Global financial crisis u s greek pigs
We would expect this. These may be some of the reasons why people tend to participate more in initiatives that start from a will of reaction or resistance to a specific problem — either locally based or humanitarian — than from a global and theoretical ambition of structural and global societal change.
The term was denounced by the Portuguese Finance Minister in and by some in the Portuguese and Spanish speaking press.
And if this is the case, it is a play in which market actors take their cue from one another. Galeano describes a history of the region that is made by its own People, a history that does not depend on the greatness and the richness of the Country.
What has emerged from our empirical study is evidence that the impact of using country acronyms as heuristic shortcuts is real and observable in the financial markets.
The first tremors around these so-called "exit strategies" occurred in Dubai a few months back when the emirate, fearing for its own solvency, shocked markets by announcing that it no longer stood behind the debts of its financially stretched state-owned enterprises.
Think of the three phases of the economic implosion like this. That may not sound like a national emergency for the countries concerned but the financial impact is real.
Global financial crisis u s greek pigs
Whether the fiscal consolidation demanded is politically feasible looks questionable. However, the lack of strong national networks and, probably, the missing ambition to upscale local initiatives has prevented the initial energies from unfolding. If we add to this those people living from precarious labour, with low salaries or low pensions, we may find a number of people that are in need of support to barely survive. In a similar way, the governments of Greece and Portugal , and also Spain and Italy, are under attack from the bond markets. All had experienced a severe economic downturn, budgetary and debt crisis, and intervention by international institutions. Yet things rarely work out as predicted, and though nobody should be in any doubt about the scale of the economic adjustment still to be made in Western economies, more benign outcomes are still possible. Despite the deception of the June national elections, Spain, where the networks of citizen initiatives and protests created strong networks, now face their second stage: disputing power. The space was renovated in and it hosts dance, theatre and performative projects of younger generations of artists. It is much less clear that Greece, Spain, Portugal and Ireland can rely on similar support, either from richer members of the euro area or the European Central Bank. Photo cc Eutropian Despite the high proportion of people unemployed and retired, people in Southern European countries do not have more time left to participate in common or community issues. In the second phase, governments and central banks attempt to counter the economic consequences of this crunch with unprecedented levels of fiscal and monetary support. With the increase of sovereign debt, states have increasingly lost their independence in a process that inevitably damaged the democratic system.
In a similar way, the governments of Greece and Portugaland also Spain and Italy, are under attack from the bond markets. Related Articles Greek crisis: Stiglitz urges attack on speculators 08 Feb We are now entering the third, inevitable phase of the crisis where markets question the ability of even sovereign nations to repay their debts.
Suddenly, the robust global recovery world stock markets were pricing in looks a bit overoptimistic. Fiscal ruin is not confined to the southern European nations.
Bigger, advanced economies with their own currencies are better placed to manage their exits than the "pigs". The countries who comprise the acronym are anything but happy over its use. Furthermore, access to additional sources of capital also dried up. One Portuguese politician called it a "racist plot fired up by the British media" to deflect attention away from the weak UK economy. Temporarily, at least, it seemed to work. Until now, investors have been happy to finance the resulting deficits, in part because government bonds have seemed the only safe place to put your funds, but also because central banks have, in effect, been creating money to compensate for the paucity of private-sector credit. But analytical categories for interpreting the world are freighted with value-laden assumptions. Photo cc Eutropian Despite the high proportion of people unemployed and retired, people in Southern European countries do not have more time left to participate in common or community issues.
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