In 2011, the government of Greece ran into severe financial difficul.pdf

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In 2011, the government of Greece ran into severe financial difficulties. For years, the Greek government had spent much more than it had received in tax revenue, financing the substantial budget deficits by borrowing. If Greece had had its own currency, rather than being part of the euro area, how could that help Greece solve the problem? (Make sure you state your intuition) Hint: Using Open Economy Solution Euro zone as a monetary union which takes the most extreme form of fixed exchange regime. If Greece continues following fixed exchange rate, it will be unable to adjust its exchange rate in accordance to its budget. It will lose its flexibility to operate in the market and adjust its finances. However, had the country had its own currency, it would have helped itself out of the deficit by adjusting the exchange rate and thus money inflow..

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Please explain in detaile the European debt crisis Solution In 2007, EU economies, on the surface, seemed to be doing relatively well – with positive economic growth and low inflation. Public debt was often high, but (apart from Greece) it appeared to be manageable assuming a positive trend in economic growth. However, the global credit crunch changed many things. EU Bond Yields Uncompetitiveness Eurozone countries with debt problems are also generally uncompetitive with a higher inflation rate and higher labour costs. This means there is less demand for their exports, higher current account deficit and lower economic growth. (The UK became uncompetitive, but being outside the Euro, the Pound could depreciate 20% restoring competitiveness. Poor Prospects for Growth People have been selling Greek and Italian bonds for two reasons. Firstly because of high structural debt, but also because of very poor prospects for growth. Countries facing debt crisis have to cut spending and implement austerity budgets. This causes lower growth, higher unemployment and lower tax revenues. However, they have nothing to stimulate economic growth. Individual Cases Greece’s Case In early 2010 these difficult developments reflected in rising spreads on sovereign bond yields between the affected peripheral member states of Greece, Ireland, Portugal and Spain, and most notably Germany. The Greek yield diverged in early 2010 with Greece needing eurozone assistance by May 2010. Greece received two bailouts from the EU over the following five years during which the country adopted EU-mandated austerity measures to cut costs while experiencing a further economic recession as well as social unrest. In June 2015 Greece, with divided political and fiscal leadership and a continued recession, was facing a sovereign default. However, on July 5, 2015 the Greek people voted against further EU austerity measures, with a possibility of Greece leaving the European Monetary Union entirely. The withdrawal of a nation from the EMU is unprecedented, and the speculated effects on Greece\'s economy if the currency is returned to the drachma range from total economic collapse to a surprise recovery. Ireland Case Ireland followed Greece in requiring a bailout in November 2010, with Portugal next in May 2011. Italy and Spain were also vulnerable, with Spain requiring official assistance in June 2012 along with Cyprus. By 2014, Ireland, Portugal and Spain, due to various fiscal reforms, domestic austerity measures and other unique economic factors, all successfully exited their bailout programs requiring no further assistance. The road to full economic recovery is still underway. Cyprus, too, reported a slow but steady ongoing recovery, averting further financial crisis thus far. Summary of Main Causes of Debt Crisis.

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Running Head: GLOBAL ECONOMICS 1 GLOBAL ECONOMICS 7 Global Economics Students Name Institution Affiliation Instructor Date of Submission Introduction With the large situation, first the world financial crisis and so those of national debt and the euro zone, the dramatic distinction looked between economic strategies marked, on this one hand, By the dynamic usage of economic policies designed to induce permanently debt-financed demand and by strategies from the regulation of deficits, liabilities and business competitiveness on the different. On the one side there are nations like the U.S., Britain and France and on the different, Germany and other virtuous nations at the euro region. A balanced budget, especially the government plan, is the plan with revenues equivalent to expenditures. There is neither the only budget deficit nor the budget excess; put differently, “this accounts difference.” More broadly, it relates to the plan with no liabilities, but perhaps with the surplus. The at regular intervals balanced plan is a plan that is not essentially balanced year-to-year then again is poised over the whole economic cycle, working the excess into boom periods in addition working the shortfall in the lean years, with these counterbalancing over time. Budget shortfalls and excesses When the government expenses surpass administration tax revenues at the given year, then the government is working the budget discrepancy for this year. This budget shortfall, which constitutes the variance amongst government expenditures and taxation revenues, is also funded via government borrowing; this administration matters long‐term, interest‐bearing bonds as well as utilizes that payoffs to finance the deficit. The overall product of government bonds and interest payments striking, from all both the present as well as the time, is called the public loan. So, when the entire government finances the shortfall through borrowing, it is contributing to the public debt. Then when government expenditures are not as much as tax revenues at the given year, the government is working the budget excess for this year (Seccareccia, 2017). This fund surplus is the difference between taxation revenues in addition administration expenditures. These revenues from this budget extra are classically utilized to decrease any existing public debt. In this case where government expenses are just same as tax revenues in the given year, then the government is working a stable budget for this year (Dahan, & Strawczynski, 2020) It is crucial to differentiate between external and internal liabilities. External debt implies that the nation has borrowed money overseas to protect the balance of the payments deficit. Internal liability is what the government has borrowed to protect the balance of the payments deficit. The role that the government borrows overseas can, therefore, be included both in the government as well as international debt. Change of the cost balance def.

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