Factors contributing to Greece Financial crisis.

Write 3 page with APA style on Factors contributing to Greece Financial crisis. There was a wide margin of money supply circulated in the economy versus the available increases in money supply that remained in banks. Another major discovery was a wide gap between importations and exports. Imports exceeded exports by the billions of dollars each year. Yet the ECB, EU, and IMF did not recommend drastic reduction in the importations. Instead, these financial organizations recommended retrenchments of government employees. The budget defitis could have been drastically reduced by simply cutting down substantial imports of goods that people in Greece can readily produce. But the financial system needs reforms in the sense that entrepreneurs with feasible business projects should be given priority over Investment Banking activities of banks. This dissertation recommends further impartial investigation into the banking operations in terms of the loans or funding of businesses in order to eliminate the public’s doubt over the banking system of withholding substantial funds from the needed productivity of the country. Retrenchment of employees should be the last option in finding ways to fix the budget deficit annually. At this point in time, excessive importations valued at 200% of all exports, would be the first priority for the cutting of dollar outflows. And the top positive step should be development of probably profitable businesses such as those beind supplied by other countries into Greece. It is not conclusive that the root causes of the Greece financial crisis is overspending of government, overstaffing, and excessive debt servicing. This is because of the lack of transparency of banks in terms of disclosing where the substantial funds were loaned and how much they earned or lost. Table of Contents Introduction A. Overview of the Greece Financial Crisis B. Problem Statement C. Hypothesis D. Research Limitations Aims, Specific Objectives, & Purposes Significance of the Study Literature Review Methodology Findings Discussion & Analysis of Findings Conclusions Recommendations Appendix References Introduction Overview Greece financial crisis as of the present had just experienced a substantial debt default in March 2012 and a redemption from that default through a debt sale via bidding in August 2012. Mead and Paris (2012) reported the successful auction of bonds representing debts to the ECB wherein $ 5 billion was raised “to redeem € 3.1 in bonds held by th ECB” (equivalent to less than $ 4 billion). The Bank of Cyprus had been buying Greek bonds for years with undisclosed or mysterious reasons, according to Kambas et. al. (2013). That redemption from debt default is far from solving the many aspects of financial crisis of Greece, which has lasted for over a decade up to the present. This dissertation looks into the many difficult economic situations of Greece – annual budget deficits, heavy indebtedness, very high unemployment rates, low industrial productivity, low consumer confidence, and more – making the country very popular as a poor performer among members of the European Union.

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