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The Implications of the Greek Referendum’s Outcome

Introduction This paper will examine the social welfare and economic implications of the recent 2015 referendum on Greek bailout conditions offered by the ECB and IMF, starting with and examination of the history behind the crisis, the resulting series of financial bailouts along with the conditions imposed and their economic and social welfare ramifications, and the potential irrelevancy of the recent 2015 referendum on the actual outcome of the negotiations. The Background to the Greek Debt Crisis The Greek debt crisis essentially started in late 2009, after economic reports about the Greek government’s current deficit and debt levels made clear that the Greek government had deliberately under-reported their current deficit and financial situation in 2008 and 2009, with the deficit at the end of 2009 estimated independently at 12.5% of Greek GDP, twice the amount reported by official Greek governmental figures during that time (Simitis, 2014). These issues were further exacerbated by the revelation that Greek sovereign debt exceeded the 91.4% of Greek GDP previously reported, and actually stood at 126.8% of total Greek GDP due to a number of debts and liabilities within the Greek public sector that had been over-looked during the previous reports issued by the Greek Ministry of Finance (Simitis, 2014). These discrepancies in reporting raised serious concerns over Greece’s ability to accurately report its current financial situation, and the resulting sovereign debt ratio of 128% of GDP raised serious questions over the government’s ability to meet its current financial obligations (Ardagna and Caselli, 2014). The results of the revelations, occurring during the aftermath of the recent global financial crisis, led to a downgrading of Standard and Poor’s credit rating of Greece to BB , a rating which indicates a significant possibility of default on borrowing (Standard and Poor, 2015). This caused the interest rates of 5 year bonds issued by the Greek government to rise to 5.385% in November 2009, a figure 1.42% higher than the average rate of all other similar Euro-zone government bonds during that time (Simitis, 2014). This also occurred at a time where the Greek government was running a significant structural deficit, with governmental spending at 53.2% of GDP, and public revenue of only 37.8% (Ardagna and Caselli, 2014). In other words, only further borrowing would be able to sustain the current level of Greek public services, borrowing which had just became exponentially more expensive to maintain. Given the developing crisis in the Eurozone, the European Central Bank (ECB) chose to step in and offer assisted bailouts and loans using funds appropriated from other EU member states and the IMF (Baimbridge and Whyman, 2014). To this end, the Commission, the ECB and the IMF established the European Financial Stability Fund (EFSF, 2015). The EFSF issued a bailout loan of €110bn in 2010 to the Greek government, which came with the condition that tight austerity measures be put into place, including a number of cuts across a broad spectrum of public services and a series of tax increases to boost governmental revenue (Ardagna and Caselli, 2014). Similar conditions were given to other recipients of bailout loans from the EFSF, including Ireland and Portugal, who as of 2014 have successfully reduced their national debt levels and current account deficit to that specified by the bailout conditions (Baimbridge and Whyman, 2014). However, the Greek government was hit with a further recession in 2011, with GDP growth contracting by 9.6% in the 4th quarter of 2010, and then a further 10.4% fall in the 1st quarter of 2011 (World Bank, 2015). The continuing economic problems faced by Greece were due to a number of factors, including a severe fall in revenue from both tourism and shipping due to the global economic crisis, two of Greece’s most important industries, and significant discrepancies between total taxes owed and total tax revenue, with total tax income in 2012 being €51.99bn, against the expected €110.79bn as reported by a State Audit Council report (Argitis and Nikolaidi, 2014). These conditions meant that Greece was unable to continue to meet its financial obligations in 2012 and again faced the possibility of sovereign debt default, requiring another bailout loan to be made by the EFSF of another €130bn, with additional conditions attached that required Greece to cut public spending by a total of €3.3bn by the end of the year, followed by further cuts of €10bn by the end of 2013, and again in 2014 (Ardagna and Caselli, 2014). The Ramifications of the Imposed Bailout Conditions The austerity measure conditions that were included as conditions on the two separate bailout loans to the Greek government were met with strong resistance from the Greek populace, and a number of anti-austerity demonstrations and riots occurred throughout the country in 2010, 2011 and 2012 (Simitis, 2014). The public reactions to the suggested austerity measures have been suggested to be responsible for the Greek government’s delay in more fully and efficiently implementing the necessary austerity measures and tax collection reforms necessary to close the gap between public spending and revenue (IMF, 2014). Despite the social and economic issues resulting from the Greek populace’s resistance to the bailout conditions, in 2014 the Greek economy appeared to be on the road to recovery, with improved economic performance and growth across the Eurozone driving recovery in both the tourism and shipping industries, and the achievement of a structural surplus, mainly due to a series of stringent cuts to governmental spending and public services, including the closure of the state-owned broadcasting company ERT (IMF, 2014). These improved economic conditions allowed Greece to once again issue government bonds on the private equities market since the initial bailout had been implemented, allowing the Greek government a much-needed source of finance to cover any future spending gaps, with Greek government-issued 5 year bonds being traded at interest rates of 4.95% in mid-April of 2014, at their lowest rates since the start of the 2009 debt crisis (IMF, 2014). An early parliamentary election was called in late 2014 after the current parliament was unable to vote in a new President for the 2015-2020 term with a parliamentary majority (Ardagna and Caselli, 2014). The Syriza party, which had been highly vocal in recent years about their lack of support for the austerity conditions imposed on Greece by the IMF and ECB, won a near majority and formed a coalition with a minority right-wing party in order to have the Syriza party leader Alexis Tsipras elected to the Presidential position. Upon gaining office, Mr Tsipras stated his refusal to respect the current bailout conditions imposed by the EFSF, with the intent of renegotiating more favourable terms (Ardagna and Caselli, 2014). The ECB and IMF responded by suspending any and all aid payments to Greece until either the existing deal was upheld or a new mutually-acceptable deal was agreed upon. The resulting uncertainty caused significant economic and social upheaval within the country; the Athens stock exchange experienced its worst loss in total value in the following week since the 2011 recession, while interest rates of Greek bonds rose sharply in the private market, eventually reaching a peak of 24.19% in early June, severely reducing the newly-established governmental ability to raise finance in the private equities market (Dellas and Tavlas, 2013). The resulting economic uncertainty caused a run on Greek banks, where customers were desperate to withdraw all their cash to protect against the risk of a banking industry collapse, which ironically severely increased the likelihood of such a collapse occurring (Mankiw and Taylor, 2014). In response to this socio-economic panic, the government issued a series of capital control measures that restricted the current opening hours of Greek banks while only allowing daily withdrawals of €60 from personal accounts either through the bank or ATM (The Economist, 2015a). The government also placed restrictions on foreign transactions and foreign currency trading, to prevent Greek investors from transferring their funds to a currently more stable currency. However, these measures only served to deepen the social welfare issues within the country, as the number of foreign imports dropped dramatically due to the restrictions placed on foreign transactions, including in a number of key areas such as medical equipment, medication, food and farming materials, leading to severe social welfare issues during the negotiation period (The Economist, 2015b). The 2015 Referendum After a series of negotiations with the ECB and IMF that failed to reach agreement on the conditions of a new deal, Mr Tsipras, the Greek President, called for a public referendum on the proposed conditions put forward by the ECB and IMF in the latest meetings of June 25th. The announcement was made on June 26th, with the referendum to be held on the 6th of July (The Economist, 2015c). This is an incredibly short length of time to ruminate on a complicated issue, one which could have profound effects for the social, political and economic future of one’s country. The referendum paper itself also does not contain any details on the June 25th proposals, it merely asked whether the respondent is willing to accept them or not in a straightforward Yes or No ballot (The Economist, 2015c). Mr Tsipras, who campaigned for the No vote, listed those proposals during his campaign, including a controversial suggestion to raise taxes on tourism-related income that was later retracted by the ECB on June 26th, the day Mr Tsipras called the referendum (The Economist, 2015c). Despite the public excitement surrounding the referendum itself, it is clear that the referendum was a tool that would have failed to provide a welfare maximising outcome regardless of the result. As Arrow (1950) notes, it is impossible for a ranked-order voting system with three or more options to provide a welfare-maximising solution that satisfies three criteria of fairness; first, that each individual holds a set of ordinally-ranked preferences that do not change with the introduction of alternative options; that the final outcome should satisfy the majority of voters; and that no one individual has dictatorship power over the vote. While the referendum at first appears to be a ranked order voting system with only two options, which would negate the relevance of Arrow’s Impossibility Theorem, the options themselves are not clearly defined. The majority No vote of 61.3% (BBC, 2015) merely rejected a specific set of conditions which were already irrelevant and out-dated at the time of the referendum. The results did not indicate whether those voters wish to accept different conditions, or to exit the Eurozone altogether, suggesting that there were more than two reasons for choosing one of the options that voters were inherently unable to express. Thus, those who voted No while expecting it to lead to a Greek exit from the Eurozone or a rejection of all further austerity measures would be ultimately disappointed. The referendum was also biased in terms of Arrow’s (1950) fairness criteria in one major way; there was indeed one individual with dictatorship power over the vote itself. The referendum results were merely used to gather public opinion on an out-dated bailout condition offer; the results were not legally-binding, and in the event of a Yes vote Mr Tsipras would still be free to return to the negotiating table and attempt to renegotiate further with the ECB and IMF (The Economist, 2015c). The referendum was clearly used as a means for Mr Tsipras to gain leverage during negotiations in the case of a No vote, potentially to imply that Greek voters would support withdrawing from the Eurozone altogether if necessary, though as noted those voters would end up disappointed along with the rest who voted against further austerity measures, as despite the referendum results Mr Tsipras agreed to a further €86bn bailout from the EFSF on the 14th of August, with 4 main conditions to the deal: a structural surplus of 3.5% of GDP to be met by 2018; a series of pension system reforms intended to cut public sector pension spending ( a condition with serious social welfare implications for the elderly and retired); reforms to labour and product markets to increase competitiveness; and a series of banking sector reforms intended to recapitalise the private banking sector (Wearden and Fletcher, 2015). Conclusion The 2015 Greek Referendum bailout conditions referendum was never capable of offering a welfare-maximising solution for voters; in fact, it barely offered any social, political or economic solution at all. Voters rejected a set of conditions that had already been altered at the time of the referendum, and were subsequently presented with a new bailout deal containing further harsh austerity measures such as cuts to public pension funding. It is doubtful whether the results of the referendum actually offered Mr Tsipras additional leverage in subsequent negotiations, but it is clear the Referendum results had little impact beyond this meagre measure References Ardagna, S and Caselli, F (2014), ‘The Political Economy of the Greek Debt Crisis: A Tale of Two Bailouts’, American Economic Journal: Macroeconomics, Volume 6, Issue 4, pp291-323 Argitis, G and Nikolaidi, M (2014), ‘The Financial Fragility and the Crisis of the Greek Government Sector’, International Review of Applied Economics, Volume 28, Issue 3, pp273-291 Arrow, K (1950), ‘A Difficulty in the Concept of Social Welfare’, Journal of Political Economy, Volume 58, Issue 4, pp328-346 Baimbridge, M and Whyman, P (2014), Crisis in the Eurozone: Causes, Dilemmas and Solutions, 1st Ed, London: Palgrave-MacMillan BBC (2015), Greece debt crisis: Greek voters reject bailout offer [Online], Available; http://www.bbc.co.uk/news/world-europe-33403665 Dellas, H and Tavlas, G (2013), ‘The gold standard, the euro, and the origins of the Greek sovereign debt crisis’, CATO Journal, Volume 33, Issue 3, pp491-520 Economist, The (2015a), How Capital Controls Work [Online], Available; http://www.economist.com/node/21656439 Economist, The (2015b), Greece’s Economy Under Banking Controls: When Banks Die [Online], Available; http://www.economist.com/node/21657000 Economist, The (2015c), How Greece’s referendum works [Online], Available; http://www.economist.com/blogs/economist-explains/2015/07/economist-explains-2 EFSF (2015), About EFSF [Online], Available; http://www.efsf.europa.eu/about/index.htm IMF (2014), IMF Country Report No. 14/151: Greece, New York: International Monetary Fund Mankiw, G and Taylor, M (2014), Macroeconomics, 2nd Ed, London: W H Freeman Simitis, C (2014), The European Debt Crisis: The Greek Case, 1st Ed, Manchester: Manchester University Press Standard and Poor (2015), Ratings Criteria [Online], Available; https://www.standardandpoors.com/en_EU/web/guest/ratings/ratings-criteria/-/articles/criteria/governments/filter/all Wearden, G and Fletcher, N (2015), Eurozone finance ministers agree to third Greek bailout – as it happened [Online], Available; http://www.theguardian.com/business/live/2015/aug/14/greek-bailout-vote-and-eurozone-gdp-growth-figures-live-updates#block-55ce5ef8e4b076bafa06f640 World Bank (2015), World Development Indicators: Greece [Online], Available; http://data.worldbank.org/country/greece
Module 09: Critical Thinking – MGT 521.

Directions:For this assignment, you should create an organizational chart to represent the ideal structure for your current organization (or one with which you are familiar) and a written report in support of the chart. You should include:The type of structure (divisional structure, functional structure, matrix structure, or horizontal structure) represented in chart form (see power point for examples)The benefits of the selected structureThe challenges of the selected structureThe types of behavior changes needed to adopt the selected structureWhy you believe this structure is most appropriate as a formal design element of the organizationYour well-written paper should meet the following requirements:Be 5 pages in length, which does not include the title page, abstract, or required reference page, which are never a part of the content minimum requirements.Your organizational structure in chart form.Use academic writing standards and APA style guidelines.Support your submission with at least four scholarly, peer-reviewed journal articles.Review the grading rubric to see how you will be graded for this assignment.
Module 09: Critical Thinking – MGT 521

AC Wk 4 Appropriate Interventions to Help Curb the Stress Joe Stress Case Study

AC Wk 4 Appropriate Interventions to Help Curb the Stress Joe Stress Case Study.

I’m working on a writing discussion question and need guidance to help me learn.

Your initial discussion thread is due on Day 3 (Thursday) and you have until Day 7 (Monday) to respond to your classmates. Your grade will reflect both the quality of your initial post and the depth of your responses. Refer to the Discussion Forum Grading Rubric under the Settings icon above for guidance on how your discussion will be evaluated.College Students and Stress Case Study [WLOs: 1, 2] [CLOs: 2, 5, 6]Prior to beginning work on this discussion forum, read Chapter 4: Stress and the College Student, Chapter 13: Physiological Arousal Interventions, Chapter 14: Strategies for Decreasing Stressful Behaviors, read An Examination of Stress in College Students Over the Course of a Semester, watch the Help! I’m Stressed video, and review the webpages Teens and College Students, and Exercise and Stress: Get Moving to Manage Stress.College students, as you may know from personal experience, face many stressful situations. Different factors can trigger stress and, subsequently, stressful responses in students of all ages and backgrounds. Appropriate interventions must be taken to address stress-causing factors and help preserve the health and wellness of college students.For students whose last name begins with the letter A-M, please select the following case study:Bri-Anne is 20 years of age and enrolled at AMP University. She lives in the dorm and shares a room with Sue. Sue struggles with finances and frequently argues with her boyfriend; jealousy is also a big concern in this relationship. Bri-Anne has witnessed many of their arguments and occasionally helps Sue out by giving her money for food or other needed expenses. One of Bri-Anne’s best friends was recently raped at a party, which has caused Bri-Anne several sleepless nights, anxiety about the campus, and worries regarding her own safety. Bri-Anne’s grades have suffered since that incident; she feels overwhelmed and has self-doubts. Additionally, she feels pressured to perform well in her upcoming assessments and final exams.For students whose last name begins with the letter N-Z, please select the subsequent case study:Joe is 37 years of age and enrolled at an online institution for the completion of his undergraduate degree. He currently juggles a part-time course load, along with his full-time job as a personal trainer. Due to the nature of his job, he primarily works early mornings, afternoons, evenings, and some weekends. Thus, he has to fit-in schoolwork whenever he can. Joe is married to Danielle and they have two small children (ages 4 and 2). While Joe and Danielle have a good marital relationship, finances are tight since Danielle does not work. Joe has missed some assignment submission deadlines, which have caused him sleepless nights and many restless days. He admits to being stressed and has relied on alcohol several times to calm himself down and help him go to sleep.After reading your specific case assignment, please address the following elements:Briefly analyze the relationship between the student’s stress factors and the impacts on his/her health. Use the text as a reference to support this connection.Propose at least four appropriate interventions as discussed in the course text, and identify whether these fall within the life-situation, perception, or emotional arousal intervention One of these interventions needs to address financial stressors of the college student.Assess how one of your intervention recommendations would change if the college student was a minoritySupport your initial posting with your course text and at least one additional scholarly resource to support your work (see the Scholarly, Peer-Reviewed, and Other Credible Sources for more information). Your posting should be at least 300 words in length and meet APA Style formatting standards (see Introduction to APA for more information).Guided Response: Respond to two classmates by Day 7. Select one student who was assigned Bri-Anne and another student who was assigned Joe. Compare and contrast your responses and intervention recommendations with each classmate. Discuss personal experiences as a college student and intervention methods which aided you in reducing or eliminating stress, if applicable. Each post should be at least 100 words in length and include one scholarly reference formatted in APA Style.
AC Wk 4 Appropriate Interventions to Help Curb the Stress Joe Stress Case Study

CHEM Harvard University Lowest Standard Molar Entropy Questions

i need help writing an essay CHEM Harvard University Lowest Standard Molar Entropy Questions.

I’m working on a chemistry practice test / quiz and need an explanation to help me study.

Please bid only if you are good at chemistry.4 to 5 Simple multiple choice questions on: Lewis acid and bass, Spontaneity, Entropy, Entropy change, Entropy change for a reaction.Only bid if you are good at chem and familiar with those topics as my profesor makes his own assignments and it’s hard to find any answers online or on Chegg.It starts at 1:55 pm Eastern time zone today. I will be posting here when the assignment opens up.
CHEM Harvard University Lowest Standard Molar Entropy Questions

Gender Politics in the US: Pay Difference Essay

Introduction Peterkin (2012) explains that the Equal Pay Act of 1963 was enacted to facilitate equality between men and women in terms of their pay. However, to date, there are still certain obstacles that contribute to the huge pay gap between men and women. Identification of the obstacles to women equality One of the reasons contributing to a huge pay difference between men and women is the choice of what they study as their college major (Peterkin 2012). Irrespective of the choice of the major, the male graduates earn way more than the female graduates. Sandberg (2010) gave a presentation at the TEDWomen talk in 2010 and pointed out that women prefer personal fulfillment to professional success. In this case, when we compare the career woman to her male counterpart, there is a difference in that the career women at the same level have children and a husband to take care of while men are not always directly involved in taking care of children. When women indulge in their careers, they forego their opportunity to raise a family, while the male managers have the capacity to excel in their careers and raise a family as well. The employers and the society also need to make both men and women feel important. Men are pressurized to succeed but this is rarely the case with their female counterparts. The women’s tasks are heavier than those of men considering they have to take care of their families in addition to office responsibilities (Sandberg). What causes the obstacles? The women who are given top positions in companies do very little to change the current belief in the society about the best jobs being taken over by men. Bennett observes that the women do not take up their responsibilities in the top positions in fear of being called bossy and therefore they still contribute to the sexism. Women tend to lean back at the workplace especially if they are considering starting a family. Women should not leave their employment or ignore promotions by making premature decisions which may act as their own limitations to success in future. Sandberg (2010) encourages women to keep working hard to ensure that even when they take a break, they have a job to look forward to when they resume. Bennett (2010) acknowledges that women are exposed to discriminatory practices that are based on certain beliefs that categorize specific jobs for women, thereby limiting what they can do in an organization. Employers too contribute to the issue of inequality by reserving certain jobs for women and others for men. Get your 100% original paper on any topic done in as little as 3 hours Learn More Ways of overcoming the obstacles Peterkin (2013) notes that women should be advised to choose the best majors that will increase their earnings. In addition, women should be willing to be more active in negotiating their salaries. Though this will not entirely create the desired equality effect, a better option would be for the employer to take decisive action. Employers ought to implement policies that facilitate equal pay between men and women. Women empowerment strategies have contributed to increase in their employment. A good example is when the ‘girl power’ movement began in early 2000 and led to an increase in the rate of employment among women (Bennett 2010). According to Sandberg (2010), women ought to be advised to ‘sit at the table’ and negotiate for what they want even if it is their first salary. Women should learn to attribute their career success to themselves instead of saying that ‘they got lucky’. They should feel they deserve their success, believe in themselves and stop giving excuses of how they need to be supported to get the top job. Affirmative action in the workplace helps to protect minorities like women against discrimination (Greenberg and Page 123). In the United States, affirmative action was implemented to remove barriers and increase the employment rate of those groups that had been previously discriminated against. Why today’s young women have a harder time identifying and calling attention to the discrimination they are experiencing When women succeed, some of the men question whether this is due to their abilities or sexuality (Bennett 2010). Men rarely appreciate that women have worked hard to earn their positions. This happens even as many organizations have implemented laws to eliminate sexual harassment at the workplace and introduced flexi hours to give convenience to the women (Crabtree 2011). Bennett (2010) further notes that women also rank masculine jobs as the highest obstacle to success yet they only choose the low paying jobs which were done by women in the 1960s. In addition, Sandberg (2010) says that managers sometimes do not notice how hard women fight for the same opportunities as men and as such, men need to be more sensitive and fair to them. Conclusion The campaign to bridge the pay gap between men and women cannot be done without the assistance of the employers. Employers have a responsibility to ensure that their pay favors both men and women equally and that the work done by women is not underrated. It is imperative that employers accept that women have the right to negotiate their salaries after they finish college and be perceived as aggressive and hardworking like their male colleagues. Works Cited Bennett, Jessica. 2010. Young Women, Newsweek, and Sexism. 2010. Web. Crabtree, James. 2011. UN: barriers to gender equality remain. 2011. Web. We will write a custom Essay on Gender Politics in the US: Pay Difference specifically for you! Get your first paper with 15% OFF Learn More Greenberg, Edward and B. Page. Struggle for Democracy. New York: Pearson, 2010. Print. Peterkin, Caitlin. Male-Female Pay Gap Persists and Starts Early, Study Finds. 2012. Web. Sandberg, Sheryl. “Why we have too few women leaders.” Youtube. TEDTalks, 2010. Web.

UArizona Global Challenges a Democratic South Africa Faces Moving Forward Ques

UArizona Global Challenges a Democratic South Africa Faces Moving Forward Ques.

I’m working on a history multi-part question and need an explanation to help me study.

1. Based on your readings, what are some of the challenges a democratic South Africa faces moving forward? Use sources Crais & McClendon. The South Africa Reader: History, Culture, PoliticsChapter 82.Watch Nigeria: Assessing President Buhari’s first 100 days – BBC News and Ivory Coast’s Economic Comeback and respond to the following.How did the 2015 elections show progress in Nigeria and Ivory Coast? Do you think democracy is the best way to deal with the issues these two countries inherited from the colonial era and early years of independence?history 1211. The Civil War was fought because of slavery and the breakup of the Union. The Southern slave owners would argue that they were fighting to keep states’ rights, meaning they were dependent on a slave economy, and believed they had the right to keep their livelihood, as they knew it. Northerners and President Lincoln entered the war initially to keep the Union intact. However, war aims would evolve and, with that, northern soldiers would fight to emancipate slaves. By 1862, the war turned into a hard war and only the destruction of the enemy’s forces and unconditional surrender would end it. Agreeing to the unconditional surrender, though, did not mean reconstructing the Union would be simple. Keeping these factors in mind, compare and contrast wartime Reconstruction, presidential Reconstruction, and congressional (radical) Reconstruction. What were the key differences among the three phases? Were there any similarities in the phases? Explain your answer with specific examples from your assigned reading and media. Use sources Of the People with Sources: Chapters 14 and 15The Civil War, Part 1 (Crash Course) opens in a new windowThe Civil War, Part 2 (Crash Course) opens in a new windowFreedmen’s Bureau (History Channel) opens in a new windowThe System of Sharecropping (PBS) opens in a new window
UArizona Global Challenges a Democratic South Africa Faces Moving Forward Ques