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Troika (finance)
The troika is a term used to refer to the single decision group created by three entities, the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF). It was formed in the aftermath of the European debt crisis as an ''ad hoc'' authority with a mandate to manage the "bailouts" of Cyprus, Greece, Ireland and Portugal, in the aftermath of their prospective insolvency caused by the world financial crisis of 2007–2008. Earlier, "troika" had been used as the designation of a triumvirate that represented the European Union in its foreign relations, in particular concerning its common foreign and security policy (CFSP), until the Treaty of Lisbon was ratified in 2009. Background of the financial crisis bailout troika The role of the Troika The term ''troika'' has been widely used in Greece, Cyprus ( el, τρόικα), Ireland, Portugal, and Spain to refer to the consortium of the European Commission, the European Central Bank an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Commission
The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body of about 32,000 European civil servants. The Commission is divided into departments known as Directorates-General (DGs) that can be likened to departments or ministries each headed by a Director-General who is responsible to a Commissioner. There is one member per member state, but members are bound by their oath of office to represent the general interest of the EU as a whole rather than their home state. The Commission President (currently Ursula von der Leyen) is proposed by the European Council (the 27 heads of state/governments) and elected by the European Parliament. The Council of the European Union then nominates the other members of the Commission in agreement with the nominated President, and the 27 members as a team are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consortium
A consortium (plural: consortia) is an association of two or more individuals, companies, organizations or governments (or any combination of these entities) with the objective of participating in a common activity or pooling their resources for achieving a common goal. is a Latin word meaning "partnership", "association" or "society", and derives from ("shared in property"), itself from ("together") and ("fate"). Examples Educational The Big Ten Academic Alliance in the Midwest and Mid-Atlantic U.S., Claremont Colleges consortium in Southern California, Five College Consortium in Massachusetts, and Consórcio Nacional Honda are among the oldest and most successful higher education consortia in the World. The Big Ten Academic Alliance, formerly known as the Committee on Institutional Cooperation, includes the members of the Big Ten athletic conference. The participants in Five Colleges, Inc. are: Amherst College, Hampshire College, Mount Holyoke College, Smith Co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Troika (driving)
A troika (, "triplet" or "trio") is a traditional Russian harness driving combination, using three horses abreast, usually pulling a sleigh. It differs from most other three-horse combinations in that the horses are harnessed abreast. The middle horse is usually harnessed in a horse collar and shaft bow; the side horses are usually in breastcollar harness. The troika is traditionally driven so that the middle horse trots and the side horses canter; the right-hand horse will be on the right lead and the left-hand horse on the left lead. The troika is often claimed to be the world's only harness combination with different gaits of the horses. The term "troika" is sometimes used to refer to any three-horse team harnessed abreast, regardless of harness style or what horse-drawn vehicle is used. At full speed a troika can reach , which was a very high speed on land for vehicles in the 17th–19th centuries, making the troika closely associated with the fast ride. The troika was d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russian Language
Russian (russian: русский язык, russkij jazyk, link=no, ) is an East Slavic language mainly spoken in Russia. It is the native language of the Russians, and belongs to the Indo-European language family. It is one of four living East Slavic languages, and is also a part of the larger Balto-Slavic languages. Besides Russia itself, Russian is an official language in Belarus, Kazakhstan, and Kyrgyzstan, and is used widely as a lingua franca throughout Ukraine, the Caucasus, Central Asia, and to some extent in the Baltic states. It was the ''de facto'' language of the former Soviet Union, Constitution and Fundamental Law of the Union of Soviet Socialist Republics, 1977: Section II, Chapter 6, Article 36 and continues to be used in public life with varying proficiency in all of the post-Soviet states. Russian has over 258 million total speakers worldwide. It is the most spoken Slavic language, and the most spoken native language in Europe, as well as the most g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Adjustment Programme For Portugal
The Economic Adjustment Programme for Portugal, usually referred to as the Bailout programme, is a Memorandum of understanding on financial assistance to the Portuguese Republic in order to cope with the 2010–14 Portuguese financial crisis. The three-year programme was signed in May 2011 by the Portuguese Government under then-Prime Minister José Sócrates of the Socialist Party (PS) on one hand, and on the other hand by the European Commission on behalf of the Eurogroup, the European Central Bank (ECB) and the International Monetary Fund (IMF). In June 2014, Portugal exited the €78 billion programme, with a concluding tranche of €0.4 billion being disbursed in November 2014. Background On 6 April 2011, the resigning Prime Minister José Sócrates of the Socialist Party (PS) announced on television that the country, facing a status of bankruptcy, would request financial assistance to the IMF (at the time managed by Dominique Strauss-Kahn) and the European Financial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Adjustment Programme For Ireland
The Economic Adjustment Programme for Ireland, usually referred to as the Bailout programme, is a Memorandum of understanding on financial assistance to the Republic of Ireland in order to cope with the Post-2008 Irish financial crisis. It was signed on 16 December 2010 by the Irish Government under then-Taoiseach Brian Cowen on one hand, and on the other hand by the European Commission on behalf of the Eurogroup, the European Central Bank (ECB) and the International Monetary Fund (IMF). On 15 December 2013, Ireland exited the programme. Memorandum of Understanding On 28 November 2010, European Commission, European Central Bank (ECB) and the International Monetary Fund (IMF), colloquially called the European Troika, agreed with the Irish government in a three-year financial aid programme on the condition of far-reaching austerity measures to be imposed on the Irish society in order to cut government expenditure. To avoid the legislative ratification procedures required for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second Economic Adjustment Programme For Greece
The Second Economic Adjustment Programme for Greece, usually referred to as the second bailout package or the second memorandum, is a memorandum of understanding on financial assistance to the Hellenic Republic in order to cope with the Greek government-debt crisis. It was signed on 1 March 2012 by the Greek Government under then-prime minister Lucas Papademos on one hand, and on the other hand by the European Commission on behalf of the Eurogroup, the European Central Bank (ECB) and the International Monetary Fund (IMF). The second bailout package expired on 30 June 2015. It was superseded by the Third Economic Adjustment Programme for Greece. History Early draft (July 2011) On 21 July 2011, 17 leaders of Euro countries, meeting at an EU summit, approved a preliminary draft of a second bailout package for Greece to address the limitations of the First Greek bailout package.Süddeutsche Zeitung, 21. Juli 2011Zum Abschluss ein Lächeln/ref> The second bailout package would ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
First Economic Adjustment Programme For Greece
The First Economic Adjustment Programme for Greece, initially called the Economic Adjustment Programme for Greece and usually referred to as the first bailout package or the first memorandum, is a memorandum of understanding on financial assistance to the Hellenic Republic in order to cope with the Greek government-debt crisis. It was signed on 3 May 2010 by the Greek Government under then-prime minister George Papandreou on one hand, and on the other hand by the European Commission on behalf of the Eurogroup, the European Central Bank (ECB) and the International Monetary Fund (IMF). Of the totaling €107.3 billion of financial assistance, €72.8 billion were disbursed by 1 March 2012, when the programme was superseded by the Second Economic Adjustment Programme for Greece comprising the undisbursed amounts of the first programme and additional €130 billion for the years 2012–14. Background Having had the credit rating agencies further downgrade their assessment of Gre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Adjustment Programme For Cyprus
The Economic Adjustment Programme for Cyprus, usually referred to as the Bailout programme, is a memorandum of understanding on financial assistance to the Republic of Cyprus in order to cope with the 2012–13 Cypriot financial crisis. It was signed in March 2013 by the Cypriot Government on one hand, and on the other hand by the European Commission on behalf of the Eurogroup, the European Central Bank (ECB) and the International Monetary Fund (IMF). Background Credit rating downgrade to speculative On 13 March 2012, Moody's slashed Cyprus's credit rating to speculative status, warning that the Cyprus government would have to inject more fresh capital into its banks to cover losses incurred through Greece's debt swap. On 25 June 2012, the day when Fitch downgraded bonds issued by Cyprus to BB+, which disqualified them from being accepted as collateral by the European Central Bank, the Cypriot government requested a bailout from the European Financial Stability Facility or the Eu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Guardian
''The Guardian'' is a British daily newspaper. It was founded in 1821 as ''The Manchester Guardian'', and changed its name in 1959. Along with its sister papers '' The Observer'' and '' The Guardian Weekly'', ''The Guardian'' is part of the Guardian Media Group, owned by the Scott Trust. The trust was created in 1936 to "secure the financial and editorial independence of ''The Guardian'' in perpetuity and to safeguard the journalistic freedom and liberal values of ''The Guardian'' free from commercial or political interference". The trust was converted into a limited company in 2008, with a constitution written so as to maintain for ''The Guardian'' the same protections as were built into the structure of the Scott Trust by its creators. Profits are reinvested in journalism rather than distributed to owners or shareholders. It is considered a newspaper of record in the UK. The editor-in-chief Katharine Viner succeeded Alan Rusbridger in 2015. Since 2018, the paper's main ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Expenditure
Public expenditure is spending made by the government of a country on collective needs and wants, such as pension, provisions, security, infrastructure, etc. Until the 19th century, public expenditure was limited as laissez faire philosophies believed that money left in private hands could bring better returns. In the 20th century, John Maynard Keynes argued the role of public expenditure in determining levels of income and distribution in the economy. Since then, government expenditures has shown an increasing trend. Sources of government revenue include taxes, and non-tax revenues. In the 17th and the 18th centuries, public expenditure was considered a wastage of money. Thinkers believed government should stay with their traditional functions of spending on defense and maintaining law and order. Theories of public expenditure Several theories of taxation exist in public economics. Governments at all levels (national, regional and local) need to raise revenue from a vari ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
