Crisis-Marc Coleman-07 dec-2009IIEA
This presentation addresses issues such as the global financial crisis, Ireland’s economic recovery, unemployment, the future of Ireland’s political parties and the upcoming Budget.
Similar to The financial crisis- dominant factors. (15)
1. SSJ10050 – The FinancialCrisis
What were dominantfactors in the outbreak of the 2008 thefinancial crisis?
Student no: 13559673
2008 was the year when the greatest period in the country’s economic development and
growth began to unravel. For the next six years the country was faced with a decline in its
social/cultural, economic and human fabric. There were many and varied reasons for this
devastation that caused such human misery and distress and created a landscape that was
so different and unexpected to that which the population had become accustomed to. This
essay will examine a number of these factors including the role of the banks, government
policy, the building/construction sector and external global events which though not directly
the cause of the country’s downfall, nevertheless did not help an already dire situation.
From its independence in 1922 until the beginning of the 1990’s Irelands economic progress
had been exceedingly slow and the country was prone to intermittent recessions and short
term growth spurts. However political influences, a sustained global boom of the 1990’s and
a shift in socio-cultural mores and attitudes enabled a more enlightened people to take
advantage and bring the country into a period of prosperity in every way.
Morgan Kelly in a discussion paper Whatever Happened to Ireland, tells us that, “fifteen
years of an economic boom allowed the Irish government to cut income taxes, increase
spending and run a budget surplus by relying heavily on expenditure taxes.” When Fianna
Fail and The Progressive Democrats took office 1997 they inherited a stable economy and a
budget surplus for the first time. Ireland was reaping the rewards of a global boom. This
new government was predominantly influenced by the ideology of the PD’s. Charlie
McCreevy as Minister of Finance pursued a policy of free market globalisation that dragged
Ireland firmly to the right. Their low tax, light regulation running of the economy was
strongly supported by a Fianna Fail party who believed in pleasing the electorate at all times
to ensure their re-election. Corporation tax at 12.5% was the lowest in Europe and attracted
multi-national companies particularly American who established themselves in Ireland and
availed of this generous tax facility often finding means and ways to reduce this amount and
subsequently paying far less than the 12.5%. The removal of hundreds of thousands of
people from the tax net and lowering the tax rates ensured that people had more spending
power. This drove a spending boom in local economies. An exercise in bench-marking was
under taken to compare salaries in the private sector versus the public sector and the
perceived inequality in the public sector was amended and resulted in huge increases for
public sector workers. Charlie McCreevys credo was a textbook statement of
macroeconomic illiteracy: “When I have the money I spend it, when I don’t have it I don’t
spend it.” This was a lethal cocktail of global ideology and Irish habits which Ahern,
McCreevy and Harney, though bright people, fostered.
2. All of this was financed to a great extent with tax returns from a booming construction
sector where “Economists had been noting for some time that the boom in Irish exports
which had fuelled spectacular growth in the 1990’s had been supplanted by a boom in
construction. Between 2000-2006 house prices had doubled relative to income and rents,
and some 15% of our GNP was being generated from the construction of new houses and
apartments- 3 times as much as in other developed countries.” (McDonald and Sheridan). In
December 2006, Morgan Kelly, Professor of Economics in UCD, in an Irish Times article
noted when house prices were still skyrocketing “we are likely to spend a painful few years
as we unlearn that lesson.” Professor John Fitzgerald of the ERSI told Richard Curran in an
RTE documentary called Future Shock: Property Crash, “We have allowed building
construction to grow too rapidly and take up too big a share of the economy.” (McDonald
and Sheridan).
In the eight years from 1998 to 2006 a credit fuelled property market and construction
frenzy was in full swing. Builders became developers incentivized by generous tax breaks for
building, refurbishment and urban renewal developments all over the country. Every plot of
land, every small village every building seemed to have the potential to be turned into a pot
of gold. This was facilitated by cheap credit and extensive competition between the main
banks in Ireland, no one wanted to miss out. Money was widely available to the Irish banks
from German banks, hedge funded companies and bond holders among others. There was
an endless supply to the Irish banking systemand government policy of not upsetting the
competitive position of the domestic banks while encouraging the financial services industry
at the expense of prudent behaviour meant “the banking business was oiling the economy
and the politicians didn’t want it to end.” (Matt Copper). A more significant issue was the
bullying of the financial regulators by the banks by going above their heads to their bosses.
The Regling- Watson report on the financial crash stated that “the regulation was not hands
on or pre-emptive and was insufficiently intrusive and forceful.” “The regulators had
seriously underestimated the funding risks linked to the banks over exposure to property.
The fact is that supervisors, right to the end, clung onto the hope of a soft landing for the
economy and the property market.” (Matt Cooper). The crash when it came involved a
banking collapse of unprecedented scale and a housing market meltdown which in turn led
to soaring unemployment which the Irish government could not handle on its own. (Karl
Whelan). All of the banks were to blame for the economic catastrophe but if one bank is to
take the main share of the blame it has to be Anglo Irish Bank and its Chairman Sean
Fitzpatrick. “Anglo’s loses were bigger than any other banks in the world in both 2009 (12
billion) and 2010 (17 billion), its need for state supplied capital more voracious, the
behaviour of its top executives more egregious.” “The cost of cleaning up Anglo would
continue for the Irish citizen for a decade to come, creating a bill of thousands of euro per
head to be paid for by increased taxes and reduced public services.” (Matt Cooper).
Up to the beginning of the year 2000 Ireland had a relatively small housing stock. The
population of the country was increasing rapidly which resulted in a demand for housing.
The high mortgage rates of the 1980’s and early 1990’s were dramatically reduced to almost
half by the provision of low interest finance from European banks to Irish mortgage lenders.
One of the consequences of this was that house prices quadrupled between 1996 and 2007
3. which was twice the rate of increase of the United States. “The response to this increase in
housing demand was an extraordinary construction boom. The total stock of dwellings—
which had stood at 1.2 million homes in 1991 and had gradually increased to 1.4 million
homes in 2000—exploded to 1.9 million homes in 2008. House completions went from
19,000 in 1990 to 50,000 in 2000 to a whopping 93,000 in 2006.” (Karl Whelan). Houses
were built where there was no demand. Sites were developed on unsuitable land, for
example many housing estates were built on flood plains which resulted in catastrophic
situations for residents. The quality of building materials was suspect and scant regard was
given to fire safety and health regulations which came to light in developments like Priory
Hall. The result of all of this was when the collapse came the country was dotted with ghost
estates unfished and mainly unoccupied. Developers consisted of all types of individuals.
Fintan O’Toole highlights one such high profile developer in his book Ship of Fools, “Sean
Dunne pushed Irish property prices to new heights by buying the Jurys and Berkeley court
hotels in Ballsbridge, Dublin, for €260 million, with the intention of demolishing them to
build a new high-rise city quarter to rival London’s Knightsbridge. He paid €53.7 million per
acre for the land: the previous record was €35 million. He then bought a small adjacent site,
Hume House, for the equivalent of €195 million an acre- believed to be one of the highest
prices to be paid for a piece of real estate ever, anywhere. In all he spent €379 million on his
Ballsbridge site.” As O’Toole tells us, this inevitably became another toxic debt to the Irish
state that was unlikely to ever be repaid in full. The other extreme of this was the average
PAYE worker, small time business man and one time builder who bought properties at
highly inflated prices and subsequently found themselves in negative equity when the
collapse came, often resulting in these people becoming homeless and destitute. There was
a high social price to be paid by so many for this frenzy that consumed the country.
The European Central Bank dictates how each member states central bank operates in
relation to interest rates, responding to inflation and the management of budget deficits.
These decisions were enshrined in the European Union after numerous referenda which
were designed to manage and stabilize the union as a monetary entity. The economic
collapse when it happened, hit some countries harder than others for various reasons.
Unlike Great Britain and The United States whose treasury and Federal Reserve were able to
increase or decrease interest rates as necessary and also to print money so as to stimulate a
faltering economic situation, Ireland was at the mercy of an EU and an ECB that failed to
take account of the effects of consistent low interest rates which facilitated the availability
of a never ending supply of cheap money to banks which fuelled the construction boom.
Irish government policy was first and foremost to save the banks, at the expense inevitably
of its citizens. The first big banking collapse in USA was Lehman Brothers and what shocked
European countries was the fact that the Federal Reserve allowed Lehman’s and others
subsequently to fail so as to protect the US economy. Professor Patrick Honohan the
subsequent Governor of The Central Bank in his report of 2010 says, “the weakness of the
Irish banks had been caused not by the collapse of the US bank Lehman Brothers but by their
over exposure to property lending,” and “Anglo and Irish Nationwide were well on the road
to insolvency by the time of the Lehman collapse and AIB and Bank of Ireland could have
survived without state supported bailout only if the International financial markets had
4. calmed.” (Matt Cooper). The reaction of the financial markets was also instrumental in the
instability around the Irish banks and the economy itself.
While the Celtic Tiger era, contributed in a very significant way to the growth and
development of a New Ireland, in many other ways it could be said that it was a house of
cards, built on quick sand. There were many good things that the government achieved.
Infrastructure, rejuvenation and psychologically a feel good factor that infected the country
as a whole. Sadly it was short lived. Could it have been handled in a better way? The answer
has to be yes, if, a number of things were approached differently. There are many ifs. If the
government had been more prudent using the budget surplus and the massive increases in
salaries and social welfare benefits which were subsequently seen to be unsustainable. If
the banks hadn’t been caught up in a frenzy of lending trying to outdo each other. If the
financial regulator hadn’t been asleep and largely ignoring the warning signs of the dangers
of overheating and an over reliance on tax returns from one aspect of the economy. If the
European Central bank had seen fit to use its powers over interest rates and overseeing of
individual central banks. Now in 2015 the recovery is underway. The harsh lessons have
been painfully felt by the vast majority of the Irish citizens. Hopefully these lessons will be
heeded if and indeed probably when there is the inevitable next time.
Reference list:
Kelly, M 2010, Whatever Happened to Ireland, University College Dublin, Discussion paper
NO.7811 Available. http://www.voxeu.org/article/whatever-happened-ireland
Mcdonald, F, Sheridan, K 2008, The Builders, how a small group of property developers
fuelled the building boom and transformed Ireland, Dublin, Penguin Ireland.
Cooper, M 2011, How Ireland Really Went Bust, Dublin, Penguin Ireland.
O’Toole, F 2009, Ship of Fools, London, Faber and Faber LTD.
Whelan, K 2013, The Good, the Bad and the Ugly, University College Dublin, UCD School of
Economics, Available: https://www.ucd.ie/t4cms/WP13_06.pdf