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The Greek government liberalized product markets and improved bank recapitalization. [33] According to the IMF, "Greece has made impressive progress under the new coalition government". Examples were a 15-percent drop in unit labor cost, an over-20-percent reduction in the minimum wage, and reforms which would reduce pension spending to about ...
Greece was told to close its banks and implement capital restrictions after becoming the first industrialised country to default on an IMF loan. A third loan was required by Greece. Following a euro-summit, Greece eventually accepted a third bailout deal with tougher terms than those rejected by the Greek people in the referendum.
A market intervention is a policy or measure that modifies or interferes with a market, typically done in the form of state action, but also by philanthropic and political-action groups. Market interventions can be done for a number of reasons, including as an attempt to correct market failures , [ 1 ] or more broadly to promote public ...
Greece faced a sovereign debt crisis in the aftermath of the 2007–2008 financial crisis.Widely known in the country as The Crisis (Greek: Η Κρίση, romanized: I Krísi), it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a humanitarian crisis.
Strategic use of export subsidies, import tariffs and subsidies to R&D or investment for firms facing global competition can have strategic effects to their development in the international market. Since intervention by more than one government can lead to cases resembling the Prisoner’s dilemma, the theory emphasizes the importance of trade ...
[32] [33] The government's intent to pass further austerity measures was met with discontent from within the government and parliament, [33] but eventually passed with 155 votes in favour [32] [33] (a marginal 5-seat majority). Horst Reichenbach headed up the task force overseeing Greek implementation of austerity and structural adjustment.
Given their size and key role in the US housing market, it had long been speculated that the US Government would take action to bolster both companies in such a situation. On 30 July 2008, this speculation became reality when President Bush signed the Housing and Economic Recovery Act of 2008. While analysts disagreed on the financial need for ...
Starting in 2018, banks in both Greece and Switzerland will exchange information about the bank accounts of citizens of the other country to minimize the possibility of hiding untaxed income. [23] In 2016 and 2017, the government was encouraging the use of credit card or debit cards to pay for goods and services in order to reduce cash only ...