Crisis in Greece

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Financial Crisis in Greece: Challenges and Threats for the Global Economy

Financial Crisis in Greece: Challenges and Threats for the Global Economy

as relatively favorable financial state of the world economy. As the theories of Hallstein and Mandell are not compliant, although each of them explains aspects of functioning of the EU, it is necessary to note the initial dualistic conceptual basis that can lead, during historical challenges, to the obvious overbalance of the inconsistencies in the EU and entirely destroy its basis of financial and economic stability (Schinasi, 2014; Adrian et al., 2013). It is also necessary to note that except challenges (problems) the economic crisis in Greece can also have opportunities both for the global economy and separate regional economies. The basic perspective that the global economy gets due to the Greek crisis is the development of the scientific thought in the area of theoretical characteristics of the reasons of the Greek crisis in the area of economy, policy and state management, and sociology. It is abundantly clear that the reason of this crisis does not lie exclusively in the economic area.
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Primary School Teachers’ Resilience during the Economic Crisis in Greece

Primary School Teachers’ Resilience during the Economic Crisis in Greece

The economic crisis in Greece has created economic and social problems, and has a negative impact on the quality of education. Access to education is not easy in cases where students live in geographically isolated areas or in areas with low population density. Both education and the school have been negatively influ- enced, as public spending has been cut, teaching staff has been reduced, and there has been an increase in the number of students in classrooms. During the period 2009/10-2012/13 the primary school units were reduced by 13.5% (ELSTAT, 2015). Schools units, educational services, health and welfare services have been eliminated or merged, thus burdening not only teachers’ poor work- ing conditions but also the living conditions of students and their families. Stu- dents and their families encounter the specter of poverty, and there is an in- crease in povertization. Primary school teachers, as members of the Greek socie- ty, are also affected by the crisis, face problems in their teaching, due to the sub- stantial reduction in resources for Education and, they witness both their pupils’ malnutrition and the economic problems that their pupils and their families face.
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The Grieving Process during the Economic Crisis in Greece

The Grieving Process during the Economic Crisis in Greece

A great number of such enterprises (family-owned or not) were unable to survive declining consumption, lack of liquidity, and emergency taxes. More than 65,000 of them closed down in 2010 alone, resulting in a “clearance” of such enterprises and disaffecting the people dependent on them [15], migration of younger, highly educated people has risen (“brain drain”), while those studying and living abroad are discouraged to return to Greece, and those who previously would have stayed, are now leaving [16], deterioration of public health evidenced by reduced access to health care services and an increase of 52 percent in HIV infections from 2010 to 2011 [13],[17]-[18]. Drug prevention centers and psychiatric clinics have closed down due to budget cuts.
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Violence against health care staff by patient’s visitor in general hospital in Greece: Possible causes and economic crisis

Violence against health care staff by patient’s visitor in general hospital in Greece: Possible causes and economic crisis

This study examined the types of violence experienced by physicians, nurses and nurse assistants in various departments by patients’ visitors. Few studies have focused on patients’ visitors’ violence against nurses or physicians in general hospitals and various de- partments in the beginning of economic crisis in Greece. A total of 250 health care staff—physicians, nurses, nurses’ assistants—took part in a question- naire-based study. A majority of respondents had experienced some forms of violence (verbal, psycho- logical, physical and sexual). The most frequently reported incident was verbal violence followed by psychological violence. Violation of visiting hours and long waiting periods were among the most common causes of violence. Associations were found between workplace violence and demographics and types of wards. Nurses identified economic crisis to be the major cause of violence. The most significant finding is the high rate of workplace violence caused by pa- tients’ visitors due to economic crisis and the fact that we found no statistically significant differences in the prevalence of violence among different health profes- sionals.
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As a consequence of this frequent negative attribution, the exclusion of Greece seemed justified for many Germans: Why should they – the ones living under moderate and modest circumstances – have to pay for a self-induced crisis in Greece? While newspapers such as taz tried to prove from a pluralistic point of view that Greece is being made a scapegoat for global problems, systemic aspects of the crisis (as a global phenomenon) remained unsaid in BILD.de’s largely one-sided news coverage. BILD.de argues that Greece and its population do not want to endure the pressure to save money and initiate the accompanying cost-cutting measures, but pass it on to their partners in the Eurozone: The bankrupt-Greeks simply refuse to take responsibility for their debt! […]Due to that the rest of the world has to step into the breach – maybe for the next ten years! 14 Historic entanglements between Greece and Germany were largely neglected by BILD.de. 15 Instead, several services were demanded in return for the German share of the rescue package: Sell your islands, bankrupt- Greeks… as well as the Acropolis! 16 This suggestion prompted the Berlin newspaper taz to react harshly and point out the seriousness of such demands with regards
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Corporate social responsibility in Greece during the crisis period

Corporate social responsibility in Greece during the crisis period

To sum up, the research confirmed that Greek companies are making progress on CSR philosophy and even if the level of CSR engagement is still low, efforts have been made that can drive Greek companies to behave in an ethical manner towards the society. Greek companies have a lot of way to go in order to achieve to develop successful and integrated CSR activities. The economic crisis in Greece is a factor that will push Greek companies to act sooner as more responsible and ethical way than before and to build a more clear and honest relationship between them and the state. According to Giannarakis and Theotokas (2011) the financial crisis may has raised the question whether CSR constitutes a threat for business survival because of the high cost of initiatives but they conclude that the current crisis gives the opportunity to companies to redirect CSR from a threat to an opportunity. The challenge for responsible companies is to ensure that they engage with governments in an accountable manner (Nelson, 2008). It is necessary for an effective CSR policy to work close together with all the interested parties like the consumers, NGOs, suppliers, the stakeholders, local communities and the governments and this will happen by building strong partnerships.
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Official Educational Policy and Action Research in the Era of Crisis: The Case of Greece

Official Educational Policy and Action Research in the Era of Crisis: The Case of Greece

It is obvious –and perhaps surprising- that AR, a cooperative and democratic inquiring process characterized by participation of all key stakeholders in education, but institutionalized and widely disseminated during the last two decades, was related to this educational reform that promoted measures that can be characterized –according to Apple (1990)- neoliberal, in the sense that are centered around the economy, performance objectives, and market and paid work. Such measures were (Traianou, 2013): the introduction of an optional fourth year apprenticeship route in the vocational secondary education which aimed to strengthen further the links between the school and the local labor market and was equivalent to unpaid work for a year in local businesses, the reduction of the weekly teaching hours of various subjects, in order to create a „reserve pool‟ of teachers who can be reallocated to other schools (both secondary and primary) and teachers with a „light‟ workload in their present schools could be asked to „deliver‟ teaching in up to four schools. Although the reform was promoted as an educational innovation, with the respective pedagogic slogans, the actual practices that followed (central design of a national curriculum and innovation to be imposed in top down manner, technical rationality of professionalism, etc.) and the direct link between education and economic growth (effectiveness, quantitative criteria and national exams), determined a technocratic and restrictive framework for educational practice. In this context, these restrictions were associated with the need for effectiveness, aiming at overcoming the economic crisis. It is characteristic what Anna Diamantopoulou, Minister of Education stated in 2011 (in Traianou, 2013: 87): „The multifaceted and multi-layered crisis that we experience can become the catalyst for change of our enduring problems. I am deeply convinced that the time has come. The Prime Minister [George Papandreou] has put education as the dominant priority of the national plan for the regeneration of the country. We change education, we change Greece: to change our educational system, to change attitudes, to change Greece‟. AR and its basic concepts, such as improvement, development and empowerment, are used by a neoliberal educational reform, during the severe economic crisis in Greece, raising the following questions:
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Economic Crisis, Social Solidarity and the Voluntary Sector in Greece

Economic Crisis, Social Solidarity and the Voluntary Sector in Greece

After the onset of the economic crisis in Greece, owing to the government's drive towards fiscal consolidation, social protection became sparse. NGOs active in social solidarity started catering to newly impoverished Greek citizens seeking social services and basic consumer goods. In parallel, informal social networks and self- help groups emerged and became active in exchange and distribution of goods and services, healthcare, education, food and shelter provision, offering a more critical view towards the state and seeking alternative forms of social organization. Field research and interviews with representatives of NGOs and informal organizations, conducted in 2013 in Athens, show that social solidarity has expanded, organizations have developed and have adapted to the new social needs of the population. The Greek welfare state has partly been supplanted by social solidarity groups, but the crisis may have become a catalyst for the empowerment of the erstwhile weak Greek civil society.
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Greece and Social Impacts under Economic Crisis: An Example to Avoid?

Greece and Social Impacts under Economic Crisis: An Example to Avoid?

The global economy is experiencing its worst crisis and this is due to the globalization of markets. The proposed study is an attempt to record the social impact of the global economic crisis we are experiencing. For this reason, this paper presents the social, psychological, employment and political consequences of the economic crisis in Greece. Also, it will be presented, the way in which citizens perceive the crisis, in order to ascertain whether the welfare state and the process of European integration are affected. Finally what is the model of the modern welfare state to be established in Greece? What should be the characteristics of this and what are the prospects and the impact on human resources of businesses? How the relations between social groups are formed? The findings are particularly important and any utilization would contribute significantly to the understanding of the effects of the economic crisis and their treatment.
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Impact of Greece financial crisis on Balkan real-estate market

Impact of Greece financial crisis on Balkan real-estate market

This paper proposes that in a financial crisis the Real-estate market is the most sensitive market. It is the first to react when there is expansion of decline in the economy. Through the analysis of market conditions in several Balkan states in response to the impact of the Greece financial crisis on regional real-estate markets it is found that the financial crisis in Greece affected the regional economic activity. This was the main reason for declining of prices on the real-estate market. Real-estate market is first to face of a declining economy. But all markets didn’t have the same response to lowered economic activity and recession. Some countries faced large vacancies, other dealt with lowered prices and big projects being abandoned because of lack of interest and lack of finance. A clear understanding of the impact of the financial crises in the Balkan area provides a basis for lending institutions to develop lending policies. The correlation between real-estate market and financial conditions, as well as the changes in periods of expansion and contraction provides a basis for development policies for investors in the Balkan area.
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Forest Products Consumption and Trade Deficit in Greece during the Financial Crisis: A Quantitative Statistical Analysis

Forest Products Consumption and Trade Deficit in Greece during the Financial Crisis: A Quantitative Statistical Analysis

The relationship between economic growth and the consumption and trade deficit of a product seems to have two different paths. One path is related to the increase of imports due to increased demand. The other is related to the increase of domestic production in order to satisfy the above demand. Both might be connected to GDP growth. Traditionally in Greece, the GDP/cap seems to have a positive relationship with the forest products trade deficit (FPTD). Both correlation and regression analysis are verifying that fact (Table 2). The result is that the increase of GDP unfortunately promotes increases in deficit over the years (Figure 5). This increase seems to have a connection to the increase of imports. In economic terms, this kind of increase of consumption is due to the increase of per capita income, and is not something that is ideal for the national forest sector. This “bad” growth and the increase of consumption undercut the domestic production and promote the “easy” imports of commodities. It is reported that due to free trade in Europe wood products are imported in Greece in low prices, lower than the domestic average cost of production. For example the price of oak roundwood in the market is almost 40 €/cum when the forest service valuate it to 65 €/m 3 [16]. This situation frustrates the domestic produc- tion and boosts the trade deficit.
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Psychological Economics: The Case Studies of Eurozone, Global Economic Crisis and Greece

Psychological Economics: The Case Studies of Eurozone, Global Economic Crisis and Greece

Looking at Eurozone, it proposed “austerity”, i.e. to achieve a lower cost do- mestic production, mainly by reducing wages, (what if wages are a small % of total cost?). To replace imports by domestic production, and to boost exports, this is a “dream in a summer night” for Greece, we believe. Moreover, dearer food and goods from imports in Greek super-markets and elsewhere (petrol sta- tions; car-sales; chemists etc.)—apart from the increased VAT imposed by Greek government—deteriorated standard of living from 2 sides: lower disposable in- comes and wages and high “domestic” prices! They say: wait for lower wages to reduce domestic prices … we say as Keynes said: “in the long run we will be all dead”.
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Constructing solidarity as resistive and creative agency in austerity Greece

Constructing solidarity as resistive and creative agency in austerity Greece

In putting the ÔGreekÕ crisis in context, the ÔdominoÕ effect of the 2008 US crash, which had far-reaching impact on global financial institutions, placed the Eurozone under pressure and triggered a sovereign debt crisis. As one of the weakest links in the common currency chain of participant countries, Greece saw its debt skyrocketing, despite subsequent bailouts and austerity, and at the same time its GDP shrank by 25% (Lapavitsas 2012). Despite much public debate since 2010 on what has been termed the ÔGreek crisisÕ it is only recently that this rhetoric is beginning to unravel. As argued by several key scholars (Laskos and Tsakalotos 2013, Varoufakis 2013), there can be no such thing as a ÔGreek crisisÕ, despite the initial attempts of European and Greek public officials and media to demonize the Ôlazy, corrupt, irresponsibleÕ Greeks and discursively contain what later exploded as a crisis at the European scale. Instead, as Varoufakis (2013) pointed out through the ÔGlobal MinotaurÕ metaphor, Greece and its current predicament can be understood as a symptom of broader transformations happening in the global economy since the 1970Õs (even traced back to earlier periods of recession). These are the increasing and deepening dependency of national economies upon particular mechanisms of global processes of financialization. In a similar vein, Laskos and Tsakalotos (2013) contend that, in this context, Greece is far from being a ÔspecialÕ, ÔuniqueÕ or ÔexceptionalÕ case within the complex processes of neoliberal
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Efficiency and productivity changes in Greek airports during the crisis years 2010–2014

Efficiency and productivity changes in Greek airports during the crisis years 2010–2014

6 Data Envelopment Analysis (DEA) has been applied in many studies aiming to analyze the efficiency of airports around the world. Malmquist index on the other hand has been used to examine productivity changes over time. A number of studies using those methodologies are presented here. DEA was used by Sarkis (2000) to evaluate the operational efficiencies of 44 major US airports and put forward that airlines tend to favor more efficient airports. Martin and Roman (2001) used DEA to measure the efficiency of Spanish airports prior to privatization. Fernandes and Pacheco (2002) used DEA to analyze the capacity of 35 domestic Brazilian airports in order to monitor which of them were efficient in terms of passenger processing and use of airport resources. Yoshida and Fujimoto (2004) used DEA to measure the relative efficiency of Japanese airports and discuss the criticism whether there is any over-investment in Japanese regional airports. Barros and Dieke (2007) analyzed the financial and operational performance of Italian airports with panel data for 2001–2003, aiming to examine the relative roles of dimension, managerial status, and workload unit (WLU) in determining the proximity of airports to the frontier of best practices. Wei and Hongshan (2010) used DEA to compare the productivity of ten airports around the Yangtze River Delta, considering both desirable and undesirable outputs, such as delays, and arguing that there may be a balance between quantity and quality of outputs. Barros (2008) also used DEA, for examining the technical efficiency of airports in Argentina, and analyzed the results in the context of economic crisis during the period 2003-2007. Despite the crisis the eight efficient airports maintained their efficiency during this crisis period. At the same time “major airports were largely immune to the economic crisis, small regional airports emerge as more sensitive”.
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Government Debt Crisis in Eurozone Case Studies: Greece and Italy What can Kosovo learn from the Eurozone crisis?

Government Debt Crisis in Eurozone Case Studies: Greece and Italy What can Kosovo learn from the Eurozone crisis?

Prior to evaluating the economic situation of the Eurozone states, some of which are facing substantial problems, theory was consulted and carefully reviewed. That being said, the first step on dealing with debt crisis topic will be to analyze whether a country is having solvency or liquidity problems. Krugman (1988) and Dullien and Schwarzer (2011) state that a country can be categorized as insolvent if it is not being able to pay its debt in medium or long term, even if it makes changes on its fiscal, tax, and spending policies. 10 The ability of changing one of these variables, such as taxes, is limited considering that they are positively or negatively correlated to other economic variables. A government cannot increase taxes above a certain level because that would decrease investments or economic activity, and negatively affect the whole economy; thus, worsening the situation. Also, even if taxes increase a rational government cannot use the whole amount generated on serving debt considering that it has to finance other activities, such as providing public goods or health care services to the poor, from collected taxes. On the other side, being an illiquid state means having some temporary problems on paying actual
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The Mediterranean Refugees Crisis and Extreme Right Parties: Evidence from Greece

The Mediterranean Refugees Crisis and Extreme Right Parties: Evidence from Greece

Golden Dawn is known for its harsh discourse and actions against migrants, and its political platform is deeply anti-austerity, anti-European and anti-immigration. These features have convinced part of the Greek electorate, with the party obtaining more than 20% of the votes in some municipalities of Athens in the May 2012 parliamentary elections. Given this clear and loud anti-immigration discourse, the on-going refugee crisis is likely to have contributed to strengthening the party in municipalities harbouring refugees. This is especially true given the fact that the large media coverage of the refugee crisis may have contributed to the political polarization of the electorate (Melki and Pickering 2014).
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Varieties of crisis and working conditions:
A comparative study between Greece and Serbia

Varieties of crisis and working conditions: A comparative study between Greece and Serbia

Our work offers an understanding of the lived reality of institutions in the way they are experienced by individuals (employees and managers). The paper compares responses to crisis by comparing two institutionally weak countries (Greece and Serbia) and different crises (economic and transition). We observed convergence of responses in working conditions in these two settings. Our research contributes to critiques arguing that the institutional literature neglects change, structural development and the effects of the global financial crisis (Jessop, 2012); failing “to understand the dynamic of change in contemporary capitalism” (Jackson and Deeg, 2006: 571). Whilst change can come about through crisis, and that is evident here, it is clear too from both our examples that in states with weak or hotly contested institutional bases, change can incrementally lead to new institutional arrangements (Streeck and Thelen, 2005; Thelen, 2014). In these two countries, the continuing pressure on firms’ very survival has led to a ‘freezing’ of poor working conditions as the new norm: the institutionalisation of adverse working conditions.
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Populism in Post-Crisis Greece

Populism in Post-Crisis Greece

Populism in Post-Crisis Greece nations, low-educated workers tend to turn to populist politics (Kreisi et al, 2012). However, this theory is not uncontested as a number of globalization ‘winners’ also turn towards populist politics, especially on the right (Mudde, 2007). This was the case in Greece, as “those protesting most vehemently were usually not the weakest… the most vocal were the high earning civil servants whose salaries we had cut” (Papaconstantinou, 2016, p.208). Due to its lack of concise characteristics populism can exist across the political agenda from the far left to the far right (Canovan, 1981; Taggart, 2004; Mudde, 2004; 2015). Although differences in characteristics tend to exist between the left and right, the anti-elitist message tends to hold true across the political spectrum. Right-winged populism tends to have a common enemy, consisting of internal enemies such as homosexuals, external such as immigrants as well as international organizations such as the European Union (Mudde, 2004). This sentiment can be seen as consistent with the politics presented by Front National in France, the United Kingdom Independence Party in the UK and the Partij voor de Vrijheid in the Netherlands. However, Jan-Werner Muller (2016) argues that left-winged populism, although it can exist, should be defined differently. He shows this by drawing comparisons between Donald Trump and Bernie Sanders, pointing out why Trump is a populist whilst Sanders is not. Although they both ran an anti-establishment campaign calling on a united people, typical of populist politics, Sanders because of his more socially aware political agenda should not be seen as a populist. This belief can be seen as slightly naïve as it appears Muller is blurred by his own political views. The Greek case, as will be shown, demonstrates how populism on the left can be as militant and anti- establishment as far right populism (Pappas, 2014). Pappas is the main source used for this research, however, the main focus of his work is on the metapolitefsi period (Pappas, 2014, p.2). By contrast, the research for this chapter focuses primarily on the post-metapolitefsi era. Furthermore, he does not compare theories of populism with the evidence he provides.
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Modern Democracy Welfare State and Public Goods  A current consequence for Greece

Modern Democracy Welfare State and Public Goods A current consequence for Greece

However, in order for a public spending strategy to be successful, it must be designed on the basis of the social entity (social benefit) and the costs involved (social costs). Public goods resulting from the corresponding public expenditure are usually produced by public bodies (eg national defense, internal security). Similarly, in Greece, most of the public goods, for which there is a need for intervention by public bodies for their provision, are produced by their own public bodies and are provided free of charge to the people of the community. Their cost is covered by income taxation. According to economic theory, Public goods, have the special feature that the user who enjoys them can not prevent other users from enjoying them at the same time, according to the principles of indivisibility and publicness (Rawls:2003,235). Clean air is a public good that is not guaranteed only for half the inhabitants of a region (taxpayers or those who do not pollute). Air quality is common to all. Public order and the protection of the life and property of citizens was the predominantly public goods ( Janda/ Berry/, Goldman: 2009, 9). It is common ground that this is an area in which private initiative alone is not enough. We would say that security, more than education and health, is the main reason why people have, and still Tolerate, states (Groc:2016, 10-12).
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How Did Order Flow Impact Bond Prices During the European Sovereign Debt Crisis?

How Did Order Flow Impact Bond Prices During the European Sovereign Debt Crisis?

3 market. They divide their dataset into days with and without news announcements, and find that the effect of trades on returns was higher on announcement days. However, they do not explicitly include intraday trading intensity in their analysis. In contrast when intra-daily data is incorporated into the analysis, Cheung et al. (2005) report that the impact of a trade in a relatively low-trading intensive environment had a larger impact on price than in a relatively high-trading intensive environment. This paper contributes to the literature examining price- order-flow dynamics on European sovereign bond markets. It analyses (MTS) high frequency data for French, German, Greek, Irish, Italian, Portuguese and Spanish government bonds from 1 July 2005 to 31 December 2011 which captures the impact of the global financial crisis and European sovereign debt crisis. Three distinct periods over our sample period are classified as calm, global financial crisis and European sovereign debt crisis to examine the effect of trades on price. A modified version of the methodology proposed by Dufour and Engle (2000) is used to investigate this relationship. We evaluate the interaction between returns and order-flow and assess whether trades were better absorbed by market-makers in periods of high- or low-trading intensity. We find that for the majority of countries in the majority of periods there was an instantaneous upward (downward) price movement following a buy (sell) trade. We also report that order-flow had a larger impact on quote revision during relatively low-intensity trading periods than in the relatively high-intensity trading periods. This finding supports the short- selling constraints theory posited by Diamond and Verrechia (1987) which implies that price impact on the MTS market can be minimised by splitting large orders into multiple smaller orders and dripping them into the market over a longer period, ideally during busier trading conditions. Further, we find that order-flows were strongly correlated and the impact of order- flow on subsequent trades was larger during periods of high-trading intensity. This implies that market participants use order splitting as part of their trading strategy and that there are multiple informed traders acting on the same private information.
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