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Summary
DescriptionRUPIIGSmap.png |
English: The definition of the PIGS, PIIGS, RUPIIGS nations, etc and their economic fate in late November 2010. |
Date | 24 November 2010 (original upload date) |
Source | Transferred from en.wikipedia to Commons by Sfan00_IMG using CommonsHelper. |
Author | The original author was Commons user Amibreton (talk) and the PIGS map derived from it was done by Commons user Rannpháirtí anaithnid (talk). |
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Background
The causes of their decline.
- Ireland had a bubble economy based on high wages, property booms, stock markets booms, and tourism, which inevitably collapsed. Corruption in the banking sector also played a part in the crash, as with the Golden Circle case.[1][2].
- Italy tried to pay high wages and had an under competitive economy, hence a budget deficit crisis[3][4]. Corruption in the state run businesses sector (like with major rubbish dumps and refuse collection) and the near corporate failure or Air Italia also played a part in the balance of payments criss and the enevitable economic crash that followed it[5][6].
- Spain had its wage bill and economy go like Italy’s' as well as sucking in lots of cheap imports at the expense of its own industrial base. It also had a bit of a housing bubble and bust[7][8].
- Portugal was hit by the desire to have high wages and the inability to manipulate national fiscal/currency policy to restart a failing economy. It soon lost its favoured status among investors in favour of Slovenia (who now has a better standard of living than Portugal, unlike in the early 1990s) and emerging Asian economies like the PRC and Cambodia[9][10].
- Greece had most of the above mentioned crisis’s since the millennium and took out excessive overseas loans in the hope of restarting it's national economy, especially after the slump in air travel related tourism that came directly after September the 11th[11][12].
The UK, Latvia, Hungary and Iceland also suffered from bubble economies serounding property booms and stock market booms, and taking out too many overseas loans[13][14], whist Belgium had a stock market boom that turned in to a government bond crsis, [15]. Coruption in the banking sector also played a part in the economic crash that hit both the UK and Iceland[16][17] after 2008. The Ukraine is still rather under competitive compared to other eastern nations like Poland[18], and Kosovo is still trying to start off as a fledgling nation, with only an embryo economy [19][20].
Germany sold it's overseas bonds in a way predudiced against the national interests of boath Greece and Ierland. There was even speculation that Greece may leave Euro.[21].
Belgum's government had divided along ethnic lines and colapsed in to political anarchy, with a Wallon Versus Fleming civil war looms[22].--Wipsenade (talk) 12:15, 26 November 2010 (UTC)
The economic fall-out among 'member states'.
On Friday 14 September 2007, the first day branches opened following the news, many customers queued outside branches to withdraw their savings (a run on the bank).[23] This bank run was not the traditional form, where depositors withdraw money in a snowball effect, leading to a liquidity crisis; instead, it occurred in the aftermath of the liquidity crisis.[24] It was estimated that £1 billion was withdrawn by customers that day, about 5% of the total bank deposits held by Northern Rock.[25] This became emblematic of the level of corpoeate corruption and economic panic in the UK at the time.
The Baltic States have been amongst the worst hit by the global financial crisis. In December 2008 the Latvian unemployment rate stood at 7%.[26] By December 2009, the figure had risen to 22.8%.[27] The number of unemployed has more than tripled since the onset of the crisis, giving Latvia the highest rate of unemployment growth in the EU.
Iceland had to suffer the failure of its banking system and a subsequent economic crisis. Before the crash of the three largest banks in Iceland, with Glitnir, Landsbanki and Kaupthing, joimtly owing about €14 billion ($19 billion)or 6 times Iceland's GDP.[28][29] In October 2008, the Icelandic parliament passed emergency legislation to minimise the impact of the financial crisis. The Financial Supervisory Authority of Iceland used permission granted by the emergency legislation to take over the domestic operations of the three largest banks.[30] On 28 October 2008, the Icelandic government raised interest rates to 18%, (as of August 2010, it was 7%) a move which was forced in part by the terms of acquiring a loan from the IMF.
The December 2008 hidden loans controversy within Anglo Irish Bank led to the resignations of three executives, including chief executive Sean FitzPatrick. A mysterious "Golden Circle" of ten businessmen are being investigated over shares they purchased in Anglo Irish Bank in 2008.
An article of emergency legislation, known as the Anglo Irish Bank Corporation Bill 2009 was passed to nationalise Anglo Irish bank was voted through Dáil Éireann and passed through Seanad Éireann without a vote on 20 January 2009.[31] President Mary McAleese then signed the bill at Áras an Uachtaráin the following day, confirming the bank's nationalisation.[32]
On 5 March 2010, the Greek parliament passed the Economy Protection Bill, expected to save €4.8 billion[33] through a number of measures including public sector wage reductions. On 23 April 2010, the Greek government requested that the EU/IMF bailout package be activated.[34] The IMF had said it was "prepared to move expeditiously on this request".[35] Greece needed money before 19 May, or it would face a debt roll over of $11.3bn.[36][37][38]
On June the 4th, 2009, several Slovine companies and banks were planning to issue bonds this year to get fresh funding at more favourable credit terms. The issuing of corporate bonds has been rare in Slovenia until now, but the largest fuel retailer Petrol (PETG.LJ) planned to issue a 50,000,000 Euro ($70,920,000 million) 5 year auction bond later in June 2009. In May 2010 Slovenina went hevly in to debt paying for it's part of the 110,000,000,000 Euro ($145,000,000,000) rescue package for Greece.Slovenia had scraped it's International Bond Sale Plan as the economy returned to posative growth in the October of 2010.The government had planned to borrow as much as 4,390,000,000 Euros ($5,600,000,000 billion), compared with 4,000,000,000 Euros in 2009. Slovenia also sold 1,500,000,000 Euros worth of 10-year bonds in January and 1,000,000,000 Euros of five-year securities in March. [39][40] [41] [42][43][44].
References
- ↑ (18 May 2010). "The PIIGS that won't fly". The Economist.
- ↑ "The Irish problem". The Economist.
- ↑ (18 May 2010). "The PIIGS that won't fly". The Economist.
- ↑ "The Irish problem". The Economist.
- ↑ (18 May 2010). "The PIIGS that won't fly". The Economist.
- ↑ "The Irish problem". The Economist.
- ↑ (18 May 2010). "The PIIGS that won't fly". The Economist.
- ↑ "The Irish problem". The Economist.
- ↑ (18 May 2010). "The PIIGS that won't fly". The Economist.
- ↑ "The Irish problem". The Economist.
- ↑ (18 May 2010). "The PIIGS that won't fly". The Economist.
- ↑ "The Irish problem". The Economist.
- ↑ (18 May 2010). "The PIIGS that won't fly". The Economist.
- ↑ "The Irish problem". The Economist.
- ↑ (25 November 2010). "Euro Zone Is Short of Survival Options". The Wall Street Journal.
- ↑ http://eng.forsaetisraduneyti.is/news-and-articles/nr/3035
- ↑ (11 December 2008). "Cracks in the crust". The Economist.
- ↑ http://www.interfax.com.ua/eng/main/11681/
- ↑ (18 May 2010). "The PIIGS that won't fly". The Economist.
- ↑ "The Irish problem". The Economist.
- ↑ https://www.bloomberg.com/video/64783230/
- ↑ (26 November 2010). "Merkel confident plummeting euro can ride out storm". The Independent.
- ↑ (2007-09-14). "Late Queues For Bank's Anxious Customers". Sky News Business. Retrieved on 2008-02-20.
- ↑ Shin HS (2009). "Reflections on Northern Rock: the bank run that heralded the global financial crisis". J Econ Perspect 23 (1): 101–19. DOI:10.1257/jep.23.1.101.
- ↑ (2007-09-15). "Rush on Northern Rock continues". BBC News. Retrieved on 2008-02-20.
- ↑ Increases in unemployment in Baltic States were highest in EU in April y-o-y archive copy at the Wayback Machine Retrieved on June 3, 2009
- ↑ EU unemployment figures Eurostat Retrieved on February 26, 2010
- ↑ (26 January 2009). "Waking up to reality in Iceland". BBC News. Retrieved on 2009-01-27.
- ↑ BBC NEWS | The Reporters | Robert Peston. Bbc.co.uk (2008-10-04). Retrieved on 2009-07-08.
- ↑ Gud velsigne Island! ( Finanskrisen , Makro og politkk , Utenriks ). E24.no (2008-10-06). Retrieved on 2009-07-08.
- ↑ Dáil votes to nationalise Anglo Irish. RTÉ (2009-01-20). Retrieved on 2009-01-21.
- ↑ McAleese signs Anglo Irish Bank Bill. RTÉ (2009-01-21). Retrieved on 2009-01-21.
- ↑ Ingrid Melander (5 March 2010). "Greek parliament passes austerity bill". Reuters. Retrieved on 6 May 2010.
- ↑ (23 April 2010). "Greece seeks activation of €45 billion aid package". Irish Times. Archived from the original on 2011-11-03. Retrieved on 6 May 2010.
- ↑ "IMF head Strauss-Kahn says fund will 'move expeditiously' on Greek bailout request". Today.
- ↑ (25 April 2010). "Greek minister says IMF debt talks are 'going well'". BBC. Retrieved on 6 May 2010.
- ↑ Christos Ziotis and Natalie Weeks (20 April 2010). "Greek Bailout Talks Could Take Three Weeks; Bond Payment Looms". Bloomberg. Retrieved on 6 May 2010.
- ↑ Steven Erlanger (24 March 2010). "Europe Looks at the I.M.F. With Unease as Greece Struggles". The New York Times. Retrieved on 6 May 2010.
- ↑ http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/918
- ↑ (4 June 2009). "Slovenia bond market takes off amid credit crunch". Reuters.
- ↑ http://www.eubusiness.com/news-eu/greece-finance.4gc
- ↑ https://www.bloomberg.com/news/2010-09-01/slovenia-scraps-international-bond-sale-plan-as-economy-returns-to-growth.html
- ↑ http://creditcrunchtruths.com/93
- ↑ http://www.qfinance.com/country-profiles/slovenia
Original upload log
- 2010-11-26 10:59 Wipsenade 1358×1245× (122607 bytes) m
- 2010-11-26 10:51 Wipsenade 1358×1245× (122586 bytes) Greek crisis.
- 2010-11-24 20:26 Wipsenade 1358×1245× (115531 bytes) Belgium'sd bond market has folded!
- 2010-11-24 18:07 Wipsenade 1358×1245× (115460 bytes) The Ukraine. [[Category:Ecanomics]]
- 2010-11-24 17:53 Wipsenade 1358×1245× (115216 bytes) The defanition og the [[PIGS]], PIIGS, RUPIGS nations and there ecanomic fate in Late November 2010..
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