Following the events of the catastrophic 2008 European Financial Crisis, members of the Eurozone began to fear for what they once thought was impossible; the collapse of the Eurozone. After hopes of a speedy recover proved futile, European leaders expected recovery processes to take longer than anticipated. The P.I.G.S. members of the Eurozone, Portugal, Ireland, Greece, and Spain, were hit hardest by the financial crisis, with Greece undoubtedly being in the worst economic condition. Being brought to the brink of collapse, Greece can attribute to its poor economic condition from its reckless deficit spending, poor fiscal policy, and weak state institutions. While many called for “the New Sick Man of Europe” to default on its debt and abandon the euro, Greece made the right decision to remain part of the Eurozone, where leaving would have caused far more severe consequence in the long term.
The Eurozone, as an economic and monetary union, was used as a means to provide a uniform currency for Europe. Creating what Nobel Prize winning economist, Robert Mundell, calls an “Optimum Currency Area”, allowed for more efficient trade within and outside of the EU, by eliminating the risks caused by competing currencies and reduced transaction costs. Greece was the first country to gain membership into the Eurozone outside of the original eleven member states, despite being in a rather poor economic condition at the time. Since the late 1970s to the early 1990s, Greece inflation rate continued to grow at very high levels, topping off just under 19% (Gargana and Tavlas, xxxiii). Greece’s debt also continued to increase from 27% of the GDP in 1979, to 111.6% in 1993 (Garganas and Tavlas, xxxiv). During Greece’s accession process in the fi...
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When you get to the point where debt becomes too much you begin to search for a way out. There are many different options to get rid of their debt; one option is the debt snowball. This debt relief option sounds more unusual than it really is.
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Eurozone crisis has had huge impacts not only on the economy of the UE but also on the other countries who have economic and financial relations with the members of the union. The reason why we have decided to examine the Eurozone crisis in detail is to have a better understanding of the mechanisms behind this extremely important and complex problem and also to make accurate inferences about the solution alternatives. In our pape...
The Greek crisis is a result of an accumulation of dire policy mistakes. It all began when the previous Greek governments decided not to reveal their debts and deficits in order to fulfill the necessary requirements for the membership of the Eurozone. Furthermore, the government consisted of mass tax evasion as well as corruption. In 2009, the newly elected Greek government decided to expose the real debt and deficits’ figures, which brought much speculative waves regarding the economy. At the moment (since 2010) a number of organizations and countries are providing the Greek state with assistance in regards to alleviating their government debt. International organizations, such as the International Monetary Fund and the European Governing body, the European Union, are undergoing a set of policies designed to assist Greece in its debt crisis. One of the main supporters of the Greek economy is German...
It was with great sadness that I watched the documentary. I saw Kenyan children from a small village living in extreme poverty. These children must live with the two most devastating factors to children: poverty and lack of education. If a child’s environment is not nurturing, the child can suffer both mentally and physically. Therefore, poverty and lack of education are both factors that most negatively affect a child. Poverty is the harshest factor for children as it encompasses hunger, lack of access to medical facilities, and lack of access to clean water. Lack of education is another devastating factor as ignorance only harms and limits a child from succeeding in today’s competitive global economy.
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In the contemporary society, education is a foundational human right. It is essentially an enabling right that creates various avenues for the exercise of other basic human rights. Once it is guaranteed, it facilitates the fulfillment of other freedoms and rights more particularly attached to children. Equally, lack of education provision endangers all fundamental rights associate with the welfare of human beings. Consequently, the role of education and in particular girl child education as a promoter of nation states welfare cannot be overemphasized. As various scholars asserts, the challenges and problems faced by the African girl child, to enjoy her right to education are multifaceted. Such difficulties include sexual abuse, child labor, discrimination, early pregnancies, violence and poverty, culture and religious practices (Julia 219). Across the developing world, millions of young girls lack proper access to basic education. In the contemporary society, this crisis, which is particularly critical in remote and poor region of sub-Saharan Africa, the Middle East, and South Asia have fascinated increased public attention. However, almost all global nation states have assured their commitment in addressing various girl child challenges and allowed a declaration to enable each young girl and boy receive education by the year 2015 (Herz and Sperling 17). This target was firmly established and approved in the United Nations Millennium Development Goals. However, this study will focus on girls’ education in Africa and its impacts to their livelihood.
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