George was born in Thessaloniki-Greece at and he is still a resident of this city. He studied Nutrition at Technological Educational Institute of Thessaloniki between the years to , and he was also involved in boatbuilding since gaining quite big experience in GRP and wood constructions, engineering and innovative technologies. In addition, he is also a musician and now a writer.
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Trichet of the European Central Bank had long opposed a haircut for private investors, "fearing that it could undermine the vulnerable European banking system". Private bondholders were required to accept extended maturities, lower interest rates and a On 17 October , Minister of Finance Evangelos Venizelos announced that the government would establish a new fund, aimed at helping those who were hit the hardest from the government's austerity measures.
Some key assets were sold to insiders. The second bailout programme was ratified in February The recession worsened and the government continued to dither over bailout program implementation. The fourth review of the bailout programme revealed unexpected financing gaps. The government predicted a structural surplus in ,   opening access to the private lending market to the extent that its entire financing gap for was covered via private bond sales.
Instead a fourth recession started in Q After Greece's January snap election , the Troika granted a further four-month technical extension of its bailout programme; expecting that the payment terms would be renegotiated before the end of April,  allowing for the review and the last financial transfer to be completed before the end of June. Facing sovereign default, the government made new proposals in the first  and second half of June.
The government unilaterally broke off negotiations on 26 June. They petitioned for the parliament or president to reject the referendum proposal. The Eurogroup clarified on 27 June that only if an agreement was reached prior to 30 June could the bailout be extended until the referendum on 5 July. The Eurogroup wanted the government to take some responsibility for the subsequent program, presuming that the referendum resulted in approval.
On 28 June the referendum was approved by the Greek parliament with no interim bailout agreement. Many Greeks continued to withdraw cash from their accounts fearing that capital controls would soon be invoked. This caused stock indexes worldwide to tumble, fearing Greece's potential exit from the Eurozone "Grexit". Following the vote, Greece's finance minister Yanis Varoufakis stepped down on 6 July and was replaced by Euclid Tsakalotos.
On 13 July, after 17 hours of negotiations, Eurozone leaders reached a provisional agreement on a third bailout programme, substantially the same as their June proposal. Many financial analysts, including the largest private holder of Greek debt, private equity firm manager, Paul Kazarian , found issue with its findings, citing it as a distortion of net debt position. The Medium-term Fiscal Strategy Framework — voted on 19 May introduced amendments of the provisions of the thirteenth austerity package. In June , news reports indicated that the "crushing debt burden" had not been alleviated and that Greece was at the risk of defaulting on some payments.
They included changes in labour laws, a plan to cap public sector work contracts, to transform temporary contracts into permanent agreements and to recalculate pension payments to reduce spending on social security. Greece successfully exited as declared the bailouts on August 20, . On 1 May , the Greek government announced a series of austerity measures.convecon.xtage.com.br/map4.php
Credit rating agencies immediately downgraded Greek governmental bonds to an even lower junk status. The programme was met with anger by the Greek public, leading to protests , riots and social unrest. On 5 May , a national strike was held in opposition. At a 21 July summit in Brussels, Euro area leaders agreed to extend Greek as well as Irish and Portuguese loan repayment periods from 7 years to a minimum of 15 years and to cut interest rates to 3. Overall Greek GDP experienced a 7. There were key differences in the effects of the Greek programme compared to these for other Eurozone bailed-out countries.
According to the applied programme, Greece had to accomplish by far the largest fiscal adjustment by more than 9 points of GDP between and  , "a record fiscal consolidation by OECD standards ". The negative effects of such a rapid fiscal adjustment on the Greek GDP, and thus the scale of resulting increase of the Debt to GDP ratio, had been underestimated by the IMF, apparently due to a calculation error.
The much larger scale of the above effects does not allow a meaningful comparison with the performance of programmes in other bailed-out countries. Initially, this recapitalization was accounted for as a debt increase that elevated the debt-to-GDP ratio by During the first warrant period, the shareholders in Alpha bank bought back the first 2. Once HFSF liquidates its assets, the total amount of recovered capital will be returned to the Greek government to help to reduce its debt. Initially, European banks had the largest holdings of Greek debt. As of , various European countries still had a substantial amount of loans extended to Greece.
This extended the deal that EIB would lend million euros. In hindsight, while the troika shared the aim to avoid a Greek sovereign default, the approach of each member began to diverge, with the IMF on one side advocating for more debt relief while, on the other side, the EU maintained a hardline on debt repayment and strict monitoring.
Polls showed that the vast majority of Greeks are not in favour of leaving the Eurozone. Key statistics are summarized below, with a detailed table at the bottom of the article. The IMF reported on 2 July that the "debt dynamics" of Greece were "unsustainable" due to its already high debt level and " In response to the crisis, the Greek governments resolved to raising the tax rates dramatically.
A study showed that the indirect taxes were almost doubled between the beginning of the Crisis and This crisis-induced system of high taxation has been described as "unfair", "complicated", "unstable" and, as a result, "encouraging tax evasion". As of , five indirect taxes had been added to goods and services. The ensuing tax policies are accused for having the opposite effects than intended, namely reducing instead of increasing the revenues, as high taxation discourages transactions and encourages tax evasion, thus perpetuating the depression.
Greece not only has some of the highest taxes in Europe, it also has major problems in terms of tax collection. A mid report indicated Greeks have been "taxed to the hilt" and many believed that the risk of penalties for tax evasion were less serious than the risk of bankruptcy. By , tax receipts consistently were below the expected level. Data for placed the Greek underground or "black" economy at A January report  by the DiaNEOsis think-tank indicated that unpaid taxes in Greece at the time totaled approximately 95 billion euros, up from 76 billion euros in , much of it was expected to be uncollectable.
One method of evasion is the so-called black market, grey economy or shadow economy: The social effects of the austerity measures on the Greek population were severe. Consequently, because of financial shock, unemployment directly affects debt management, isolation, and unhealthy coping mechanisms such as depression, suicide, and addiction. Many unemployed Greeks cycled between friends and family members until they ran out of options and ended up in homeless shelters. These homeless had extensive work histories and were largely free of mental health and substance abuse concerns. The Greek government was unable to commit the necessary resources to homelessness, due in part to austerity measures.
A program was launched to provide a subsidy to assist homeless to return to their homes, but many enrollees never received grants. Various attempts were made by local governments and non-governmental agencies to alleviate the problem. The non-profit street newspaper Schedia Greek: Athens opened its own shelters, the first of which was called the Hotel Ionis.
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In a study by Eurostat , it was found that 1 in 3 Greek citizens live under poverty conditions in Horse racing has ceased operation due to the liquidation of the conducting organization. Paid soccer players will receive their salary with new tax rates. By January , taxpayers were only granted tax-allowances or deductions when payments were made electronically, with a "paper trail" of the transactions.
This was expected to reduce the opportunity by vendors to avoid the payment of VAT sales tax and income tax. By 28 July , numerous businesses were required by law to install a point of sale device to enable them to accept payment by credit or debit card. Krugman suggested that the Greek economy could recover from the recession by exiting the Eurozone "Grexit" and returning to its national currency, the drachma. That would restore Greece's control over its monetary policy, allowing it to navigate the trade-offs between inflation and growth on a national basis, rather than the entire Eurozone.
However, the consequences of "Grexit" could be global and severe, including: Greece could accept additional bailout funds and debt relief i. However, austerity has damaged the economy, deflating wages, destroying jobs and reducing tax receipts, thus making it even harder to pay its debts.
European debt crisis - Wikipedia
Economist Thomas Piketty said in July A restructuring of all debt, not just in Greece but in several European countries, is inevitable. Financial markets will immediately turn on the next country. Germany has played a major role in discussion concerning Greece's debt crisis,. Hypocrisy has been alleged on multiple bases. In the millions of words written about Europe's debt crisis, Germany is typically cast as the responsible adult and Greece as the profligate child.
Prudent Germany, the narrative goes, is loath to bail out freeloading Greece, which borrowed more than it could afford and now must suffer the consequences. In other words, they lent more than they could afford. Germany's banks were Greece's enablers. German economic historian Albrecht Ritschl describes his country as "king when it comes to debt.
Calculated based on the amount of losses compared to economic performance, Germany was the biggest debt transgressor of the 20th century. Allegations of hypocrisy could be made towards both sides: OECD projections of relative export prices—a measure of competitiveness—showed Germany beating all euro zone members except for crisis-hit Spain and Ireland for , with the lead only widening in subsequent years. One way to do that is to allow higher inflation in Germany but I don't see any willingness in the German government to tolerate that, or to accept a current account deficit.
Part of the effort to re-balance Europe also has to been borne [sic] by Germany via its current account. Paul Krugman estimates that Spain and other peripherals need to reduce their price levels relative to Germany by around 20 percent to become competitive again:. If Germany had 4 percent inflation, they could do that over 5 years with stable prices in the periphery—which would imply an overall eurozone inflation rate of something like 3 percent. But if Germany is going to have only 1 percent inflation, we're talking about massive deflation in the periphery, which is both hard probably impossible as a macroeconomic proposition, and would greatly magnify the debt burden.
This is a recipe for failure, and collapse. The US has also repeatedly asked Germany to loosen fiscal policy at G7 meetings, but the Germans have repeatedly refused. Even with such policies, Greece and other countries would face years of hard times, but at least there would be some hope of recovery. With regard to structural reforms required from countries at the periphery, Simon Evenett stated in If you've been in a job where it is hard to be fired, labour market reform introduces insecurity, and you might be tempted to save more now there's a greater prospect of unemployment.
Economy-wide labour reform might induce consumer spending cuts, adding another drag on a weakened economy. Claims that Germany had, by mid, given Greece the equivalent of 29 times the aid given to West Germany under the Marshall Plan after World War II have been contested, with opponents claiming that aid was just a small part of Marshall Plan assistance to Germany and conflating the writing off of a majority of Germany's debt with the Marshall Plan.
The version of adjustment offered by Germany and its allies is that austerity will lead to an internal devaluation, i. This view too has been contested. A February research note by the Economics Research team at Goldman Sachs claims that the years of recession being endured by Greece "exacerbate the fiscal difficulties as the denominator of the debt-to-GDP ratio diminishes". Strictly in terms of reducing wages relative to Germany, Greece had been making progress: In contrast Germany's unemployment continued its downward trend to record lows in March ,  and yields on its government bonds fell to repeat record lows in the first half of though real interest rates are actually negative.
All of this has resulted in increased anti-German sentiment within peripheral countries like Greece and Spain. When Horst Reichenbach arrived in Athens towards the end of to head a new European Union task force, the Greek media instantly dubbed him "Third Reichenbach". This had a critical effect: Such a level is considered most probably unsustainable.
The Greek programmes imposed a very rapid improvement in structural primary balance, at least two times faster than in Ireland, Portugal and Cyprus .
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The IMF did formally apologize to Greece in on a different issue, after comments by Christine Lagarde indicated lack of respect for the sacrifices made by Greeks . From Wikipedia, the free encyclopedia. Economy of Greek government-debt crisis History of the yield of year Greece government bonds.
All values, unless otherwise stated, are in US dollars. Tax evasion and corruption in Greece. Greek debt crisis timeline. Greek government-debt crisis countermeasures. First Economic Adjustment Programme for Greece. Please see discussion on the linked talk page. December Learn how and when to remove this template message. Second Economic Adjustment Programme for Greece. Third Economic Adjustment Programme for Greece.
So what, in brief, is happening?
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Yet all this is regarded as acceptable, desirable, even moral—indeed, a success. The explanation is myths: Retrieved 29 June Retrieved 20 August Current Issues in Economics and Finance. Federal Reserve Bank of New York. Retrieved 11 November Retrieved 28 April Retrieved 22 June Retrieved 5 May Retrieved 15 April Retrieved 3 July Greece makes overdue payments, no longer in default".
Retrieved 10 September Retrieved 1 August Retrieved 5 September Retrieved 8 September Retrieved 31 August Federal Reserve Bank of San Francisco. Check date values in: Greek Ministry of Finance. Retrieved 9 October Archived from the original PDF on 20 January Retrieved 22 October Archived from the original PDF on 5 February Retrieved 5 March Retrieved 8 January Revised data for the period —" PDF. Archived from the original PDF on 12 November Retrieved 19 October Archived from the original PDF on 13 November Retrieved 17 October Archived from the original on 23 June Retrieved 2 May Retrieved 5 August Foreign Capital Inflows Up".
Embassy of Greece in Poland Greeceinfo. Retrieved 9 August Hughes Hall Seminar Series, March The New York Times. Retrieved 7 November Retrieved 7 June Retrieved 17 May Archived from the original PDF on 8 January Retrieved 6 January Athens Closes in on Wealthy Tax Evaders". Retrieved 30 October Retrieved 28 August Still in a spin". Archived from the original PDF on 14 November Retrieved 27 April Retrieved June 28, Greek Economy Figures Unreliable". Archived from the original on October No other state will need a bail-out". Retrieved 6 May The New York Times Company.
Such contracts were also used by other European countries until Eurostat, the EU's statistic agency, stopped accepting them later in the decade.
Eurostat has also asked Athens to clarify the contracts. Retrieved 29 October This credit disguised as a swap didn't show up in the Greek debt statistics. Eurostat's reporting rules don't comprehensively record transactions involving financial derivatives. In previous years, Italy used a similar trick to mask its true debt with the help of a different US bank. Archived from the original on 5 March Schwartz February 13, In dozens of deals across the Continent, banks provided cash upfront in return for government payments in the future, with those liabilities then left off the books.
Greece, for example, traded away the rights to airport fees and lottery proceeds in years to come. Retrieved 22 January Provision of deficit and debt data for — Second notification" PDF. Retrieved 19 February
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