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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, under the leadership of then-Prime Minister Pedro Passos Coelho of the Social Democratic Party (PSD), 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 finan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of the longest-running newspapers in the United States, the ''Times'' serves as one of the country's Newspaper of record, newspapers of record. , ''The New York Times'' had 9.13 million total and 8.83 million online subscribers, both by significant margins the List of newspapers in the United States, highest numbers for any newspaper in the United States; the total also included 296,330 print subscribers, making the ''Times'' the second-largest newspaper by print circulation in the United States, following ''The Wall Street Journal'', also based in New York City. ''The New York Times'' is published by the New York Times Company; since 1896, the company has been chaired by the Ochs-Sulzberger family, whose current chairman and the paper's publ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Portugal And The IMF
Portugal joined the International Monetary Fund (IMF) on March 29, 1961, submitting 100 percent of its quota, which is 2,060.10 SDR. Currently, Portugal is using 187.5 percent of its quota, which is 3,862.69 SDR. Portugal has not received an IMF disbursement since 2014. Portugal has just .44 percent of voting power in the IMF. Constituency Portugal is part of a constituency with Albania, Greece, Italy, Malta, and San Marino. Their representative on the Executive Board of the IMF is Domenico G. Fanizza of Italy. Portugal has 22,066 votes, the third most in their constituency, behind Italy and Greece. This constituency has 4.13 percent of the total voting power within the IMF. Surveillance As a member of the IMF, Portugal receives IMF surveillance reports which detail any red flags in the Portuguese economy, and make suggestions for its future health. Before the 2008 financial crisis, the IMF conducted several surveillance reports on Portugal that if heeded, could have lessene ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Law
International law, also known as public international law and the law of nations, is the set of Rule of law, rules, norms, Customary law, legal customs and standards that State (polity), states and other actors feel an obligation to, and generally do, obey in their mutual relations. In international relations, actors are simply the individuals and collective entities, such as states, International organization, international organizations, and non-state groups, which can make behavioral choices, whether lawful or unlawful. Rules are formal, typically written expectations that outline required behavior, while norms are informal, often unwritten guidelines about appropriate behavior that are shaped by custom and social practice. It establishes norms for states across a broad range of domains, including war and diplomacy, Trade, economic relations, and human rights. International law differs from state-based List of national legal systems, domestic legal systems in that it operates ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treaty
A treaty is a formal, legally binding written agreement between sovereign states and/or international organizations that is governed by international law. A treaty may also be known as an international agreement, protocol, covenant, convention, pact, or exchange of letters, among other terms; however, only documents that are legally binding on the parties are considered treaties under international law. Treaties may be bilateral (between two countries) or multilateral (involving more than two countries). Treaties are among the earliest manifestations of international relations; the first known example is a border agreement between the Sumer, Sumerian city-states of Lagash and Umma around 3100 BC. International agreements were used in some form by most major civilizations and became increasingly common and more sophisticated during the Early modern period, early modern era. The early 19th century saw developments in diplomacy, foreign policy, and international law reflected by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ratification
Ratification is a principal's legal confirmation of an act of its agent. In international law, ratification is the process by which a state declares its consent to be bound to a treaty. In the case of bilateral treaties, ratification is usually accomplished by exchanging the requisite instruments, and in the case of multilateral treaties, the usual procedure is for the depositary to collect the ratifications of all states, keeping all parties informed of the situation. The institution of ratification grants states the necessary time-frame to seek the required approval for the treaty on the domestic level and to enact the necessary legislation to give domestic effect to that treaty. The term applies to private contract law, international treaties, and constitutions in federal states such as the United States and Canada. The term is also used in parliamentary procedure in deliberative assemblies. Contract law In contract law, the need for ratification often arises in two ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Finances
Public finance refers to the monetary resources available to governments and also to the study of finance within government and role of the government in the economy. Within academic settings, public finance is a widely studied subject in many branches of political science, political economy and public economics. Research assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones. The purview of public finance is considered to be threefold, consisting of governmental effects on: # The efficient allocation of available resources; # The distribution of income among citizens; and # The stability of the economy. American public policy advisor and economist Jonathan Gruber put forth a framework to assess the broad field of public finance in 2010:Gruber, J. (2010) Public Finance and Public Policy (Third Edition), Worth Publishers, Pg. 3, Part 1 # When should t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Financial Stabilisation Mechanism
The European Financial Stabilisation Mechanism (EFSM) is an emergency funding programme reliant upon funds raised on the financial markets and guaranteed by the European Commission using the budget of the European Union as collateral. It runs under the supervision of the Commission and aims at preserving financial stability in Europe by providing financial assistance to member states of the European Union in economic difficulty. The Commission fund, backed by all 27 European Union member states, has the authority to raise up to €60 billion. The EFSM is rated AAA by Fitch, Moody's and Standard & Poor's. The EFSM has been operational since 10 May 2010. Programmes Irish programme Under the programme agreed between the Eurozone and the government of Ireland, the EFSM wil provide loans of 22.4 billion euros between 2010 and 2013. As of January 2012 the EFSM had provided 15.4 bn. Further funds have also been provided through the EFSF Portuguese programme Under the programme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banco De Portugal
The Banco de Portugal (, ) is the National central bank (Eurosystem), national central bank for Portugal within the Eurosystem. It was the Portuguese central bank from 1846 to 1998, issuing the Portuguese escudo, escudo. Since 2014, it has also been Portugal's national competent authority within European Banking Supervision. The bank was founded by royal charter in 1846, during the reign of Queen Maria II of Portugal, by a merger of the , the first bank founded in Portugal, and insurer ''Companhia Confiança Nacional''. The bank has branch offices in: Castelo Branco, Portugal, Castelo Branco, Coimbra, Évora, Faro, Portugal, Faro, Funchal, Leiria, Porto (Caixa Filial) and Viseu. History Foundation Queen Maria II of Portugal established the bank by royal charter on 19 November 1846 to act as a commercial bank and issuing bank. It came about as the result of a merger of the :pt:Banco de Lisboa, Banco de Lisboa, the first bank founded in Portugal, and the Companhia de Confiança ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overstaffing
In Keynesian economics, underemployment equilibrium is a situation with a persistent shortfall relative to full employment and potential output so that unemployment is higher than at the NAIRU or the "natural" rate of unemployment. Theoretical framework Origin The concept of underemployment equilibrium originates from analyzing underemployment in the context of General Equilibrium Theory, a branch of microeconomics. It describes a steady economic state when consumptions and production outputs are both suboptimal – many economic agents in the economy are producing less than what they could produce in some other equilibrium states. Economic theory dictates that underemployment equilibrium possesses certain stability features under standard assumptions – the “invisible hand” (market force) can not, by itself, alter the equilibrium outcome to a more socially desirable equilibrium. Exogenous forces such as fiscal policy have to be implemented in order to drive the economy to a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Movement
The labour movement is the collective organisation of working people to further their shared political and economic interests. It consists of the trade union or labour union movement, as well as political parties of labour. It can be considered an instance of class conflict. * In trade unions, workers campaign for higher wages, better working conditions and fair treatment from their employers, and through the implementation of labour laws, from their governments. They do this through collective bargaining, sectoral bargaining, and when needed, strike action. In some countries, co-determination gives representatives of workers seats on the board of directors of their employers. * Political parties representing the interests of workers campaign for labour rights, social security Welfare spending is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rigid Labor Market
The degree of labour market flexibility is the speed with which labour markets adapt to fluctuations and changes in society, the economy or production. This entails enabling labour markets to reach a continuous equilibrium determined by the intersection of the demand and supply curves. Labour unions can limit labor market flexibility by negotiating higher wages, benefits, and better working conditions with employers. In the words of Siebert, labour unions were seen to inhibit "the clearing functions of the market by weakening the demand for labor, making it less attractive to hire a worker by explicitly pushing up the wage costs or by introducing a negative shadow price for labor; by distorting the labor supply; and by impairing the equilibrating function of the market mechanism (for instance, by influencing bargaining behavior)." Theory The most well-known concept of labour market flexibility is given by Atkinson. Based on the strategies companies use, he notes that there can be f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
