Greece Economic Crisis Explained

Mrunal (http://mrunal.
org/)
[Economy] What If Greece Exits from Eurozone? Implications on Indian

and World Economy
Z-Miscellaneous (http://mrunal.org/category/miscellaneous) / 4 years Ago /

113 Comments (http://mrunal.org/2012/06/economy-greece-exit-eurozone.html#comments)
1. How does Government nance its operations?

2. What is Sovereign Debt?
3. What is Sovereign Debt Crisis?
4. Why Greece has high Sovereign Debt?
5. TimeLine of Events
January 2010
February 2012: Auserity Bill
May 2012: Elections in Greece
6. Whats the EU Exit Rumor?
7. consequences IF Greece Exits Eurozone?
8. Impact on India?
9. Food for thought
How does a Government nance its operations?
Obviously by putting direct and indirect taxes on your and me. But even after taxing us,
there is not enough money to run any bogus Government schemes, then what can they do?
Thatll give the answer for
What is Sovereign Debt?

Sovereign debt is the money a government borrows from its own citizens or from investors
around the world.
Then what is Sovereign Debt Crisis?
When Government doesnt have capacity to pay back the Sovereign Debt, it called Sovereign
Debt Crisis.
What is a government bond?
Governments borrow money by selling bonds to investors.
In return for the investors cash, the government promises to pay a xed rate of interest
over a specic period say 4% every year for 10 years.
At the end of the period, the investor is repaid the cash they originally paid, cancelling that
particular bit of government debt.
Government bonds have traditionally been seen as ultra-safe long-term investments (aka
Gilt Edged Securities) and are held by insurance companies and banks, as well as private
investors. They are a vital way for countries to raise funds.
What is a bond market?

Once a bond has been issued and the government has the cash the investor can hold the
bond and collect the interest every year until it is repaid. But investors can also buy and sell
bonds that have already been issued on the nancial markets just like buying and selling
shares on the stock market.
The price of the bond will rise and fall according to speculation and analysis by experts.
For example, you bought a Government of India bond. It says Rs.100 / 4% / 2014.
That is, you paid the MRP Rs.100 to Indian Government, and every year theyll pay you 4% of
the Rs.100 until 2014. And on 2014, theyll also repay you the entire Principal of Rs.100
Suppose things go nice and smooth until 2012. But Then
a. There is heavy ination, you cant buy even peppermint for Rs.4 and or
b. There is a rumor that Government will default and its payment and wont repay you any
money.
In either case, you want to Exit from game before its too late. You want to sell the bond to
another person and recover whatever money possible and reinvest that money in something
even safer and more protable, for example starting your own Saas-bahu serial. It doesnt
require lot of brain or money (*if you ask the actresses to bring their own makeup, expensive
sarees and jewellary), and still you get to earn plenty of ad-revenue from anti-aging and skin
whitening creams.
So, you come to sell this bond to me. But I also read the newspapers (except The Hindu), so I
know things are not good with Indian Government or economy, so I wont pay you Rs.100 but
only Rs.90 for your bond. Youre not in a position to negotiate, youre panicked, you just want to
exit from this game and you fear that if you continue to hold this bond, 15 days from now,
people wont even pay you Rs.50 for it.
Thus I buy the Bond worth Oringally MRP of Rs.100, for Rs.90 from you.
Question: why would I do that? Why would I buy a not so good-looking bond from you?
Ans.
1. My prot is more than yours! How? Because, You invested Rs.100 and get Rs.4 every year, so
your prot (technically known as Bond-yield) is (4/100) x 100 = 4%.
2. While I invested Rs.90 and get Rs.4 every year, so my prot (Yield) is (4/90) x 100 =4.44%
which is better than your 4% yield.
3. I may be speculating that after a month or two, the situation with Indian economy / Ination
/ Government will improve and then I would be able to buy a peppermint for Rs.4
Why do bond markets matter?

1. Because they determine what it costs a government to borrow.
2. When a government wants to raise new money, it issues new bonds, and has to pay an
interest rate on those bonds that is acceptable to the market.
3. The yield (prot) at which the market is buying and selling a governments existing bonds
gives a good indication of how much interest the government would have to pay if it wanted
to issue new bonds.
4. So, for example, Spanish 10-year bond yields have risen above 6% in recent years. That
means that if the Spanish government wants to borrow new money from the bond market
for 10 years, it would have to pay an interest rate on the new bond of more than 6% to
seduce the buyers.
Borrowing beyond capacity

Governments can just go on print Bonds on their HP printers and sell it to junta, because
money doesnt fall from sky. Someone someday will have to pay for it. If they dont, then the
Bond Yield will increase and a point will come when you (Government) have to oer 36%
interest rate on fresh bonds to seduce new investors. Therefore, Governments, put limit on
their own borrowing. In India weve a thing called FRBM (Fiscal responsibility and budget
Management).
For Europen Union, back in 1997 when they were forming the gang, they had decided that each
gang-member (country) will not borrow beyond 3% of its GDP per year.
But Government of Greece manipulated** its account-books to appear as if they were staying
within the 3% limit, but actually they had been borrowing much above their Aukaat almost
13% of their GDP.
**(might have taken coaching from Ramalinga Raju!)
Why is Greece such a messed up Economy?

Ill copy paste the answer from Amol Agrawals article.
(http://mostlyeconomics.wordpress.com/2011/11/03/political-economy-of-greece-crisis-andwhy-india-did-not-go-the-greece-way/)
around 1,2 million people are employed by the Greece

Government this includes clerks, teachers, doctors,
and priestswhich amounts to almost 27 percent of
the total working population of the country (France24
2010). Thus one out of four working Greeks is employed
wholly or partly in the public sector. More than 80
percent of public expenditure goes to the wages,
salaries and pensions of the civil servants.
Getting a civil service job in Greece is widely perceived
as being granted a sinecure and not as a contractual
obligation to work. The resulting ineciency of the civil
service reinforced a system of promotions based on
seniority and not on merit or talent. One can only move
up the ladder more quickly if one has good connections
with politicians and trade unionists.
This huge bureaucracy just keeps making laws. From
1974 onwards, 100,000 laws were passed around 2857
per year!
Then there are rules limiting competition. You pay a
fees to lawyers for everything. You need a degree
licence for doing anything in Greece
In Greece one can nd a whole set of laws mandating

opening and closing hours of various enterprises, or
dening the geographical proximity where two similar
establishments can operate, setting minimal prices for
various professional services, issuing licenses and
preventing or limiting competition.
Similar restrictions apply to the operation of drugstores.
You are only allowed to own and operate a drugstore in
Greece if you hold a degree in pharmacology. The same
applies to opticians. You can only own a shop selling
spectacles if you hold a degree in optics!
If you have a business and you want to advertise your
brand or product you have to pay an amount equal to 20
percent of the advertising expenses to the pension funds of
the journalists.
Each time you buy a ticket on a boat, 10 percent goes to
the pension fund of the harbor workers. A part of the ticket
price that covers the insurance of passengers goes to the
sailors social security fund.
If you sell supplies to the Army, you will have to pay 4
percent of the money to the pension funds of the military
ocers. When you buy a ticket at a soccer game, 25
percent of the amount goes to the pension funds of the

police.
It is estimated that there are more than 1,000 such levies
whose total cost amounts, according to some calculations,
to over 30 percent of the countrys GDP
Greece is a society dominated by rent seeking rather than
wealth producing activities. The fact that two thirds of the
electorate is living partly or wholly on government handouts signicantly aects the ideological narratives that are
popular in the country.
end of copy paste

In short, Greece is not a country but Air India running MNREGA. And adding insult to the injury,
due to the recession in USA, the tourism and export industry of Greece had took a huge
setback.
TimeLine of Events
January 2010
An EU report starts talking about the irregularities in Greek accounting procedures.
Concern starts to build about all the heavily indebted countries in Europe Portugal, Ireland,
Greece and Spain (PIGS).
A.Raja could give the loans to save these countries but stupid Indian media gets him arrested,
while Mohan continues to loop his repeated tape on every 15th August speech that Naxalites
are the biggest thread to India (http://www.thehindu.com/news/national/article436781.ece),
while Pranab continues to loop his tape that everything bad with Indian economy is because of
Global Situation.Anyways Fast forward to
February 2012: The Austerity Bill
EU To Greece: Ok well give you the money to pay o your debts, and we call this money Bailout
money but youll have to shut down your Air Indias and MNREGAs and we call it Austerity Measures.
PM of Greece: Whaat an idea sir-ji.
Greece Government introduces the austerity bill in parliament which included following
measures
1. 15,000 public-sector job cuts
2. liberalisation of labour laws (businessmen can easily hire and re employees)
3. Lowering the minimum wage by 20% from 751 euros per month to 600 euros.
Junta of Greece: Not a good idea sir-ji
and they start rioting on the street. But since Government kept the promise of introducing
reforms, EU gives them billions of Euro as loan.
May 2012: Elections in Greece
But no party gets clear majority and no coalition Government is formed.
So they plan to hold election again on June 2012, and a judge has been appointed to head an
interim government in the mean time.
Whats the EU Exit Rumor?

There are two major parties in Greece.
1. The right wing party: they say we continue in Eurozone, agree to their demand, cut more
jobs and public spending for receiving more bailout money.
2. The Left Wing Party: they want to renegotiate the loan-terms with EU and IMF and donot
want to implement any austerity measures. Theyd take a hostile stand against EU, although
in media they say We want to continue in Eurozone but their agenda and gesture speaks
otherwise.
See this same like Paki PM comes to India and speaks in one tone but when hes back in an
election rally in Lahore hed be speaking an a totally dierent tone about Kashmir. And there
hell say India is not cooperating with us and India is the bad guy.
Experts feared that public of Greece will elect anti-bailout parties that reject the spending cuts
(austerity measures) suggested by EU and IMF. So this newly elected party will try to renegotiate
the bailout terms with EU / IMF to such a ridiculous level, that negotiations will break o and
then Greece will exit from EU.
Thankfully for the time being, crisis has been averted as the right wing pro-EU / bailout party
has gained the majority.
consequences IF Greece Exits Eurozone?
Im taking following diagram and points from BBC article
Lines at the Banks

Ordinary Greeks may queue up to empty their bank accounts before they get frozen and
converted into drachmas that lose half or more of their value. Depositors in other eurozone
countries seen as being at risk of leaving the euro Spain, Italy may also move their money
to the safety of a German bank account, sparking a banking crisis in southern Europe.
Loan Default by Greece
Unable to borrow from anyone (not even other European governments), the Greek
government simply runs out of euros. It has to pay social benets and civil servants wages
until the new drachma currency can be introduced.

The government stops all repayments on its debts, which include 240bn euros of bailout
loans it has already received from the IMF and EU.
The Greek banks who are big lenders to the government would go bust.
Meanwhile, the Greek central bank may be unable to repay the 100bn euros or more it has
borrowed from the European Central Bank to help prop up the Greek banks.
Meltdown
Greeces banks would be facing collapse. Peoples savings would be frozen. Many businesses
would go bankrupt. The cost of imports which in Greece includes a lot of its food and
medicine could double, triple or even quadruple as the new drachma currency is
introduced.
With their banks bust, Greeks would nd it impossible to borrow, making it impossible for a
while to nance the import of some goods at all.
One of Greeces biggest industries, tourism, could be disrupted by political and social turmoil
(and rioting).
In the longer run, Greeces economy should benet from having a much more competitive
exchange rate. But its underlying problems, including the governments chronic
overspending, may not go away.
Businesshouses go Bankrupt
Greek companies who still owe big debts in euros to foreign lenders, but whose main
sources of income are converted to devalued drachmas, will be unable to repay their debts.
Many businesses will be left insolvent their debts worth more than the value of everything
they own and will be facing bankruptcy. Foreign lenders and business partners of Greek
companies will be looking at big losses.
Some contracts governed by Greek law are converted into drachmas (=old currency of
Greece before Euro), while other foreign law contracts remain in euros. Many contracts
could end up in litigation over whether they should be converted or not.
Sovereign Debt Crisis for Weak Eurozone Nations
If Greece leaves the eurozone, that will send negative impression among the investors all
over the world, that Eurozone countries are not trustworthy, hence theyll not lend to other
countries such as Spain or Italy and if they lend, theyll charge heavy interest rate.
This could leave the governments of Spain and Italy short of money and in need of a bailout.
These two huge countries together account for 28% of the eurozones total economy, but
the EUs bailout fund currently doesnt have enough money to help them out.
And as explained earlier, they (Spain and Italy) will have to oer more interest rate on new
bonds, because of the Bond Yield problem.
Good for US and Japan
Nervous investors and lenders around the world may start selling o risky investments (i.e.
Bonds and Equities coming from Greece and similar nations) and move their money into
safe havens. Theyll instead prefer to park their money in the gilt-edged securities (i.e. the
Government treasury bonds of US, Japan, Germany etc.)
Thus on one hand, the Greece, Spain and Italy will have to pay high interest rate to borrow
from market, while US, Japan and Germany can borrow more cheaply.
Problem for India: Creding Rating agencies are not very happy with Indias performance,
theyre unlikely to increase our rating. Meaning, if Mr.X pulls out his money from Greece or
other EU nation, hell most likely put it in US, Japan and Germany but not in India. Because
India is getting negative rantings from Standard and Poors, Moodys etc.
Political Turmoil in Europe
As eurozone governments and the European Central Bank (ECB) face enormous losses on
the loans they gave to Greece, public opinion in Germany may turn against providing the
even larger bailouts probably now needed by big countries like Italy and Spain.
The ECBs role of quietly providing rescue loans to these countries in recent months would
be exposed and could become politically explosive, making it harder for the ECB to continue
to help these troubled nations.
However, the threat of a meltdown might push Europes or the eurozones governments to
agree a comprehensive solution either dissolution of the single currency, or more
integration, perhaps through a democratically-elected European presidency tasked with
overseeing a massive round of bank rescues, government guarantees and growth.
Recession in Europe
Businesses, afraid for the euros future, may cut investment.
Faced bad news in the press, ordinary people may cut back their own spending. = less
demand= could push the eurozone into a deep recession.
The euro would lose value in the currency markets, providing some relief for the eurozone
by making its exports more competitive in international trade. But the ipside is that the rest
of the world will become less competitive especially the US, UK and Japan undermining
their own weak economies.
Even China, whose economy is already slowing sharply, could be pushed into a recession.
(Because people in Europe will cut down their spending = less demand for Chinese goods)
-End of BBC copy paste
Why Greece Exit =Trouble for India?

When investors take out their money from Greece, theyll most likely convert it into Dollars
and invest it US. Means less supply Dollar in the international forex market = dollar
becomes more expensive, youve to oer more rupees to buy same amount of dollar. 1$
might become 57Rs. = crude oil expensive = everything becomes more expensive.
Some of above investors may also invest in gold, (After loosing faith in bond market). Again
same supply-demand situation. Gold becomes more expensive.
Investors will become more and more cautious about credit-ratings, they wont dare to
invest in places with negative ratings. In a way, right now India is no better than Greece
when it comes to inecient bureaucracy, PSU and policy paralysis. Thus Indian Companies
and PSUs will have to oer more interest rates under bond yield problem (why? Because RBI
is not cutting down the Repo rate) = so prot margins falls= less production = fall in IIP Index
= job cuts= demand falls = fall in GDP. Finally, when GDP growth is negative for two
consecutive quarters or more = the Recession.
Seeing the situation of Greece people (Pension and job cuts), the citizens of other European
nations will try to save more and more money for the possible bad times ahead = less
spending on luxery items = less demand for indian textiles, polished dimanonds and
automobiles.
Indian businessmen who exported goods and services to Greece earlier, will have trouble
collecting their money. Because Greek businessman might simply give up saying either you
accept my Drachma or le a court case on me. I dont care. I dont have money. When
Indian businessman cannot collect the payment = job cuts, reduced production= low IIP.
(Impact of low IIP already explained in an old article)
Food for thought

You might wonder- why is Greece against the austerity measures, when the whole world
wants them to do it?
Their logic: if we stop welfare programs and reduce salaries and pensions, then people will
have less money to spend = demand supressed = slowdown.
So instead of cutting the Government expenditure, we should do the reverse, just like what
Lord Keynes suggested, To combat recession, Government should start spending on public
works, thus creating jobs and demand in the market.
Who do you think is right? Greece or the EU?
Mrunal recommends
SBI/IBPS Bank Exams
UPSC Civil Service
SSC CGL: Sta selection
CDS: Defense Services
CAT/IIM MBA Entrance
ACIO Intel Ocer
More from this category
[Laws] DESI liquor special edition Kerala, Mizoram & IPS Training, Tribal
insurgency (http://mrunal.org/2014/09/laws-liquor-ban-kerala-mizoramips.html)
[Economic Survey] Corrections in the previous articles + Parting words before

Qatl ki Subha (http://mrunal.org/2014/08/economic-survey-corrections-in-theprevious-articles.html)
[Architecture] Buddhist Rock Caves, Stupas, Chaitya, Vihar- features, purpose
explained (http://mrunal.org/2014/07/architecture-buddhist-caves-stupaschaitya-vihara-features-india.html)
[Ancient-India] Rakhigarhi-Biggest Harappan Site, Muziris Ports, Pratihar Mint,
Menhir sites (http://mrunal.org/2014/04/ancient-india-rakhigarhi-biggestharappan-site-indus-valley.html)
[Write2Win] Result of February 2014 competition, Free zip notes for everyone
(http://mrunal.org/2014/03/write2win-result-february-2014-competition-freezip-notes-everyone.html)
Print | PDF (need Chrome) (http://mrunal.org/2012/06/economy-greece-exiteurozone.html/print/)
Get notied whenever I post new article!
(http://feedburner.google.com/fb/a/mailverify?uri=CivilServiceExam)
So far 113 Comments posted
REPLY (HTTP://MRUNAL.ORG/2012/06/ECONOMY-GREECE-EXIT-EUROZONE.HTML?
REPLYTOCOM=59369#RESPOND)
Aarav
Hey Mrunal Bhai ,
You are doing great job . No Any word for you apart of -Extreme Talent
Person.
Rohit
It was an amazing ride through crisis zone !
Enjoyed a lot !!
shans
can not resist myself laughing and gaining knowledge from your
articles..you have made extremely dicult topics like a cakewalk to
understand.
One question for you what profession you are in???
you are way ahead of any coaching institutes can have to
oer.kudos to you and all the best
kumar saurabh
RBI while deciding the monetary policy said that given the scal decit is
high,interest rate cant get lowered.
why RBI cant lower the rate in the region of high scal decit
shubham
hiiiiiii..
may be u r right.
increasing interest rate might help in solving the problem of high
scal decit but it can have adverse eect on ination.
REPLY (HTTP://MRUNAL.ORG/2012/06/ECONOMY-GREECE-EXITEUROZONE.HTML?REPLYTOCOM=245486#RESPOND)
shubham
not increasingi meant
decreasing
AST
Very Well Sir
SHAURYA RATHORE
what a awesome sitei have not seen this type of lucid and friendly
explanation with examples in my lifeand m not saying this a have some
share in this site..i work in RBI,CHENNAI..and this is what i felt after
reading some economic articles..i just request you to continue this
philanthopist work for the goodness of students who are breaking their
in some nonsense books and wasting their much time in turning
dictionary.keep on throw your light on social and economic issues so
that students can understand the conceptTHANKS ALOT MRUNAL
PATEL
sudeshna bhattacharyya
great site..amazing..i have no words..I never understand economy
but sir you have made it so easy to understand as well as keep it
very interesting.thank you sir thank you very much keep posting
like this
ashutosh
You r great mrunal sir
amol bavale
Mrunal, I respect you, yor are truly doing a gud job for the students lyk
me, I hav spend so much of my wealthy time on nding about the
concequences of greece exit on india, now its our all civil service aspirant
time to how to solve this issue for the betterment of indian people.
Thank you so much.
Avinash Ranjan
I think EU suggestions are holding good here. Keynes theory shall be
much relevant in a closed economy. The inow of foreign money would
increase with condence building steps taken by Greece. Austerity
measures will help in building up the cycle of demand and supply.
Sandeep Kumar
Too good in explanation
Josbin
The price of the bond will rise and fall according to speculation and
analysis by experts??????? Please explain..
Josbin
got it
Josbin
The price of the bond will rise and fall according to speculation and
analysis by experts?????? Please explain.
Josbin
got it
Lucky
Awesome work manbecame a die hard fan of this site
Siddharth Raghuwanshi
Thanks Sir !
Ananya
Awesome work ..!! earlier it was os tough for me to understand these
concepts.. I am very new to economy.. can you please explain the term
bank run and why will the money be frozen and converted to drachmas..
(i know it may sound stupid )
Thanks a lot..!!
TEJPAL singh rathore
Dramcha is Greece old currency .. Before joining euro club Which

will be having less value. Hence promote export. Can take out from
recession..
Run on bank.. Depositors taking out all the funds. Leaving bank
high and dry.. Eg.. You have account with PNB and you heard that
its getting closed..obviously you will take out your money ..there
will be run on bank.. All depositors taking away their money.. In
2008 icici had nearly.. Run on the bank..
naga pradeep
excellent article on eurozone crisis
PIYUSH JHA
as usual excellent article! one thing i m nding hard to digest why in the
hell u r not an IAS?
kalki
tremendous job mrunal
VISHAL
First of all i would like to say
Lakhs of Thanks to u Mrunal.
What an amazing site u have constructed..??
Fabulous articles with great explanation including relevant examples and
mimicry.
I think its too far from any book by any one then.
i would like to recommend this site to all who are preparing for Civil
Services.
thanks once again..
Dulichand
Awesome site with Awesome stu..thanx Mrunal..
vikas
U simply are fantabulous,,,,,,,,,,
GAURAV
THANKS MRNUAL.ORG.. i would like to appeal all the readers of this blog
to click on advertisements published here so that mrunal.org gets
revenue and we keep getting the valuable information.. thanks.
aspirant
Sir many of your economy articles are not displaying images/diagrams
kindly look into the matter
ZING
@ Mrunal
Please check
As you have mentioned
While I invested Rs.90 and get Rs.4 every year, so my prot (Yield) is
(4/90) x 100 =4.44% which is better than your 4% yield.
But acc to me prot should be (14/90) x 100 =15.56 %
ZING
Sorry Sorry you are right , total prot will be 4.44% every year +
Rs 10 at the end of tenure
Sharath babu
superb.
Anamika
You are doing a very commendable job sir. The examples re very apt,
easily comprehensible and do not depress the mind. Thanks a lot. I have
been going through your economic notes and this denitely propels me
to read you other pages. Thanks a lot. God bless you
Shikha
What is Sovereign Debt?
Sovereign debt is the money a government borrows from its own citizens
or from investors around the world.
@ Can anyone please clarify whether Sovereign debt is Internal Debt +
External Debt or just External Debt??
VJ
Both Internal+External
nishant
You both term eurozone and European union simultaneously. Got

confused while bailing out. Since both are dierent org.
nishant
You used both term eurozone and European union simultaneously. Got
confused while bailing out. Since both are dierent org. means which
org. had actually supported at time of bail out package. Also you ignored
other aspect such borrowing from eurozome members country and their
impacts?
akhil
incredibly nice:-)
nidhimail.com
thank you, sir
dhiraj
Sir, you r doing a great philanthropic work. Thanx sir.
digonto
Mrunal sir aap jiyo hazaro saal, har saal ke din ho pachas hazaar
great work. Thanks a lot
vikrant singh
Hi Mrunal sir.your each and every articles are fantastic..especially
economics one..m preparing for upsc from your article of economics..so
will you please tell me whether your article will be fair enough or I have
to look for more..please tell me sir
mukul
i dont understand the dierence between sovereign and non sovereign
external debt
please clarify
also whether all sovereign debts are external debt or not ??
sandeep sharma
who r u mrunal ?a modern guru who knows what their students
want ..shat shat naman hai apki pratibha ko or apke pryas ko..
dr rajeev
Great job dear
Pawan Sehrawat
Teachers and writers can learn a lot from you.
rohit lathar
Can some1 plz explain
The euro would lose value in the currency markets providing some relief
for the eurozone by making its exports more competitive in intl trade
How euro losing value gives relief to eurozone? ??
shakti praksh
Sir, teachers and writers have a lot to earn from you. You are my real
teacher.
sanjana jain
Great job man.this article made the study of crisis so easy and
interesting:)
akash
Fantastic article feel like reading novel..
shivi
awesome
really only this site has cleared my doubts
thanx a lot
shilpi
awesome..
pool of knowldge
.every doubts has cleared
grt job sir,,
so much thank you
Rajeev Bhatia
mrunal sir, i have been a continuous visitor of your website but this be
the complete article i read for the rst time, i have no doubt why you
have been considered a GURU for UPSC preparations. main toh aise hi
dar rha tha ki IAS kaise bnunga . thanx for being here , sir.
Srikanth Sankaran
hi i really enjoyed your wonderful explain about the crisis recently
happened in (poor-Greece presently)..having fun during the reading that
is unforgettable one in my special life of reading!!
Ranjan
Plz share d le
amrit
I Would Say ,rather than purchasing books,Reading many Articles to
understand all these,just got through Mrunal.org you wont need
anything.
It have very comprehensive and well articulated explanation which will
never ever bore you..
Keep continue pasting such articles so that we could learn from our EGuru Mrunal.org
Thanks a lot.
Shreyans
You are awesome senor, You are making me to understand The
Economics in simple way , can you please specify what are important for
upsc gs paper
ranajit basu
hello sir,
i am very greatful to you for your contribution. i am an ardent follower of
your bolgs and articles.
will you please write something on the following topics with your funny
touch obviously
1. eect on indian economy because of the inclusion of yuan as an
international currency in IMF
2. eect on economy for simplied GST..
3. climate summit indias gains and losses
4. outcome of the WTO nairobi meet
thankyou sir.
Chotu
Really things never seems to be so easy b4 getting in touch of this
site.no words for the work you doing :)u really a gr8 teacher.
Previous (http://mrunal.org/2012/06/economy-greece-exit-eurozone.html/commentpage-1#comments)
1 (http://mrunal.org/2012/06/economy-greece-exiteurozone.html/comment-page-1#comments)
2
Write your message!

What is your Message? Search before asking questions & conne discussions to exams
related matter only.
Name? (*Required)
Email ID? (*Required)
Post Message
Notify me of follow-up comments by email.

Notify me of new posts by email.
Search B4 Asking
Type n Press Enter
Days Left
56 : Engg.Service
80 : CAPF-16
128 : Prelims-16
246 : Mains-16
(http://www.amazon.in/Crack-General-Studies-CSAT-Prelims/dp/938584623X/?
_encoding=UTF8&camp=3626&creative=24790&keywords=Crack%20CSAT%20paper%201&link
1&tag=wwwdishapubli-21)
Recent Comments
ALOK { Sir desperately waiting for lectures... Please update } [Freedom Struggle] 1857India's rst war of Independence, Indian... (http://mrunal.org/2016/03/freedom-struggle1857-sepoy-mutiny-mangal-pandey.html/comment-page-1#comment-393265)
LOVEY { sir this week's lectures plss... desperately waiting for the sequence.. } [Freedom
Struggle] 1857- India's rst war of Independence, Indian...
(http://mrunal.org/2016/03/freedom-struggle-1857-sepoy-mutiny-mangalpandey.html/comment-page-1#comment-393151)
SHUBHAMKASHYAP { sir this week lecture plz .............................thanks ......................... }

[Freedom Struggle] 1857- India's rst war of Independence, Indian...
(http://mrunal.org/2016/03/freedom-struggle-1857-sepoy-mutiny-mangalpandey.html/comment-page-1#comment-393138)
YERRAGOLLAGOVARDHAN { hi also 7 class iiit member avkf.org website is good

knownloadge i also rst year } [Toppers Interview] Vinay Tiwari (AIR-193/CSE-2014) Civil
Engineering Optional, IIT-BHU,... (http://mrunal.org/2015/09/upsc-topper-interview-vinaytiwari-rank-193-civil-engineering-optional.html/comment-page-1#comment-393083)
ARKASH { Ek bar reply to banta hai mrunal.org ki taraf se } [APFC/EPFO] Written stage
result out, 570 called up for... (http://mrunal.org/2016/03/result-upsc-apfc-epfo-writtenresult-interview.html/comment-page-1#comment-393038)
ALOK { Thank you very much sir to you and to whole of the mrunal sir's team. Sir eagerly
waiting for your next videos.. Please update sir. } [Freedom Struggle] 1857- India's rst war of
Independence, Indian... (http://mrunal.org/2016/03/freedom-struggle-1857-sepoy-mutinymangal-pandey.html/comment-page-1#comment-393023)
SATPALSINGH { you are able to take your participation in CSE } [Freedom Struggle] 1857India's rst war of Independence, Indian... (http://mrunal.org/2016/03/freedom-struggle1857-sepoy-mutiny-mangal-pandey.html/comment-page-1#comment-393007)
YERRAGOLLAGOVARDHAN { give number sir } [Toppers Interview] Tusharanshu

Sharma (AIR-75/CSE-2014) Sociology Optional, IIFT &... (http://mrunal.org/2015/09/upsctopper-interview-tusharanshu-sharma-rank-75-sociology.html/comment-page-1#comment392992)
DIKSHASHARMA { Sir i am diksha sharma from gwalior (mp) i wanted to know that how to
prepaire myself for uppsc to get selected forsurely plzzz tell... } [Strategy] Five Rules: How to
prepare for UPSC without... (http://mrunal.org/2012/04/strategy-ve-rules-how-to-preparefor.html/comment-page-3#comment-392923)
RAVIKUMARD { very lucid } [Studyplan] SSC-CGL English Vocabulary, Grammar and

Comprehension: preparation strategy,... (http://mrunal.org/2013/01/studyplan-ssc-cglenglish-vocabulary-grammar-and-comprehension-preparation-strategy-tips-booklistanalysis.html/comment-page-9#comment-392921)
Vacancies
Entire List shifted to bottom. Scroll down
(http://www.alexa.com/siteinfo/mrunal.org)
Mega Jobs
29-Apr: Haryana Teacher (http://hssc.gov.in/advertisements.htm)

20-Apr: HP Lower PCS (http://hp.gov.in/hppsc)
14-Apr: MP PCS (http://www.mppsc.nic.in)
13-Apr: NABARD (https://www.nabard.org/english/career.aspx)
08-Apr: CAPF
(http://www.upsc.gov.in/exams/notications/2016/CAPF_ACs/Notice_CAPF_ACs_Exam_%202016_Eng
31-Mar: Chandigarh Bus Conductor (http://www.chdctu.gov.in)
31-Mar: Rajsthan Constable
(http://recruitment.rajasthan.gov.in/recruitment/postdetailsservlet)
IT Jobs
16-Apr: Energy Eciency Services Ltd

(http://www.eeslindia.org/User_Panel/CareersView.aspx)
08-Apr: Haryana Shiksha Parishad (http://recruitment-cdacmohali.in/)

04-Apr: Operator in Police (http://uppbpb.gov.in)
04-Apr: CDAC (http://cdac.in/index.aspx?id=ca_advtno_1_3_2016_HYD)
31-Mar: Central Uni. of Jammu
(http://cujammu.ac.in/5000_media/marquee/Employment_Notication_No_15%20Non_Teaching.pd
31-Mar: Marine Products Export Aut (http://www.mpeda.com)
Engineers
01-Aug: Haryana SSC (http://hssc.gov.in/advertisements.htm)

10-May: Haryana SSC (http://www.onlinehssc.in)
20-Apr: Jammu Central Uni.
16-Apr: ISRO (http://www.isro.gov.in)
15-Apr: Science Edn Research inst. (https://iiserb.ac.in)
10-Apr: DRDO (http://rac.gov.in)
09-Apr: Shipping Corp. Of India (http://182.18.164.63/SCIOREGV16/home.aspx)
08-Apr: Bridge & Roof Co (http://bridgeroof.co.in/recruitment)
08-Apr: U.P. Power Corp. (Electronics) (http://www.uppcl.org/faq.html)
07-Apr: Himachal SSSB (http://hpsssb.hp.gov.in)
07-Apr: Maharashtra Electricity (http://www.mahadiscom.in/Advertisement_3_2016.shtm)
06-Apr: Jharkhand UrjaVikas (http://juvnl.org.in/career.php)
05-Apr: DMRC (http://delhimetrorail.com/CareerDocuments/Advtt84.pdf)
04-Apr: CDAC (http://cdac.in/index.aspx?id=ca_advtno_1_3_2016_HYD)
03-Apr: U.P. Power Corp. (Electrical) (http://www.uppcl.org/faq.html)
31-Mar: West Bengal Power Corp (http://www.wbpdcl.co.in/wbpdcl/h-r/login/empnotication.html)
31-Mar: BBJ Construction (http://www.bbjconst.com/jobs/scan0339.pdf)
30-Mar: Himalayan Bioresource (http://ihbt.res.in/recruit/recruitNotice.php)
Medics
20-Apr: HP PCS various posts (http://hp.gov.in/hppsc)
20-Apr: Nuclear Power Corp. (https://npcilcareers.co.in/MainSite/DefaultInfo.aspx?

info=Oppurtunities)
18-Apr: Baba Farid Health Uni. (http://bfuhs.ac.in/careers/careers.asp)
01-Apr: UPSC (http://upsconline.nic.in/mainmenu2.php)
31-Mar: West Bengal Power Cop (http://www.wbpdcl.co.in/wbpdcl/h-r/login/empnotication.html)
ParaMedics
15-Apr: AIIMS Bhopal (http://www.aiimsbhopal.edu.in/jobs.aspx)
09-Apr: AIIMS Raipur (http://www.aiimsraipur.edu.in/Career.aspx)
Uniform
21-Jun: Harayana Police constable (http://hssc.gov.in/advertisements.htm)

25-Apr: BSF Medical ocer (http://bsf.nic.in/doc/recruitment/r139.pdf)
16-Apr: Navy (sports) (http://joinindiannavy.gov.in/forthcomingOcer.php)
15-Apr: Dadar Police (http://www.dnhpolice.gov.in)
11-Apr: Railway Constable (http://www.ecr.indianrailways.gov.in/view_section.jsp?
lang=0&id=0,2,326)
09-Apr: Navy Technical (http://joinindiannavy.gov.in/forthcomingOcer.php)
04-Apr: UP Police Computer operator (http://uppbpb.gov.in)
02-Apr: CRPF Technical (http://crpf.nic.in )
Legal
22-May: POWER GRID Corp.

(http://www.powergridindia.com/_layouts/PowerGrid/User/ContentPage.aspx?
PId=166&LangID=English)
16-May: Indian Oil Corp. Ltd (http://www.iocl.com/PeopleCareers/job.aspx)
09-May: NTPC (http://www.ntpccareers.net)

09-Apr: Shipping Corp. (http://182.18.164.63/SCIOREGV16/home.aspx)
31-Mar: ONGC
(http://www.ongcindia.com/wps/wcm/connect/ongcindia/Home/Career/Recruitment+Notices/)
Specialists

05-May: Toxicology Research (http://www.iitrindia.org/faculty.htm)
29-Apr: National Institute of Nutrition (http://www.ninindia.org)
27-Apr: NIOS (http://www.nos.org/vacancy.aspx)
22-Apr: Veer Surendra Sai Uni. (http://www.vssut.ac.in)
22-Apr: Indian Institute of Packaging (http://www.iip-in.com/site/tenders/tenders.aspx)
15-Apr: MOHANLAL SUKHADIA Uni. (https://www.mlsu.ac.in/jobs.php?
action=show_News&catid=89)
15-Apr: Inst. Science Edn Research (https://iiserb.ac.in)
14-Apr: UPSC (http://upsconline.nic.in/ora/VacancyNoticePub.php)
12-Apr: Visakhapatnam Port Trust
(http://www.vizagport.com/UsefulInformation/Carrers.aspx)
12-Apr: Solar Energy Corp. (http://seci.gov.in/content/innerpage/careers.php)
11-Apr: ISRO (http://www2.vssc.gov.in:8080/RMT291/advt291.htm)
11-Apr: General Insurance Corp. (http://gicondia.com/images/pdf/Recruitment-of-Scale-IOcers-2016.pdf)
09-Apr: Navodaya Vidyalaya (http://www.nvshq.org)
08-Apr: Advanced Materials Institute (http://www.ampri.res.in)
08-Apr: Bridge & Roof Co (http://bridgeroof.co.in/recruitment)
07-Apr: Maharashtra State (http://www.mahadiscom.in/Advertisement_3_2016.shtm)
06-Apr: Gujarat National Law Uni. (http://gnlu.ac.in/career.php)
04-Apr: Uttrakhand HC (http://www.highcourtofuttarakhand.gov.in/recruitment/view/84)
04-Apr: Punjab PCS (http://ppsc.gov.in)
01-Apr: Librarian-Maritime Uni (http://imu.edu.in/index.php?prod_id=130)
31-Mar: Scientist-Central Food Tech (http://www.cftri.com)

31-Mar: Cochin Shipyard Ltd (http://www.cochinshipyard.com/career.html)
31-Mar: National Assessment & Accreditation (http://naac.gov.in/recruitments.asp)
31-Mar: Scientist Himalayan Geo (http://www.wihg.res.in/news/merged_document.pdf)
31-Mar: Gujarat HC (http://hc-ojas.guj.nic.in)
31-Mar: UPSC (http://www.upsc.gov.in/recruitment/advt/2016/Advt_05_16_Emp_ORA.pdf)
31-Mar: SBI (https://www.sbi.co.in/portal/web/home/careers-with-us)
30-Mar: Himalayan Bioresource Tech (http://ihbt.res.in/recruit/recruitNotice.php)
Deskjobs

18-Apr: Central Warehousing Corp. (http://www.cewacor.nic.in)
15-Apr: MOHANLAL SUKHADIA Uni. (https://www.mlsu.ac.in/jobs.php?
action=show_News&catid=89)
11-Apr: Company Law tribunal (http://mca.gov.in/Ministry/pdf/Circular_09032016_2.pdf )
09-Apr: AIIMS Raipur (http://www.aiimsraipur.edu.in/Career.aspx)
09-Apr: Navodaya Vidyalaya (http://www.nvshq.org)
06-Apr: Jharkhand UrjaVikas (http://juvnl.org.in/career.php)
04-Apr: Haryana SSC (http://hssc.gov.in/advertisements.htm)
31-Mar: HP State Co-operative
(http://hpscb.com/%5Cdownloads%5CRecruitment%20Notice.PDF )
31-Mar: Central Institute of Hindi (http://khsindia.org/index.php?lang=en)
31-Mar: Marine Products Export Aut (http://www.mpeda.com)
31-Mar: Marine Products Authority (http://www.mpeda.com)
31-Mar: Gujarat HC (http://hc-ojas.guj.nic.in)
31-Mar: Jharkhand HC (http://jharkhandhighcourt.nic.in/recruitment/advertisement_no-0215022016.pdf)
Commerce/MBA

20-Apr: Nuclear Power Corp. (https://npcilcareers.co.in/MainSite/DefaultInfo.aspx?
info=Oppurtunities)
16-Apr: Energy Eciency Services Ltd
(http://www.eeslindia.org/User_Panel/CareersView.aspx)
09-Apr: Shipping Corp. Of India (http://182.18.164.63/SCIOREGV16/home.aspx)
05-Apr: DMRC (http://delhimetrorail.com/CareerDocuments/Advtt84.pdf)
31-Mar: Jammu Uni Audit
31-Mar: West Bengal Power Cop (http://www.wbpdcl.co.in/wbpdcl/h-r/login/empnotication.html)
31-Mar: Cochin Shipyard Ltd (http://www.cochinshipyard.com/career.html)
Faculty
13-May: Indian Maritime Uni. (http://imu.edu.in/index.php?prod_id=130)

30-Apr: Paediatric Teaching Institute (http://www.ssphpgtinoida.com/career)
28-Apr: Siddharth Uni. (http://www.sidunikapilvastu.edu.in)
22-Apr: Veer Surendra Sai Uni. (http://www.vssut.ac.in)
15-Apr: AIIMS Bhopal (http://www.aiimsbhopal.edu.in/jobs.aspx)
15-Apr: IIM Lucknow (http://www.iiml.ac.in/?page_id=76)
14-Apr: UPSC (http://upsconline.nic.in/ora/VacancyNoticePub.php)
13-Apr: Delhi Tech Univ 4 Women (http://www.igdtuw.ac.in)
12-Apr: JADAVPUR Uni. (http://www.jaduniv.edu.in/templates/newpages/recruitment.html)
12-Apr: Central Uni. of Gujarat
(http://cug.ac.in/notication/pdf/Final_website_Notication_teaching_positions.pdf)
11-Apr: KNIT Sultanpur (http://www.knit.ac.in/pdf/advertisement_090316.pdf)
10-Apr: BHU (http://bhu.ac.in/racbhu/)
10-Apr: IIT Madras (https://www.iitm.ac.in/jobs)
07-Apr: Maharaja Ranjit Tech Uni. (http://mrsstu.ac.in/public_appointments.php)
(http://www.cujammu.ac.in//5000_media/Recruitment/Employment_Notication_No_14_dated_11_
04-Apr: MPPCS (http://www.mppsc.nic.in/)
31-Mar: Haryana PCS (http://application.hpsconline.in/NT1.aspx )
31-Mar: PGI Lucknow (http://www.sgpgi.ac.in/safai_link.html)
31-Mar: Govind Ballabh Institute (http://www.gbpssi.in/detailspages.php?boxid=8)
31-Mar: Central Institute of Hindi (http://khsindia.org/index.php?lang=en)
31-Mar: UPSC (http://www.upsc.gov.in/recruitment/advt/2016/Advt_05_16_Emp_ORA.pdf)
29-Mar: IIM Sirmaur (http://www.iiml.ac.in)
1. Online Form Part-I stops few days before deadline, so don't wait till last date. Dont forget
reg.id & roll no.Note'em in Google Drive (https://www.google.com/drive/)
2. I usually update vacancies every Monday.Purple link= newly added,Blue= existing.Last
updated Mar 29, at 9:05AM
(https://plus.google.com/10945534686828
(http://feedburner.google.c
(https://www.facebook.com/Mrunal.org)
(https://twitter.com/mrunal_patel)
rel=author)
(http://www.youtube.com/user/The
uri=CivilServiceExam)
HOME (HTTP://MRUNAL.ORG/) / ECONOMY (HTTP://MRUNAL.ORG/ECONOMY)
/ DOWNLOAD (HTTP://MRUNAL.ORG/DOWNLOAD) / CONTACT ME (HTTP://MRUNAL.ORG/CONTACT)
The work of Mrunal (http://mrunal.org/) is under the Creative Commons Attribution-Non Commercial-ShareAlike 4.0
License (http://creativecommons.org/licenses/by-nc-sa/4.0/deed.en_US).Permissions beyond the scope of this license
may be available at Mrunal.org/contact (http://mrunal.org/contact).
(http://www.alexa.com/data/details/main?url=http://mrunal.org)

Greece Economic Crisis Explained

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Greece Economic Crisis Explained

Uploaded by

Copyright:

Available Formats

Mrunal (http://mrunal.

[Economy] What If Greece Exits from Eurozone? Implications on Indian

Z-Miscellaneous (http://mrunal.org/category/miscellaneous) / 4 years Ago /

1. How does Government nance its operations?

What is Sovereign Debt?

What is a bond market?

Why do bond markets matter?

Borrowing beyond capacity

Why is Greece such a messed up Economy?

around 1,2 million people are employed by the Greece

In Greece one can nd a whole set of laws mandating

percent of the amount goes to the pension funds of the

end of copy paste

Whats the EU Exit Rumor?

consequences IF Greece Exits Eurozone?

Im taking following diagram and points from BBC article

Lines at the Banks

until the new drachma currency can be introduced.

Why Greece Exit =Trouble for India?

Food for thought

SBI/IBPS Bank Exams

UPSC Civil Service

SSC CGL: Sta selection

CDS: Defense Services

CAT/IIM MBA Entrance

ACIO Intel Ocer

More from this category

[Economic Survey] Corrections in the previous articles + Parting words before

So far 113 Comments posted

measures will help in building up the cycle of demand and supply.

TEJPAL singh rathore

Dramcha is Greece old currency .. Before joining euro club Which

You both term eurozone and European union simultaneously. Got

Write your message!

Notify me of follow-up comments by email.

SHUBHAMKASHYAP { sir this week lecture plz .............................thanks ......................... }

YERRAGOLLAGOVARDHAN { hi also 7 class iiit member avkf.org website is good

Engineering Optional, IIT-BHU,... (http://mrunal.org/2015/09/upsc-topper-interview-vinaytiwari-rank-193-civil-engineering-optional.html/comment-page-1#comment-393083)

Independence, Indian... (http://mrunal.org/2016/03/freedom-struggle-1857-sepoy-mutinymangal-pandey.html/comment-page-1#comment-393023)

YERRAGOLLAGOVARDHAN { give number sir } [Toppers Interview] Tusharanshu

prepare for UPSC without... (http://mrunal.org/2012/04/strategy-ve-rules-how-to-preparefor.html/comment-page-3#comment-392923)

RAVIKUMARD { very lucid } [Studyplan] SSC-CGL English Vocabulary, Grammar and

Entire List shifted to bottom. Scroll down

29-Apr: Haryana Teacher (http://hssc.gov.in/advertisements.htm)

16-Apr: Energy Eciency Services Ltd

08-Apr: Haryana Shiksha Parishad (http://recruitment-cdacmohali.in/)

01-Aug: Haryana SSC (http://hssc.gov.in/advertisements.htm)

20-Apr: HP PCS various posts (http://hp.gov.in/hppsc)

20-Apr: Nuclear Power Corp. (https://npcilcareers.co.in/MainSite/DefaultInfo.aspx?

20-Apr: Jammu Central Uni.

21-Jun: Harayana Police constable (http://hssc.gov.in/advertisements.htm)

22-May: POWER GRID Corp.

09-May: NTPC (http://www.ntpccareers.net)

01-Aug: Haryana SSC (http://hssc.gov.in/advertisements.htm)

31-Mar: Scientist-Central Food Tech (http://www.cftri.com)

01-Aug: Haryana SSC (http://hssc.gov.in/advertisements.htm)

20-Apr: HP PCS various posts (http://hp.gov.in/hppsc)

13-May: Indian Maritime Uni. (http://imu.edu.in/index.php?prod_id=130)

05-Apr: Jammu Central Uni.

You might also like