Download or read book The Greek Crisis and Financial Assistance Programmes written by Michael Arghyrou and published by . This book was released on 2015 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyse the background of the Greek debt crisis and evaluate the three Greek financial assistance programme. The crisis and the first programme's (2010-11) failure were mainly the result of misguided internal policies. The second programme (2012-14) achieved progress towards recovery but this was fragile and was cancelled out by Greece's stand-off with her lenders in the first half of 2015. The stand-off was one that predictably Greece could not win, due to the lack of a credible growth plan; and the adoption of a transparently non-credible ultimatum-game strategy. These explain the signing of the third programme in August 2015.

Download or read book The Greek Debt Crisis written by Congressional Research Service and published by Createspace Independent Publishing Platform. This book was released on 2017-05-05 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 2009, Greece has grappled with a serious debt crisis. Most economists believe that Greece's public debt, 180% of Greek gross domestic product (GDP), is unsustainable. The ramifications of the debt have been felt throughout the Greek economy, which contracted by 25% from its pre-crisis level. A fifth of Greeks are unemployed, with youth unemployment at nearly 50%, and the Greek banking system is unstable. Although other Eurozone governments, the International Monetary Fund (IMF), and the European Central Bank coordinated a substantial crisis response, Greece continues to face serious economic challenges. The economic crisis in Greece is also one of several major challenges currently facing the 28-member European Union (EU) that have heightened concerns about the legitimacy and structure of the EU and its institutions and raised questions about the bloc's future shape and character. Acrimonious debates among European leaders about the appropriate response to the Greek crisis and other challenges have heightened political tensions in Europe that could negatively affect the EU over the longer term. In particular, the crisis in Greece has exposed problems with the institutional architecture of the Eurozone, whose member states share a common currency and monetary policy, but retain national control over fiscal and banking policies. Recent Developments and Outlook In the short-term, attention is focused on whether the Greek government can make 6.3 billion (about $6.7 billion) in debt payments falling due in July. The Greek government and European creditors are in negotiations to unlock disbursements of financial assistance to the Greek government that would allow it to make the July repayments. If an agreement cannot be reached, Greece may again default on its debt. A key issue in current negotiations is the role of the IMF. The IMF did not participate in the third rescue package for Greece, but left open the possibility of doing so at a later date. The IMF is pushing the Greek government to implement pension and tax reforms and pushing European creditors to grant debt relief to Greece. After seven years through the crisis, how the crisis will ultimately be resolved remains unclear. Possible scenarios could include (1) Europeans continue to "muddle through" the crisis, providing financial assistance to Greece in exchange for reforms, while keeping Eurozone membership in tact; (2) Europeans provide greater flexibility to Greece on debt relief and reforms, allowing Greece to grow out of the crisis while maintaining membership in the Eurozone; or (3) an eventual splintering of the Eurozone, with Greece choosing or being forced to leave the euro in favor of a national currency ("Grexit"). Issues for Congress Impact on the U.S. Economy: Although direct U.S. exposure to Greece is limited, Europe as a whole is a major economic partner of the United States. The pace of economic recovery in the Eurozone and in Greece is expected to pick up, albeit at a still relatively low rate, but should ease some of the pressure on financial stability and on the dollar. IMF Involvement: Some analysts criticize IMF involvement in Greece, particularly extending large loans when questions surrounded the sustainability of Greek debt. Other analysts argue that IMF programs in Greece were critical for stemming contagion and ensuring stability in the global economy. U.S.-European Cooperation: The United States looks to Europe for partnership in addressing a range of global challenges. Political tensions in Europe and a focus on the Greek crisis could prevent the EU from focusing more intently on other key U.S.-European policy priorities, such as deterring Russian aggression in Ukraine and Eastern Europe and responding to conflict in the Middle East and North Africa.

Download or read book A strategy for Greece out of the current economic financial sovereign debt crisis written by Dominik Ganswohl and published by GRIN Verlag. This book was released on 2014-02-03 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2014 im Fachbereich VWL - Geldtheorie, Geldpolitik, , Sprache: Deutsch, Abstract: Once famous for their beauty, friendliness and culture, Greece – the land of gods – was climbing up the Olymp quickly. But the successes of “Rehakles” and the Olympic Games in 2004 have blurred the reality. Greece has nowadays a new profile: Excessive national debts, Recession, a suffering society and for most people a missing perspective. The current situation is the result after decades of bad economic decision-making and wrong governmental leading. Tina Gries and Dominik Ganswohl examined the Greek Crisis, analysed previously initiated measures and shaped strategies for Greece to get out of the current economic, financial and sovereign debt crisis – back to their old face.

Download or read book Ex post Evaluation on the Economic Adjustment Programmes of Greece 2010 18 written by and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study presents an ex-post evaluation of the three adjustment programmes for Greece, beginning May 2010 and ending August 2018. Greece was the first of the euro area countries to find itself on the brink of sovereign default and in need of emergency financial support. This crisis occurred at a time when the EMU was not yet endowed with either a governance structure or the funds necessary to be able to respond quickly and within a predefined framework. The Greek crisis acted as a trigger for the creation of euro area financial assistance and stabilisation instruments that would later become available to all euro area countries. Over the course of the three programmes, €256.6 billion in financial assistance was made available to Greece via €52.9 billion in bilateral loans from EU Member States (the Greek Loan Facility, GLF), and a total loan of €203.7 billion from the European Financial Stability Facility (EFSF) and the ESM. An additional €32 billion came from the IMF. The main purpose of the study is to draw lessons for future decision-making and identify areas of improvement for future possible EU interventions. The evaluation assesses the three adjustment programmes from an economic point of view, taking a balanced perspective accounting for both the benefit of hindsight and the information available at the time the time of decision-making.

Download or read book The Greek Crisis 2009 2015 written by Alexandros Kyriakidis and published by . This book was released on 2017 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Eurozone crisis has constituted one of the most dramatic events in the history of the European Union (EU), and has been the reason for an extensive overhaul of the EU operating framework (particularly for the Eurozone). The first Eurozone Member State to resort to the then ad hoc EU-IMF financial assistance cooperation was Greece, opening the door of the Eurozone to the IMF and, simultaneously, to the further integration of the Economic and Monetary Union. Today, of the five Eurozone Member States that eventually requested EU-IMF financial assistance (Greece, Ireland, Portugal, Spain, Cyprus), Greece is the only one still receiving assistance. Despite the importance of the case of Greece, further contributions can be offered to the existing scholarship in relation to the specifics and modalities of the assistance programs and their transference within the Greek ordre public, something otherwise mostly absent from the field. The aim of this article is to provide a detailed analysis of the Greek crisis from its beginning in late-2009 until today, and investigate how exactly the measures assumed in the context of financial assistance unfolded.

Download or read book Safeguarding the Euro in Times of Crisis written by and published by . This book was released on 2019 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book tells the inside story of those who played key roles in setting up the organisations and combatting the crisis. In exclusive interviews, global financial leaders and ESM insiders provide a rich stock of perspectives and anecdotes that bring to life the urgency of the crisis as well as the innovative solutions found to resolve it. The European Stability Mechanism and its temporary predecessor the EFSF provided billions of euros in loans to five hard-hit euro area countries during the European financial and sovereign debt crisis of the early 2000s, helping to safeguard the stability of those countries and the euro area as a whole. Initially, the crisis-torn euro area was ill-equipped institutionally, but the rapid establishment of the firewalls, the assistance programmes, deep‐seated country reforms, the strengthening of European institutions, and extraordinary European Central Bank measures shielded Europe from a euro area break-up. With the EFSF/ESM set-up, its managers aspired to create a new, more entrepreneurial international financial institution, one that is agile enough to respond quickly to new challenges, while still ensuring the strict governance befitting an organisation pursuing a public mission. The euro area has emerged from near disaster in more robust shape. As Europe strives to further strengthen its architecture in preparation for any possible future crises, it is important to reflect upon how the euro area reinvigorated its fortunes and draw the relevant lessons for future crisis management in Europe and beyond.

Download or read book The Financial Crisis and its Impacts on Greece written by Richards Macdonald and published by GRIN Verlag. This book was released on 2013-04-22 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2012 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: A, The University of Chicago, language: English, abstract: In 2008, the world witnessed economic turndown of the most dangerous nature since the Great Depression of the 1930s. It all began in 2007 when high home prices in the United States turned downward that spread quickly to the entire US financial sector and then to financial markets globally. The overall casualty in the United States included the biggest insurance company, the entire investment banking industry, the largest mortgage lender, two of the largest commercial banks and the largest savings and loan. The impact of downfall in the United States had a huge impact globally and specifically the European countries. The worst hit country by financial turn down was Greece (Salas et al, 2010). Greece even before joining the Euro was living beyond its means. After adopting single currency, public spending soared. Between 1999 and 2007, public wages increased by 50%, faster than most of the countries in Eurozone. The government also hosted 2004 Athens Olympics and piled up debt. The debt in Greece kept soaring till the point where the country was no longer able to repay its debts. Greece was forced to ask for help from the IMF and European parts in the form of massive loans (Shiller, 2008). This research analyzes the global financial crisis and its impacts on Greece. It analyzes the austerity measures taken up by Greece and its impacts on the country. The research analyzes the bail outs that were granted to Greece to save the country from defaulting. IMF, World Bank and European Central Bank helped Greece by providing loans along with strict austerity measures by the economy of Greece had continuously shrank and the situation is not getting any better. The aims and objectives of the research include: • Analyzing the current financial crisis in Greece • Analyzing if there is any opportunity present in Greece for economic revival • Proposing a plan for revival of Greece’s economy For analyzing the financial situation of Greece, secondary data was used for extensive and in-depth analysis. The secondary research data sources included books, case studies, articles and literature review. With this methodology, the research investigated and analyzed the weaknesses and strengths of steps that were taken in Greece in order to counter the financial crisis. The analysis revealed that it was the poor taxation policies and economic structure that contributed to the worsening financial situation of Greece.

Download or read book The Commission s Intervention in the Greek Financial Crisis written by and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examined the European Commission's management of the three Economic Adjustment Programmes for Greece, bearing in mind the institutional set-up of the different financial assistance instruments used. In relation to the ongoing programme, the audit focused only on the design aspects. Funding for the first programme (GLF), in 2010, was 110 billion euros; for the second (EFSF; 2012) it was 172.6 billion euros and for the third (ESM; 2015) it was 86 billion euros. As of mid-2017, Greece still requires external financial support and we found that the objectives of the programmes were met only to a limited extent. Overall, the programmes' design did make the progress of reform in Greece possible, but we found weaknesses. We make a number of recommendations to the Commission for future support programmes.

Download or read book Economic Crisis Health Systems and Health in Europe written by Sarah Thomson and published by Open University Press. This book was released on 2015-07 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic shocks pose a threat to health and health system performance by increasing people's need for health care and making access to care more difficult - a situation compounded by cuts in public spending on health and other social services. But these negative effects can be avoided by timely public policy action. While important public policy levers lie outside the health sector, in the hands of those responsible for fiscal policy and social protection, the health system response is critical. This book looks at how health systems in Europe reacted to pressure created by the financial and economic crisis that began in 2008. Drawing on the experience of over 45 countries, the authors:' analyse health system responses to the crisis in three policy areas: public funding for the health system; health coverage; and health service planning, purchasing and delivery 'assess the impact of these responses on health systems and population health' identify policies most likely to sustain the performance of health systems facing financial pressure' explore the political economy of implementing reforms in a crisisThe book is essential reading for anyone who wants to understand the choices available to policy-makers - and the implications of failing to protect health and health-system performance - in the face of economic and other forms of shock.--

Download or read book The Economic Adjustment Programme for Greece written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2010 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an overview of the challenges faced by Greece, discusses with the authorities, and the objectives and design of the economic and financial programme.

Download or read book A New Chapter for Greece written by and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Greece has emerged from a three-year stability support programme, and a total of eight years of financial assistance programmes, with its place at the heart of the euro area and European Union secured. The stability support programme, signed by the European Commission, on behalf of the European Stability Mechanism, in August 2015, provided for up to €86 billion in loans conditional on the implementation of a comprehensive and unprecedented reform programme. A total of €61.9 billion in loans have been provided to Greece under this stability support programme on the basis of implementation of a comprehensive and unprecedented reform package. This stability support programme took a coordinated approach to tackle longstanding and deep-rooted structural issues that contributed to Greece experiencing an economic crisis. When taken together, these transformative reforms have laid the foundations for a sustainable recovery, putting in place the fundamental conditions needed for sustained growth, job creation and sound public finances in the years to come. The conclusion of the programme marks the end of one chapter and the beginning of another for Greece. It will be necessary to remain focused on fully addressing the social and economic consequences that are the legacy of the crisis years. This will require that the Greek authorities maintain ownership of reforms and ensure their sustained implementation, as per their commitments at the Eurogroup meeting of 22 June 2018.

Download or read book A New Chapter for Greece written by and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Greece has received a total of €288.7 billion in financial assistance since 2010. €256.6 billion of this has come from its European partners, with a further €32.1 billion from the International Monetary Fund*. In August 2015, upon the request of the Greek authorities, the European Commission signed, on behalf of the European Stability Mechanism, an agreement with Greece for a new stability support programme. The agreement established that the stability support programme could provide loans of up to €86 billion over the course of three years in return for the implementation of reforms to address fundamental economic and social challenges. €61.9 billion has been disbursed under the current programme.

Download or read book The Second Economic Adjustment Programme for Greece written by and published by . This book was released on 2012 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: 1. Introduction - 2. Macroeconomic and financial developments - 3. Programme implementation - 4. Debt sustainability analysis and programme financing.

Download or read book Laid Low written by Paul Blustein and published by McGill-Queen's Press - MQUP. This book was released on 2016-10-17 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: The latest book by journalist and author Paul Blustein to go behind the scenes at the highest levels of global economic policy making, Laid Low chronicles the International Monetary Fund’s role in the euro-zone crisis. Based on interviews with a wide range of participants and scrutiny of thousands of documents, the book tells how the IMF joined in bailouts that all too often piled debt atop debt and imposed excessively harsh conditions on crisis-stricken countries. As the author shows, IMF officials had grave misgivings about a number of these rescues, but went along at the insistence of powerful European policy makers — to the detriment of the Fund’s credibility, with disheartening implications for the management of future crises. The narrative ends with a tale of the clash between Greece’s radical Syriza government and the country’s creditor institutions that reached a dramatic climax in the summer of 2015.

Download or read book Tax Reforms and Debt in Greece After the Financial and Economic Crisis Insights and Challenges for Tax Policymaking in Times of Emergency written by M.M.R. Richardson and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the area of tax and taxation the European Union, EU Member State Greece has consistently faced non-compliance by its citizens. Greece has, therefore, in the last years, under supervision of the European Union and the International Monetary Fund (IMF), taken steps to reform its tax administration and confront tax evasion. These reforms have taken place in combined EU and IMF programmes to manage Greece's recovery from its financial and economic crisis, with substantial financial assistance from the European Stability Mechanism. Numerous tax reforms have occurred, including the adoption of the Income Tax and Tax Procedure Codes and a major reform of VAT legislation. Nonetheless, Greece's shadow economy has been and remains a factor of concern for tax compliance. Furthermore, economic hardship and the financial crisis have hindered Greek taxpayers' ability to pay their tax due and propelled government debt. A substantial part of the Greek population has lived and still lives in poverty, while the Greek government continuous to deal with the task of paying the debt owed to its bailout creditors. The current worldwide COVID-19 (corona virus) crisis will certainly also impact the Greek government's ability to continue with tax reforms and debt sustainability.

Download or read book Reforming the Greek Pension System written by Mr. Alvar Kangur and published by International Monetary Fund. This book was released on 2021-07-16 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Greek pension system has been costly, complex, and distortive, which has contributed to Greece’s fiscal problems and discouraged labor force participation. Several attempts to reform the system faltered due to lack of implementation, pushback by vested interests, and court rulings leading to reversals. A series of reforms introduced throughout 2015–17 unified benefit and contribution rules, removed several distortions and reduced fragmentation and costs. If fully implemented throughout the long-term, these reforms can go a long way towards enhancing the pension system affordability. However, reforms faced setbacks and fell short of creating stronger incentives to build long contribution histories, to deliver sustainable growth by improving the fiscal policy mix, and to ensure fairness and equitable burden sharing across generations and interest groups. Policy priorities should aim towards fully implementing the 2015–17 reforms and complementing them with additional reforms to address these remaining objectives.

Download or read book Tax Reforms and Debt in Greece After the Financial and Economic Crisis written by Mirugia Richardson and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the area of tax and taxation the European Union, EU Member State Greece has consistently faced non-compliance by its citizens. Greece has, therefore, in the last years, under the supervision of the European Union and the International Monetary Fund (IMF), taken steps to reform its tax administration and confront tax evasion. These reforms have taken place in combined EU and IMF programmes to manage Greece's recovery from its financial and economic crisis, with substantial financial assistance from the European Stability Mechanism. Numerous tax reforms have occurred, including the adoption of the Income Tax and Tax Procedure Codes and a major reform of VAT legislation. Nonetheless, Greece's shadow economy has been and remains a factor of concern for tax compliance. Furthermore, economic hardship and the financial crisis have hindered Greek taxpayers' ability to pay their tax due and propelled government debt. A substantial part of the Greek population has lived and still lives in poverty, while the Greek government continues to deal with the task of paying the debt owed to its bailout creditors. The current worldwide COVID-19 (coronavirus) crisis will certainly also impact the Greek government's ability to continue with tax reforms and debt sustainability.Full-text Paper.