|
2000s European Sovereign Debt Crisis Timeline
From late 2009, fears of a sovereign debt crisis in some European states developed, with the situation becoming particularly tense in early 2010. Greece was most acutely affected, but fellow Eurozone members Cyprus, Ireland, Italy, Portugal, and Spain were also significantly affected. In the EU, especially in countries where sovereign debt has increased sharply due to bank bailouts, a crisis of confidence has emerged with the widening of bond yield spreads and risk insurance on credit default swaps between these countries and other EU members, most importantly Germany. This was the first Eurozone crisis since its creation in 1999. As Samuel Brittan pointed out, Jason Manolopoulos "shows conclusively that the Eurozone is far from an optimum currency area". Niall Ferguson also wrote in 2010 that "the sovereign debt crisis that is unfolding... is a fiscal crisis of the western world". Axel Merk argued in a May 2011 Financial Times article that the dollar was in graver danger than th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurozone
The euro area, commonly called eurozone (EZ), is a currency union of 19 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU policies. The 19 eurozone members are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The eight non-eurozone members of the EU are Bulgaria, Czech Republic, Croatia, Denmark, Hungary, Poland, Romania, and Sweden. They continue to use their own national currencies, albeit all but Denmark are obliged to join once they meet the euro convergence criteria. Croatia will become the 20th member on 1 January 2023. Among non-EU member states, Andorra, Monaco, San Marino, and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins. In addition, Kosovo and Montenegro h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to the global financial crisis of 2007–2008, and the COVID-19 pandemic. The ability of government to issue debt has been central to state formation and to state building. Public debt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wage Freeze
Incomes policies in economics are economy-wide wage and price controls, most commonly instituted as a response to inflation, and usually seeking to establish wages and prices below free market level. Incomes policies have often been resorted to during wartime. During the French Revolution, "The Law of the Maximum" imposed price controls (by penalty of death) in an unsuccessful attempt to curb inflation, and such measures were also attempted after World War II. Peacetime income policies were resorted to in the U.S. in August 1971 as a response to inflation. The wage and price controls were effective initially but were made less restrictive in January 1973, and later removed when they seemed to be having no effect on curbing inflation. Incomes policies were successful in the United Kingdom during World War II but less successful in the post-war era. Theory Incomes policies vary from "voluntary" wage and price guidelines to mandatory controls like price/wage freezes. One va ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stability And Growth Programme
Stability may refer to: Mathematics *Stability theory, the study of the stability of solutions to differential equations and dynamical systems ** Asymptotic stability **Linear stability ** Lyapunov stability **Orbital stability **Structural stability * Stability (probability), a property of probability distributions *Stability (learning theory), a property of machine learning algorithms *Stability, a property of sorting algorithms *Numerical stability, a property of numerical algorithms which describes how errors in the input data propagate through the algorithm * Stability radius, a property of continuous polynomial functions *Stable theory, concerned with the notion of stability in model theory *Stability, a property of points in geometric invariant theory *K-Stability, a stability condition for algebraic varieties. *Bridgeland stability conditions, a class of stability conditions on elements of a triangulated category. *Stability (algebraic geometry) Engineering *In atmospher ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greek Legislative Election, 2009
Early parliamentary elections were held in Greece on 4 October 2009. Elections were not required until September 2011, but on 2 September 2009 Prime Minister Kostas Karamanlis of New Democracy announced that he would request President Karolos Papoulias dissolve Parliament and call elections. Parliament was dissolved on 9 September. The result was a victory for the opposition PASOK party led by George Papandreou, who became the new Prime Minister. New Democracy lost 61 of its 152 seats, with its vote share dropping by over 8 percentage points. Voting was mandatory; however there are no sanctions or penalties for not voting. Participating parties A total of 23 parties participated in the elections. Six of them participated in only one or two parliamentary constituencies. *New Democracy *PASOK *Communist Party of Greece *Popular Orthodox Rally *Coalition of the Radical Left *Ecologists Greens * Marxist-Leninist Communist Party of Greece *Communist Party of Greece (Marxist-Leninist) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panhellenic Socialist Movement
The Panhellenic Socialist Movement ( el, Πανελλήνιο Σοσιαλιστικό Κίνημα, Panellínio Sosialistikó Kínima, ), known mostly by its acronym PASOK, (; , ) is a social-democratic political party in Greece. Until 2012, it was one of the two major parties in the country, along with New Democracy, its main political rival. Following the collapse of the Greek military dictatorship of 1967–1974, PASOK was founded on 3 September 1974 as a socialist, democratic socialist and left-wing nationalist party. Formerly the largest left-wing party in Greece between 1977 and 2012, PASOK lost much of its popular support as a result of the Greek debt crisis. When the crisis begun, PASOK was the ruling party and negotiated the first Greek bailout package with the European troika which necessitated harsh austerity measures. It caused a significant loss in popularity as a result of the economic crisis, the party was part of two coalition governments from 2011 to 2015, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of Greece
Government of Greece (officially: Government of the Hellenic Republic; also Greek Government or Hellenic Government) mfa.gr is the of the , reformed to its present form in 1974. The is the . He recommends ministers a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greek Government Debt Crisis
Greek may refer to: Greece Anything of, from, or related to Greece, a country in Southern Europe: *Greeks, an ethnic group. *Greek language, a branch of the Indo-European language family. **Proto-Greek language, the assumed last common ancestor of all known varieties of Greek. **Mycenaean Greek, most ancient attested form of the language (16th to 11th centuries BC). **Ancient Greek, forms of the language used c. 1000–330 BC. **Koine Greek, common form of Greek spoken and written during Classical antiquity. **Medieval Greek or Byzantine Language, language used between the Middle Ages and the Ottoman conquest of Constantinople. **Modern Greek, varieties spoken in the modern era (from 1453 AD). *Greek alphabet, script used to write the Greek language. *Greek Orthodox Church, several Churches of the Eastern Orthodox Church. *Ancient Greece, the ancient civilization before the end of Antiquity. *Old Greek, the language as spoken from Late Antiquity to around 1500 AD. Other uses * '' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greece Withdrawal From The Eurozone
A Greek withdrawal from the eurozone was a hypothetical scenario, debated mostly in the early to mid 2010s, under which Greece would withdraw from the Eurozone to deal with the Greek government-debt crisis of the time. This conjecture was given the nickname "Grexit", a portmanteau combining the English words 'Greek' and 'exit',Economist Who Coined ‘Grexit’ Now Says Greece Will Stay in Euro By Flavia Krause-Jackson. Bloomberg Business, 28 June 2015 By Ralph Atkins. '' |
Greek Legislative Election, May 2012
Legislative elections were held in Greece on Sunday, 6 May 2012 to elect all 300 members to the Hellenic Parliament. It was regular scheduled to be held in late 2013, four years after the previous election; however, an early election was stipulated in the coalition agreement of November 2011 which formed the Papademos Cabinet. The coalition comprised both of Greece's traditional major political parties, PASOK on the left and New Democracy (ND) on the right, as well as the right-wing Popular Orthodox Rally (LAOS). The aim of the coalition was to relieve the Greek government-debt crisis by ratifying and implementing decisions taken with other Eurozone countries and the International Monetary Fund (IMF) a month earlier. The elections delivered massive losses for the parties of the outgoing government, resulting in a realignment of Greek politics. PASOK, who won the 2009 election in a relative landslide, won just 13% of the overall vote, a decline of almost three-quarters. ND emerg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fourth Austerity Package (Greece)
This article details the fourteen austerity packages passed by the Government of Greece between 2010 and 2017. These austerity measures were a result of the Greek government-debt crisis and other economic factors. All of the legislation listed remains in force. Background Membership in the European Monetary Union (EMU) has posed problems for some social classes, like the working class in Germany, and also on a countrywide scale for some EU members. Greece is in the latter category, along with Portugal, Ireland and Spain, presenting the problem of sovereign default, sometimes also called a "sovereign debt crisis". This situation originated with the tenuous integration of the periphery countries of the European Union into the eurozone and was made worse by the global financial crisis of 2007. Austerity was one of the policy measures available to governments to manage the economic downturn. Greek withdrawal from the eurozone is another alternative or institutional reform of the eurozo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Financial Stability Facility
The European Financial Stability Facility (EFSF) is a special purpose vehicle financed by members of the eurozone to address the European sovereign-debt crisis. It was agreed by the Council of the European Union on 9 May 2010, with the objective of preserving financial stability in Europe by providing financial assistance to eurozone states in economic difficulty. The Facility's headquarters are in Luxembourg City, as are those of the European Stability Mechanism. Treasury management services and administrative support are provided to the Facility by the European Investment Bank through a service level contract. Since the establishment of the European Stability Mechanism, the activities of the EFSF are carried out by the ESM. The EFSF is authorised to borrow up to €440 billion, of which €250 billion remained available after the Irish and Portuguese bailout. A separate entity, the European Financial Stabilisation Mechanism (EFSM), a programme reliant upon funds r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.png "Click for more on -> Panhellenic Socialist Movement")
.svg "Click for more on -> Government Of Greece")
