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The Idiots guide to Greece, Euro problems and defaulting on debt.

Originally posted on Stephen Liddell:

Granted this might be the most exciting titled blog I’ve ever written but it is probably the one that makes most sense.  I’ve decided to write my easy to understand guide to Greece and the Euro based on common-sense and my memories of international economics classes.

Greece has given the world much.  Ideals of democracy, political theories, sporting events and many fine foods.  It was also the first country to default on its debts back in 377BC. For much of the last 5 years though it seems to have also given the wider world Grimbo or never ending financial Greek limbo.

You’d be forgiven for thinking that the Greek economy must be one of the leading economies in the world for all the fuss that is made of it but the reality is that its entire population is around 11 million, perhaps a little smaller than metropolitan London and dwarfed…

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A New Hope For Greece And Its Economy

Originally posted on Notayesmanseconomics's Blog:

For the second time in a couple of months voters in an election have delivered a result which has surprised the “experts” and pollsters. In the UK we saw the opinion polls misfire badly but yesterday’s events in Greece saw them in even more disarray. The referendum which was supposed to be neck and neck turned out to be as shown below. From the BBC.

The final result in the referendum, published by the interior ministry, was 61.3% “No”, against 38.7% who voted “Yes”.

Accordingly we are left again wondering as to the value and worth of opinion polls as rather than a close result we saw a decisive one.

Some care is also needed in considering what was decided as it was presented by both Euro area politicians and some sections of the media as a vote on the Euro. This was deliberately misleading as Prime Minister Tsipras was…

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Editorial: Business Ethics

Originally posted on EF Essays:

To fulfill a requirement for continuing professional education (CPE) from the Minnesota Society of CPAs, a few weeks ago I attended an eight-hour ethics seminar. Despite the positive publicity ethics training no-doubt received from the “flashcards” scene in Adam Sandler’s Billy Madison, it’s rarely viewed as an exciting way to spend your time. Despite my initial reservations, I left the conference room that day with a deeper respect for business ethics.

Ethics is a set of moral principles that individuals and groups follow based on their culture, personality, and incentives. When that framework is applied to a corporate setting it’s called business ethics. Perhaps what makes ethics seem uninteresting can be related directly to its definition:  “principles that individuals and groups follow.” When it comes to ethics, at first glance, it appears like you don’t make a decision; instead, you’re guided to one by an invisible current of “culture…

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Economists Krugman and Stiglitz on Why Greeks Should Vote ‘No’ on the Referendum

Originally posted on Jo Weber Economist & Social Media Expert:

  An anti-austerity march in front of the Greek Parliament in Athens. (Ggia/ CC BY-SA 3.0)

Now that Greece has become the first advanced nation to fall into arrears with the International Monetary Fund, the nation has reached a crucial crossroads: Should it concede to the demands of the “troika” — the institutions representing creditor interests—or continue to reject austerity and prepare to ditch the euro?

Amid mass protests, tumbling markets and bank closures, Greece will hold a referendum Sunday to decide.

Recent opinion pieces by Nobel Prize-winning economists Joseph Stiglitz and Paul Krugman maintain that Greece must keep going it alone and vote no.

Stiglitz writes in The Guardian “… the economics behind the programme that the ‘troika’ (the European Commission, the European Central Bank, and the International Monetary Fund) foisted on Greece five years ago has been abysmal, resulting in a 25% decline in the…

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The euro sucks

Originally posted on LARS P. SYLL:

So, having pushed us hard to accept substantial new austerity, in the form of absurdly large primary surpluses (3.5% of GDP over the medium term) … we ended up having to make recessionary trade-offs between, on the one hand, higher taxes/charges in an economy where those who pay their dues pay through the nose and, on the other, reductions in pensions/benefits in a society already devastated by massive cuts in basic income support for the multiplying needy …

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Unfortunately, the institutions’ response was to insist on even more recessionary measures … and, worse still, on shifting the burden massively from business to the weakest members of society (e.g. to reduce the lowest of pensions, to remove support for farmers, to postpone ad infinitum legislation that offers some protection to badly exploited workers).

The institutions new proposals … would make a politically problematic package – from the perspective of our Parliament…

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