World Business: A Modern Greek Tradegy — 15/07/11

the english word that comes from the greek word for “one who manages a household” is
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she lata heaps another girl winner Nick demos and Mary vasiliki are at home helping their children with homework both parents have seen their salary slashed by thirty percent over the past two years its had a huge impact on their standard of living and they feel their childrens future Im telling them that my son has been decreased twice this year I will have Im anxious about their extra classes the regular and sports activities which they love that im not sure that they can go on with those its not just this family feeling the pinch the entire Greek economy has been contracting for two years and will fall by a further three point five percent this year overall unemployment is, 16 percent forty-two percent for the young many Greeks blame poor government the situation has prompted fury on the streets of Athens but every national in there that I wash the doormat that I was a scam Alice there should be three hundred gallows built outside the parliament and we should hang all of them and their families because of treachery they just steal and Rob mano ya na collapse America can I Lee Stetson may admit lips they govern

this country with lies and fraud they deserve nothing else than the gallows its a pas de la mala corruption and tax evasion are widespread with as much as thirty percent of GDP undeclared on average every Greek paid, 18 hundred dollars in bribes last year one in in 10 households they have experience of bribery either giving or been offered to to take corruption so therefore it is quite high and if you consider also the fact that we have an extensive tax evasion the combination of these two is is quite extensive and its a serious problem for the good society the government is desperate to get its house in order it plans to raise 14 billion euros and text over the next five years but this is likely to depress the economy even further it has also announced even more unpopular spending cuts its gone through a period of whats called reform fatigue the average individual greet has lived through the pain of the initial austerity measures is then told that there must be further reform and more austerity the austerity measures already imposed on Greece have seen its economy stagger and it has a Herculean task ahead debt is

set to hit one hundred and fifty percent of GDP by the end of this year even if they brought the deficit down to zero even if theyre no longer had to borrow any money they would still have to carry those hundred sixty percent not make a simple arithmetic give you an example lets say they get money a reasonably cheap at ten percent which government in the world can pay sixteen percent of GDP just the service than debt and what government in the world would buy that debt ratings agencies already assuming Greece will default have seriously downgraded the country Standard & Poors has given Greek debt a triple c rating the lowest in the world even lower than junk status the Greek governments two-year borrowing cost has climbed relentlessly in the past eight months it would now have to pay over twenty six percent Interest a year so boring from the market is no longer an option I think we have an issue of time we are being pressed by those who funders and by the markets on time and that makes it makes it difficult first of all to have the proper process in place and poses the

danger of having valuations which are not attractive meanwhile plans to sell 72 billion dollars worth of state assets have met with a mixed reception selling just at the moment the Greeks will be selling their assets at knockdown prices so its probably the worst time for the Greeks to be selling their assets personally I would support even more privatization than that being announced precisely because of the difficulties of reigniting growth in a context of increasing taxation so privatization and other structural reforms can lay the basis for an economic recovery recovery that looks increasingly unlikely now one year after receiving the biggest bailout in Western history 110 billion euros in emergency loans a second even larger bailout is being proposed tax payers in other parts of Europe are beginning to lose patience with Greece Marshall nigga i think if you do have a community one member is being badly you should help them but theyll have to want to be helped and show some goodwill to think firstly the Greeks should tidy up the administration a little and of course work longer because I think that if they dont work as long as the Germans why should the Germans page

the real fear if Greece founders is for the stability of the euro but it is in everyones interest to keep the euro afloat especially for Germany nobody has profited more from the euro at the common currency then the Germans have and I think between between the fear of contagion and the fear the ultimate breakup of the euro so thats a pretty powerful list of reasons why the Germans are like from Merkel in the end ends up paying if Greece defaults all leaves the euro it could set off an investor panic were traders selling not just the bonds of countries struggling with debt like Portugal Ireland Spain and Italy but also unloading assets in America and emerging markets this is the contagion most European leaders worry about so while a default is likely and leaving the euro logical for Greece neither option is in anyones interest it would simply create an uncontrollable crisis this will be a critical year for Greece if it can put the necessary reforms in place and European leaders hold their nerve a wider common currency across Europe could survive the test if not the European dream of a single currency could be blown apart

tags:
World Business, Costas Bakouris, Dr. Josef Joffe, Die Zeit, economy, Athens, Greece, debt, Euro. Germany
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