Academic literature on the topic 'Financial crisis in Greece'

The economic crisis in the United States and its spread to continental Europe caused a financial crisis in European stock markets, which in turn reduced production in Europe, resulting in rising unemployment, that eventually led to protests against the current economic situation. These political unrests have prompted international and regional governments and financial institutions such as the International Monetary Fund, the World Bank and the European Central Bank to find a way to end this severe financial crisis. Greece, as one of the EU member states that has been affected by this global crisis, has made efforts to improve its economic situation. The main question of this study is to what extent the International Monetary Fund was able to help resolve the financial crisis in Greece? The hypothesis is that due to the conditionality of financial aid from the International Monetary Fund to Greece in crisis and Greeces lack of attention to the full implementation of austerity programs, such financial aid has not been able to save the Greece economy from financial crisis. One of the aims of this study is to what extent developing countries can rely on IMF recommendations to overcome the financial crisis. The aim of the research is to find out why International Monetary Fund could not adopt proper monetary and financial policy to settle the financial crisis in Greece. Moreover, the reasons behind failed attempts of Greeces policymakers to implement IMFs austerity measures in their country are sought.

The economic crisis in the United States and its spread to continental Europe caused a financial crisis in European stock markets, which in turn reduced production in Europe, resulting in rising unemployment, that eventually led to protests against the current economic situation. These political unrests have prompted international and regional governments and financial institutions such as the International Monetary Fund, the World Bank and the European Central Bank to find a way to end this severe financial crisis. Greece, as one of the EU member states that has been affected by this global crisis, has made efforts to improve its economic situation. The main question of this study is to what extent the International Monetary Fund was able to help resolve the financial crisis in Greece? The hypothesis is that due to the conditionality of financial aid from the International Monetary Fund to Greece in crisis and Greeces lack of attention to the full implementation of austerity programs, such financial aid has not been able to save the Greece economy from financial crisis. One of the aims of this study is to what extent developing countries can rely on IMF recommendations to overcome the financial crisis. The aim of the research is to find out why International Monetary Fund could not adopt proper monetary and financial policy to settle the financial crisis in Greece. Moreover, the reasons behind failed attempts of Greeces policymakers to implement IMFs austerity measures in their country are sought.

The paper analyzes Greece debt crisis by means of the Minsky’s financial instability hypothesis, which makes it possible to investigate the country’s endogenous transformation into the financially fragile position. Therefore, we can understand how the economy becomes vulnerable to crises. Using this hypothesis, it has been demonstrated how behavior of both public and private sectors of the Greek economy had generated the debt crisis. In particular, the authors use the sample including 36 Greek companies for the 2001-2014 period and show that the rising share of these firms moved to fragile financial structures. The paper also pays special attention to negative effects of austerity policies in Greece. The austerity doctrine is treated as the leading anti-recessionary mainstream conception.

The present work is a contribution to the term of Inter-cultural education that presents enormous interest worldwide and more in the countries of Southern Europe. One of these countries that face intensely the migrant problem, is Greece. The number of refugees’ children who finish up a school level in Greece, and in the same time they try to survive is extremely high. For this reason, the aid of supported structures of education for foreign students in Greece, is needed. However, the importance of the intercultural education in Greece with the simultaneous reduction of funds on Greek education, caused a lot of discussions. As an outcome it is aimed to observe the opinions and the attitudes of teachers that are involved in the intercultural educational process in Greece. A parallel research will be carried out also the in public elementary schools of Chios island, that entertain foreign students. Finally, from the results of this research, would try to infer safe conclusions from specific assumptions.

Purpose – The purpose of this paper is to examine the effects of IFRS adoption on financial statement data and their usefulness in Greece. Additionally, the authors examine the effect on the informativeness/usefulness of financial statement data for stock prices in Greece and the effect of the Greek Financial Crisis. Design/methodology/approach – This study examine the effects of IFRS adoption on financial statement data and their usefulness in Greece. Additionally, the authors examine the effect on the informativeness/usefulness of financial statement data for stock prices in Greece and the effect of the Greek Financial Crisis. Findings – The results indicate that several financial ratios were dramatically affected by IFRS adoption in Greece. In contrast to other countries, IFRS has not resulted in improved statistical behavior of these ratios in Greece: the ratios are highly skewed and the normality of their distribution is not improved. Additionally, when examining the usefulness of financial statement data for stock prices in Greece, results indicate that IFRS adoption did not necessarily improve the usefulness of the financial statements. However, the authors do find that since the financial crisis in Greece these IFRS financial statement measures are significant when regressed on stock prices. Research limitations/implications – The authors are not able to necessarily rule out other causal factors that may have occurred in Greece during the sample period. The authors do look at the financial crisis as a potential confounding factor, but other factors such as political or macroeconomic factors have not necessarily been ruled out. Also, this study only examines the Greek situation. Practical implications – This study may have implications for other countries in similar situations as that found in Greece – IFRS adoption and severe economic crisis. Originality/value – To date only the impact of IFRS on earnings, stockholders’ equity, and some financial ratios has been investigated in prior Greek research studies (Hellenic Capital Market Commission, 2006; Grant Thornton, 2006). However, no academic research has been developed in this area. In addition, the authors examine the impact of IFRS on stock prices emphasizing the mandatory financial disclosure and IFRS adoption in a financially and politically distressed country – Greece.

<em>Greece, which is one of the world’s largest shipping powers, is suffering from financial crisis in Euro Zone. It has impaired the European Economy, besides having an impact on World Economy too. Greece is exposed to huge debt crises owing to IMF, Germany, Spain, Italy, other European Members and European Central Bank. Recently, Greece is trying to strike a deal with its creditors for extension of time for repayment of the loan and have also requested to increase the limit of emergency funding by European Central Bank. The Government has also taken many steps on domestic level to stop the liquidity easing from its financial system and markets. Today, Greece is at cross –road between the Government and the Governance. This Paper dwells on four aspects; first, critical analysis of Greece Economic Structure to know the actual economic condition of Greece. Second, in depth examining the debt portfolio of Greece to know the exposure of the Greece to the European Union Members, European Central Bank, IMF, Private Investors and also critical analysis of Greece Debt Structure along with repayment deadlines. Third, Greece Government’s decisions regarding finding the solutions to counter the financial crisis as to know how governance is more important than growth. And fourt, what would be the repercussions on Greece if it decides/ made to leave Euro Zone. </em>