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European Troika
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 due to 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 2008 financial crisis. 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 Role of the Troika The term ''Troika'' has been widely used in Greece, Cyprus (), Ireland, Portugal, and Spain to refer to the consortium of the European Commission, the European Central Bank and the International Monetary Fund that provided a bai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Commission
The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informally known as "commissioners") corresponding to two thirds of the number of Member state of the European Union, member states, unless the European Council, acting unanimously, decides to alter this number. The current number of commissioners is 27, including the president. It includes an administrative body of about 32,000 European civil servants. The commission is divided into departments known as Directorate-General, Directorates-General (DGs) that can be likened to departments or Ministry (government department), ministries each headed by a director-general who is responsible to a commissioner. Currently, there is one member per European Union member state, member state, but members are bound by their oath of office to represent the genera ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consortium
A consortium () 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. Consortia are generally nonprofit with a goal to help its members improve their competitiveness in the specific field. is a Latin word meaning " partnership", "association", or "society", and derives from ("shared in property"), itself from ("together") and ("fate"). Examples Educational The Universities' consortium is established to share research laboratories and equipment facilities, exchange faculty and students, provide programs abroad, and form specialized research centers and admissions offices.Wallace Lang D (1975). "The consortium in higher education". ''Journal of Educational Administration'', 13(2), 23-36. https://doi.org/10.1108/eb009730 Generally, it includes a corporate identity, voluntary membership of in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Troika (driving)
A troika (, "triplet" or "trio") is a traditional Russian horse driving, harness driving combination, using three horses abreast, usually pulling a sleigh. Overview The troika 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 Breastplate (tack), breastcollar harness. The troika is traditionally driven so that the middle horse trot (horse gait), trots and the side horses canter; the right-hand horse will be on the right lead (leg), 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 Horse gait, 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 land speed for vehicles in the 17t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russian Language
Russian is an East Slavic languages, East Slavic language belonging to the Balto-Slavic languages, Balto-Slavic branch of the Indo-European languages, Indo-European language family. It is one of the four extant East Slavic languages, and is the native language of the Russians. It was the ''de facto'' and ''de jure'' De facto#National languages, official language of the former Soviet Union.1977 Soviet Constitution, Constitution and Fundamental Law of the Union of Soviet Socialist Republics, 1977: Section II, Chapter 6, Article 36 Russian has remained an official language of the Russia, Russian Federation, Belarus, Kazakhstan, Kyrgyzstan, and Tajikistan, and is still commonly used as a lingua franca in Ukraine, Moldova, the Caucasus, Central Asia, and to a lesser extent in the Baltic states and Russian language in Israel, Israel. Russian has over 253 million total speakers worldwide. It is the List of languages by number of speakers in Europe, most spoken native language in Eur ... [...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, 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] |
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 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 treaties under ... [...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 t ... [...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 E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Guardian
''The Guardian'' is a British daily newspaper. It was founded in Manchester in 1821 as ''The Manchester Guardian'' and changed its name in 1959, followed by a move to London. Along with its sister paper, ''The Guardian Weekly'', ''The Guardian'' is part of the Guardian Media Group, owned by the Scott Trust Limited. 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 its 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. S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Expenditure
Government spending or expenditure includes all government consumption, investment, and transfer payments. In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure. Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment (government gross capital formation). These two types of government spending, on final consumption and on gross capital formation, together constitute one of the major components of gross domestic product. Spending by a government that issues its own currency is nominally self-financing. However, under a full employment assumption, to acquire resources produced by its population without potential inflationary pressures, removal of purchasing power must occur via government bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Austerity
In economic policy, austerity is a set of Political economy, political-economic policies that aim to reduce government budget deficits through Government spending, spending cuts, tax increases, or a combination of both. There are three primary types of austerity measures: higher taxes to fund spending, raising taxes while cutting spending, and lower taxes and lower government spending. Austerity measures are often used by governments that find it difficult to Government debt, borrow or meet their existing obligations to pay back loans. The measures are meant to reduce the budget deficit by bringing government revenues closer to expenditures. Proponents of these measures state that this reduces the amount of borrowing required and may also demonstrate a government's fiscal discipline to creditors and credit rating agencies and make borrowing easier and cheaper as a result. In most macroeconomic models, austerity policies which reduce government spending lead to increased unem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
