Greece

Assignment on: Greece Submitted by: XXX Date: Athens repays IMF €450m, bond yields slide The economic tragedy of Greece, which is now turning into Ultimate Greek tragedy, has affected the social-political-economic balance. The perpetual economic decline, lack of will, political instability and global deflationary trend has amplified challenges for Greek nation. European Union, IMF and World Bank have tried to rescue Greece, from eternal economic damnation, but it seems that the Greek tragedy would continue, as strongly anti-austerity party has come to power. The repayment of 450 million euro, by Greece, is an enormous effort, but this has not allayed the apprehensions of global economic institutions. Apprehensions, of global financial institutions, originates from the fact that Greece is contemporarily a cash-strapped country, which still has to pay impending debts, whose deadlines are approaching ever so quickly. Furthermore, these are not just debts, which are worrying Greek’s economy, but also the pensions and salaries, around € 2.4 billion. The political situation, in Greece, is also grim, as anti-austerity party is in power, which is reluctant to take IMF and European Central Bank’s dictations. Any inclination towards IMF and European Central Bank could be detrimental for the political party, as people have voted them for their stance against IMF and European Central Bank’s designs. It is also to be realized that the legislation is imperative to make bailout funds available. If the ruling collation comes to terms with IMF and European Central Bank, it would make funds of € 7.2 billion available to Greece. However, because of the political chaos and stagnancy, situation is far more complex than it seems. The recent economic developments, in Greece, are promising, as industrial output has increased, despite of all negative projections and forecasts. The 1.9% increase in the industrial output is a surprise, as Europe is observing strong deflationary trend. The un-employment level has also declined, which is positive sign. However, much to be done, as economic revival would not be easy when global economy is in recession. Suggestion IMF and ECB are compelling Greece to use austerity policies to rescues itself from this economic crisis. So far, austerity policies have failed utterly to provide any salvation to the Greek economy. For Greece, it has become imperative to use fiscal instrument, to drag its economy out of deflation, to curb unemployment and to increase output. Reference BIBLIOGRAPHY \l 1033 Platt, E. (2015). Athens repays IMF €450m, bond yields slide. Retrieved April 9, 2015, from http://www.ft.com/intl/cms/s/0/e5ce4d90-de8a-11e4-8a01-00144feab7de.html#axzz3Wo7lSLMr

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Category Business-to-Business Marketing
Paper Type APA
Reference Type Assignment
Words 407

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