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Journal articles on the topic 'Financial crisis in Greece'

Author: Grafiati

Published: 24 April 2022

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1

Bijan, Aref, and Ehsan Ejazi. "Investigating the role of the International Monetary Fund in the process of resolving financial crises: case study of Greece." RUDN Journal of Economics 29, no. 3 (2021): 524–36. http://dx.doi.org/10.22363/2313-2329-2021-29-3-524-536.

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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.

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2

Bijan, Aref, and Ehsan Ejazi. "Investigating the role of the International Monetary Fund in the process of resolving financial crises: case study of Greece." RUDN Journal of Economics 29, no. 3 (2021): 524–36. http://dx.doi.org/10.22363/2313-2329-2021-29-3-524-536.

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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.

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3

Beshenov, S., and I. Rozmainsky. "Hyman Minsky’s Financial Instability Hypothesis and Greece Debt Crisis." Voprosy Ekonomiki, no. 11 (November 20, 2015): 120–43. http://dx.doi.org/10.32609/0042-8736-2015-11-120-143.

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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.

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Zoega, Gylfi. "Greece and the Western Financial Crisis." Atlantic Economic Journal 47, no. 2 (2019): 113–26. http://dx.doi.org/10.1007/s11293-019-09614-9.

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5

Agiannidou, Christiana, and Ruska Bozhkova. "INTERCULTURAL EDUCATION AMIDST FINANCIAL CRISIS IN GREECE." Economics & Law 3, no. 1 (2021): 1–17. http://dx.doi.org/10.37708/el.swu.v3i1.1.

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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.

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6

Black, Ervin L., and Anastasia Maggina. "The impact of IFRS on financial statement data in Greece." Journal of Accounting in Emerging Economies 6, no. 1 (2016): 69–90. http://dx.doi.org/10.1108/jaee-02-2013-0013.

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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.

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7

Modi, Sandeep Nath. "Greece Crisis: Critical Analysis of Failure of Governance." IRA-International Journal of Management & Social Sciences (ISSN 2455-2267) 5, no. 3 (2016): 414. http://dx.doi.org/10.21013/jmss.v5.n3.p4.

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<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>

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8

Karamanoli, Eva. "Financial crisis harms respiratory health in Greece." Lancet Respiratory Medicine 1, no. 7 (2013): 511–12. http://dx.doi.org/10.1016/s2213-2600(13)70147-4.

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9

Tsouvelas, G., O. Giotakos, V. Kontaxakis, et al. "Criminality During the Financial Crisis in Greece." European Psychiatry 30 (March 2015): 1363. http://dx.doi.org/10.1016/s0924-9338(15)31061-0.

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10

Polyzos, Nikos. "Health and the financial crisis in Greece." Lancet 379, no. 9820 (2012): 1000. http://dx.doi.org/10.1016/s0140-6736(12)60421-8.

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11

Fountoulakis, Konstantinos N., Ilias A. Grammatikopoulos, Sotirios A. Koupidis, Melina Siamouli, and Pavlos N. Theodorakis. "Health and the financial crisis in Greece." Lancet 379, no. 9820 (2012): 1001–2. http://dx.doi.org/10.1016/s0140-6736(12)60422-x.

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12

Eißel, Dieter. "The Financial Crisis, Austerity Policy And Greece." Comparative Economic Research. Central and Eastern Europe 18, no. 4 (2015): 5–26. http://dx.doi.org/10.1515/cer-2015-0026.

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This article contains a brief review of the main causes of the current crisis and concerns strategies of market dogmatism and their impacts, which followed the end of post-war boom and the end of the so-called Bretton Woods System. Rising inequality and deregulation led to increasing investment of speculative capital (casino capitalism), creating a real estate bubble in USA. Owing to public bailouts, this finance capital did not lose so much after the bubble bursts. However, the bailouts created serious problems for state budgets, which were already poor as a consequence of the tax race to the bottom following the specific neoliberal recommendations to surmount the economic crisis. Together with weak economic performance and high interest rates for state bonds - due low rankings by rating agencies - some states in the euro zone were threatened with insolvency. Additionally, home-made negative structures and mismanagement worsened the situation. The financial assistance then provided by the troika were tied to harsh “reforms” in the spirit of the austerity policy. This has led to a social crisis with colossal humanitarian impacts; it is economically a fiasco and has increased the public debt to unbearable proportions, mainly in Greece, a country which might be seen as a laboratory for this strategy. Central and Eastern European countries could learn by the Greek example of austerity policy: First, they should stay longer to their own currency, allowing them to remain competitive by compensating stronger trade partners’ productivity by the chance of devaluating. Second, it is clear that cutting off expenditures will not solve problems in case of aiming at balancing the public budget. Just the opposite, it will increase social and economic problems by down-sizing public and private demand and it will endanger necessary investments in future development (infrastructure, education). That’s why increasing state receipts and a fair tax policy are on the agenda, as long as the rich escape from contributing adequately to state’s action capability.

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13

Ramphos, Eleni Styliani, and Raywat Deonandan. "Low Cost Community Health Interventions to Address the Mental Health Crisis Arising From Greece’s Financial Austerity Measures." University of Ottawa Journal of Medicine 4, no. 2 (2014): 28–31. http://dx.doi.org/10.18192/uojm.v4i2.1154.

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In response to the European financial crisis of 2008-2009, Greece reduced funding for social spending as part of its austerity program, which may have reversed past progress in Greece’s mental health system. Significant increases in depression and suicide rates coincided with the start of the crisis. A slower economic recovery may result from the combination of a less productive work force and out-migration of mental health professionals. In order to alleviate the detrimental effects of this crisis, mental health crisis training, as well as low cost community-based programs should be prioritized in Greece.

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14

Vrachnis, Nikolaos, Nikolaos Vlachadis, Nikolaos Salakos, Maria Vlachadi, and Zoe Iliodromiti. "Cancer mortality in Greece during the financial crisis." Acta Oncologica 54, no. 2 (2014): 287–88. http://dx.doi.org/10.3109/0284186x.2014.958785.

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15

Vergeti, Maria, and Charitomeni Giοuroglοu. "Education and Financial Crisis: The Case of Greece." Open Journal for Sociological Studies 2, no. 1 (2018): 1–12. http://dx.doi.org/10.32591/coas.ojss.0201.01001v.

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16

Ozturk, Serdar, and Ali Sozdemir. "Effects of Global Financial Crisis on Greece Economy." Procedia Economics and Finance 23 (2015): 568–75. http://dx.doi.org/10.1016/s2212-5671(15)00441-4.

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17

Sotiropoulos, Georgios C., and Nikolaos Machairas. "Organ donation during the financial crisis in Greece." Lancet 388, no. 10048 (2016): 957–58. http://dx.doi.org/10.1016/s0140-6736(16)31488-x.

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18

Moris, Demetrios, Georgios Zavos, Georgia Menoudakou, Antreas Karampinis, and John Boletis. "Organ donation during the financial crisis in Greece." Lancet 387, no. 10027 (2016): 1511–12. http://dx.doi.org/10.1016/s0140-6736(16)30130-1.

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19

Zachos, Dimitris. "Parents, Schools and Financial Crisis in Contemporary Greece." Journal of Studies in Education 6, no. 4 (2016): 1. http://dx.doi.org/10.5296/jse.v6i4.9965.

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The purpose of this grounded theory study is to draw on the experiences and views of primary school board members of Parents and Guardians Associations of Thessaloniki’s and to explore the ways they deal with issues occurred after financial crisis in Greece began. Three research questions related to the aims of our study were posed: First, what are the research participants’ incentives for becoming board members of Association of Parents & Guardians? Second, how these institutions work under current circumstances and what are the ultimate goals? Third, what are the attitudes and practices of the individuals who took part in our research towards issues of social justice in education? Data were collected through twenty semi-structured interviews and analyzed through Grounded Theory design. As our data suggests, board members of Associations of Parents & Guardians regard social justice issues as important; they appear to be active in taking steps and implementing measures aimed at empowering students in need; they allocate financial resources to low-income pupils and have deep faith of equity in education.

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20

Naoum, Panagiota, Dimitrios Kitsonis, loannis Topkaroglou, et al. "ESRD Patients in Greece during the Financial Crisis." International Journal of Artificial Organs 39, no. 5 (2016): 258–59. http://dx.doi.org/10.5301/ijao.5000495.

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21

Panageotou, Steven. "Disciplining Greece: Crisis Management and Its Discontents." Review of Radical Political Economics 49, no. 3 (2017): 358–74. http://dx.doi.org/10.1177/0486613417703971.

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The strategy intended to resolve the Greek financial crisis is not a resolution strategy at all—it is more accurately conceptualized as a crisis management strategy, which is insufficient to reduce the public debt and instead fuels a deflationary spiral. Consequently, power is wielded by unelected, international political and financial institutions and actors, the crisis management regime, who have engendered a wave of discipline, surveillance, and control alongside a neoliberal restructuring of the Greek economy. JEL Classification: G01, E62, P16

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22

Repousis, Spyridon. "Greek fiscal crisis and measures to safeguard financial stability." Journal of Financial Regulation and Compliance 23, no. 4 (2015): 415–30. http://dx.doi.org/10.1108/jfrc-12-2014-0050.

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Purpose – The purpose of this paper is to present measures and policies followed during the Greek fiscal crisis to safeguard financial stability. Design/methodology/approach – Greece since 2009 was subjected to the Excessive Deficit Procedure and a government debt crisis due to the arrival of the global economic crisis leading to a major economic and banking crisis. Two huge bailout loans and programs helped Greece avoid default. However the second bailout loan and participation of banks in the Private Sector Involvement caused losses to the banking system that amounted to €37.7 billion. To deal with the prospect of potential bank failure Bank of Greece the central bank in cooperation with national and international authorities developed many strategies to safeguard financial stability such as cash management and liquidity operations establishment and operation of Greek Financial Stability Fund (GFSF) institutional framework for recapitalization and resolution of credit institutions. Findings – The first step was to support bank liquidity pressures. In the face of these pressures the Eurosystem’s monetary policy operations provided lending to euro that ended 2010 and accounted to €97.6 billion. The second step was to establish a legal and regulatory framework for bank resolution and assess funds needed to recapitalize banks through stress tests and diagnostic assessments. Results showed that during 2012–2014 the Greek banking sector would require approximately €40.5 billion for strengthening its capital base of which €27.5 billion corresponded to the four “core banks”. Bank of Greece and GFSF managed to complete a €48.2 billion bank recapitalization in June 2013 of which the first €24.4 billion was injected into the four biggest Greek banks. In return Bank of Greece received a number of shares in those banks which it can now sell again during the upcoming years. The third step of policies was to implement resolution and restructuring measures. From October 2011 to March 2014 12 banks resolved through the new legal and regulatory framework under either a transfer order (order to transfer assets and liabilities to a transferee credit institution) or establishment of a bridge bank. All policies succeeded to safeguard Greek financial stability and restore bank losses that resulted from Greek public debt “haircut”. Originality/value – To the best of the author’s knowledge this is the first paper examining this issue.

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23

Anagnostopoulos, Dimitris C., George Giannakopoulos, and Nikos G. Christodoulou. "The synergy of the refugee crisis and the financial crisis in Greece: Impact on mental health." International Journal of Social Psychiatry 63, no. 4 (2017): 352–58. http://dx.doi.org/10.1177/0020764017700444.

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Background: The current global financial crisis that started in 2008 resulted in a significant decline in global trade, slowing/reversing economic growth worldwide, and a dramatic increase in public sector debt. At the same time, the global migrant/refugee crisis has reached extreme rates, with millions of people being forced to abandon their homes and communities because of war, political violence or related threats. There is a broad consensus about the deleterious consequences of these crises on psychological well-being, depression, anxiety disorders, insomnia, alcohol abuse and suicidal behavior. Although the separate consequences of economic recession and immigration are extensively discussed in previous research, we know very little about the processes through which the intersection of economic crisis and migrant crisis contributes to the vulnerabilities of natives and migrants during these crises. Of particular concern is the status of children, adolescents and their families, who constitute one of the most vulnerable groups in society. Aim: To discuss the contexts that economic and migrant crises shape and suggest possible effects of this intersection on mental health risks, especially among children, adolescents and their families, through reflecting on the recent experience in Greece. Method: Review of the literature and critical analysis of the effects of the confluent crises. Conclusion: The interactive effects of these two crises need further exploration. Novel and diverse models of psychological understanding need to be developed in order to manage the effects of the confluent crises. The role of mental health professionals is crucial in this respect, offering culturally flexible, accommodating and empathetic approaches, allowing healing and acceptance in the face of adversity.

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24

Pazarskis, Michail, George Drogalas, and Kyriaki Baltzi. "Detecting false financial statements: evidence from Greece in the period of economic crisis." Investment Management and Financial Innovations 14, no. 3 (2017): 102–12. http://dx.doi.org/10.21511/imfi.14(3).2017.10.

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The purpose of this study is the examination of the financial fraud in Greek companies, listed on the Athens Exchange for the period of 2008-2015 during the economic crisis in Greece. The data of all the listed companies that were used comprise financial statements, reviews in the reports by the auditors and the figures and information based on the reports of the Athens Exchange. A total of twelve companies were found and they comprise the primary research sample with fraud in their financial statements (FFS), while another twelve companies were employed as a control sample (non-FFS) for various comparisons. From thirty financial ratios, several statistical tests to the sample and the control sample are applied in order to create a model that will use ratios as “predictors” in the analysis of financial statements for fraud. The model is accurate in classifying the total sample correctly with accuracy rates exceeding 90 percent. The results demonstrate that the model functions effectively in detecting FFS in a period of economic crisis and could be used as a tool to the banking system, from internal and external auditors and taxation or other state authorities.

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25

McKee, Martin, and David Stuckler. "Health effects of the financial crisis: lessons from Greece." Lancet Public Health 1, no. 2 (2016): e40-e41. http://dx.doi.org/10.1016/s2468-2667(16)30016-0.

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26

Kentikelenis, Alexander, Marina Karanikolos, Irene Papanicolas, Sanjay Basu, Martin McKee, and David Stuckler. "Health and the financial crisis in Greece – Authors' reply." Lancet 379, no. 9820 (2012): 1002. http://dx.doi.org/10.1016/s0140-6736(12)60423-1.

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27

Saputro, Nugroho. "The Effect of Indonesian Government’s Debt to the US and Greece on Composite Stock Price Index in ASEAN-5 and Australia." Sebelas Maret Business Review 4, no. 1 (2019): 1. http://dx.doi.org/10.20961/smbr.v4i1.36062.

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<p>The global economic crisis has become a nightmare for other countries when the crisis is originated from a multipower country. A financial crisis that hit European countries (Greece) in 2010 and the United States (US) in 2011 can be categorized as a financial crisis caused by a high state’s debt that leads to default. The response to the financial crisis is reflected in capital market players’ reactions, where other countries will respond to a particular endemic financial crisis. The objectives of this research are (1). Analyze the Impulse Response Function (IRF) of the Composite Stock Price Index of the US on Composite Stock Price Index in Indonesia, Malaysia, Singapore, Vietnam, Thailand, and Australia. (2). Analyze the Impulse Response Function (IRF) of the Composite Stock Price Index of Greece on the Composite Stock Price Index in Indonesia, Malaysia, Singapore, Vietnam, Thailand, and Australia. (3). Analyze the Forecasting Error Variance Decomposition (FEVD) of the Composite Stock Price Index of Indonesia on the Composite Stock Price Index of Malaysia, Singapore, Vietnam, Thailand, and Australia. The analysis will be conducted using VAR (Vector Autoregression). The result shows that all variables are responded to the financial crisis that happened in Greece and the US. This is reflected by the shocks created by the financial crisis in ASEAN-5 countries and Australia. On the other hand, the Composite Stock Price Index of Indonesia is also affected by Malaysia and Singapore.</p>

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28

Kramer, Zachary. "Fiscal Sovereignty under EU Crisis Management: A Comparison of Greece and Hungary." Acta Oeconomica 69, no. 4 (2019): 595–624. http://dx.doi.org/10.1556/032.2019.69.4.6.

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This article concerns the changing conditions of fiscal sovereignty within the Eurozone in the context of the evolution of the EU's institutional crisis-management framework during the recent financial crisis. It begins with a method-of-difference approach to compare the dynamics and outcomes of the crisis in the Greek and Hungarian economies, on the basis of their similarly troubled fiscal positions and domestic political environments. On this basis, an argument is made that the outcomes in Greece (i.e. a breakdown in national fiscal sovereignty and severe economic losses) were not an inevitable product of the economic fundamentals, but at least partially attributable to uncertainty about the extent and expedience of financial assistance through the Eurozone's crises management institutions. The European Central Bank's (ECB) 2012 declaration of “unlimited support” for Eurozone governments has done much to calm markets, but has also created an institution with an ambiguous and self-imposed “dual-mandate”. This article concludes that the precedent established by the last crisis has created a fraught situation, leaving the Eurozone without viable options that are both economically efficacious and politically legitimate. Relying on either the ECB or the European Stability Mechanism to manage any future crisis could well provoke a backlash among the Eurozone member states as national fiscal sovereignty is eclipsed by ever-deeper ad hoc financial commitments on the part of the institutions of crisis management.

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29

Jaradt, Nashat Mahmoud, and Ijaz Ur Rehman. "Legal considerations to international contracts in the recent Greece financial crisis." International Journal of Law and Management 60, no. 3 (2018): 814–23. http://dx.doi.org/10.1108/ijlma-11-2016-0141.

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Purpose This research aims to focus on what has happened in light of the Greece legal crisis in terms of international contracts and what legal situations have arisen. Design/methodology/approach This research focuses on what has happened in light of the Greek legal crisis in terms of international contracts and what legal situations have arisen. The overall situation in relation to international contracts and risk mitigation is discussed to analyze the efforts that have been made. The state of affairs in the country with regard to facilitating financial trade and enabling Greeks to send payments abroad or at the rate they need to is also explored. Findings The effects of financial crisis on international trade contracts as they relate to commercial businesses without taking into consideration the wider contractual obligations that Greece, as a country, have already defaulted on. The crux of the current crisis is the fact that Greece did not stick to the commitments it made to the European Union when it joined the eurozone and took on euro as their currency, replacing the drachma. It is important to understand that due to the scope of the economic crisis in the Greece, it is not simply the other contractual party’s creditworthiness and trustworthiness that are at issue, it is their ability to keep any promises in whatever climate arises in their country. Research limitations/implications The study is based on the financial crisis in Greek. Further research is needed to investigate the applicability of the findings in different contexts. Originality/value The study findings are believed to be valuable for international commercial contracts with regard to the Greek debt crisis in discussing the financial legal situation, facilitating trade and enabling Greeks to send payments abroad or at the rate they need. The study contributes to a better understanding of international commercial contract system.

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30

Škof, Bojan, Matej Pollick, and Aleš Kobal. "Protecting Public Interest in Financial Crisis." Lex localis - Journal of Local Self-Government 14, no. 1 (2016): 19–32. http://dx.doi.org/10.4335/14.1.19-32(2016).

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The financial crisis has been ongoing from beginning of year 2008 and we still have not reached a point of recovery throughout the European Union. Many European countries, such as Greece, Portugal, Ireland, Spain and Cyprus, received the financial help of international organisations (notably the International Monetary Fund, the European Central bank and the European Commission). Taking into account the public interest as the ultimate goal and objective of the system-wide reforms arising from the start from the financial institutions, namely banks and other financial institutions, it is important to analyse whether the wide economic and social reforms which are still reshaping the democratic setup of these countries really met the public interest objectives. Thus, this article deals with first and foremost the definition of public interest in financial services.

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31

Plantzos, Dimitris. "Crisis, austerity measures and beyond: archaeology in Greece since the global financial crisis." Archaeological Reports 64 (November 2018): 171–80. http://dx.doi.org/10.1017/s0570608418000261.

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This article, covering the roughly decade-long ‘Greek crisis’ (2008–2018), uses official statistics in order to examine the effects the prolonged recession has had on archaeology in Greece. As the data show, although revenues from museums and archaeological sites have risen considerably (a side effect of ‘crisis tourism’, among other factors), state spending on archaeological research is insufficient. Furthermore, the steady collapse of the state apparatus during this long decade has seriously affected archaeology and the ways it is practised in the country, ultimately leading to the loss of an entire generation of Greek archaeologists.

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32

Tampakoudis, Ioannis, Michail Nerantzidis, Demetres Subeniotis, Apostolos Soutsas, and Nikolaos Kiosses. "Bank mergers and acquisitions in Greece: the financial crisis and its effect on shareholder wealth." International Journal of Managerial Finance 16, no. 2 (2019): 273–96. http://dx.doi.org/10.1108/ijmf-02-2019-0080.

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Purpose The purpose of this paper is to investigate the wealth implications of bank mergers and acquisitions (M&As) in the unique Greek setting given the triple crisis phenomenon – banking, sovereign debt and economic crises – that prevailed after the global financial crisis. Design/methodology/approach The study examines bank M&As and bank transactions over the period from 1997 to 2018, as well as government-assisted M&As during the crisis. The wealth effects of bank M&As are assessed using both univariate and multivariate frameworks. Findings Findings show a neutral crisis effect on the valuation of M&As upon their announcement. However, the authors provide conclusive evidence that M&A completions are value-destroying events for acquiring banks during the crisis, far worse than in the pre-crisis period. Greek banks also fail to create value from government-assisted mergers. The results suggest that the financial stability and the prevention of further deepening of the Greek crisis with possible contagion effects were achieved at the expense of shareholders and taxpayers. Originality/value To the authors’ knowledge, this is the first study that examines the impact of the Greek triple crisis on the wealth effects of bank M&As and bank transactions. Also, the study provides first evidence with regard to the economic impact of government-assisted M&As in the European context.

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Papaslanis, T., V. Kontaxakis, B. Havaki-Kontaxaki, and C. Papageorgiou. "Relationship Between Financial Crisis, Suicide and Social Parameters in Greece." European Psychiatry 30 (March 2015): 200. http://dx.doi.org/10.1016/s0924-9338(15)30160-7.

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Triantopoulos, Christos, and Christos Staikouras. "SOEs in Greece: structural reforms, economic crisis and financial constraints." International Journal of Public Policy 13, no. 6 (2017): 358. http://dx.doi.org/10.1504/ijpp.2017.087884.

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Loutsos, Spyridon. "Maintaining Group Analytic Training during the Financial Crisis in Greece." Psychotherapy and Politics International 14, no. 1 (2016): 38–47. http://dx.doi.org/10.1002/ppi.1371.

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Falagas, M. E., V. Bardakas, and M. N. Mavros. "Biomedical research productivity in Greece: effect of the financial crisis." International Journal of Epidemiology 41, no. 4 (2012): 1206–7. http://dx.doi.org/10.1093/ije/dys087.

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Triantopoulos, Christos, and Christos Staikouras. "SOEs in Greece: structural reforms, economic crisis and financial constraints." International Journal of Public Policy 13, no. 6 (2017): 358. http://dx.doi.org/10.1504/ijpp.2017.10008756.

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Santamouris, Mathew, John A. Paravantis, Dimitra Founda, et al. "Financial crisis and energy consumption: A household survey in Greece." Energy and Buildings 65 (October 2013): 477–87. http://dx.doi.org/10.1016/j.enbuild.2013.06.024.

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Challoumis, Constantinos. "Index of the Cycle of Money - The Case of Greece." International Journal of Business and Economic Sciences Applied Research 14, no. 2 (2021): 58–67. http://dx.doi.org/10.25103/ijbesar.142.05.

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Purpose: The purpose of this paper is to apply the theory of cycle of money in the case of Greece. Prior works have determined the economic characteristics of the case of Latvia, Serbia, and Bulgaria, according to the concept of the theory of cycle of money. The index of the cycle of money suggests how an economic system should counteract a monetary and fiscal crisis and studies how well-structured is Greece’s economy. The estimations of the index of the cycle of money of Greece are compared with the global average index of the cycle of money. The results reveal that Greece is above the average global value. Then, Greece’s results reveal that it is a well-structured economy and can face an economic crisis. The current work is important as represents the strength of Greece’s economy with emphasis to the period of 2012 - 2017, of financial and economic crisis. The theory of the cycle of money covers the gap that exists for the structure and functionality of the economy, which formed on the derivative of GDP, giving the cycle of money. Moreover, it is the only theory that enhances the economy, without any negative effect of the fiscal or the monetary policy, as uses the same amount of money of an economy appropriately.

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Koutoupis, Andreas, Michail Pazarskis, Grigorios Lazos, and Ioannis Ploumpis. "Financial crisis and corporate governance: The role of internal audit in the Greek context." Corporate Board role duties and composition 15, no. 2 (2019): 45–55. http://dx.doi.org/10.22495/cbv15i2art5.

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In this paper, our purpose is to examine the relationship between the role of Internal Audit (IA), Corporate Governance (CG) and the Audit Committee (AC) in the recent financial crisis in Greece and to investigate the contribution of IA to CG structures as well as its possible, the IA’s role during the financial crisis in Greece. Moreover, little research has been conducted based on the relationship between corporate governance and internal audit during the financial crisis in case of Greece. For this reason, we conducted a survey, using questionnaires, which were sent to the listed companies of the Athens Stock Market. Out of a total of 192 listed companies on the Athens Stock Exchange, the relevant questionnaires were sent to 100 companies. Those companies were selected firstly based on their total turnover and secondly due to the availability of information from company websites such as employees’ numbers and Internal Audit Department Structures. Our conclusion was that Internal Audit adds value to the organization and it can also help the senior management towards the accomplishment of the organizational goals.

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Kokaliari, Efrosini. "Quality of life, anxiety, depression, and stress among adults in Greece following the global financial crisis." International Social Work 61, no. 3 (2016): 410–24. http://dx.doi.org/10.1177/0020872816651701.

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The global financial crisis that spread from the United States to Europe severely impacted Greece. This is a study of quality of life (QoL), anxiety, depression, and stress in Greece following the austerity measures imposed after the crisis. A convenience sample of 901 adults completed (1) a brief survey form, (2) the Multicultural Quality of Life Index (MQLI), and (3) the Depression Anxiety Stress Scales (DASS). Results indicated higher DASS scores in comparison to other normative populations. Overall, QoL in Greece is lower for women, those who are single, the unemployed, and those with lower incomes. Implications for social work practice and the profession are discussed.

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Czarnota, Zbyszko. "Mergers and acquisitions in Greece." Open Political Science 2, no. 1 (2019): 197–99. http://dx.doi.org/10.1515/openps-2019-0019.

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AbstractThe financial crisis has paradoxically protected many sectors of the Greek economy from collapse. The ownership structure of companies in Greece was dominated by state and local government companies. Private companies have not only contributed capital and protected employees from unemployment, but have also given a new organisational culture to companies.

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Paskaleva, Mariya, and Ani Stoykova. "Globalization Effects on Contagion Risks in Financial Markets." SHS Web of Conferences 92 (2021): 03021. http://dx.doi.org/10.1051/shsconf/20219203021.

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Research background: Financial globalization has opened international capital markets to investors and companies worldwide. However, the global financial crisis has created big volatility in the stock prices that induces a restriction in the reflection of full information. We explore ten EU Member States (France, Germany, The United Kingdom, Belgium, Bulgaria, Romania, Greece, Portugal, Ireland, Spain), and the USA. The explored period is 03.03.2003 - 30.06.2016, as it includes the effects of the global financial crisis of 2008. Purpose of the article: To determine if there is a contagion effect between the Bulgarian stock market and the other examined stock markets during the crisis period and whether these markets are efficient. Methods: Argument Dickey-Fuller Test, DCC-GARCH Model, Autoregressive (AR) Models, TGARCH Model, Descriptive Statistics. Findings & Value added: Our results show that a contagion across the Bulgarian capital market and eight capital markets exist during the global financial crisis of 2008. We register the strongest contagion effects from US and German capital markets to the Bulgarian capital market. The Bulgarian capital market is relatively integrated with the stock markets of Germany and the United States. That is the explanation of why the Bulgarian capital market is exposed to financial contagion effects from the US capital market and the capital markets of EU member states during the crisis period. We register statistically significant AR (1) for the UK, Greece, Ireland, Portugal, Romania, and Bulgaria, and we can define these global capital markets as inefficient.

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Paskaleva, Mariya, and Ani Stoykova. "GLOBALIZATION EFFECTS ON CONTAGION RISKS IN FINANCIAL MARKETS." Ekonomicko-manazerske spektrum 15, no. 1 (2020): 38–54. http://dx.doi.org/10.26552/ems.2021.1.38-54.

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Financial globalization has opened international capital markets to investors and companies worldwide. However, the global financial crisis also caused massive stock price volatility due in part to global availability of market information. We explore ten EU member states (France, Germany, the United Kingdom, Belgium, Bulgaria, Romania, Greece, Portugal, Ireland, and Spain), and the USA. The explored period is March 3, 2003 to June 30, 2016, and includes the effects of the global financial crisis of 2008. The purpose of the article is to determine whether there is a contagion effect between the Bulgarian stock market and the other examined stock markets during the crisis period and whether these markets are efficient. We apply an augmented Dickey-Fuller test, DCC-GARCH model, autoregressive (AR) models, TGARCH model, and descriptive statistics. Our results show that a contagion between the Bulgarian capital market and the eight capital markets examined did exist during the global financial crisis of 2008. We register the strongest contagion effects from the U.S. and German capital markets on the Bulgarian capital market. The Bulgarian capital market is relatively integrated with the stock markets of Germany and the United State, which serves as an explanation of why the Bulgarian capital market was exposed to financial contagion effects from the U.S. capital market and the capital markets of EU member states during the crisis. We register statistically significant AR (1) for UK, Greece, Ireland, Portugal, Romania, and Bulgaria, and we can define these global capital markets as inefficient.

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Pechlivanidis, Eleftherios, Dimitrios Ginoglou, and Panagiotis Barmpoutis. "Debt crisis, age and value relevance of goodwill: evidence from Greece." International Journal of Accounting & Information Management 30, no. 2 (2022): 189–210. http://dx.doi.org/10.1108/ijaim-10-2021-0215.

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Purpose The purpose of this study is to investigate the value relevance of goodwill and its additional aspects during a long-term period in Greece. Furthermore, by implementing two of the most popular value relevance models, the Ohlson’s price and Easton and Harris’ return model, this study examines the impact of goodwill on Greek stock prices from 2007 to 2018, a period of 12 years in which International Financial Reporting Standards (IFRS) are applied. Furthermore, this study analyzes how goodwill’s value relevance changes as it ages and during the Greek debt crisis. Design/methodology/approach In order to test the value relevance of goodwill we implemented two of the most popular value relevance models, Ohlson’s price and Easton and Harris’ return model. Our sample consists of non-financial listed Greek companies that reported positive goodwill accounting balances on their financial statements during the financial period from 2007 to 2018. Finally, we applied fixed-effects regression model to all equations. Findings The results provide evidence that the year-end goodwill accounting balance is value relevant, and that the debt crisis has improved goodwill’s information content. Finally, the empirical findings suggest that only current year acquired goodwill is value relevant compared to older goodwill, and therefore, goodwill’s impact on stock prices is decreasing as it ages. Research limitations/implications A noteworthy limitation of this study is that it focuses on a specific code-law country Greece, which is a relatively small economy compared to the whole Eurozone. This research contributes to the research literature as it confirms other research findings in the European context and specifically that goodwill based on IFRS is value relevant to financial statement users. Additionally, it investigates for the first time how goodwill was affected by the Greek debt crisis. Finally, it contributes to other researcher’s debate concerning the duration of goodwill’s value relevance in a code law environment such as Greece. Practical implications Financial analysts and institutions are provided with more assurance about goodwill’s financial reporting quality to be embedded in the financial evaluation process of corporates. As this research confirms that goodwill should be regarded as an asset, companies should obtain better financial ratings from financial institutions and investors and thus will have better access to equity and debt funding. Originality/value We investigate the value relevance of goodwill in Greece during a long-term period of 12 years. Additionally, our study examines the impact of the Greek debt crisis on the information content of goodwill accounting balances and the period during which accumulated goodwill balances and within-year acquired goodwill maintain its value relevance. Our research could assist accounting standard setters such as the International Accounting Standard Board to evaluate the quality of specific standards such as IFRS 3 “Business Combination” and IAS 38 “Impairment of Assets.”

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Marangos, John. "Teaching introductory macroeconomics during the Greek financial crisis." International Journal of Social Economics 46, no. 8 (2019): 1032–45. http://dx.doi.org/10.1108/ijse-09-2017-0421.

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Purpose The purpose of this paper is to determine how including the Greek financial crisis in teaching introductory macroeconomics benefits students. Design/methodology/approach The methodology is based on the responses of a recent survey administered to students at a university in Greece. Findings An eclectic approach that distinguishes various economic theories and methodologies, mainly neoclassical and Keynesian, can provide a pedagogical way of teaching introductory macroeconomics, allowing students to use their everyday personal experiences in determining the most “suitable” theory in explaining the crisis. Originality/value To the author’s knowledge, such an exercise of discovering students’ perceptions of teaching an introductory macroeconomics Substitute with course during the global financial crisis has not yet been attempted.

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Morgan, Catherine. "2013–2014 — a view from Greece." Archaeological Reports 60 (November 2014): 4–12. http://dx.doi.org/10.1017/s0570608414000027.

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While much of the news reported from Greece continues to focus on the harsh realities of continuing financial crisis, it is a pleasure to publicize the strength and diversity of archaeological research, and the major developments which continue to make Greece's sites and museums ever more attractive and accessible to visitors whatever their interests. This has been an exciting year, not least thanks to the Greek presidency of the Council of the European Union which has put culture in all forms under the spotlight (the exhibition Greece's Europe. Colonies and Coinage from the Alpha Bank Collection at the Archaeological Museum of Thessaloniki was but one of the commemorative events held in Greece). Further new discoveries through the summer of 2014 continue to tantalize, as we will observe presently.

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Zavras, Dimitris. "Studying Healthcare Affordability during an Economic Recession: The Case of Greece." International Journal of Environmental Research and Public Health 17, no. 21 (2020): 7790. http://dx.doi.org/10.3390/ijerph17217790.

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The significant deterioration of economic prosperity in Greece during the economic crisis decreased patients’ ability to pay. Thus, the objective of this study is to determine the factors affecting healthcare affordability in Greece during an economic recession. This study used data from the European Union Statistics on Income and Living Conditions (EU-SILC) 2016. The sample consisted of 18,255 households. Healthcare affordability was regressed on geographic characteristics as well as several variables that refer to the households’ financial condition. Region of residence, ability to make ends meet, and capacity to cope with unexpected financial expenses were found to be statistically significant. Using sample sizes of 1000 and 1096 adults, respectively, the European Quality of Life Surveys (EQLS) of 2007 and 2016 were also used as data sources. Economic crisis was expressed with a dummy variable: (1) 0: 2007, and (2) 1: 2016. Difficulty in responding to healthcare costs was regressed on survey year and several demographic, socioeconomic, and health characteristics, revealing that individuals were more likely to face difficulties in responding to healthcare costs during the economic crisis. These results confirm the mechanism on the basis of which economic crises affect healthcare access: primarily through the effects of demand-side barriers.

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Halvorsen, Knut. "Economic, Financial, and Political Crisis and Well-Being in the PIGS-Countries." SAGE Open 6, no. 4 (2016): 215824401667519. http://dx.doi.org/10.1177/2158244016675198.

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The research question in this article is threefold: To which degree is the financial crisis of 2008 and the subsequent recession associated with reduced well-being among people in the four hardest affected EURO countries? Are individual factors associated with reduced well-being the same in these countries? and Are lower socioeconomic groups more severely hit than the better off?. Data before the crisis are compared with data in 2013/2014 (EU-SILC [European Union Statistics on Income and Living Conditions] survey 2013) for Greece, Portugal, Ireland, and Spain. Finland is used as a reference category. Before control of individual characteristics, regressions demonstrate a small and mostly significant fall in average satisfaction with life in these countries, Portugal being an exception. According to the theory of capability and actual economic and political development, it was hypothesized that Greece—being the worst case in terms of economic development—may experience the greatest fall in life satisfaction. This hypothesis is not supported by the data. In fact, the strongest decline was found in Ireland. In particular, lack of political trust stands in Greece out as having an impact, while poor health is related to Ireland and unemployment to Portugal and Spain. Greatest socioeconomic inequality in life satisfaction was found in Portugal.

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Śliwiński, Adam, and Tomasz Michalski. "European Insurance Markets in the Face of the 2007 Financial Crisis." International Advances in Economic Research 26, no. 4 (2020): 419–32. http://dx.doi.org/10.1007/s11294-020-09808-x.

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AbstractThis study compares the development of insurance markets in countries such as Portugal, Italy, Greece and Spain to mature markets in countries such as the UK and Germany during the 2007 financial crisis. Markets are examined from the product innovation perspective. The market in a country is assessed using taxonomic measures, such as distance and similarity. Markets are described by a set of features divided into five groups: market structure, technical sphere, finance and investment, effectiveness, and product. The measures are calculated at two points in time, 1997 and 2010. The data were gathered from publications of the World Bank, European Union Commission (statistics offices), National Polish Bank and insurance associations. The financial crisis has slowed the speed of market development and influenced other spheres. In countries like Greece and Portugal, progress was even slower than in post-Soviet states, like Poland. The crisis has not imposed structural changes within the selected markets and the influence of the crisis is visible. The sectors were not very innovative, particularly in the product sphere. The literature on the influence of the crisis on insurance is contradictory. This study’s novelty is that it applies multidimensional analysis when comparing insurance-market innovativeness and development.

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