Introduction
- Created by: Chloe
- Created on: 07-01-13 17:35
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- Introduction
- Economic ideas and concepts mentioned
- Causes and consequences of economic crisis in Greece
- Comparison with Argentina's situation 10 years earlier
- Situation that has arisen in Greece
- To reduce government debt and its implication
- Greece is facing whether to default (not pay back) its debts
- Would allow Greek government to start again
- Cause Greece to lose credibility internationally
- Comparison with Argentina
- Although the implications for Greece and Argentina are similar, there are differences between the countries
- Moral (and political) implications during times of economic crisis
- Introduction
- Economic ideas and concepts mentioned
- Causes and consequences of economic crisis in Greece
- Comparison with Argentina's situation 10 years earlier
- Situation that has arisen in Greece
- To reduce government debt and its implication
- Greece is facing whether to default (not pay back) its debts
- Would allow Greek government to start again
- Cause Greece to lose credibility internationally
- Comparison with Argentina
- Although the implications for Greece and Argentina are similar, there are differences between the countries
- Introduction
- Human costs from economic crisis seen as a negative externality also hard to quantify
- Austerity measures on Greece partially been imposed by EU leaders
- aim of measures ensure Greece receives financial assistance thus prevent a total default on its debt
- Resulting in Greece leaving the euro (maybe even the European Union)
- Causing financial shock waves throughout the European Union and the World
- Argentina defaulted on government debts
- Caused Argentina to suffer
- Argentina enjoyed relatively good economic growth since 2003
- Both causes (policy decisions based upon their exchange rate regime) and the fact that shocks imposed upon Greece and Argentina
- Caused by issues outside of their control exposed the poor economic decision making
- Made the crisis worse
- Both causes (policy decisions based upon their exchange rate regime) and the fact that shocks imposed upon Greece and Argentina
- Relationship between International trade and economic efficiency and competitiveness
- Austerity- The term 'austerity' originally was associated with the idea of being 'severe' or 'strict'. Now it is related to the idea of a government reducing its deficit by increasing taxation and/or reducing its expenditure.
- Comparisons made between Greece and a developing country show how far Greek economy has fallen
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