Euro Crisis in terms of the Greek Debt Issue Research Paper

Euro Crisis in terms of the Greek Debt Issue - Research Paper Example This aspect caught the government of Greece unawares because the expenditure that had been made on the defense equipments was so high meaning that the rest of the country’s economy had been under budgeted. The major economic sources that comprised of tourism and the shipping industry were adversely affected by the economic deterioration that had hit all parts of the world. Lack of monetary fund to plan and budget for the governmental and non-governments needs arose in 2010. This caused the government of Greece to request for a loan in late April in the year 2010 from the European Union and International Monetary Fund (IMF) so that it could be able to cater for its needs and the needs of its citizens. Researchers announced few days after the issuing of the loan that the Greek government could not be able to repay the loan thus the investors that have invested in the Greek government and companies risked losing almost half of their investments. This announcement caused fear amon g the investors, existing and willing investors, and they withdrew from their original plans to avoid further losses. Effects of the crisis of Greece The Greek government had to introduce drastic measures that led to the infliction of high economic standards to the citizens of Greece in May that year. The high cost of living and low-income rates due to high taxes and other governmental requirements made the Greek citizens to have a series of peaceful protests, which later turned into social instability and riots in Greece. The International Monetary Fund in conjunction with European Union intervened and added an additional loan to the Greek government in 2011 on condition that it could regulate the flow of money and economy (James, 2001). In addition, Greece was supposed to come up with a structure of repaying the loan. This structure was to be produced by the Greek government and agreed upon by the International Monetary Fund, European Union and the Greek government. The European U nion gave pressure to the prime minister of Greece due to the improper management and governance during his regime and threatened to withdrawal part of the loan that they were supposed to process for the Greek government. This led to George Papandreou step down to give room for an election of a new and focused regime to cover for the damages caused and give room for more external and internal donations and loans. The resigning of the prime minister caused or led to the release of the percent of the loan that had remained and the appointment of an interim prime minister to take control of the debt repayment and proper use of allocated funds. Scholars and economic analysts has been following up the case of the Greek economic break down and that of the European Union and are suggesting a possible break through for the European nations. The economic analysts are suggesting that the Greek government should stop using Euros and bring back its former currency, drachma, as its currency unti l it stabilizes. However, this would result in a political and economical instability and deterioration (Drazen, 2011). Some scholars argue that the reintroduction of the drachma would result to a more than 50% fall in its value if Greece chose to drop the use of Euro. This would mean that that the Greek government would suffer from high rates of inflation and there are possibilities of riots, military coups and war. In order to avoid this outcome, the

Aspects of Psychology Unit 5 Essay Example | Topics and Well Written Essays - 1750 words

Aspects of Psychology Unit 5 - Essay Example A good example for this stage is Homer and Marge Simpson. They show much affection and caring for their children and these parental acts are the general scenario of Generativity. It is the Simpson’s family that embodies sentiments of affection, caring, greed, self-indulgence, self-centeredness, and lack of enthusiasm in individuals, and the larger world. Integrity versus Despair As defined by Erikson (1997), integrity is a feeling of peace. No melancholies or accusations. The connection between the stages is possibly more evident here than anywhere else: individuals are more likely to reexamine their lives enthusiastically and contentedly if they have made a difference to the world (Erikson, Erikson & Kivnick, 1986), like Warren Schmidt. Schmidt’s personality embodies acceptance and Integrity. However, Schmidt also embodies the opposite nature when he shows feelings of regrets and missed opportunities, or what Erikson refers to as Despair. This stage is an excellent win dow through which an individual can reexamine his/her life—prior to reaching old age (Erikson et al. 1986). Fortunately these days for numerous individuals it is usually possible to make amends, even in the midst of despair. A Study Supporting ‘Generativity versus Stagnation’ According to the study of Kenneth Coll and colleagues (2006) on the psychosocial development of adolescent offender, enhancing generativity and lessening stagnation methods require integrating the five therapeutic exercise of John Bowlby for developing stronger relationship. Basically, the study supports Erikson’s theory by stating that providing an individual a stable foundation to examine a variety of depressing and difficult life features, promoting considerations of means where in to experience relationships with existing major figures, supporting analysis of each relationship linked to building sympathy for the other individual’s ideas, promoting consideration of how exist ing ideas and anticipations emerge from childhood experiences and the embedded meanings from others, and aiding to understand that the detrimental self-realizations are rooted in negative experience and can be altered. A Study Supporting ‘Integrity versus Despair’ According to the study of Kylie Rylands and Debra Rickwood (2001) on ‘the effect of accepting the past on depression in older women’ accepting the past, just like what Erikson argued, was a significant way to reduce depression in people, particularly in older people. The comparative strength of the ego-integrity process of later-life personality, as actualized by making amends of the past, was experimented as a determinant of depression in a multivariate approach consisting of other quite recognized determinants, such as negative and positive affectivity, physical reliance, social assistance, and age. References Coll, K.M., Thobro, P. & Haas, R. (2006). ‘Outcome Evaluation of Adolescent Offe nder Psychosocial Development: A Comparative Study’. Journal of Humanistic Counseling, Education and Development, 45(2), 208+ Erikson, E., Erikson, J.M., & Kivnick, H.Q. (1986). Vital Involvement in Old Age. New York: W.W. Norton. Erikson, E. & Erikson, J. (1997). The Life Cycle Completed. New York: W.W. Norton. Ewen, R.B. (2003). An Introduction to Theories of Personality. Mahwah,