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Master Financial Assistance Facility Agreement
The Second Economic Adjustment Programme for Greece, usually referred to as the second bailout package or the second memorandum, is a memorandum of understanding on financial assistance to the Hellenic Republic in order to cope with the Greek government-debt crisis. It was signed on 1 March 2012 by the Greek Government under then-prime minister Lucas Papademos on one hand, and on the other hand by the European Commission on behalf of the Eurogroup, the European Central Bank (ECB) and the International Monetary Fund (IMF). The second bailout package expired on 30 June 2015. It was superseded by the Third Economic Adjustment Programme for Greece. History Early draft (July 2011) On 21 July 2011, 17 leaders of Euro countries, meeting at an EU summit, approved a preliminary draft of a second bailout package for Greece to address the limitations of the First Greek bailout package.Süddeutsche Zeitung, 21. Juli 2011Zum Abschluss ein Lächeln/ref> The second bailout package would t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Contagion
Financial contagion refers to "the spread of market disturbances mostly on the downside from one country to the other, a process observed through co-movements in exchange rates, stock prices, sovereign spreads, and capital flows". Financial contagion can be a potential risk for countries who are trying to integrate their financial system with international financial markets and institutions. It helps explain an economic crisis extending across neighboring countries, or even regions. Financial contagion happens at both the international level and the domestic level. At the domestic level, usually the failure of a domestic bank or financial intermediary triggers transmission when it defaults on interbank liabilities and sells assets in a fire sale, thereby undermining confidence in similar banks. An example of this phenomenon is the subsequent turmoil in the United States financial markets. International financial contagion, which happens in both advanced economies and developing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Euribor
The Euro Interbank Offered Rate (Euribor) is a daily reference rate, published by the European Money Markets Institute, based on the averaged interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the euro wholesale money market (or interbank market). Prior to 2015, the rate was published by the European Banking Federation. Scope Euribors are used as a reference rate for euro-denominated forward rate agreements, short-term interest rate futures contracts and interest rate swaps, in very much the same way as LIBORs are commonly used for Sterling and US dollar-denominated instruments. They thus provide the basis for some of the world's most liquid and active interest rate markets. Domestic reference rates, like Paris' PIBOR, Frankfurt's FIBOR, and Helsinki's Helibor merged into Euribor on EMU day on 1 January 1999. Euribor should be distinguished from the less commonly used "Euro LIBOR" rates set in London by 16 major banks. Technical feature ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Basis Points
A basis point (often abbreviated as bp, often pronounced as "bip" or "beep") is one hundredth of 1 percentage point. The related term ''permyriad'' means one hundredth of 1 percent. Changes of interest rates are often stated in basis points. If an interest rate of 10% increased by 1 bp, it changed to 10.01%. Definition :1 basis point (bp) = (a difference of) 1‱ or 0.01% or 0.1‰ or 10−4 or or 0.0001. :10 bp = (a difference of) 0.1% or 1‰ or 10‱. :100 bp = (a difference of) 1% or 10‰ or 100‱. Basis points are used as a convenient unit of measurement in contexts where percentage differences of less than 1% are discussed. The most common example is interest rates, where differences in interest rates of less than 1% per year are usually meaningful to talk about. For example, a difference of 0.10 percentage points is equivalent to a change of 10 basis points (e.g., a 4.67% rate increases by 10 basis points to 4.77%). In other words, an increase of 100 basis points mean ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Troika (finance)
The troika is a term used to refer to the single decision group created by three entities, the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF). It was formed in the aftermath of the European debt crisis as an ''ad hoc'' authority with a mandate to manage the "bailouts" of Cyprus, Greece, Ireland and Portugal, in the aftermath of their prospective insolvency caused by the world financial crisis of 2007–2008. Earlier, "troika" had been used as the designation of a triumvirate that represented the European Union in its foreign relations, in particular concerning its common foreign and security policy (CFSP), until the Treaty of Lisbon was ratified in 2009. Background of the financial crisis bailout troika The role of the Troika The term ''troika'' has been widely used in Greece, Cyprus ( el, τρόικα), Ireland, Portugal, and Spain to refer to the consortium of the European Commission, the European Central Bank an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Op-ed
An op-ed, short for "opposite the editorial page", is a written prose piece, typically published by a North-American newspaper or magazine, which expresses the opinion of an author usually not affiliated with the publication's editorial board. Op-eds are different from both editorials (opinion pieces submitted by editorial board members) and letters to the editor (opinion pieces submitted by readers). In 2021, ''The New York Times''—the paper credited with developing and naming the modern op-ed page—announced that it was retiring the label, and would instead call submitted opinion pieces "Guest Essays." The move was a result of the transition to online publishing, where there is no concept of physically opposing (adjacent) pages. Origin The direct ancestor of the modern op-ed page was created in 1921 by Herbert Bayard Swope of ''The New York Evening World''. When Swope took over as main editor in 1920, he realized that the page opposite the editorials was "a catchall ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MarketWatch
MarketWatch is a website that provides financial information, business news, analysis, and stock market data. Along with ''The Wall Street Journal'' and '' Barron's'', it is a subsidiary of Dow Jones & Company, a property of News Corp. History The company was conceived as DBC Online by Data Broadcasting Corp. in the fall of 1995. The marketwatch.com domain name was registered on July 30, 1997. The website launched on October 30, 1997, as a 50/50 joint venture between DBC and CBS News run by Larry Kramer and with Thom Calandra as editor-in-chief. In 1999, the company hired David Callaway and in 2003, Callaway became editor-in-chief. In January 1999, during the dot-com bubble, the company became a public company via an initial public offering. After pricing at $17 per share, the stock traded as high as $130 per share on its first day of trading, giving it a market capitalization of over $1 billion despite only $7 million in annual revenues. In June 2000, the company formed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fabian Lindner
Fabian may refer to: People * Fabian (name), including a list of people with the given name or surname * Pope Fabian (died 250), Catholic saint * Fabian Forte (born 1943), 1950s American teen idol, singer and actor, known by the mononym Fabian * Fabian (footballer), Brazilian footballer Fabian Maria Lago Vilela de Abreu (born 1997) * Fabulous Fabian (born 1970), former ring name of professional wrestler Marcus Alexander Bagwell Arts and entertainment *' or ''Fabian, the Story of a Moralist'', a novel by German author Erich Kästner * ''Fabian'' (film), a 1980 adaptation of Kästner's novel * ''Fabian – Going to the Dogs'', a 2021 film adaptation of Kästner's novel Characters * Fabian Cortez, a Marvel Comics villain, enemy of the X-Men * Fabian Prewett in the Harry Potter universe, maternal uncle to Ron Weasley * Fabian Rutter, from the Nickelodeon television show ''House of Anubis'' * Robert Fabian, protagonist of ''Fabian of the Yard'', a British 1950s television series * F ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loukas Papademos
Lucas Demetrios Papademos ( el, Λουκάς Παπαδήμος; born 11 October 1947) is a Greek economist and academic who served as 12th Prime Minister of Greece from November 2011 to May 2012, leading a national unity government in the wake of the Greek debt crisis. A technocrat, he previously served as Vice-President of the European Central Bank from 2002 to 2010 and Governor of the Bank of Greece from 1994 to 2002. He was professor at Columbia University, the University of Athens, and Harvard Kennedy School at Harvard University, and is a senior fellow at the Center for Financial Studies at the University of Frankfurt. Early life and education Papademos was born in Athens to parents who came from the town of Desfina in Phocis. After graduating from Athens College in 1966, Papademos was accepted into the Massachusetts Institute of Technology, where he gained a bachelor's degree in physics in 1970, a master's degree in electrical engineering in 1972, and a doctorate in eco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Referendum
A referendum (plural: referendums or less commonly referenda) is a direct vote by the electorate on a proposal, law, or political issue. This is in contrast to an issue being voted on by a representative. This may result in the adoption of a new policy or specific law, or the referendum may be only advisory. In some countries, it is synonymous with or commonly known by other names including plebiscite, votation, popular consultation, ballot question, ballot measure, or proposition. Some definitions of 'plebiscite' suggest it is a type of vote to change the constitution or government of a country. The word, 'referendum' is often a catchall, used for both legislative referrals and initiatives. Etymology 'Referendum' is the gerundive form of the Latin verb , literally "to carry back" (from the verb , "to bear, bring, carry" plus the inseparable prefix , here meaning "back"Marchant & Charles, Cassell's Latin Dictionary, 1928, p. 469.). As a gerundive is an adjective,A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Papandreou
George Andreas Papandreou ( el, Γεώργιος Ανδρέας Παπανδρέου, , shortened to ''Giorgos'' () to distinguish him from his grandfather; born 16 June 1952) is a Greek politician who served as Prime Minister of Greece from 2009 to 2011. He is currently serving as an MP for Movement for Change. Belonging to a political dynasty of long standing, he served under his father, then-prime minister Andreas Papandreou as Minister for National Education and Religious Affairs (1988–1989 and 1994–1996). He served as Minister for Foreign Affairs under Prime Minister Costas Simitis from 1999 to 2004. Papandreou was leader of the Panhellenic Socialist Movement (PASOK) party, which his father founded, from February 2004 until March 2012, and has been President of the Socialist International since January 2006. On 6 October 2009, George Papandreou became the 182nd Prime Minister of Greece. He was the third member of the Papandreou family to serve as the country's prim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Die Zeit
''Die Zeit'' (, "The Time") is a German national weekly newspaper published in Hamburg in Germany. The newspaper is generally considered to be among the German newspapers of record and is known for its long and extensive articles. History The first edition of ''Die Zeit'' was first published in Hamburg on 21 February 1946. The founding publishers were Gerd Bucerius, Lovis H. Lorenz, Richard Tüngel and Ewald Schmidt di Simoni. Another important founder was Marion Gräfin Dönhoff, who joined as an editor in 1946. She became publisher of ''Die Zeit'' from 1972 until her death in 2002, together from 1983 onwards with former German chancellor Helmut Schmidt, later joined by Josef Joffe and former German federal secretary of culture Michael Naumann. The paper's publishing house, Zeitverlag Gerd Bucerius in Hamburg, is owned by the Georg von Holtzbrinck Publishing Group and Dieter von Holtzbrinck Media. The paper is published weekly on Thursdays. As of 2018, ''Die Zeit' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
