Greek Crisis : Is Grexit a clear opportunity or a catastrophe for Greece? Sight on the future

• Номер работы:
  419813
• Раздел:
  Все работы   →   Курсовые работы - простые   →   Политология
• Год добавления:
  07.07.2016 г.
• Объем работы:
  26 стр.
• Содержание:
  CONTENTS
  
  Introduction 3
  1. Background of a Grexit: Greek Crisis 4
  2. Effects of a Greek exit from the European Union 12
  3. Analysis of the consequences of a Greek exit from the European Union 20
  Conclusion 24
  Bibliography 26
  
  
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  Introduction
  
  Greece’s future in the Eurozone is back on the international economic and political agenda. For the last time, Eurozone governments have been negotiating amendments to the terms of Greece’s bailout programme.
  The Greek government faces an unenviable political balancing act. The government needs to continue to implement reforms and prove to its creditors that progress is being made in order to receive the fund sit needs to meet its maturing debt obligations. At the same time, it also needs to keep the support of its own party members and the wider Greek public.
  Lessons from the 2011/12Eurozone sovereign debt crisis suggest that negotiations on these issues still have along way to go before they reach along-term solution.
  ...........
  1. Background of a Grexit: Greek Crisis
  
  For years the euro area has labored to successfully prevent a financial exit by Greece from the common currency, a fear commonly known as «Grexit». Following the September 2015 elections, Greece now has a parliament that is overwhelmingly pro-euro and in compliance with the program imposed by the European Commission, the European Central Bank, and the International Monetary Fund (IMF), known as the Troika. Barring major external economic and political shocks, the country can return to growth in 2016 and get further debt relief from the euro area .
  The crisis originated in January 2010 in Greece when the EU found ‘severe irregularities’ in the country’s accounting procedures. As a result, Greece’s 2009 government deficit was revised up from 3.7% of GDP to 12.7% (and later to 13.6%). Amidst this shocking news, financial markets became increasingly risk averse and yields on government bonds of several EU members rose sharply, most notably Portugal and Ireland (rising yields are an indication that markets see more risk in investing in the bonds). In April 2010, the Greek government were forced to ask the EU/ECB/IMF (the Troika) for assistance, and on 2 May 2010 the Troika agreed on a EUR110bn bailout package (followed by a second bailout package worth EUR109bn in July 2011), subject to compliance with Troika-imposed and -controlled tough austerity measures .
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