Financial crisis greece
Download
1 / 14

Financial Crisis: Greece - PowerPoint PPT Presentation


  • 174 Views
  • Uploaded on

Financial Crisis: Greece. By: Hong Lai Sylvia Zheng. Discussion Topics. Background Information Greece’s Imports and Exports Causes of Financial Crisis Financial Crisis in Greece How Greece Financial Crisis Affect Other Countries Solutions. Background Information.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' Financial Crisis: Greece' - brianna-booker


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Financial crisis greece

Financial Crisis: Greece

By: Hong Lai

Sylvia Zheng


Discussion topics
Discussion Topics

  • Background Information

  • Greece’s Imports and Exports

  • Causes of Financial Crisis

  • Financial Crisis in Greece

  • How Greece Financial Crisis Affect Other Countries

  • Solutions


Background information
Background Information

  • Greece, a Parliamentary Republic

  • Prime Minister, George Papandreou

  • Capitalist economy with the public sector

    accounting for about 40% of GDP

  • Member of EU

    • Greece joined in 1981

    • In 2001, 12th member of the European

      Economic and Monetary Union


Greece s imports and exports
Greece’s Imports and Exports

  • Greece imports twice as much as they export


Greece s imports and exports1
Greece’s Imports and Exports

  • Exports(2009 estimated)-$21.37 billion

    • Manufactured goods, food and beverages, petroleum products, cement, chemicals 

    • Major markets: Germany, Italy, Bulgaria, U.S., U.K., Romania

  • Imports(2009 estimated)-$64.27 billion

    • Food and animals, crude oil, chemicals, machinery, transport equipments

    • Major suppliers: Germany, Italy, France, Netherlands, Russia

  • Tourism is the main income for Greece

    • Provided 15% of GDP



Causes of financial crisis1
Causes of Financial Crisis

  • Public debt:

    126.8% of GDP (2009) increased to 144% of GDP (2010)

  • Inflation:

    1.2% (2009) increased to 4.5% (2010)

  • Unemployment rate:

    9.4% (2009) increased

    to 12% (2010)

  • Current Account Balance:

    -$34.43 billion (2009) to

    -$17.1 billion (2010)


Financial crisis in greece
Financial Crisis in Greece

  • Government overspending with its national debt

    is $413.6 billion

    • Paying out salaries on the government dime, with huge holiday bonuses

    • Employees were paid a 14-month year instead of 12 months

    • Also, the extra money gave many Greeks in their early retirement

  • One of the worst countries with debt in Europe

    • National debt, at €300 billion (aka $413.6 billion), is larger than the country's economy

    • Prediction estimated that the national debt will reach 120% of GDP in 2010

    • The country's deficit is 12.7% of its national economy



  • How greece financial crisis affect other countries
    How Greece Financial Crisis Affect Other Countries

    • Contagion

      • If Greece is not helped, it could drag down the entire European Union

      • Threatening economies: Portugal, Spain and Italy

  • The impact on the common European currency

    • 15 other euro zone economies who have agreed to help out Greece

    • IMF announced a bail-out package €95 billion ( $146.2 billion)



  • Solutions
    Solutions

    • What Greece implemented

      • Raise taxes on fuel, tobacco, and alcohol

      • Raise the retirement age by 2 years

      • Decrease government spending

      • Recommendation

      • Sterilization

        • Decrease Unemployment

        • Fix Inflation Rates ?


    References
    References

    "The Greek Crisis Explained." Fance 24. International News 24/7, 05 Oct. 2010. Web. 24 Feb.

    2011.<http://www.france24.com/en/20100504-greek-crisis-eu-imf-bailout-d ebt-econ omy-germany-france-unions-jobs-euro-markets>. Muir, David, and Bradley Blackburn. "Greeks Take to the Streets in Violent Protests Over Economic Problems." Breaking News, Politics, World News, Good Morning America, Exclusive Interviews. ABC News, 05 May 2010. Web. 24 Feb. 2011.

    <http://abcnews.go.com/WN/greeks-streets-violent-protests-economic-probl ems/sto ry?id=10567233>.

    "Greece Economy." Expedited Visas, Visa Applications, Rush Passport, Passports, Travel. Travel Document Systems, Inc., 2011. Web. 27 Feb. 2011.

    <http://www.traveldocs.com/gr/economy.htm>.

    "Q&A: Greece's Financial Crisis Explained." Breaking News, U.S., World, Weather, Entertainment & Video News. CNN, 26 Mar. 2010. Web. 27 Feb. 2011. <http://www.cnn.com/2010/BUSINESS/02/10/greek.debt.qanda/index.html# >.


    "Commission Recommendations for Greece." European Commission Economic and Financial Affairs. EUROPA, 2 Mar. 2010. Web. 27 Feb. 2011. <http://ec.europa.eu/economy_finance/articles/sgp/2010_02_03_sgp_en. htm>.

    Castle, Stephen. "Pressure Rises on Greece to Explain and Fix Crisis." Global Business. The New York Times, 16 Feb. 2010. Web. 26 Feb. 2011. <http://www.nytimes.com/2010/02/17/business/global/17euro.html?_ r=2>.

    Wearden, Graeme. "Europe's Financial Crisis: As It Happened." Guardian | Guardian.co.uk. Business Blog, 28 Apr. 2010. Web. 27 Feb. 2011. <http://www.guardian.co.uk/business/blog/2010/apr/28/greece-financial- crisis>.

    Pearlstein, Steven. "Greece and the Myth of the Easy Economic Fix." Politics, National, World & D.C. Area News and Headlines - Washingtonpost.com. The Washington Post, 05 May 2010. Web. 26 Feb. 2011. <http://www.washingtonpost.com/wp- dyn/content/article/2010/05/04/AR2010050405128.html>.

    "An Explanation of Greece's Financial Crisis." YouTube- Broadcast Yourself. YouTube, 09 Apr. 2010. Web. 27 Feb. 2011.

    <http://www.youtube.com/watch?v=KGPNBA6T-sk>.


    ad