Debt Crisis In Greece Research Articles

Greece’s Debt Crisis (2008-2019): An Analysis

The Greek crisis began in November 2009, triggered by the turmoil of the global Great Recession, structural weaknesses in the Greek economy, and a lack of monetary policy flexibility as a member of the Eurozone. Since that time, Greece's economy has started to deteriorate due to a growing debt load and an unmanageable deficit are having an impact on national security. Thus, this study examined the impact of the debt crisis on Greece’s national security by using secondary data from 2009 to 2018.This study has three objectives, namely examining (1) the factor that contributed to Greece’s debt crisis; (2) the impacts of Greece’s debt crisis on its security; and (3) the Greece's approach to overcome its debt crisis. By using a qualitative approach, secondary data from scientific material such as thesis, journal papers and online data were collected. The findings revealed (1) there are four factors that led to the debt crisis in Greece such as political, government expenditure and revenue, social and EU enforcement regulations; (2) other countries, including the US and the Eurozone, as well as Greece itself, have been impacted by the crisis' repercussions on social, economic, political, and security aspects; and (3) Greece had to go through a series of restructuring to be free of this debt crisis. This study concludes, due to poor administration, Greece's debt crisis has a negative impact on security, the economy, politics, and society. Even though there were numerous foreign interventions in the crisis, it didn't just affect Greece; it also impacted other countries like EU members and the US.

Debt Crisis (2008-2019): Impacts Towards Greece’s National Security

The Greek crisis began in November 2009, triggered by the turmoil of the global Great Recession, structural weaknesses in the Greek economy, and a lack of monetary policy flexibility as a member of the Eurozone. Since that time, Greece's economy has started to deteriorate due to a growing debt load and an unmanageable deficit are having an impact on national security. Thus, this study examined the impact of the debt crisis on Greece’s national security by using secondary data from 2009 to 2018.This study has three objectives, namely examining (1) the factor that contributed to Greece’s debt crisis; (2) the impacts of Greece’s debt crisis on its security; and (3) the Greece's approach to overcome its debt crisis. By using a qualitative approach, secondary data from scientific material such as thesis, journal papers and online data were collected. The findings revealed (1) there are four factors that led to the debt crisis in Greece such as political, government expenditure and revenue, social and EU enforcement regulations; (2) other countries, including the US and the Eurozone, as well as Greece itself, have been impacted by the crisis' repercussions on social, economic, political, and security aspects; and (3) Greece had to go through a series of restructuring to be free of this debt crisis. This study concludes, due to poor administration, Greece's debt crisis has a negative impact on security, the economy, politics, and society. Even though there were numerous foreign interventions in the crisis, it didn't just affect Greece; it also impacted other countries like EU members and the US.

Sticking to the status quo with a twist: Western media representations of fiscal negotiations during the Greek economic crisis

In a volatile global economic system, the need for comprehensive media portrayal of economic crises intensifies. Crises expose the deficiencies of existing financial systems and present opportunities for structural change, but media coverage consistently promotes hegemonic structures. During the Great Recession of 2008, media narratives of Greek and foreign newspapers represented Greece's debt crisis as a national problem rather than a systemic problem. This study examines newspaper coverage of the Greek economic crisis in the summer of 2015 to explore whether the lack of comprehensive coverage persisted in the aftermath of the Great Recession. A qualitative content analysis of legacy newspapers suggests the press has become more rigorous in interpreting the underlying mechanisms of a crisis instead of solely covering episodic events, but with a caveat: most analysis comes from editorials. The findings indicate that financial systems are portrayed as unmalleable institutions.

The “Reverse Magnet Effect” of Alpha Emitters and the Health Costs of Depleted Uranium in the Balkans: The Root of the Debt Crisis in Greece, Italy, Portugal, Spain and Ireland

Very large scale health effects of the depleted uranium (DU) spreading from the Balkans can be observed through analysis of WHO DALYs data and explain the budgetary deficits at the roots of the 2010s’ debt crisis in Southern Europe (the “PIGS”, Portugal, Italy, Greece and Spain) and Ireland. The countries around the Balkans suffered from DU exposure through patterns of “positive push”, the brain being constrained in its decisions by pre-existing internal contamination with alpha emitters and their positive charge repelled by the new alpha emitters of the DU strikes in the Balkans (“reverse magnet effect” from +/+ repelling). The subjects are constrained to move in certain patterns by the positive resistance coming from the area of the Balkans, clogs emerge in their bodies leading for instance to cardiomyopathies, kidney and urinary diseases, mesothelioma and other neoplasms, along with immune deficiencies and mutations causing rises in infectious diseases, and alcoholism. The slow rise in alpha activity of depleted uranium, with its decay chain pattern leading to more and more alpha-emitting atoms over time (because daughter atoms are shorter-lived) causes a “timebomb” pattern (as usual in veterans of wars with DU) with an increasing “push” effect and explains the later public debt crisis. Beyond the so-called “PIGS”, Austria suffered as well a lot from the DU fallout, with health costs and environmental damage altogether and this is shown analytically. More direct endocrine effects on the brain are also shown, with behavioural consequences. The case for more epidemiological effects if nothing is done is clear and comes together with strong societal issues resulting directly from the intertwinning of the neurological impairments affecting decisionmaking and divergence in the answers that can be offered. NATO refunding of the ECB’s public bond-buying programs with depleted uranium to allow it to emit depleted uranium coins is suggested as final fixture to the root problems of the debt crisis.

Seeking Incentives for a Successful Second and third Business Opportunity after Bankruptcy in Times of Recession

In the years of the financial and sovereign debt crisis in Greece, many viable businesses that are facing financial difficulties are led to liquidation rather than timely restructuring, with very few entrepreneurs having a second chance. This corporate failure faced by Greek companies in recent years may have been caused by either endogenous or exogenous factors or a combination of these two. In this paper we investigate the factors (economic, social and political) that will help to facilitate entrepreneurs' access to a second and third opportunity, taking also into account socially vulnerable groups such as disabled people and women entrepreneurs. Moreover, we try to find the characteristics that would encourage honest bankrupt entrepreneurs to a second business venture and the sectors where a second chance may have increased chances of sustainability in Greece. The aim of our research is to lead Greece to higher levels of self-employment, reduction in unemployment, and exit from the crisis.

A Brief Analysis of the Ordoliberal Impact on the Debt Crisis in Greece

The last decade Greece has experienced a multidimensional crisis and its consequences are still evident. Several scholars have already analyzed the effects of the crisis and have provided useful outcomes, assessing its causes, policies and consequences. This study emphasizes on some factors that have not been thoroughly analyzed. Therefore, aspects of the impact of ordoliberal directions on the formulation of the debt crisis management policies in Greece as well as the social and economic implications are studied. The main objective is to examine the role of ordoliberalism at policy making and the economic and social implications through the brief analysis of quantitative (secondary) and qualitative (primary) data in order to produce empirically grounded policy proposals in order to effectively advance the goals set for Social Europe through the convergence of the European periphery.

Prediksi Krisis Perbankan di Indonesia Menggunakan CD Indeks

Banking sector has close relationship with economic growth. At the end of 2015 condition of global economic has influence from China slowdown, fall down crude oil price, and rasie interest rate by the fed. These had bad impact for developing counties like Indonesia. In the fact financials crisis in Asia at 1998, sub prime mortage crisis in USA at 2008, and goverment debt crisis in Greece at 2011 made many bank in Indonesia collapse. From past crisis banking sector must have more attention to avoid sistemic crisis. This study aim to make prediction banking crisis models from three group of variable. There are internal bank, macroeconomic, and global economic. This research use Crisis and Default index to measure and identificate probably crisis in indivual bank. All of bank were listed in Indonesian Stock Exchange at 2009 until 2014 has taken as sample. This research chose logit model as a probability crisis models and use logistic regression to testing hypothesis. The result from internal factor with non performing loans, labor cost ratio, and loan to deposits ratio was positive relationship with probability banking crisis. Futhermore net interest margin and interest income to total aset was negative influence for banking crisis. Then from macroeconomic and global economic these are domestic inflation and USA real interest rate was positive influence for banking crisis. After that M2 to reserved ratio, USA growth, and oil price was negative impact to make banking crisis in Indonesia

I Was Learning Economics at the Cost of the Economy

COVID-19, a virus of the size of 0.12 microns, had crippled the global economy with 19.14 million people infected as of April 15, 2020, increased to 37.11 million as of October 11, 2020 as per the COVID-19 Weekly Epidemiological Update published by World Health Organization (WHO). The COVID-19 count as of March 23, 2021 was more than 122 million, suppressing the last year’s rate of growth of the same. Economic activities across the globe had been stalled after February 2020. The world has been caged in a Great Lockdown. For the vast majority of people, this has been the biggest economic upset of their lives. There were many causes of recession delineated in the contemporary research papers. Nevertheless, too many causes of the crisis, too many research papers, so many techniques for optimization and too many surveys, etc., frequently divert the focus. We should not lose focus in the sea of numerous causes of recession. Therefore, the objective of the present paper is more specific: “Was conservative/defensive stance in the risk management in the regulatory policymaking post-global financial recession (2007-10) foreboding or worthy?”. The subprime crisis of 2007-08 and the economic recession that followed and many significant economic and socio political events after 2010, e.g., the sovereign debt crisis in Greece, European credit crisis, Brexit, the Venezuelan hyperinflation in 2014, China-United State trade war (July 6, 2018-present), etc., had left many economists on the defensive stance in the policy research/policy prescriptions. We can’t deny that scholars belonging to pre- and post-global financial crisis (2007-2010) generally possessed opposite views. For example, Berkowitz and O’Brien (2002) argued that 99th percentile VaR forecasts were conservative; however, recommendations by the BASEL committee of banking supervision (BCBS) since 2010 were 99th and 99.9th percentile VaR forecasts. It is difficult to judge if economic policies post-global financial crisis were impartial or for espousing a specific interest group/lobby. It is furthermore difficult to speculate if economic policies after 2010 were influenced by the great recession (2007-10)’s debilitating impacts.

Brexit: As a Lesson and Challenge for ASEAN Integration or Vice Versa

Over the last few decades, ASEAN is considered as a copycat of the system of the European Union (EU). ASEAN is considered weaker, lacks strong support from its members, has less substantive achievements, and is nothing more than competition between ASEAN member countries, where the EU has gone further in its implementation. This assessment has recently been canceled. The EU is currently faced with a list of daunting challenges - the ongoing debt crisis in Greece, increasing criticism by right-wing political groups over the European Union's fundamental agreement on freedom of movement within the EU. The refugee crisis and the growing movement of secession from member states - Britain and Spain are the most prominent examples. Of course, the EU now faces its most significant and most existent challenge, political vortex and divisions with the launch of a referendum in Britain, which resulted in 'Brexit.' This paper tries to analyze how Brexit phenomenon is suspected to occur in ASEAN due to the principle of regionalism, clashes with the sovereignty of each member country. The method used is descriptive analysis with a literature review. Based on research, Brexit in the EU has a context and substance of regionalism that is different from the conditions that exist in ASEAN. Nevertheless, Brexit is an early warning for ASEAN, which has heterogeneous regionalism. Furthermore, ASEAN is pushing for centrality and strengthening ASEAN integration in responding to the turmoil and political change taking place in the Southeast Asian region.

Российско-греческие экономические отношения во втором десятилетии XXI века

For both Russia and Greece, the 2010s were an uneasy and transformative period, which inevitably had an impact on bilateral relations. The financial and economic crisis in Greece forced the government to look for new points of growth in the country’s economy, and “rebooting” the Greek-Russian relations was seen as one of such opportunities. But the membership in the EU and NATO, as well as conditions set by the “troika” of creditors – the European Commission, the ECB and the IMF – prevented Athens from pursuing closer ties with Moscow. In the 2010s, bilateral cooperation in military-industrial areas was reduced significantly, which also changed the course of the Greek-Turkish relations. Certain promising projects in the energy industry, such as the Burgas–Alexandroupoli pipeline or the “South Stream”, failed to materialize, even though they could have made Greece an important energy center for the Southern Europe. Mutual investment between the two countries was insufficient as well. Despite that, the developments in Greek tourism industry opened new possibilities for cooperation, especially since a significant part of it was specifically targeting the Russian market (among other developments, the visa application process for Russian citizens was simplified, and the number of regular flights between the countries was expanded). Greek-Russian trade also suffered several setbacks in the last decade. The decline in bilateral trade caused by the international financial crisis and the debt crisis in Greece was mostly dealt with by 2013. But soon afterwards, the relations between Russia and the West took a sudden and significant downturn, followed by anti-Russian sanctions and, as a response to them, the food embargo, which hit the Greek economy hard. Since the first sanctions were implemented, and until today, Athens has promoted the idea of inefficiency of the sanctions, and has actively supported ending them. A certain growth in Greek-Russian economic relations could have been anticipated after the formation of A. Tsipras government. The Prime Minister himself has tried several times to use his government’s closer ties to Moscow as a bargaining chip in building relations with the EU and the “troika”. In time, though, the hopes that Moscow can provide assistance which will allow Greece to escape the bonds of the Memoranda, waned, and the trade between the two countries experienced no additional development impulses due to the current international climate. So, the last decade can be seen as an “ice age” in Greek-Russian economic relations, mostly due to external factors, and no significant points of growth for bilateral relations exist at the moment.

Significant Determiners of Greek Debt Crisis: A Comparative Analysis with Probit and MARS Approaches

The purpose of this study is to determine major indicators of the Greek crisis that started in 2009 and the effects of which can still be observed. In this regard, 8 independent variables were applied so as to fulfill the objective. Besides, the annual data between the years 1984 and 2016 was analyzed with Probit model. As a consequence of this study, it was concluded that inflation and gross savings are the leading meters of Greek crisis based on probit method. On the other hand, according to the MARS results, 3 different variables are identified as the indicators of the debt crisis in Greece. It is concluded that there is a negative relation between financial crisis with saving ratio and current account balance. Additionally, it is also identified that high unemployment ratio leads to financial crisis. While comparisng the results of these two approaches, it is concluded that MARS is much more successful than the probit method to predict the debt crisis in Greece. It is strongly recommended that saving ratio should be increased in Greece. For this purpose, governments should take some actions in order to increase this ratio more than 15.5%. Within this framework, media channels can be used by the government to tell the people about the importance of the savings to have sustainable economic development.

Bridging dominant and critical frames of the Greek debt crisis: mainstream media, independent journalism and the rise of a political cleavage

ABSTRACT This paper presents media and political frames on the debt crisis in Greece as revealed during the first two years (2010–2012) of the bailout program. Our goal is to discern the dividing line between dominant and critical frames as they were articulated between mainstream media and the so-called ‘independent journalism’ and powerful and powerless political actors. There are hardly any studies that have analyzed the emerging power of critical frames produced by less visible actors and that try to see the alignment of political and media frames. The analysis stands for the complexity of the framing process revealing three opposite narratives: the debt crisis as a situation of exception, as the moral and political bankruptcy of a model of development adopted in Greece and as a humanitarian and democratic crisis. Those frames undertaken by political actors, mainstream and ‘independent’ media are linked to a set of causes, responsibilities and solutions that shaped the major political cleavage between pro-memorandum/anti-memorandum that dominated Greece till 2015.

Living in poverty, living with poverty: the community workers\u2019 conceptions on child poverty in Greece

The recent debt crisis in Greece severely affected the Welfare State, as well as the overall social policy of the country. Families facing severe material deprivation and depending on the local soup kitchens have grown rapidly in number over the past decade. In drawing upon the given risks, this paper explores the church community workers’ and volunteers’ conceptions of poor children’s living conditions. It is worth noting that the volunteers reflect on the situation of the poor beneficiaries as they often are at risk of poverty themselves. The analysis is based on a mixed methods study (Quan–Qual) that was conducted in 2016–2017, and which covered the area of Thessaloniki (northern Greece) with a special focus on the neighborhoods suffering the most from the impacts of recession. The results show how the children living in “new poor” households experience the degradation of their well-being, as perceived by the volunteers, and what the main social services are they are receiving through the church family support. According to our findings, the pressure of the economic crisis broke the traditional welfare networks and left children vulnerable to risks in terms of their cultural, social, biological and psychological development. Furthermore, the results reveal how traditional family support is reaching its limits as the economic crisis gets more complex and prolonged.

Measuring the Effect of Mergers in Greece with the Use of Financial Ratios: A Bootstrapped Approach

In this study a bootstrapped data analysis from financial statement analysis is proposed to evaluate the short-run operating gains from mergers of Greek listed firms after the outbreak of the sovereign debt crisis in Greece. The examined sample consists of thirty Greek firms, in order to investigate the degree of operating gains from mergers, during a five-year-period inside the debt crisis in Greece. The results reveal that a year before and a year after the merger event, the sample firms were unable to generate short-run operating gains to several financial ratios. Also, we conclude that the use of the standard, normality based, t-test for inference between financial ratios should be done with caution.

Overturning Catastrophes

Overturning Catastrophes Alexandra Perisic The word catastrophe is derived from the Greek word katastrephein, meaning a "sudden turn" or "overturn" (from kata=down and strephein=turn). In Greek theatre, it designated the last parts of a tragedy, the moment when the action begins to unravel and the protagonist has to face the consequences of their actions. In the 1700s, the meaning was extended to include any sudden disaster, leading to the now frequent conflation between disasters and catastrophes. Writing on theatre and catastrophe, Federica Bueti contends that "kata-strephein is, then, not the tragic death of the hero, but, rather, the moment when the ethical dilemma of the hero is made visible, a cue of further collective reflection" ("The Theatre of Catastrophe"). It is a moment of pause, when the situation could still develop in a number of ways. In this article I expand on catastrophe as a sudden overturn or a possibility (and sometimes excuse) for a sudden overturn; one whose aftermath is not predetermined. I argue that in capitalism1 catastrophes often lead to a collision between two worldviews. On the one hand, as argued by Naomi Klein in The Shock Doctrine: The Rise of Disaster Capitalism (2007), capitalists use disasters and catastrophes to privatize new sectors of society and impose free market reforms. While I concur with Klein's assessment, I also contend that there is another side to catastrophes. Following Félix Guattari's claim that ruptures allow for the emergence of new ethical and aesthetic modes of being, I argue that catastrophes can lead to non-capitalist imaginings and practices. In my analysis, I rely on two examples. First, I focus on Martinican writer and philosopher Edouard Glissant and his metaphor of the womb abyss. According to Glissant, the Middle Passage was a catastrophe, perhaps the biggest one in human history. The passage was primarily an abyss, the utter and complete dehumanization of the slave population. Yet, it was also a womb, where in an atmosphere of extreme violence, creolization began, a mixing of different cultural elements leading to new ways of being in the world. The struggle between the dehumanizing forces of capitalism and the utopian forces of what Glissant calls the world in Relation, began during the Middle Passage and continues to this day. I place Glissant's theory in conversation with a more contemporary example, the recent national debt crisis in Greece. The near bankruptcy of Greece could be characterized as a catastrophe. In light of this situation, two poles were formed. [End Page 118] Grassroots efforts, founded upon ideas of mutual aid and solidarity, led to community kitchens, healthcare clinics, and popular assemblies. On the other hand, the European troika (the European commission, the European Central Bank, and the International Monetary Fund) used this opportunity to pursue and intensify neo-liberal austerity measures.2 In the summer of 2015, we witnessed precisely a clash between two worldviews in the aftermath of a catastrophe. The juxtaposition of Glissant's writing and the Greek debt crisis is not meant to lead to a comprehensive account of catastrophes or to a generalizable model. However, thinking about catastrophes dialectically and comparatively can help us take an ethical stance and decide on a political course of action in the future. Particularly given that, due to global warming, increasing social inequality, and military/police violence across the globe, we are likely to witness many more catastrophes to come. neoliberal catastrophes Naomi Klein's 2007 book The Shock Doctrine: The Rise of Disaster Capitalism has become a bestseller and a mandatory reference in any discussion of neoliberalism, economic crisis, natural disasters, and war. In this brilliant and extremely well documented work, Klein traces the development of the neoliberal doctrine from its endorsement by Milton Friedman and his disciples in the University of Chicago's economic department, to the present day.3 She underlines the dependence of neoliberalism on the shock doctrine, which she defines as "using moments of collective trauma to engage in radical social and economic engineering" (8). The doctrine posits that the aftermath of a crisis—be it economic, political, or environmental—when the population is disoriented and its reference points obfuscated, is the best time...

Greece debt crisis

Greece debt crisis

Law as an equalizer

Law as an equalizer

The debt crisis and Greece's changing political discourse

The debt crisis in Greece since 2010 has triggered seismic changes in the political attitudes of the society and, above all, the political identity and discourse of the country. The extremely unpopular austerity policies caused a severe internal polarization which quickly translated into anti-German mass hysteria, vitriolic anti-EU rhetoric and sharp anti-austerity populism. This paper will endeavour to identify the origins, course and outcome of this dramatic shift in the political attitudes and identity in Greece and analyse them with the benefit of hindsight – almost six years after the eruption of the crisis.

The Effects of Crises on Volatility Spillovers between Borsa Istanbul Sector Indexes

The crises that occurred in the last century showed that crises can change financial and economic relationships between the regions and countries. But, especially 1998 Asian Crisis put a spotlight on volatility spillovers and contagion effects. After the crisis there has been made studies that analyze contagion effects and changing spillovers between the markets due to the crisis. The volatility spillovers provide information to investors to be used in investment decisions. Especially risk averse investors use this information in diversification and portfolio allocation decisions. But some investors want to invest in specific sectors. So, it will be useful to analyze the relations between sectors. In this context, the purpose of this study is to analyze the volatility spillovers between industrial, services and financial sectors of Turkish stock market Borsa Istanbul, on the basis of 2008 Global Crisis and Greece Debt Crisis. For this purpose we use Hafner and Herwartz causality in variance test (2006). The findings reveal that there are reciprocal volatility spillovers between industrial and financial sectors and unidirectional spillover from services to industrial sector before the 2008 Global Crisis. But there is no spillover between the index returns after the Global Crisis indicating that crises change the volatility linkages between sector index returns. It is also determined there are volatility spillovers from industrial sector to services and financial sectors and from services to financial sector.

Tackling the debt crisis in Greece: The role of the underground economy

<p>This paper aims at assessing the relative<br />importance of the underground or shadow<br />or hidden economy in the effort of tackling<br />the current debt crisis. Examining the case<br />of Greece, one of the EU countries that face<br />serious sovereign debt problems, we emphasize<br />the importance of controlling the hidden<br />economic activity, that is of incorporating<br />it into the official economy. Moreover, by<br />analyzing the factors affecting the part of the<br />economic activity which takes place outside<br />the official sector, we evaluate the potential<br />gains Greece could have obtained in case it<br />could have converged to the best practice or<br />even the average levels of the determining<br />factors of the hidden economy prevailing in<br />the rest of the OECD countries.</p>