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Grexit
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. '' |
Withdrawal From The Eurozone
Withdrawal from the Eurozone denotes the process whereby a Eurozone member-state, whether voluntarily or forcibly, stops using the euro as its national currency and leaves the Eurozone. , no country has withdrawn from the Eurozone. Background The possibility of a member state leaving the Eurozone was first raised after the onset of the Greek government-debt crisis. The term " Grexit" itself was reportedlyGrexit by Kate Mackenzie and Joseph Cotterill, '''' Alphaville, 7 February 2012 first used by Citigroup economists |
Greek Government-debt Crisis
Greece faced a sovereign debt crisis in the aftermath of the financial crisis of 2007–2008. Widely known in the country as The Crisis ( Greek: Η Κρίση), it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis. In all, the Greek economy suffered the longest recession of any advanced mixed economy to date. As a result, the Greek political system has been upended, social exclusion increased, and hundreds of thousands of well-educated Greeks have left the country. The Greek crisis started in late 2009, triggered by the turmoil of the world-wide Great Recession, structural weaknesses in the Greek economy, and lack of monetary policy flexibility as a member of the Eurozone. The crisis included revelations that previous data on government debt levels and deficits had been underreported by the Greek government: the official forecast for the 2009 budg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Syriza
The Coalition of the Radical Left – Progressive Alliance ( el, Συνασπισμός Ριζοσπαστικής Αριστεράς – Προοδευτική Συμμαχία, Synaspismós Rizospastikís Aristerás – Proodeftikí Simachía), best known by the syllabic abbreviation SYRIZA (, el, ΣΥΡΙΖΑ ; a pun on the Greek adverb , meaning "from the roots" or "radically"), is a left-wing political party in Greece. It was founded in 2004 as a political coalition of left-wing and radical left parties, and registered as a political party in 2012. A left-wing populist, democratic socialist, progressive and social democratic party, Syriza holds a pro-Europeanist stance. Syriza also advocates for alter-globalisation, feminism, LGBT rights, and secularism. Syriza is the second largest party in the Hellenic Parliament. Party chairman Alexis Tsipras served as Prime Minister of Greece from 26 January 2015 to 20 August 2015 and from 21 September 2015 to 8 July 2019. It is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
January 2015 Greek Legislative Election
Legislative elections were held in Greece on Sunday 25 January 2015 to elect all 300 members to the Hellenic Parliament in accordance with the constitution. The election was held earlier than scheduled due to the failure of the Greek parliament to elect a new president on 29 December 2014. Syriza won a legislative election for the first time, winning 36% of votes and 149 seats, just two short of an absolute majority. The centre-right New Democracy (ND), the outgoing party of government, saw only a small decline from 30% to 28%, but in falling to second place suffered its worst showing to date in terms of seats. Five other parties passed the 3% electoral threshold to gain representation, all winning 5–6% of votes: the far-right Golden Dawn (XA), social-liberal To Potami, the Communist Party of Greece (KKE), right-wing populist Independent Greeks (ANEL), and centre-left PASOK. XA became the third largest party for the first time, while Potami debuted in fourth place. Formerly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Default (finance)
In finance, default is failure to meet the legal obligations (or conditions) of a loan, for example when a home buyer fails to make a mortgage payment, or when a corporation or government fails to pay a bond which has reached maturity. A national or sovereign default is the failure or refusal of a government to repay its national debt. The biggest private default in history is Lehman Brothers, with over $600 billion when it filed for bankruptcy in 2008. The biggest sovereign default is Greece, with $138 billion in March 2012. Distinction from insolvency, illiquidity and bankruptcy The term "default" should be distinguished from the terms "insolvency", illiquidity and " bankruptcy": * Default: Debtors have been passed behind the payment deadline on a debt whose payment was due. * Illiquidity: Debtors have insufficient cash (or other "liquefiable" assets) to pay debts. * Insolvency: A legal term meaning debtors are unable to pay their debts. * Bankruptcy: A legal finding tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BBC News
BBC News is an operational business division of the British Broadcasting Corporation (BBC) responsible for the gathering and broadcasting of news and current affairs in the UK and around the world. The department is the world's largest broadcast news organisation and generates about 120 hours of radio and television output each day, as well as online news coverage. The service maintains 50 foreign news bureaus with more than 250 correspondents around the world. Deborah Turness has been the CEO of news and current affairs since September 2022. In 2019, it was reported in an Ofcom report that the BBC spent £136m on news during the period April 2018 to March 2019. BBC News' domestic, global and online news divisions are housed within the largest live newsroom in Europe, in Broadcasting House in central London. Parliamentary coverage is produced and broadcast from studios in London. Through BBC English Regions, the BBC also has regional centres across England and national news c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. , the fund had XDR 477 billion (a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greece
Greece,, or , romanized: ', officially the Hellenic Republic, is a country in Southeast Europe. It is situated on the southern tip of the Balkans, and is located at the crossroads of Europe, Asia, and Africa. Greece shares land borders with Albania to the northwest, North Macedonia and Bulgaria to the north, and Turkey to the northeast. The Aegean Sea lies to the east of the Geography of Greece, mainland, the Ionian Sea to the west, and the Sea of Crete and the Mediterranean Sea to the south. Greece has the longest coastline on the Mediterranean Basin, featuring List of islands of Greece, thousands of islands. The country consists of nine Geographic regions of Greece, traditional geographic regions, and has a population of approximately 10.4 million. Athens is the nation's capital and List of cities and towns in Greece, largest city, followed by Thessaloniki and Patras. Greece is considered the cradle of Western culture, Western civilization, being the birthplace of Athenian ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reuters
Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world. The agency was established in London in 1851 by the German-born Paul Reuter. It was acquired by the Thomson Corporation of Canada in 2008 and now makes up the media division of Thomson Reuters. History 19th century Paul Reuter worked at a book-publishing firm in Berlin and was involved in distributing radical pamphlets at the beginning of the Revolutions in 1848. These publications brought much attention to Reuter, who in 1850 developed a prototype news service in Aachen using homing pigeons and electric telegraphy from 1851 on, in order to transmit messages between Brussels and Aachen, in what today is Aachen's Reuters House. Reuter moved to London in 1851 and established a news wire agency at the London Royal Exchange. Headquartered in London, Reuter' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2015 Greek Bailout Referendum
A referendum to decide whether Greece should accept the bailout conditions in the country's government-debt crisis proposed jointly by the European Commission (EC), the International Monetary Fund (IMF) and the European Central Bank (ECB) on 25 June 2015 took place on 5 July 2015. The referendum was announced by Prime Minister Alexis Tsipras in the early morning of 27 June 2015 and ratified the following day by the Parliament and the President. It was the first referendum to be held since the republic referendum of 1974 and the only one in modern Greek history not to concern the form of government. As a result of the referendum, the bailout conditions were rejected by a majority of over 61% to 39%, with the "No" vote winning in all of Greece's regions. The referendum results also forced the immediate resignation of New Democracy leader Antonis Samaras as party president because of the perceived negative result of the "Yes" choice, to which the conservative party and Samaras ha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Holidays In Greece
According to Greek law every Sunday of the year is a public holiday. In addition, there are six obligatory, official public holidays: New Year's Day, 25 March, Easter Sunday, Easter Monday, 15 August and 25 December. Two more days, 1 May and 28 October, are regulated by law as optional but it is customary for employees to be given the day off. There are, however, more public holidays celebrated in Greece than are announced by the Ministry of Labour each year as either obligatory or optional. The list of these ''non-fixed'' National Holidays rarely changes and has not changed in recent decades, giving a total of twelve National Holidays each year. A public holiday that occurs on a Sunday is not transferred to another date, with the exception of 1 May, which is regarded by the locals more as a ''general strike'' than a public holiday. In addition to the national holidays, some public holidays that are not celebrated nationwide, but only by a specific professional group or a local ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
