Greece financial crisis in short

Greece Crisis in short

The Greece crisis which started around 2009 was 1^st of the five sovereign debt crisis. It was due to Greece’s inability to meet debt obligations .The root of the problem lay right from 1999 with the introduction of Euro as common currency. Till then Greece could devaluate its currency to increase export trade at bad times. During 2001-2007 Greece enjoyed the inflows of money .But this happened as Greece was part of Eurozone ; as creditors thought core countries like Germany would come to the rescue of Greece in crisis situation. As the Great recession spread to Europe, the inflows of money had stopped in Greece. Fiscal mismanagement and deception increased borrowing cost to a point where no inflow was possible in Greek economy. Currency depreciation could have solved the problem to payback debt in cheaper currency.But as Greece remained in Euro, the wages increased.This in turn led to increase in deflation ,leading to high debt to GDP ratio. The misreported debt obligations by previous governments came out in 2010 when credit rating agencies dubbed Greece economy as Junk Bond Status. Since then many bailout packages have been issued by TROICA namely the EC, ECB and IMF and some austerity measures to remove Greece from crisis.

Good money inflows +high government spending  = No serious troubles

But after global financial crisis

No money inflows + misreported debt by previous govt + inability to devaluate currency + inability to payback high debt = Greece Crisis

A MONTH AT GOD’s OWN KAMPUS

                                           A MONTH AT GOD’s OWN KAMPUS

It was 3.45 p.m as I was strolling past the now familiar steps that took me along blithely towards the Lahari Hostel of this prestigious IIMK . And as I walked, a sudden realization that it’s been a month in this campus made my heart skip a beat. It was just a month before when I was all but excited to get to this place I dreamt of , excitement brought along with it the anxiety of how would the new world look like. And with all that gusto as I entered this campus I realized why the campus is called God’s Own campus. All the troubles of the world seem to get lost in these lush green woods . The clouds played hide and seek with the mountains and  every flower was like a soul blossoming in nature. There was a mystic music in the silence of woods, a mystic rapture in the midst of the empty campus walls.And as the raindrops kissed my body I was lost in the enigma of the beauty , the enthralling magic of mother nature took me to a different world , and I imagined If there was heaven , possibly it was in IIMK.

            Soon after the admission process there was no respite with assignments bombarded on us .Started to get the feeling of what it means to be in IIM , what it means to be nocturnal. After some sleepless nights of completing the assignments, the hoax was broken. A completely vibrant IIMK came in front of us in the form of ‘ROOBAROO”. With music, dance, drama and events across the horizon, the enjoyment just refused to recede. It was a time of making new friends, acquaintances and people from diverse backgrounds. The plethora of talent that was in for display just mesmerized my senses and gave a proud feeling. There were times we ended having debates and there were times when the laughter refused to abate. Even the bitter comments sound sweeter now and all the compliments an infinite treasure, our section overcame challenges and proved we were not  any lesser

            The focus then shifted to case studies with students storming into J-Landing of the hostel with group discussions and assignments. The night canteen gave a festivity look to the hostel even at 2.am in the night and just the indication of how competitive yet enjoyable the life is out here. As my mind returned from reminiscing the past one month, I realized I still have a long way to go in this campus.

As I write this,one line from Robert Frost’s famous poem is reverberating in my mind “The woods are lovely, dark and deep. But I have promises to keep, and miles to go before I sleep, and miles to go before I sleep.”