Preview

Azerbaijan Position Paper

Satisfactory Essays
Open Document
Open Document
418 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Azerbaijan Position Paper
COMMITTEE: HUMAN RIGHT COUNCIL
ISSUE: The Human Cost of Austerity Policies In Greece
COUNTRY: Azerbaijan

Since 2009, Greece has been perplexed by debt crisis so far. The investors concerned Greece’s ability to repay the debt, and in 2010, the downgrading of Greek government debt to junk bond. This reform astonished the whole financial markets. Greece had the first bailout loan in 2010 and started the austerity policies. The large sum of bailout loan didn’t remain a long time, due to the fact that the growth of the Greek economy worked too slowly, Eurozone leader agreed to offer Greece the second bailout loan in 2011.In August 2013, IMF (International Monetary Fund) pointed that Greece is close to getting the third bailout found, and this time Eurozone’s other creditors might need to ratify this case. Without others ratification, the economy problem in Greece would be even serious. However, German urges to end austerity policies and considers that the voice of against will increase if Greece still follows the austerity policies to win the bailout, and this conduct would cause more and more social unrests.
In May 2010, IMF and the Eurozone countries agreed on a €110 billion bailout loan for Greece, and Greek government had to implement the first austerity policy to bring its deficit under control by follow up:
1. Implementation of austerity measures, to restore the fiscal balance.
2. Privatization of government assets worth €50bn by the end of 2015, to keep the debt pile sustainable.
3. Implementation of outlined structural reforms, to improve competitiveness and growth prospects.
However, Greece didn’t deal with this debt crisis well. Greece needs the second bailout, and it was ratified by all the parties in February2012. They would cover the Greek financial need from 2012-2014.

Greece has implemented the austerity policies to obtain the bailout loan for several years, and these policies also bring about lots of evident social problem. For instance, the
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Powerful Essays

    Sda Achievement 9
    • 923 Words
    • 4 Pages

    Sda Achievement 9

    The Flight Commander has no suspense’s of his or her own, but must manage his or her staff suspense’s. They must monitor the Flight Sergeant, as well as the Element Leaders to make sure that they are performing their duties. This information must be then reported to the Cadet Commander, as per the Squadron Chain of Command.…

    • 923 Words
    • 4 Pages
    Powerful Essays
    Read More
  • Best Essays

    Greece’s Economic Turmoil and the Global Economy
    • 2413 Words
    • 10 Pages

    Greece’s Economic Turmoil and the Global Economy

    Over the past ten years, Greece had been on a debt spree that came to an abrupt halt in late 2009. This unsustainable expenditure in social entitlements provoked an economic crisis that had destroyed the country’s economy, brought down its governing body, unleashed increasing unrest in the populace and greatly endangered the future of the euro. Greece’s debt issues can be traced back to years of spending that the government did not recuperate in taxes. Greece was borrowing from banks worldwide and had no way of repaying the billions of dollars owed. One might even trace the issues further back to 2001 when Greece joined the euro zone. The policy-makers misreported the real level of public borrowing so that Greece could meet the euro zone’s entry guidelines. As a result, the euro offered significantly lower interest rates than the drachma, Greece’s previous currency, and the country was able to access capital at a much more favourable rate. This deception brought about an increase in the money supply to Greece and a drastic rise in wages, especially in the ever increasing public sector (Steininger).…

    • 2413 Words
    • 10 Pages
    Best Essays
    Read More
  • Powerful Essays

    Pro & Cons of Capital Punishment
    • 4499 Words
    • 13 Pages

    Pro & Cons of Capital Punishment

    The “death penalty” is currently utilized in thirteen states throughout the United States. There are currently 3,242 people sitting on “death row” and 43 of those are currently incarcerated here in Nevada. The death penalty is nothing new. Everyone has either read about or watched movies of people having their heads chopped off during medieval times, hangings during western times and one of the most severe executions throughout the ages is that of the crucifixions during the time of Christ. Then there were the executions that few have been aware of and are most likely one of the cruelest of all were the ones of a person convicted of patricide. They would be “tied to a sack with a cockerel, a poisonous snake and a dog, and then thrown into the river, or sea.” (Jerome, 2012).…

    • 4499 Words
    • 13 Pages
    Powerful Essays
    Read More
  • Good Essays

    finc415 hw greece
    • 2173 Words
    • 7 Pages

    finc415 hw greece

    Greece is not doing well. Some people want to continue using the euro which a currency provided by the European Central Bank while others want to return to the drachma. The drachma is the fiat currency previously issued by the Greek central bank. This is causing a major uproar in Greece. Politically they are also crumbling. The leaders are persistent with rejecting economic policies that would keep Greece in the euro zone. These leaders are doing nothing to actually help the situation. Argentina is also going through a similar struggle financially. It has defaulted on its debt. With a low credit rating, there was no way this country could continue to operate and Greece…

    • 2173 Words
    • 7 Pages
    Good Essays
    Read More
  • Good Essays

    European Union
    • 478 Words
    • 2 Pages

    European Union

    Although they tried to build harmony among themselves that is essential for them to avoid violence and helps to bond a strong political relation among each other .However , various level of social and economic growth as well as the change in values ,principles and political situation between members are the chief causes of discord among them. The current discord among European union (EU) which is one of the biggest financial and political union ,could be the regional economic combination which has been hindered the free trade of some countries across the EU. By local economic integration in today’s globalization, contracts among countries in a geographic region to attain economic improvements from the free movement of trade and investment among themselves (Hill, 2013). The Eurozone is obviously having a decline, unless a new wave of crisis. The London Financial Times states that, an 11 billion euro has been originated in the program for saving the Greek economy. The publication conditions that before the end of this year, the governments of the European nations which are the central holders of Greek debts want to allot an average half of that amount to the Greek government. Or else…

    • 478 Words
    • 2 Pages
    Good Essays
    Read More
  • Powerful Essays

    Minsky model
    • 3797 Words
    • 16 Pages

    Minsky model

    Since the end of the Great Depression “…financial failure has been more extensive and pervasive” in the 30-year period 1980 to 2010 than at any other time leading up to the present day (p. 7). Four financial crises occurred in this 30-year period. The closest in time of the four financial crises to the present period is the recent liquidity crisis, the so-called Great Recession of 2007 – 2009, beginning in the United States, Great Britain, Spain, Ireland and Iceland. Eventually all of the countries of the Eurozone succumbed to the disequilibria of the Great Recession with the Eurozone’s suffering further intensifying because of the emergence of the so-called Sovereign Debt Crisis, a sub-crisis morphing out of the Great Recession in 2010 and 2011, involving Greece, Portugal, Spain, Italy and Cyprus. The Sovereign Debt Crisis is still ongoing having recently extended itself into calendar year 2013.…

    • 3797 Words
    • 16 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    European Debt Crisis
    • 2361 Words
    • 10 Pages

    European Debt Crisis

    In the recent past, a number of EU members, including Greece, Ireland, Portugal, Spain and Belgium, shook the global financial markets with their sovereign debt crisis. In this paper, we will primarily focus on financial crisis in Greece, discussing the current situation and exploring the root causes of the crisis. Moving along, we will discuss how a solitary monetary policy could potentially worsen Greece’s current situation by imposing constraints on solution options. Furthermore, we will discuss two sets of implications of the crisis evaluation regarding debt. The first set of implications deals with what will happen if Greece defaults on their debt, while the second set of implications deals with the actions that must be taken in order to prevent the occurrence of default. In the end, we will summarize our research and analysis about the topic.…

    • 2361 Words
    • 10 Pages
    Powerful Essays
    Read More
  • Best Essays

    The Eurozone crisis
    • 3510 Words
    • 9 Pages

    The Eurozone crisis

    When the Maastricht Treaty was signed in 1992, there were clear rules about sovereign debt and a limit on the level of deficit spending a member state could have within their budget. This is part of the Euro convergence criteria, which every member state has to adhere to in order to become a part of the Euro. However, Greece and Italy allegedly did not meet these criteria, but by masking their deficits and…

    • 3510 Words
    • 9 Pages
    Best Essays
    Read More
  • Satisfactory Essays

    Economic Background---Greece
    • 343 Words
    • 2 Pages

    Economic Background---Greece

    In late 2009, eroding public finances, misreported statistics, and inadequate follow-through on reforms prompted major credit rating agencies to downgrade Greece’s international debt rating, which has led to increased financial instability and a debt crisis. Greek government has approved a three-year reform program that includes cutting government spending, reducing the size of public sector, tackling tax evasion, reforming the health care and pension systems, and improving competitiveness through structural reforms to the labour and product market under the intense pressure by the EU and international lenders. The Greek Government projects that its reform program will achieve a reduction of Greece’s deficit by 4% of GDP in 2010 and allow Greece to decrease the deficit to below 3% by 2012. Greece requested activation of a joint European Union-International…

    • 343 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Neoliberalism
    • 1442 Words
    • 6 Pages

    Neoliberalism

    But just as under 19th century liberalism the market is not a system sufficient to organize an economy so as to guarantee human livelihood. Modern nation-states have not developed the institutions necessary to regulate and manage fictitious commodities and offer social protection (Wjuniski & Fernandez, 2010, p. 436). This is because unlike the early 20th century there is no political consensus on economic regulation, all elites are either explicitly on implicitly neoliberal (Featherstone, et al., 2015 p. 3). The construction of the Eurozone belies this difference while claiming to be a union delivering joint prosperity it has no democratic accountability and cannot be pressured by a traditional counter-movement from below. Previous ages of credit money, such as those that produced the international banking crisis of 2008, were accompanied by institutions that offered aid to debtors (usually religious in character) presently those international institutions, the World Bank, IMF, and ECB operate in reverse pursuing only the interest of lenders (Graeber, 2014, p. 369). This class of lenders who actually produced the crisis recreate it discursively as a sovereign debt crisis, as opposed to a banking crises, in order to promote their own interest (Featherstone, et al., 2015 p. 6). In Greece this portrayal of the crises has allowed implementation of austerity (Varoufakis, 2013, p. 208). Just as the World Bank used structural adjustments to liberalize the third world economies (Babb, 2005, p. 200) loans from the ECB are conditioned on further marketization and commodification in Greece. The reforms were nearly identical to those imposed in Latin America during the 90’s, sale of land and resources to foreign private…

    • 1442 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Best Essays

    The Greek Financial Crisis
    • 3395 Words
    • 14 Pages

    The Greek Financial Crisis

    In May of 2010, Greece was awarded a 110 billion euro bailout from both the European Union and the International Monetary Fund. This bailout was effective only in the sense that it prevented Greece from defaulting on country debts and loans, which would have had catastrophic ripple effects on not only the Greek and European markets, but on the global markets including the United States and Asian economies. Soon after this bailout was executed, it became evidently clear to both the EU and the IMF that more money would be needed in order for Greece’s survival and for their long road to economic recovery. With that being said, a second bailout worth 109 billion Euro was given to Greece again by…

    • 3395 Words
    • 14 Pages
    Best Essays
    Read More
  • Good Essays

    Eurozone Crisis
    • 598 Words
    • 3 Pages

    Eurozone Crisis

    The crisis made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties. Moreover, banks in the Eurozone are undercapitalized and have faced liquidity problems. Additionally, economic growth is slow in the whole of the Eurozone and is unequally distributed across the member states.[8]…

    • 598 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Using Long Term Covered Call Options to Combat Debt
    • 476 Words
    • 2 Pages

    Using Long Term Covered Call Options to Combat Debt

    To expand on this proposal let us apply it to the recent bailout received the government of Cyprus to protect its…

    • 476 Words
    • 2 Pages
    Good Essays
    Read More
  • Better Essays

    The Eurozone Crisis
    • 1637 Words
    • 5 Pages

    The Eurozone Crisis

    The Eurozone is a combined group of countries using the euro as their only currency. It was created in 1999 and currently consists of 17 countries – not all part of the European Union (Investor Words). Within the Eurozone, the countries follow a monetary policy and controlled by the European Central Bank (in other words, the ECB controlled the supply of the euro within the 17 countries). In an attempt to control government debt levels and deficit spending the Maastricht Treaty was created. As years passed, some countries government deficit began to rise and increased debt levels. By 2010, Greece (3% of the Eurozone) had public debt around 100% of their GDP. In order to lower their debt levels, the Greek government had increased their taxes and their borrowing levels. Solutions for fixing this issue consisted of stronger countries paying off the Greek debt – however not everyone agreed to such methods. Eventually, the value of the euro went down in the exchange markets and other Eurozone countries such as: Portugal, Italy, Ireland and Spain faced the same problem as Greece. The International Monetary Fund (IMF) and the European Financial Stability Facility (EFSF) donated money to help reduce the amount of debt – however not enough (Krugman, Obstfeld, Melitz, 2011). Since the Eurozone is controlled by monetary rules and does not consist of fiscal union (government collection of tax’s), it has made it harder for countries to recuperate from the crisis. It has been said that this Eurozone crisis is like a currency crisis as they try to preserve the euro from depreciating and losing value. Although, this is an ongoing crisis, there are certain steps the Eurozone can take in order to release the countries from their ongoing debt levels and hopefully reverse the effects on the euro.…

    • 1637 Words
    • 5 Pages
    Better Essays
    Read More
  • Powerful Essays

    Wipro Marketing Strategy
    • 1636 Words
    • 7 Pages

    Wipro Marketing Strategy

    As per the brand tracking survey conducted in 2006 Wipro’s awareness level among the survey population of key non-clients was 35%, whereas the leading Indian competitor, Infosys, had an awareness level of 50%. International competitors such as IBM and Accenture were way ahead with near perfect awareness levels. It was certain that if Wipro wanted to be recognized among the Top 5 global IT companies, Wipro needed to scale up its branding efforts and achieve a distinctive positioning.…

    • 1636 Words
    • 7 Pages
    Powerful Essays
    Read More

Related Topics