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Private Sector Involvement
In the context of sovereign debt crisis, private sector involvement (PSI) refers, broadly speaking, to the contributions or efforts of private sector creditors to the crisis resolution process, and, specifically, means that the private sector shares some of the costs of a financial crisis by incurring itself financial losses. History The term "private sector involvement" was introduced in the late-1990s in the context of the discussions on bond restructurings and capital account crises. Previously, the term used to broadly denote any kind of private-sector participation into an existing government program, such as, for example, family planning,"Private Sector Involvement in Family Planning" the Family Planning and Reproductive Health Indicators Database or [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sovereign Default
A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full when due. Cessation of due payments (or receivables) may either be accompanied by that government's formal declaration that it will not pay (or only partially pay) its debts (repudiation), or it may be unannounced. A credit rating agency will take into account in its gradings capital, interest, extraneous and procedural defaults, and failures to abide by the terms of bonds or other debt instruments. Countries have at times escaped some of the real burden of their debt through inflation. This is not "default" in the usual sense because the debt is honored, albeit with currency of lesser real value. Sometimes governments devalue their currency. This can be done by printing more money to apply toward their own debts, or by ending or altering the convertibility of their currencies into precious metals or foreign currency at fixed rates. Harder to quantify than an int ... [...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] |
Tax Deferral
Tax deferral refers to instances where a taxpayer can delay paying taxes to some future period. In theory, the net taxes paid should be the same. Taxes can sometimes be deferred indefinitely, or may be taxed at a lower rate in the future, particularly for deferral of income taxes. Corporate tax deferral Corporations (or other enterprises) may often be allowed to defer taxes, for example, by using accelerated depreciation. Profit taxes (or other taxes) are reduced in the current period by either lowering declared revenue now, or by increasing expenses. In principle, taxes in future periods should be higher. Income tax deferral In many jurisdictions, income taxes may be deferred to future periods by a number of means. For example, income may be recognized in future years by using income tax deductions, or certain expenses may be provided as deductions in current rather than future periods. A 2010 study documents the large extent to which U.S. taxpayers accelerate their deductible sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Greece
The Bank of Greece ( el, Τράπεζα της Ελλάδος , ΤτΕ) is the central bank of Greece. Its headquarters is located in Athens on Panepistimiou Street, but it also has several branches across the country. It was founded in 1927 and its operations started officially in 1928. The building that currently houses its headquarters was completed ten years later in 1938. The Bank of Greece is listed on the Athens Exchange. Introduction The Bank of Greece, a member of the European System of Central Banks (ESCB), is the national central bank of Greece and was established by Law 3424/7 December 1927. The shares of the Bank of Greece are registered and have been listed on the Athens Exchange since June 12, 1930. It is a partially state owned S.A. share company with special privileges, special restrictions, and duties. It cannot operate as a commercial bank and the percentage of shares that can be under Greek state ownership cannot exceed 35% (initially this limit was 10 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of International Finance
An institute is an organisational body created for a certain purpose. They are often research organisations (research institutes) created to do research on specific topics, or can also be a professional body. In some countries, institutes can be part of a university or other institutions of higher education, either as a group of departments or an autonomous educational institution without a traditional university status such as a "university institute" (see Institute of Technology). In some countries, such as South Korea and India, private schools are sometimes referred to as institutes, and in Spain, secondary schools are referred to as institutes. Historically, in some countries institutes were educational units imparting vocational training and often incorporating libraries, also known as mechanics' institutes. The word "institute" comes from a Latin word ''institutum'' meaning "facility" or "habit"; from ''instituere'' meaning "build", "create", "raise" or "educate". ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jean Lemierre
Jean Lemierre (born 6 June 1950) is a French former public servant who was the president of the European Bank for Reconstruction and Development from 2000 to 2008. He is now chairman of BNP Paribas. Career Public sector In 2000, Lemierre was elected as the new chief of the European Bank for Reconstruction and Development (EBRD), succeeding Horst Köhler. During his time in office, he warned Russia to stop Yukos-style expropriations from spreading. In 2004, the French government nominated Lemierre as candidate to head the International Monetary Fund (IMF); the post went to Rodrigo Rato instead. From 2005 until 2008, he served on the advisory board of the Commission on Legal Empowerment of the Poor. Private sector Following his departure from EBRD, Lemierre joined BNP Paribas as an adviser. In 2011, Lemierre (alongside Charles Dallara) was co-head of the bondholders’ committee that renegotiated €200 billion of Greek bonds with the government in a high-stakes deal that s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charles Dallara
Charles H. Dallara (born 25 August 1948) is an American banker and the former managing director of the Institute of International Finance. Education Dallara holds a B.A. in economics from the University of South Carolina, Columbia, and two M.A. degrees and a Ph.D. from the Fletcher School of Law and Diplomacy, Tufts University.Charles Dallara biography '''' Career in banking Dallara was managing director of the Institute of International Finance, Inc. from 1993 to 2013. He oversaw the growth of the insti ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Süddeutsche Zeitung
The ''Süddeutsche Zeitung'' (; ), published in Munich, Bavaria, is one of the largest daily newspapers in Germany. The tone of SZ is mainly described as centre-left, liberal, social-liberal, progressive-liberal, and social-democrat. History On 6 October 1945, five months after the end of World War II in Germany, the ''SZ'' was the first newspaper to receive a license from the US military administration of Bavaria. Thfirst issuewas published the same evening, allegedly printed from the same (repurposed) presses that had printed ''Mein Kampf''. The first article begins with: Declines in ad sales in the early 2000s was so severe that the paper was on the brink of bankruptcy in October 2002. The Süddeutsche survived through a 150 million euro investment by a new shareholder, a regional newspaper chain called Südwestdeutsche Medien. Over a period of three years, the newspaper underwent a reduction in its staff, from 425 to 307, the closing of a regional edition in Düsseldor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collective Action Clause
A collective action clause (CAC) allows a supermajority of bondholders to agree to a debt restructuring that is legally binding on all holders of the bond, including those who vote against the restructuring. Bondholders generally opposed such clauses in the 1980s and 1990s, fearing that it gave debtors too much power. However, following Argentina's December 2001 default on its debts in which its bonds lost 70% of their value, CACs have become much more common, as they are now seen as potentially warding off more drastic action, but enabling easier coordination of bondholders. During the financial crisis of 2011–12, the Greek government imposed, with the support of the IMF and ECB, a retroactive CAC with a threshold of 75%. That impacted 90% of the bonds, which issued under the jurisdiction of Greek courts. On 9 May 2012, the required supermajority was obtained, with 85.8% of domestic-law bonds tendered in favour. An investor named Bill Gross said, "The sanctity of their contract ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been described as a '' sui generis'' political entity (without precedent or comparison) combining the characteristics of both a federation and a confederation. Containing 5.8per cent of the world population in 2020, the EU generated a nominal gross domestic product (GDP) of around trillion in 2021, constituting approximately 18per cent of global nominal GDP. Additionally, all EU states but Bulgaria have a very high Human Development Index according to the United Nations Development Programme. Its cornerstone, the Customs Union, paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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] |
Eurogroup
The Eurogroup is the recognised collective term for the informal meetings of the finance ministers of the eurozone—those member states of the European Union (EU) which have adopted the euro as their official currency. The group has 19 members. It exercises political control over the currency and related aspects of the EU's monetary union such as the Stability and Growth Pact. The current President of the Eurogroup is Paschal Donohoe, the Minister for Finance of Ireland. The ministers meet ''in camera'' a day before a meeting of the Economic and Financial Affairs Council (ECOFIN) of the Council of the European Union. They communicate their decisions via press and document releases. The group is related to the Council of the European Union (only Eurogroup member states vote on issues relating to the euro in the ECOFIN) and was formalised under the Treaty of Lisbon. History The Eurogroup, formerly known as the ''Euro-X'' and ''Euro-XI'' in relation to the number of states adop ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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