Title : What Happened To The Style Network
link : What Happened To The Style Network
What Happened To The Style Network
greece, a country with huge financial problems,just elected alexis tsipras as their new prime minister. he promised to renegotiate withthe eu for further bailouts, in an attempt to stabilize the economyand lessen the debt burden on the greece’s population. if he does not succeed there isa real chance that greece could be on the brink of
What Happened To The Style Network, bankruptcy again. so, what happens when countriesgo bankrupt? first of all, a country going bankrupt ismuch different from a corporation or a person going bankrupt. if a corporation or a person declaresbankruptcy, there are laws in place which
help both the defaulter and the creditor recouplosses. but if an entire nation take a nosedive into bankruptcy, it’s sometimes a free-for-all.historically, creditor nations were known to seize assets by force, or blockade a country’sports until debt payments resumed. even in 2012, an argentinian navy vessel was impounded ina port in ghana because of disputes over argentina’s sovereign debt. however, usuallynowadays, long and complicated court battles
are the norm. and in all cases, the outcomes arevery unpredictable. many countries have been almost or completelybankrupt in recent history -- countries like greece, ireland, portugal, pakistan, spain,argentina and iceland. although there are many unique circumstances that lead some countriesto debt-crises, a weak government structure and out-of-control spending is typical. that’s what happened to argentina in thelate 20th century. the government announced
in 2001 that it could not pay its foreign debt,and there was a cash flight from the banks as people withdrew their savings. protesters took tothe streets as money problems grew, and a mob forced the argentinian president to flee ina helicopter. later, in 2003, the country stabilized itself by addressing the currency exchangerate problems, encouraging economic growth, negotiating foreign debt. there are tons offactors that led to their recovery, but focusing
in on spending and getting help from the internationalcommunity was paramount. the financial crisis in iceland was different.in 2008, the main icelandic banks failed, and the government refused to bail them out. thiskept the government from over extending and risking bankruptcy, but it also endangered the financialsituation of their citizens. to correct this, policy makers took bailouts from the internationalmonetary fund, which allowed them to build
protect social support programs and forgivehomeowner debt. currently, iceland is well on its way to recovery with a low unemployment rateand growing economy. as history shows there are many ways thatcountries have corrected bad financial situations. we can’t say how greece will move forwardin the crises, but we can say that there are options and solutions to be found. to find out more about the eu, the internationalmonetary fund and many other major international organizations check out ourvideo on the international alphabet soup of
acronyms that are out there.
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