Archive for the ‘econ482’ Category

ECON482 – UMW Blogs Sitewide Posts 1969-12-31 20:00:00

Saturday, November 4th, 2017

Greek 10 Years Ahead

Thursday, April 30th, 2015

I came across this report by the Mckinsey Global Institute  while writing a paper for another class.  It’s from 2012 but offers really interesting details about the Greek Economy and what industries Greece should invest in.  Some include the manufacturing of generic pharmaceuticals, aquaculture and medical tourism.

Euro Crisis Documentary

Tuesday, April 28th, 2015

This is an interesting documentary displaying the opinions of both the Greeks and Germans about the Euro crisis.

Possibilities for Greece’s Future: a Speculative Outlook

Monday, April 27th, 2015

Better off out? The short-term options for Greece inside and outside of the euro

Recently I came across this spiffy article about the possibilities for the future of Greece and the costs leaving vs staying would incur. As a disclaimer, I would like to add that I’m not really sure where they got these numbers from or how they calculated it. It would have made it far more credible if they had included that aspect of the research. Still, it’s a pretty interesting read!

Greek Stereotypes

Thursday, April 23rd, 2015

(Sorry in advance if this article is a re-post)

I found this article a while back questioning whether or not the Greek stereotypes (lazy and greedy) were true. Eurostat puts the average age of retirement for Greeks at 57.8 years of age, earlier than the average European country, but only by a small margin (ranges from Slovenia: 56.6 to Sweden: 63.6). The most interesting data point presented by this article from the Organization of Economic Co-operation and Development, would be that the Greeks work the longest hours in Europe at 42 hours a week. While these numbers don’t excuse the Greeks from the idea that the country has been living beyond its means, it questions the validity of the negative labels it has received.

“Using simple and erroneous explanations to single out scapegoats does not bode well for the future or for the EU”

Capital Flows in Greece

Thursday, April 23rd, 2015

Data from the Greek central bank indicates that capital flight has reached and all time high. Over the last six months through March, about 62 billion euros ($67 billion) were taken out of Greece, approximately 25% of GDP.


Why?  Depositors and investors are moving their euros out of Greece to safer places such as Germany, depriving the Greek economy of the private investment.  Negotiations over loans from Germany and other official creditors are bringing Greece ever closer to sovereign default and possibly its exit from the Euro zone.

For the full article:

European Stereotypes of Europeans

Tuesday, April 21st, 2015

Pew Research Center did a poll on Europeans’ stereotypes of other European countries and the results, as posted in the Washington Post, are pretty interesting…

For example, Germany was considered the “Most Trustworthy” country by all other countries polled…except Greece…who decide they were the most trustworthy.

European Stereotypes

Apparently Poland can’t decide if Germany is the Most or Least Trustworthy country, so Poland voted Germany for both!  Most countries do seem to agree Germany is the most arrogant and least compassionate.

You can check out the full Washington Post article here:

A conversation between Yanis Varoufakis and Joseph Stiglitz

Thursday, April 16th, 2015

Yanis Varoufakis is the current Greek finance minister who came to power when the Syrzia party was elected in January. Joseph Stiglitz is an American economist and his known for his critical view on the current management of globalization. Greenlaw sent me a highly relevant and interesting video of a Q&A conversation between the two men. If you all have an hour on your hand, I suggest you watch it. Many of the ideas Varoufakis and Stiglitz discuss can be seen in our discussions and our recent essays.

Both begin the conversation by pointing out that they “see people erecting fences now”, acknowledging that the countries are diverging from one another and fighting to maintain their differences. Countries are becoming more nationalistic and less supportive of the “European identity”. Varoufakis argues that there was a fundamental problem with the structure of the EU since the beginning; the institutions set in place promoted separation instead of cooperation. He points out that, “no doubt that if there was a federal republic (United States of Europe) then there wouldn’t be a problem” with the health of the European economies. In the beginning the creators of the Eurozone didn’t have the ability to create a United Europe that would have the power to implement fiscal policy, but they did have the power to create a monetary union. They acknowledged that this was not an optimum currency area, but that when the inevitable crisis happens, Europeans would come together and consolidate the union. Contrary to this, the financial collapse highlighted differences and put people on opposing sides; they are more divided now than they were before.

Varoufakis also calls for Greek reform. His new government wishes to start from scratch when it comes to discussions regarding stabilization of the Greek economy as the time frame that had been agreed upon by the previous government is not feasible. His party is seeking to reform the social economy too. They plan on pushing bills to prevent corruption, tax evasion and rent seeking (“when a company, organization, or individual uses their resources to obtain an economic gain from others without reciprocating any benefits back to society through wealth creation”).

Once again, I recommend this video as it pertains to the things we have most recently been discussing in class.

Not Another Infographic, but actually…

Wednesday, April 15th, 2015

It’s another infographic. This one looks at all eurozone countries that have debt and to whom they owe it. What I find interesting is that many of these countries owe money and are owed money by the same countries. For example, France owes Germany over 100 billion euro while Germany owes France over 200 billion euro…what’s the point of that? Maybe there’s something I’m missing, but that doesn’t seem to make any logical sense. Finance people, sound off. It makes sense if they are just referring to the locations of the banks that lent the money and not the actual national banks.


Greece Plays its Russia Card

Wednesday, April 15th, 2015

Here’s the article I mentioned in class about Greece and Russia, it’s worth taking a look at.