Economic Crisis in Spain free essay sample

The European economic crisis started in year 2010, the first visible serious problem was the debt crisis in the Greece and then other problems have showed. But the main fault had beginning in inconsistent European integration process. The EU has chosen halfway solution of economic integration they have accepted just common monetary policy without the fiscal union. So from the very beginning of common European currency project instantly grew problems between integrated states, because unified monetary policy wasn’t convenient to everybody. Low interest rate (fixed by ECB) caused that some of the marginal economics have been growing too fast and on the opposite side developed economics have been growing really slowly. In the Spain low interest rate after year 2002 caused a boom in construction and Spanish economy became extremely dependent on this type of sector. The annual GDP growth was until year 2008 in interval 2-4%. But the inflation rate was significantly higher than interest rates, so finally real interest rates were in negative values. Thanks to that in the Spain mortgages were cheap in that time and its demand of private sector was enormous. But Spanish banks didn’t have enough liquidity and had to use the external capital. Other inequality at market was showed when with growing price of real estate also grew its demand. However Spanish government discharged the fiscal criteria accepted by EU, they couldn’t control this irresponsible behaviour of private sector, because interest rates were held by ECB. So after collapse of the US mortgage market when ECB elevated interest rates, Spanish construction sector got into the trouble, real estate lost its prices and some people wasn’t able to pay back their mortgages. Construction and related sectors have a high share of national income in Spain, so crisis stroke there with bigger thrust. If we look for achieved agreements in EU, we can see that in 1997 future Euro-zone states accepted the Stability and Growth Pact as some kind of substitute for common fiscal pact. Regardless of fines the Portugal has broken it in 2001, lately followed by the France and the Germany, so in 2005 monetary union states decided to make its repressive part weaker. Analogous end had so called â€Å"no bail-out clause†, which should protect fiscally responsible states from paying for irresponsible ones in monetary union. However, as we know, the Greece received financial help in May 2010. Right after Euro-zone states founded temporary rescue mechanism, one of his parts was EFSF. Proclamations said that it wasn’t design to usage, but during years 2010-2012 ESFS provided financial help to the Ireland, the Portugal, the Spain and the Cyprus. For year 2013 were planned start of permanent ESM, but finally it was in progress from July 2012 because doubt crisis intensified and both mechanisms worked at the same time. So to run off the crisis Spanish government use the austerity policy. The main austerity points of 2013 budget are: * a 12% average cut in ministerial spending a freeze in public sector pay for the third consecutive year * a new independent authority to monitor government finances * an increase in pensions funded by drawing on 3bn euros of reserves * a new 20% tax on lottery wins above 2,500 euros The Spanish government said that it was a crisis budget designed to exit the crisis. They also mentioned their strong conviction that reducing of governments deficit would focus more on spending cuts than tax rises. Government believe that these cuts w ould reduce the deficit by 0. 7% of GDP in 2013. Prime Minister Rajoy has promised cut total deficit to 6. 3% in 2013 and under 3% by 2014 which should mean savings around 60 billion euros until 2014. The main reason of this policy is to convince investors that the Spain is taking its finances under control. But the Spain needs financial help for the bank sector (59bn euros in 2012) and it has been conditioned by austerity politics. Also in case of future problems the ECB promised to buy Spanish bonds but with the same condition as I mentioned bellow, austerity. Since his election, Prime minister has tried to go easy on spending cuts, but for now the markets (and the ECB) are giving him little choice. But spending cuts hurt the economy; people save the money, companies have existential problems that lead to lower tax revenues and more spending on unemployed benefits. In the end the government needs more money than anticipated, so the deficit is getting higher. In 2012 around 800k people lost their jobs and estimates for this year are talking about half a million people more. â€Å"Classic† way how to restart economy and resolve problems is devalued the currency, but it is not possible for the Spain. Instead of external devaluation, slowly and more painful internal devaluation takes place in the Spain, which means poorer inhabitants, lower pensions and worse public service. Problem is that Spanish budget don’t account with the large hidden looses in bank sector, that may appear and in that case the government has to take care of them. Also OECD expressed in its outlook that exist serious doubts that Spain will miss targets for cutting its budget deficit until 2014 due to recession caused by cuttings and of course, more cuttings would just make the problem worst. Other problem is institutional, majority of borrowed money is provided to local governments so state cannot directly control this money and ensure declared savings. Also the fact is that now unemployment is around 25% (just 8% before the crisis) and according to the Eurostat only Bulgaria and Romania now have a higher percentage of people deemed at risk of poverty. Some economist called nowadays situation as a Europes austerity madness, they are convinced that cuts are exorbitant and slow down economic growth too much. I agree that they are slowing down the growth, but if we look to the causes of crisis, we can see that before the crisis (in the Spain) there was significant growth. But for now amount of debts in EU is mostly higher than 60% of GDP, which is the problem we have to face. So according to my point of view is better first reducing them. Thanks to that states are in recession, but I personally think if we made more debts to support the economy, it would bring us during few years another crisis and worst one. We don’t need time to postpone our problems and wait until economic growth will resolve it. We need to face it, do radical changes to pretend it, we need responsible economic politics, and we cannot spend money of our grandchildren now, just because we are used to accelerating tempo of growing standard of living. I understand that these policies are unpopular, but I think they are also necessary.

The Giants Revolt Essays - Titans, Greek Mythology, Giants, Gigantes

The Giants Revolt The Giants' Revolt Enraged because Zeus had confined their brothers, the Titans, in Tartarus, certain tall and terrible giants plotted an assault on Heaven. They had been born from Mother Earth at Thracian Phlegra, twenty-four in number. Without warning, they seized rocks and fire-brands and hurled them upwards from their mountain tops, so that the Olympians were hard pressed. Hera prophesied that the giants could never be killed by any god, but only by a single, lion-skinned mortal; and that even he could do nothing unless the enemy were anticipated in their search for a certain herb of invulnerability, which grew in a secret place on earth. Zeus at once took counsel with Athene; sent her off to warn Heracles, the lion-skinned mortal; and forbade Eos, Selene, and Helius to shine for a while. Under the light of the stars, Zeus groped about, found the herb, and brought it safely to Heaven. The Olympians could now join battle with the giants. Heracles let loose his first arrow against Aclyoneus, the enemy's leader. He fell, but sprang up again revived, because this was his native soil of Phlegra. 'Quick!' cried Athene. 'Drag him away to another country!' Heracles caught Aclyoneus and dragged him over the Tracian border, where he despatched him with a club. Then Prophyrion l

Red Cabbage Juice Makes an Egg White Turn Green

Red Cabbage Juice Makes an Egg White Turn Green Red cabbage juice contains a natural pH indicator that changes color from purple to green under basic (alkaline) conditions. You can use this reaction to make a fried green egg. This a great chemistry project for St. Patricks Day (March 17th) or to make green eggs and ham for Dr. Seusss birthday (March 2nd). Or, you can just make green eggs to gross out your family. Its all good. Green Egg Materials You only need two basic ingredients for this easy food science project: eggred (purple) cabbage Prepare the Red Cabbage pH Indicator There are several ways you can prepare red cabbage juice for use as a pH indicator. Heres what I did: Coarsely chop about a half cup of red cabbage.Microwave the cabbage until it is soft. This took me about 4 minutes.Allow the cabbage to cool. You may wish to set it in a refrigerator to speed things up.Wrap the cabbage in a coffee filter or paper towel and squeeze the cabbage. Collect the juice in a cup.You can refrigerate or freeze leftover juice for later experiments. Fry a Green Egg Spray a pan with cooking spray. Heat the pan over medium-high heat.Crack an egg and separate the egg white from the yolk. Set the yolk aside.In a small bowl, mix the egg white with a small amount of red cabbage juice. Did you see the color change? If you mix the egg white and red cabbage juice thoroughly then the white of the fried egg will be uniformly green. If you only lightly mix the ingredients you will end up with a green egg that has white splotches. Yummy!Add the egg white mixture to the hot pan. Set the egg yolk in the middle of the egg. Fry it and eat it like you would any other egg. Note the cabbage does flavor the egg. Its not necessarily bad, just not what you expect eggs to taste like. How It Works The pigments in red cabbage are called anthocyanins. Anthocyanins change color in response to changes in acidity or pH. Red cabbage juice is purplish-red under acidic conditions, but changes to a blue-green color under alkaline conditions. Egg whites are alkaline (pH ~9) so when you mix the red cabbage juice into the egg white the pigment changes color. The pH does not change as the egg is cooked so the color is stable. Its also edible, so you can eat the fried green egg! Easy Blue Eggs Green isnt the only color you can get using edible pH indicators. Another option is to use butterfly pea flowers. Steeping the flowers in boiling water produces a deep, vivid blue that is safe to add to any food or drink. While red cabbage juice has a distinctive (some would say unpleasant) flavor, butterfly pea does not have a flavor. You can get a red cabbage at pretty much any grocery store, but youll probably have to go online to find butterfly pea flowers or tea. It is inexpensive and it lasts practically forever. To make blue eggs, simply prepare butterfly pea tea in advance. Mix in a few drops of the tea with the egg white to achieve the desired color. Cook the egg. You can drink or freeze any leftover tea. Butterfly pea flower, like red cabbage juice, contains anthocyanins. The color change is different though. Butterfly pea is blue under neutral to alkaline conditions. It turns purple in very dilute acid and hot pink when more acid is added. More Color Change Food Experiment with other edible pH indicators. Examples of foods that change color in response to pH include beets, blueberries, cherries, grape juice, radishes, and onion. You can choose an ingredient that complements the flavor of the food in just about any color you desire. In most cases, prepare a pH indicator by soaking finely minced plant matter in boiling water until the color is extracted. Pour off the liquid for later use. A handy way to save the liquid for later is to pour it into an ice cube tray and freeze it. For fruits and flowers, consider preparing a simple syrup. Mash or macerate the produce and heat it with sugar solution until it boils. The syrup may be used as-is or mixed in as an ingredient in recipes.

Aporia Definition and Examples

Aporia Definition and Examples Aporia is a  figure of speech in which the speaker expresses real or simulated doubt or perplexity. The adjective is  aporetic. In classical rhetoric, aporia means placing a claim in doubt by developing arguments on both sides of an issue. In the terminology of deconstruction, aporia is a final impasse or paradoxthe site at which the text most obviously undermines its own rhetorical structure, dismantles, or deconstructs itself. Etymology: From the Greek, without passagePronunciation: eh-POR-ee-eh Examples and Observations David MikicsScholars have described as aporetic early Socratic dialogues like the Protagoras (ca. 380 BCE), which end in puzzlement rather than resolution, and which fail to supply convincing definitions of sought-after concepts like truth and virtue. At the end of the Protagoras, wrote the philosopher Sà ¸ren Kierkegaard, Socrates and Protagoras resemble two bald men searching for a comb.Peter FalkI dont think its proving anything, Doc. As a matter of fact, I dont even know what it means. Its just one of those things that gets in my head and keeps rolling around in there like a marble.William WordsworthIf living sympathy be theirsAnd leaves and airs,The piping breeze and dancing treeAre all alive and glad as we:Whether this be truth or noI cannot tell, I do not know;Naywhether now I reason well,I do not know, I cannot tell.Ford Maddox FordAm I no better than a eunuch or is the proper manthe man with the right to existencea raging stallion forever neighing after his neighbor’ s womankind? Or are we meant to act on impulse alone? It is all a darkness. Julian WolfreysA particularly striking example of the experience of the aporetic appears in Karl Marxs consideration of the commodity fetish, where he finds it logically impossible to explain, within the limits of his discourse, what transforms material into its mystified form as desired commodity, and what invests the commodity object with its commodified mystique.David LodgeRobin wrote the word with a coloured felt-tip marker on the whiteboard screwed to the wall of her office. Aporia. In classical rhetoric it means real or pretended uncertainty about the subject under discussion. Deconstructionists today use it to refer to more radical kinds of contradiction or subversion of logic or defeat of the readers expectation in a text. You could say that its deconstructions favourite trope. Hillis Miller compares it to following a mountain path and then finding that it gives out, leaving you stranded on a ledge, unable to go back or forwards. It actually derives from a Greek word meaning a pathless path.

Introduction to Operating Systems Assignment Example | Topics and Well Written Essays - 250 words

Introduction to Operating Systems - Assignment Example In regard to multiple task systems, improved performance seen through the system ensuring that each process gets sufficient of the processors time to work properly (McGraw 2012). In a single task system, a single process controls the central processing and the central processing unit dedicated to the running process. The primary function of the central processing unit in this case is the task only (Joshi 2006). In the multi tasking system, the active task allocated the greatest time of the central processing unit while the rest of the time apportioned to the other tasks. The apportionment depends on the aspects of which the programs are working while not active. Last priority goes to tasks that are not doing anything but left running. Computers productivity can be further improved through the use of both software and hardware that are trustworthy. According to Morley & Parker (2009) maintenance upgrading and updating the computers software goes a long way in improving its productivity. This method is the main strategy employed in ensuring increased computer productivity. Other strategies include uncluttering documents and the desktop and the use of shortcuts and centralizing

Business Coursework Example | Topics and Well Written Essays - 500 words

Business - Coursework Example 2). Teachings on active leadership associate goals through instituting power and enthusiasm by enforcing compliance of different people. Various theories provide ideas on the advancement of sufficient character. Sets of personality assure good leadership because of admired habits on the nature of effective leadership. Leaders choose across Americans by regular people rather than the scion of elite East Coast at Yale University. Leadership adopts group identity and presidents, especially chief executives, who employ various approaches to identities as the result of effective leadership. Besides, ideas on effective leadership were developed by Bush assistance during massive confusions of 9/11 (Reicher, Haslam & Platow, 2007, p. 2). Information concerning 9/11 promotes and assists different people in enhancing national unity. In addition, effective leadership is encouraged in activities of capitalism and the western world. 100 years ago, Max Weber, a renowned German social and political theorist, presented ideas on charismatic leadership. His ideas focused on the antidote of grim prognosis. The ideas dwelled on industrial society without including leadership priorities. The notion of charisma endured and attracted diverse challenges. The instabilities following World War 1 when a majority of scholars continued to viewing the effects that strong leadership brings in survival (Reicher, Haslam & Platow, 2007, p. 2). The majority of leaders changed against various notions that show and determine effectiveness in leadership qualities. The concepts represent changes of charisma to a consensus because attractions and resistance affects leadership qualities. Social identities of leadership in experiments attract BBC prison study. Investigations of social behavior assist in conducting simulated prison environments. Random assignments of volunteers include guards

Enterprise System Essay Example for Free

Enterprise System Essay This report analyses a fast moving goods companys information systems. The report analyses the companys major types of information systems, including a more detailed assessment of its Decision Support System and issues relating to hardware and software technology and telecommunications. The company that will be analysed in this report is a subsidiary of large international fast moving consumer goods company. The business of the subsidiary company is the bottling and selling of mineral water in Vietnam. Information for this report is based on 2 interviews held with the recently retired Chair of the company (to be referred to as the Chair). The Chair had some reservations about being interviewed for this assignment due to possible commercial in confidence issues. Ron Williams agreed that neither the actual names of the subsidiary company (to be referred to as FMCG Ltd nor the international fast moving goods company (to be referred to as International Ltd) have to be used in the assignment. The report also includes an analysis of the Canberra Institute of Technologys website. Question 1 (a) Introduce the organisation. Describe the organisations features such as business processes, culture, structure, environment, business strategy FMCG Ltd has been operating for some 6 years in Vietnam and was the first entrant into the mineral market there. FMCG Ltd is managed separately from International Ltd and has an entrepreneurial culture and a flat management structure. It is highly profitable. The spring water market in Vietnam is now saturated, with a number of imitation products available locally. This makes further growth in market share by the company difficult to achieve. The companys main strategy is to increase profits through efficiencies in its supply chain. This has been achieved, in part, due to an improvement in business Information Systems (IS) through the establishment of an Enterprise System, which will be discussed in this report. The information system enables the company to maintain close control of the supply chain. FMCG Ltd has recently introduced its own sales staff to supply the retailers of its products. This has been critical in ensuring the products are effectively placed and promoted. This has enabled the company to increase its sales dramatically. The use of the companys own sales force allows important sales information to be gathered and fed into the companys information system. This information assists the company, the wholesalers and the retailers. The company closely supervises and assists the wholesalers, retailers and the company that is responsible for collecting the mineral water at its source. The Chair said that the Enterprise System is the heart of the company. The company uses the system to increase the companys efficiency and profitability. Fahy discusses the benefits of strategic enterprise systems (Fahy, 2001). He emphasises the importance of the management issues as well as the technical challenges associated with introducing such a system. The Chair said that he agreed with this comment. The Chair also said that the benefits of such a system as outlined by Laudon (Laudon, 2002) were experienced by FMCG Ltd .