payal mehra wrote an Article under inkupp
Greece Debt Crisis

These days one of the most highlighted news is the Greece Crisis. This deficit crisis in one of the countries of the Eurozone has started a round of discussions and debates over the reasons and repercussions of this event on the global as well as on the respective country’s economy.

The Greek government-debt crisis started in late 2009. It was the first of four sovereign debt crisis in the eurozone – later referred to collectively as the European debt crisis. In Greece, triggers included the turmoil of the Great Recession, structural weaknesses in the Greek economy, and a sudden crisis in confidence among lenders. The roots of the crisis lie far away from Greece; they lie in the architecture of European banking. When the euro came into existence in 1999, not only did the Greeks get to borrow like the Germans, everyone’s banks got to borrow and lend in what was effectively a cheap foreign currency. And with super-low rates, countries clamoring to get into the euro, and a continent-wide credit boom underway, it made sense for national banks to expand private lending as far as the euro could reach. So European banks’ asset footprints expanded massively throughout the first decade of the Euro, especially into the European periphery. Indeed, according the Bank of International Settlements, by 2010 when the crisis hit, French banks held the equivalent of nearly 465 billion Euros in so-called impaired periphery assets, while German banks had 493 billion on their books. Only a small part of those impaired assets were Greek, and here’s the rub: Greece made up two percent of the eurozone in 2010, and Greece’s revised budget deficit that year was 15 percent of the country’s GDP—that’s 0.3 percent of the eurozone’s economy.

 

Greece owe a total of about 323 billion Euros out of which 60% share belongs to the Eurozone,10% to IMF, 6% to European Central Bank, 5% Greek Banks, 15% are other type of bonds and 3% are bank loans. To avert the calamity of bankruptcy, the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Union (nicknamed as the Troika) issued the first of two international bailouts for Greece, which would eventually total more than 240 billion Euros which came along with harsh austerity measures for Greece (requiring deep budget cuts and steep tax increases).Many economists and many Greeks blame the austerity measures for much of the country’s continuing problems. However corruption and huge tax evasions cannot be disregarded in pushing Greece into a debt ditch so deep. However the country’s exasperated creditors, especially Germany, blame Athens for failing to conduct the economic overhauls required under its bailout agreement.

 

The landmark referendum will decide whether Greece will accept the creditors’ proposals and redefine its place in Europe. Greek Prime Minister Alexi Tsipras called a referendum on the latest bailout terms offered to Greece, campaigned that the Greek voters should vote "No" and reject these measures, and expected the vote would still be a "Yes." A Yes would continue the misguided policies of European Institutions, throw even better European taxpayer money after bad, and take the Greek economy further down with it in the process. A “no” vote would potentially improve Greece’s negotiating position with European officials, Country’s Prime Minister Alexi Tsiparas said. Exiting the Euro currency union and the European Union would also involve a legal minefield that no country has yet ventured to cross. There are also no provisions for departure, voluntary or forced, from the Euro currency union.

 

As per the analysis, this crisis won’t leave Indian economy unaffected. India's largest trading partner is the EU. Trouble there will affect India's exports. India exports nearly $40 billion [Rs. 2.4 lakh crores] every year to EU. Investors in US and elsewhere would pull money out of India and other "foreign" stocks for the losses in Greece. When investors pull money away, Indian stock markets will crash. That will affect Indian companies. When world bond markets get into a problem, Indian government would find it tougher to borrow money and that would affect domestic investments & growth. It would also push down the currency [meaning imports will go up] and cause inflation.

 

 

 

 

 

 

 

“Whoever said you can’t buy happiness forgot about dogs.”

It says that dogs bring happiness but what if they aren’t bought to play with and share happiness? What if they are made a part of the cuisine at a festival? Same is happening at the Yulin Festival   of China. Despite worldwide outcry and repeated efforts by animal activists to put an end to the Yulin Dog Eating Festival, a yearly tradition in Yulin, Guangxi Zhuang autonomous region of China, the festival, deeply rooted in ancient Chinese tradition, will begin June 21, 2015.Yulin residents cherish the annual summer solstice celebration, which involves the mass torture, slaughter, and consumption of about 10,000 dogs.

One of the most terrifying things about the festival is that it leads to many abductions of household pets by kidnappers looking to make a quick buck as the festival begins. Local animal lovers often try to buy the dogs before the butchers can, but the dog sellers often refuse to sell to the activists. The Yulin “Dog Meat Festival” exposes young people to violence. During the festival, the streets of Yulin flow with dog blood, since dogs are often slaughtered in public. It can potentially undermine social stability, aggravate existing social conflicts, and sabotage the central government’s efforts to build a harmonious society. A significant number of the dogs sold on the market, according to Chinese activist investigations, are stolen household pets or are watch dogs of rural families. Also, Dog Meat Festival” is a dangerous food safety issue. Dogs sold on the market are sick and dying animals. They suffer from horrendous conditions during the long distance, trans-provincial journeys. China does NOT have dog farms. There are no national or local standards to ensure the safety of dog meat since dogs are not raised for food.

This festival has been promoted as a local “folk custom,” it is not really a local culinary culture. It is a commercial activity portrayed as a regional tradition.  No culture or local custom is a defense of a practice that runs counter to human progress. As an attempt to put an end to this tradition, many petitions have been filed on the grounds of animal welfare. The festival organizers claim that the dogs are killed humanely and that eating dog meat is no different to eating pork or beef. Campaigners have claimed, however, that the animals are "treated abominably". Although the festival has not been cancelled, Yulin authorities have promised to tighten sanitation inspections and crack down on dog slaughtering in public during this year’s festival as a result of the protests. Currently there are no animal welfare laws in mainland China, but the selling of dog meat requires some level of regulation, though it’s commonly understood that these regulations are rarely enforced.

The ability to lead effectively is based on a number of key skills. These skills are highly sought after by employers as they involve dealing with people in such a way as to motivate, enthuse and build respect. For successfully achieving your career goals, one needs to showcase good leadership skills as it shows that you’ll be able not just to utilize your own potential but also to take out the best out of your subordinates as well while working with an organization. Being a good leader is one of the most important traits of a good manager. Here are top 8 skills one must possess to be a successful leader.

1.       Confidence

In order to lead others, one must be self-confident. Be sure of yourself with humble intentions.  Such a person inspires confidence in others and draws out the trust and best efforts of the team to complete the task well. A leader who conveys confidence towards the proposed objective inspires the best effort from team members.

 

2.    Communication Skills

Without clear communication, your followers won’t understand your mission, goals, and vision. People want to work toward something they believe in, so it’s important they understand that they are working toward the same goals you are. Communication should also be consistent in establishing work expectations, giving constructive feedback, and in training those who are working.  With great communication, your followers will know exactly what they are working for, will rely on you, and will give their best effort for you.

 

3.    Good Character

A good leader has an exemplary character. It is of utmost importance that a leader is trustworthy to lead others. A leader needs to be trusted and be known to live their life with honestly and integrity.  True authority is born from respect for the good character and trustworthiness of the person who leads.

 

4.    Enthusiasm

A good leader is enthusiastic about their work or cause and also about their role as leader. People will respond more openly to a person of passion and dedication. Leaders need to be able to be a source of inspiration, and be a motivator towards the required action or cause. Although the responsibilities and roles of a leader may be different, the leader needs to be seen to be part of the team working towards the goal. This kind of leader will not be afraid to roll up their sleeves and get dirty.

 

5.    Vision

Great leaders have vision. They can see into the future. They have a clear, exciting idea of where they are going and what they are trying to accomplish and are excellent at strategic planning. This quality separates them from managers. Having a clear vision turns the individual into a special type of person. 

 

6.    Ability to motivate

 Inspiring others is the mark of an effective leader.  Motivation is best done by example and guidance, not by issuing commands. In fact, leadership is all about motivating your followers to strive to the desired goals. Only a good motivator can become a successful leader.

 

7.    Delegation

An exceptional leader realizes that he/she cannot accomplish everything on his own. A leader will know the talents and interests of people around him/her, thus delegating tasks accordingly. When it comes to delegation, the idea is to decide what strengths each person possesses, and to assign them tasks that best fit those strengths. The ability to delegate successfully will lead to higher quality work and productivity.

 

8.    Courage

“Courage is rightly considered the foremost of the virtues, for upon it, all others depend.”

-       Winston Churchill                                              

The quality of courage means that you are willing to take risks in the achievement of your goals with no assurance of success. Because there is no certainty in life or business, every commitment you make and every action you take entails a risk of some kind. Among the eight leadership skills, courage is the most identifiable outward trait.

 

Becoming an effective leader is not a one-time thing. It takes time to learn and practice leadership skills until they become a part of you. There are opportunities to learn leadership skills all around you; take advantage of them to improve your career and leadership prospects.

 


 

Please suggest some thoughts on this group discussion topic "People don't fail, they give up!". Please suggest some thoughts on this group discussion topic "People don't fail, they give up!".

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