Scribd Logo
Загрузить

Добро пожаловать в Scribd!

  • Greece, Its Creditors and Euro

    Загружено:

    Ravi Panara
    7 просмотров21 страница
    1) Greece entered the eurozone in 2001 and experienced high GDP growth from money flowing in from other eurozone nations, but engaged in unproductive spending like the 2004 Athens Olympics and military spending. 2) When the global financial crisis hit in 2007, money flows reversed and Greece's true debt and deficit levels were revealed in 2009, resulting in multiple bailouts from the European Commission, European Central Bank, IMF, and eurozone nations totaling over €200 billion. 3) The bailouts came with austerity measures and reforms imposed by the "troika" that further damaged Greece's economy, leading newly elected SYRIZA party leaders in 2015 to seek to reverse austerity and restructure Greek debt obligations while remaining

    Исходное описание:

    Greece, its creditors and euro

    Оригинальное название

    Greece, its creditors and euro

    Авторское право

    © © All Rights Reserved

    Доступные форматы

    PPTX, PDF, TXT или читайте онлайн в Scribd

    Этот документ был вам полезен?

    Это неприемлемый материал?

    Пожаловаться на этот документ
    1) Greece entered the eurozone in 2001 and experienced high GDP growth from money flowing in from other eurozone nations, but engaged in unproductive spending like the 2004 Athens Olympics and military spending. 2) When the global financial crisis hit in 2007, money flows reversed and Greece's true debt and deficit levels were revealed in 2009, resulting in multiple bailouts from the European Commission, European Central Bank, IMF, and eurozone nations totaling over €200 billion. 3) The bailouts came with austerity measures and reforms imposed by the "troika" that further damaged Greece's economy, leading newly elected SYRIZA party leaders in 2015 to seek to reverse austerity and restructure Greek debt obligations while remaining

    Авторское право:

    © All Rights Reserved
    Скачайте в формате PPTX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    7 просмотров21 страница

    Greece, Its Creditors and Euro

    Загружено:

    Ravi Panara
    1) Greece entered the eurozone in 2001 and experienced high GDP growth from money flowing in from other eurozone nations, but engaged in unproductive spending like the 2004 Athens Olympics and military spending. 2) When the global financial crisis hit in 2007, money flows reversed and Greece's true debt and deficit levels were revealed in 2009, resulting in multiple bailouts from the European Commission, European Central Bank, IMF, and eurozone nations totaling over €200 billion. 3) The bailouts came with austerity measures and reforms imposed by the "troika" that further damaged Greece's economy, leading newly elected SYRIZA party leaders in 2015 to seek to reverse austerity and restructure Greek debt obligations while remaining

    Авторское право:

    © All Rights Reserved
    Скачайте в формате PPTX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 21

    Department of Business

    and Industrial
    Management, Surat

    Presentation on
    Greece, its international creditors and euro
    From Economic & Political Weekly 14 th Feb.
    2015 issue no.7 vol. 50

    Greece, its international creditors


    and euro

    Stay
    Stayinin
    power
    euro
    Reverse
    austerity

    25th January 2015 SYRIZA won greek


    election (coalition of Radical left and
    Anel party)
    Alexis Tsipras Prime Minister
    Yanis Varoufakis (economist)
    Finance Minister

    Origins of Greeces
    Problems
    Maastricht treaty (treaty that
    established the euro zone) in 1992
    Greece entered in Jan 2001
    From 2001-2007 avg. GDP of
    Greece : 4.3%
    Euro zone avg. GDP : 3.1%

    Monetary expansion in
    the advanced capitalist
    countries (US, UK,
    Germany, France) of the
    centre.
    private capital started to
    flow from the centre to
    the periphery which
    includes Greece

    GREECE

    US
    UK
    GERMANY
    FRANCE

    Good GDP

    Easy Credit

    private
    consumption
    and
    government
    spending

    Trouble

    Non
    productive
    spending

    Athens
    Olympics in
    2004

    Military
    spending

    Global
    Financial
    Crisis in
    June 2007
    private
    capital flow
    surge
    reversed

    Beginning until 2009 the Greek


    governments had been masking their
    sovereign debt and budget deficit
    through creative accounting and off
    balance sheet transactions as well as
    complex currency and credit
    derivatives.
    Papandreou government which was
    elected in October 2009 stopped this and
    released the true numbers.

    Greece has been in depression since


    2009
    GDP down about 25%
    Youth unemployment is above 50%
    Public debt to GDP ratio 175%

    Bailed
    out

    Leave
    the euro
    zone

    EC : European commission
    (executive body of European
    union)
    ECB : the European Central
    Bank
    IMF : international monetary
    fund
    Euro group : conference of
    FM of 19 member state (euro
    zone) for discussion of
    matter related to EURO

    EC
    B

    EC
    IM
    F

    troika

    Euro Group

    European
    financial
    stability
    Facility (EFSF)

    European
    Stability
    Mechanism
    (ESM)

    EFSF : Its a private company


    established in 2010, a special purpose
    vehicle created as a temporary crisis
    resolution mechanism.
    ESM : Permanent rescue mechanism
    with same mission established in 2012.
    Unlike GFL ,EFSF & ESM funds its
    operations by issuing money market as
    well as medium & long term debt.

    Macroeconomic Adjustment Programmes


    : Bailed outs package of 2010
    Europ
    grou
    3
    77.
    n
    Billio

    IMF
    30
    Billion

    Greek
    Loan
    facility
    (GFL)
    from may
    2010 to
    June 2013

    Bailed out package of march


    2012
    Europ
    grou
    .7
    144 n
    Billio

    IMF
    19.8
    Billion

    MAP
    164.5 Billion
    from 2012 to
    end 2014

    MAPs were imposed & overseen by troika


    which consists of
    Fiscal reforms to generate Savings (austerity)
    Structural reforms to enhance competitiveness
    & growth
    Financial reforms to enhance financial stability
    Here European Central Bank (ECB) does not
    provide financial assistance in bailed out but it
    only provides technical expertise

    Beneficiaries of Bailed outs


    1. Greeces Private Lenders
    2. German & French banks
    . Here Varoufakis appears right when
    he claimed that it was the banks
    that got bailed out, not Greece
    & that Greece got deformed, not
    reformed

    Main objectives of SYRIZA


    government
    1.
    2.
    3.
    4.

    Write off 50% of sovereign debts


    Reverse austerity
    Reverse structural reforms
    Remain euro zone members

    . since then PM and FM are working


    on it

    But still the question


    remains!

    Stay
    Stayinin
    power
    euro
    Reverse
    austerity

    Вам также может понравиться