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The Vampire Diaries season 6 episode 6 Full Episode Free Streaming Online Click here: Watch Now! <---To Watch The Vampire Diaries season 6 episode 6 Full Episode Online Free Streaming HD Info about The Vampire Diaries season 6 episode 6 Part of the ongoing The Vampire Diaries season 6 episode 6 making, being triggered by the turmoil of the Great Recession, and believed to have been directly caused locally in Greece by a combination of structural weaknesses of the Greek economy along with a decade long pre-existence of overly high structural deficits and debt-to-GDP levels on public accounts. In late 2009, fears of a sovereign debt crisis developed among investors concerning Greece's ability to meet its debt obligations, due to a reported strong increase in government debt levels along with continued existence of high structural deficits.[6][7][8] This led to a crisis of confidence, indicated by a widening of bond yield spreads and the cost of risk insurance on credit default swaps compared to the other countries in the Eurozone, most importantly Germany.[9][10] In April 2010, on top of the news about the recorded adverse deficit and debt data for 2008 and 2009, the national account data revealed the Greek economy had also been hit by three distinct recessions (Q3-Q4 2007, Q2-2008 until Q1-2009, and a third starting in Q3-2009). When this negative news package was received by credit rating agencies, in particular the onset of a third ongoing recession in Q3-2009, causing a further rise of the debt-to-GDP ratio to 127% in 2009 and 146% in 2010, they responded by downgrading the Greek government debt to junk bond status (below investment grade), and the traded bond yields rose so high that private capital markets were practically no longer available for Greece as a funding source. On 2 May 2010, the Eurozone countries, European Central Bank (ECB) and International Monetary Fund (IMF), later nicknamed as the Troika, responded by launching a 110 billion bailout loan to rescue Greece from sovereign default and cover its financial needs throughout May 2010 until June 2013, conditional on implementation of austerity measures, structural reforms and privatization of government assets. A year later, a worsened recession along with a delayed implementation by the Greek government of the agreed conditions in the bailout programme, revealed the need for Greece to receive a second bailout worth 130 billion (now also including a bank recapitalization package worth 48bn), while all private creditors holding Greek government bonds were required at the same time to sign a deal accepting extended maturities, lower interest rates, and a 53.5% face value loss. The second bailout programme, was finally ratified by all parties in February 2012, and by effect extended the first programme, meaning a total of 240 billion were to be transferred at regular tranches throughout the period from May 2010 until December 2014. Due to a worsened recession
and continued delay of implementation of the conditions in the bailout programme, the Troika accepted in December 2012, to provide Greece with a last round of significant debt relief measures, while IMF extended its support with an extra 8.2bn of loans to be transferred during the period from January 2015 until March 2016. The latest review of the bailout programme, revealed development of a new extra unexpected financing gap in 2014 and 2015.[11][12] Due to an improved outlook for the Greek economy, with a government structural surplus sustained since 2012, return of real GDP growth in 2014, and a forecast decline of the unemployment rate in 2015,[13] it was however this time possible for the Greek government, entirely to patch its new financing gaps through sale of bonds to private creditors.[14] The Eurogroup recently granted a two-month technical extension of its bailout programme to Greece, meaning that the next final review and update of the entire bailout programme - which the Greek government has requested some new changes for, now is expected to be published by the Troika in February 2015.
Overview The downgrading of Greek government debt to junk bond status in April 2010 created alarm in financial markets, with bond yields rising so high, that private capital markets were practically no longer available for Greece as a funding source. On 2 May 2010, the Eurozone countries and the International Monetary Fund (IMF) agreed on a 110 billion bailout loan for Greece, conditional on compliance with the following three key points: Implementation of austerity measures, to restore the fiscal balance. Privatization of government assets worth 50bn by the end of 2015, to keep the debt pile sustainable. Implementation of outlined structural reforms, to improve competitiveness and growth prospects. The payment of the bailout was scheduled to happen in several disbursements from May 2010 until June 2013. Due to a worsened recession and the fact that Greece had worked slower than expected to comply with point 2 and 3 above, there was a need one year later to offer Greece both more time and money in the attempt to restore the economy. In October 2011, Eurozone leaders consequently agreed to offer a second 130 billion bailout loan for Greece, conditional not only on the implementation of another austerity package (combined with the continued demands for privatisation and structural reforms outlined in the first programme), but also that most private creditors holding Greek government bonds should sign a deal accepting extended maturities, lower interest rates, and a 53.5% face value loss. This proposed restructure of all Greek public debt held by private creditors, which at that point of time constituted a 58% share of the total Greek public debt, would according to the bailout plan reduce the overall public debt burden with roughly 110 billion. A debt relief equal to a lowering of the debt-to-GDP ratio from a forecast 198% in 2012 down to roughly 160% in 2012, with the lower interest payments in subsequent years combined with the agreed fiscal consolidation of the public budget and significant financial funding from a privatization program, expected to give a further debt decline to a more sustainable level at 120.5% of GDP by 2020. The second bailout deal was finally ratified by all parties in February 2012, and became active one
month later, after the last condition regarding a successful debt restructure of all Greek government bonds had also been met. The second bailout plan was designed with appointment of the Troika (the EU, ECB and IMF) to cover all Greek financial needs from 2012 to 2014 through a transfer of some regular disbursements; and aimed for Greece to resume using the private capital markets for debt refinance and as a source to partly cover its future financial needs, already in 2015. In the first five years from 2015 to 2020, the return to use the markets was however only evaluated as realistic to the extent, where roughly half of the yearly funds needed to patch the continued budget deficits and ordinary debt refinance should be covered by the market; while the other half of the funds should be covered by extraordinary income from the privatization program of Greek government assets. In mid-May 2012 the crisis and impossibility to form a new coalition government after elections, led to strong speculation Greece would have to leave the Eurozone.[15] The potential exit became known as "Grexit" and started to affect international market behavior. A second election in mid-June, ended with the formation of a new government supporting a continued adherence to the main principles outlined by the signed bailout plan. The new government however immediately asked its creditors, due to a delayed reform schedule and a worsened economic recession, to be granted an extended deadline from 2015 to 2017 before being required to restore the budget into a selffinanced situation; which in effect was equal to a request for the Troika to pay two more years of additional funds in the form of a third bailout package for 2015 16 (or alternatively asking private creditors to accept writing off new additional amounts of debt).[16]
In July 2012, the Troika started to examine this request in the light of an updated and recalculated sustainability analysis of the Greek economy, and were at first expected already to publish a report with their findings by the end of August 2012.[17] As initial findings indicated the bailout programme was widely off track, the Troika decided to withhold the scheduled 31.5bn bailout disbursement for August 2012; with the message that the transfer awaited reassurance by the first review report of the programme, that Greece had managed to put the bailout plans conditional implementation of measures back on track, and still were committed to follow the agreed path to restore and reform the economy.[18] The subsequent three months were used by the Greek government to negotiate with the Troika about the exact content of the conditional "Labor market reform" and "Midterm fiscal plan 2013 16", in order to put the bailout plan back on track. The two major bills featured all together austerity measures worth 18.8bn, of which the first 9.3bn were scheduled for 2013. In return, the Troika indicated a willingness to accept paying a third bailout loan on 30bn to finance the two-year extension of the bailout programme, while also looking into solutions for reducing the Greek debt into a sustainable size (i.e. through the launch of a debt-buy-back programme for private held government bonds and/or offering debt-relief measures in the form of lower interest rates combined with prolonged debt maturities).[19] On 7 November 2012, facing the alternative of a default by the end of November if not passing the negotiated Troika package,[19] the Greek parliament passed the conditional "Labor market reform" and "Midterm fiscal plan 2013 16" with 153 out of 300 MPs voting yes, and the parliament late on 11 November finally also passed the "Fiscal budget for 2013" with the support by 167 out of 300 MPs. The conclusion of the Troika's long awaited first review report of the bailout programme, had for a long pended the outcome of the Greek parliament's pass of the mentioned bills.[20][21]
As all three bills were passed as planned, the Troika report was printed and distributed to the Eurogroup a few minutes later on 11 November, in its first complete draft version. The report mapped the status for implemented programme measures and the state of the Greek economy, structural reforms, privatisation programme and debt sustainability. Among other things the draft report found, that the 2-year extension of the bailout programme would cost 32.6bn of extra loans from the Troika ( 15bn in 2013 14 and 17.6bn in 2015 16).[22] In December 2012, the Eurogroup decided not to transfer a third bailout loan, but instead approved an adjustment-package together with ECB and IMF, featuring a set of debt relief measures for the already granted EFSF debt pile (lower interest rate and longer maturity) along with reimbursement of all Greek interest payments paid on Troika held debt until 2020, effectively closing the entire fiscal financing gap for 2013 16. As part of this adjustment agreement, IMF however delivered its reimbursement of interests in the form of some new bailout loan tranches, worth 8.2bn, to be paid at regular intervals until 14 March 2016.[23][24] A final element of the adjustment package, was a pre-required debt buyback by the Greek government of roughly 50% of the remaining PSI bonds, which also helped to lower the debt-to-GDP ratio with 10.6 benchmark points, helping the country to maintain a sustainable debt outlook for 2020.
Both of the latest bailout programme audit reports, released independently by the European Commission and IMF in June 2014, revealed that even after transfer of the scheduled bailout funds and full implementation of the agreed adjustment package in 2012, there was a new forecast financing gap of: 5.6bn in 2014, 12.3bn in 2015, and 0bn in 2016. The new forecast financing gaps, will need either to be covered by the government's additional lending from private capital markets, or to be countered by additional fiscal improvements through expenditure reductions, revenue hikes or increased amount of privatizations.[11][12] Due to an improved outlook for the Greek economy, with return of a government structural surplus in 2012, return of real GDP growth in 2014, and a decline of the unemployment rate in 2015,[25] it was possible for the Greek government to return to the bond market during the course of 2014 - for the purpose to fully fund its new extra financing gaps by additional private capital. A total of 6.1bn was received from the sale of three-year and five-year bonds in 2014, and the Greek government now plans to cover its forecast financing gap for 2015 by additional sale of sevenyear and ten-year bonds in 2015.[26] The latest recalculation of the seasonally adjusted quarterly GDP figures for the Greek economy, revealed that it had been hit by three distinct recessions in the turmoil of the Global Financial Crisis:[27] Q3-2007 until Q4-2007 (duration = 2 quarters) Q2-2008 until Q1-2009 (duration = 4 quarters, also referred to as being part of the Great Recession) Q3-2009 until Q4-2013 (duration = 18 quarters, also referred to as being part of the Eurozone crisis) Greece experienced positive economic growth in each of the 3 first quarters of 2014.[27] The return of economic growth, along with the now existing underlying structural budget surplus of the general government, build the basis for the debt-to-GDP ratio to start a significant decline in the coming years ahead,[28] which will help ensure that Greece will be labeled "debt sustainable" and fully regain complete access to private lending markets in 2015.[a] While the Greek government-debt
crisis hereby is forecast officially to end in 2015, many of its negative repercussions (i.e. a high unemployment rate) are forecast still to be felt during many of the subsequent years.[28] Source: Wikipedia_source http://microsoft.com/ http://www.harvard.edu/
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