Search results

You are looking at 1 - 9 of 9 items for :

  • Economics and Business x
  • Manchester Digital Textbooks x
  • All content x
Clear All
Abstract only
Costas Simitis

Greece’s borrowing rose to 8.1%, from 6.5% 20 days earlier. According to the newspaper Ta Nea, the decision to have recourse to the support mechanism was taken on the afternoon of Thursday 22 April subsequent to the agreement reached between the Prime Minister and the Minister of Finance, and after a telephone call from the latter, Giorgos Papaconstantinou, to the US Secretary of the Treasury, Timothy Geithner. Geithner warned ‘that if one more day were lost it could prove catastrophic’ and that Greece ‘had no reason to wait’.3 It is difficult to understand why the

in The European debt crisis
Abstract only
Costas Simitis

Sarkozy, and the Chancellor of Germany, Angela Merkel, met on 9 October in Berlin to develop a mutually acceptable solution to these concerns. No substantive progress was made. In a common statement they indicated they would continue discussions aimed at achieving an Greece.indb 140 3/13/2014 1:56:42 PM More hitches 141 all-encompassing and sustainable strategy for the recapitalisation of European banks and the fiscal union of the Eurozone. As to the Greek problem, both sides agreed to wait for the Troika’s report on the sustainability of the debt before taking any

in The European debt crisis
Costas Simitis

introduced, it did not fulfil the grandiose claims previously made and it had virtually no impact. Most retail businesses refused to acquire the special terminals for the tax card to work, and most citizens realised that they were encumbered with processes and waiting time when they used it. Taxpayers feared that the amount of their purchases as registered through the tax card could be used against them as proof of income higher than what they had declared. Thus the tax card fell into disuse. Criticism of the government was dealt with by assigning responsibility for any

in The European debt crisis
Abstract only
Costas Simitis

ominous precedent, which might encourage other nations to seek a comparable solution to their sovereign debt concerns. The Greek government did not appear to hold a clear position. It neither defended the existing agreement of 21 July, nor advocated a deeper haircut. Either it did not want to antagonise the Greek banks, or else it was waiting for information on the wider ramifications of any such proposal, for instance on how the recapitalisation of the banks would be financed. On the Prime Minister’s return from Brussels, on 14 October, the newspaper Ta Nea ­ wrote

in The European debt crisis
Abstract only
Costas Simitis

more time, most probably up to the end of 2011, provided the Greek side takes measures that the Commission finds convincing’. This is indicative. The crisis did not wait for 2011. It had arrived, dramatically, in 2009 already.   9 See D. Mitropoulos, ‘How the deficit sank us’, Ta Nea, 17–18 March 2012. 10 Vasilis Zeras, Economiki Kathimerini, 29 November 2009, p. 3. 11 During the period of preparation for the 2004 Olympic Games it fluctuated around 45% of GDP, despite increased expenses. Average expenses from 1990 to 2007 were around 44.6% of GDP. 12 Ghikas

in The European debt crisis
Mike Buckle and John Thompson

Merrill Lynch were all fined; Barclays rejected an early settlement and said it wanted to wait for a coordinated settlement with other regulators. 10.5   Nature of forex business Four types of market transactions can be distinguished: spot transactions; outright forward transactions

in The UK financial system (fifth edition)
Abstract only
Mike Buckle and John Thompson

than waiting for the end of the day. The idea of real-time gross settlement is to avoid settlement risk through the knock-on effects of the failure of a counter-party. One example of this risk is provided by the Herstatt bank failure in 1974, when, because of time zone differences, customers with some foreign exchange contracts were left unpaid, although they had completed their

in The UK financial system (fifth edition)
Implementing the second Memorandum
Costas Simitis

investment remains the principal shortcoming in the effort to deal with the effects of the crisis in Greece today. Owing to the turmoil, investors are afraid of losing their money. They are either avoiding Greece altogether or are waiting for the return of more stable conditions for investment. Short-term speculative investments do little to finance anything in the way of recovery or a return to growth. For growth to return, there needs to be absolute clarity regarding Greece’s future in the Eurozone; only then will it be possible for businesses to plan, and weigh the

in The European debt crisis
Mike Buckle and John Thompson

banks in the event of a run. Until insolvency is declared, the bank is obliged to pay out the full amount of any deposit withdrawn. Once insolvency is declared, the depositors must wait for realisation of the bank’s assets and, in the company of other creditors, for their claims to be assessed by the courts. Thus, in the event of a rumour of difficulties being faced by a bank, there is likely to be

in The UK financial system (fifth edition)