Debt

be legally considered responsible for the quality of their evaluation. Their objective is to satisfy the customer i.e. the banks. Moreover, the regulation is not adapted and there were regulatory regimes that perversely encouraged banks to off-load debt and thus took less attention to the risks (FT, 21.10.09, p.13: a crisis in search of a narrative). Today we hear about the possibility of reaching a period of end of recession; the data of the third quarter might means the end of recession while the

the tourism industry in Greece. [pic] Dalarna University ETM Since 2009 an economic crisis affects the world and some countries are more hit than others. At the beginning of 2010 Greece reached the point of no return accumulating a debt of three hundred billion Euros. This critical situation has impacts on the tourism industry. In Greece tourism is a key economic sector representing eighteen per cent of the GDP. Therefore Greece as a product destination is suffering huge consequences

1090% Fiscalité/Fiscal Sector Recettes fiscales, en % du PIB/Total revenues, % of GDP Dépenses Publiques, en % du PIB/Total expenditure, % of GDP Déficit Public, en % du PIB/Central govt, balance, % of GDP Dette Publique, en % du PIB/Total Government Debt, % of GDP 25 28 -3 50 Union of Mediterranean Confederations of Enterprises: Perspectives économiques pour les pays méditerranéens à l’horizon 2010 ; Tahar El Almi, TUNIS, Octobre 2005. Working Paper 20051007.fr. © oct 2005 9 Monnaie/Monetary

preste est creature laide et mauvaise, créature du grand villain diantre d’enfer »(P58), « Debtes. O chose rare et antiquaire. »(P58), « ces créditeurs tant humbles, serviables et copieux en révérences. » (.P58) Ainsi qu’à l’état de débiteur « Ce (les créditeurs) sont mes candidatz, mes parasites, mes salueurs, mes diseurs de bons jours, mes orateurs perpetuelz. (P.58)», « cette félicité soubeline »(P.59), « en debtes consister la montagnes de Vertus heroicques descripte par Hésiode (…) à laquelle tous

assets Other operating income & expense (1) Operating income Finance cost - net Share of income of associates Income tax expense Results from discontinued operations Net Income/(loss) before non-recurring items (3) Net income/(loss) Free cash flow Net debt (at 31 October) (1) (2) 2008 1,484 35 (8) (15) 12 (33) 1 (11) 33 (31) 2 49 (295) 2009 1,360 36 (29) (27) (20) (23) 2 (2) (10) (3) (53) (33) (239) In accordance with IFRS 5, adjusted to exclude Club Med World. Including credit card costs (€10

$B’s so they sent it back into western financial markets which caused inflation to increase dramatically “Austerity” period * Governments were broke as a result * Indicators of Austerity * High inflation * Mounting debt * Paris club – government lending * London club – private lending * Falling external resources (trade finance resources) * Economic hardship for people * Social programs/subsidies removes

level to which taxes hamper the economic activity in the economy. To what level the economy carries a burden of public debt and what is the actual price it pays for it. ♣ Size of the public expenditures (both central and local) in the GDP ♣ Public expenditure per capita ♣ Number of employees in the public sector to total number of employees ratio ♣ Tax revenue to GDP ratio ♣ Debt service (local, foreign) to GDP ratio Financial sector and capital markets: Monetary policy and stability. Monetary

strongly support debt relief to the poorest, most heavily indebted countries In 1996, with the International Monetary Fund (IMF), we launched the Heavily Indebted Poor Countries (HIPC) Initiative—the first comprehensive effort to cut the debts of the world’s poorest, most indebted countries. Today, 28 countries are receiving debt relief that will amount to US$56 billion over time. The HIPC Initiative, combined with other types of debt relief, will cut by two-thirds the external debt in these countries

people if the US, just in fact to get a Constitution & repeal the acts they disagreed with (Stamp Act, Sugar Act, Tea Act…) contracted a huge debt that would then be transmitted to the next generations. Nevertheless, Paine says the national debt is but the insurance for having a navy, an army… & he says it would not be to have the £-140-million-pounds debt of Britain to have the same navy. Then, in tables, he gives the price of ships calculated by the Secretary to the navy, Mr. Burchett. Thanks

industrialization = focus on financing global ‘development’ rather than monetary system facilitator The Debt Crisis, Structural Adjustment and Conditionality • End of 1970s: high oil prices and falling prices for primary exports • Cf. IMF and WB had surplus in active engagement in loan making: ‘orgy of borrowing’ see for example Latin America • 1982 US unilateral decision to raise interest rates: increased debt burden on the developing world significantly. Shows policy control of US • Given large number