European Union and Greece Crisis

European Union and Greece Crisis Rationale for creation of European Union The European Union was established in 1957 shortly after the Second World War. It was formed with an objective of bringing together the European countries since the European leaders did not want to suffer a war such as the World War II ever again.Advertising We will write a custom case study sample on European Union and Greece Crisis specifically for you for only $16.05 $11/page Learn More The past decade has been an extraordinary period of success in numerous ways. The European Union has accepted twelve new states; this happened as a result of the amendment of the structures of leaderships and procedures of voting provided by the Lisbon treaty which eased the decision making process between the member states. The original number of members who began the European Union was only six. Nowadays, the union has expanded to 27 members. The new Europe’s common currency was widely accepted and relatively stable in its initial decade. However, 2010 came in with numerous challenges. Financial contagion concerns and accumulated public debt in Greece, Italy, Spain and Portugal created a great debate over how better the fiscal policy of member states should be coordinated. Normally, proposals opposing national budgetary policy infringement against the government of French and favoring unified enforcement standards under the growth and stability pact flooded the government of British. Simultaneously, critics were afraid that the programs of fiscal austerity in Germany and Britain would bring about the policies of beggar-thy-neighbor. By this time, the European Union had plans to merge with other member countries to form an economic union. These particular steps lead to various economic concerns. financial crisis and unfathomable political concerns were behind these apprehensions. Some argued that this step of amalgamation would lead to the rejection of the European Union with basis of being un-democrat ic. The others stated that the European Union was enlarging far beyond its formal capacity to establish the economic union. The defense secretary, Michael Portillo, mentioned that he was not ready to see the defense policy being controlled by Brussels. In actual fact, the same reasons that initially led to the formation of the European Union were the same ones that spearheaded the formation of the economic union.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Current solution to Greece Financial Crisis The Greece crisis arose shortly after the European Union had resolved its constitution crisis. The problems appeared when the crisis in U.S. sub-prime mortgage triggered a cascade of financial disruptions. This occurrence rose the question of the endurance and strength of Europe. By the year 2010, everyone watched Greece, the 2009 deficit of Greece increased from 10% to almost 14% of GDP. The Greek sovereign debt was lowered by the standards and poor’s to a (BB+) junk bond status, the two year yields on Greek sovereign debt hit the mark of 10%, rendering the Greek to approach the IMF to receive a financial bailout. Currently, the leaders of the European Union have summoned a consensus to use both the international monetary fund and funds from Europe to assist unstable financial situation in Greece. The major crisis in Greece was brought up by numerous years of spending without restrain, failure to establish financial reforms and unrealistic contemptible lending. These mistakes exposed Greece in a bad way during the global economic downturn. Greece has a national debt of $ 413.6 billion which is far much bigger than the country’s state budget. Today, Greece is viewed by foreign investors as a financial black hole. These debts have led to the scrapping of pre-election promises and induced unrealistic and harsh spending cuts. Currently, Greece is in a major euro zone breach on deficit management rules; this is actually a bad show for the euro. The Greek government has embarked on cutting on spending and is already implementing austerity measures with an objective of slashing the deficit by 10 billion Euros which is equivalent to $13.7 billion. Slovakias role in the crisis The major setback for the advancement is Slovakia, this is the last country in the block to rectify the consensus and assist in making the deal to bailout Greece from the financial quagmire. Today, the greatest concern is whether the politicians in Slovakia will vote positively on the agreement to stabilize the European fund in helping Greece.Advertising We will write a custom case study sample on European Union and Greece Crisis specifically for you for only $16.05 $11/page Learn More Future of the EURO, threats and Mistakes made by EU The crisis in Greece has raised many questions concerning the future of the euro. According to case study, it is clear that the EU and the euro zone are having a real trouble. The existing economic structures of nowadays are definitely flawed and will not withstand the forces and pressure they are heading to anyway. For Greece, several things are to be put in place to improve the current situation. First, the banking systems need to be fixed: many banks in Europe are highly undercapitalized, fatally over-leveraged, and exposed to numerous debts. The most important and vital steps that the government should take to rescue the euro is to carry out careful stress test accompanied by capital injections. In simple terms, the European government must take a bold step of putting the risk back to its own place. It means that the European economy should be given back to the bondholders. The Greece crisis is a major blow to the European Union, but the euro will be in a position to withstand the tide if there are well-calculated strategies.

The Bill of Rights - Text, Origins, and Meaning

The Bill of Rights - Text, Origins, and Meaning The year was 1789. The U.S. Constitution, which had recently passed Congress and been ratified by a majority of states, established the U.S. government as it exists today. But a number of thinkers of the time, including  Thomas Jefferson, were concerned that the Constitution included few explicit guarantees of personal liberty of the sort that had appeared in state constitutions. Jefferson, who was living abroad in Paris at the time as U.S. ambassador to France, wrote to his protege  James Madison  asking him to propose a Bill of Rights of some kind to Congress. Madison agreed. After revising Madisons draft, Congress approved a Bill of Rights and ten amendments to the U.S. Constitution became law. The Bill of Rights was primarily a symbolic document until  the U.S. Supreme Court  established its power to strike down unconstitutional legislation in  Marbury v. Madison  (1803), giving it teeth. It still only applied to federal legislation, however, until  the Fourteenth Amendment  (1866) extended its power to include state law. Its impossible to understand  civil liberties  in the United States without understanding the Bill of Rights. Its text limits both federal and state powers, protecting individual rights from government oppression through the intervention of federal courts. The Bill of Rights is made up of ten separate amendments, dealing with issues ranging from free speech and unjust searches to religious liberty and cruel and unusual punishment. Text of the Bill of Rights The First AmendmentCongress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press, or the right of the people peaceably to assemble, and to petition the government for a redress of grievances. The Second AmendmentA well-regulated militia, being necessary to the security of a free state, the right of the people to keep and bear arms, shall not be infringed. The Third AmendmentNo soldier shall, in time of peace be quartered in any house, without the consent of the owner, nor in time of war, but in a manner to be prescribed by law. The Fourth AmendmentThe right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized. The Fifth AmendmentNo person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a grand jury, except in cases arising in the land or naval forces, or in the militia, when in actual service in time of war or public danger; nor shall any person be subject for the same offense to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation. The Sixth AmendmentIn all criminal prosecutions, the accused shall enjoy the right to a speedy and public trial, by an impartial jury of the state and district wherein the crime shall have been committed, which district shall have been previously ascertained by law, and to be informed of the nature and cause of the accusation; to be confronted with the witnesses against him; to have compulsory process for obtaining witnesses in his favor, and to have the assistance of counsel for his defense. The Seventh AmendmentIn suits at common law, where the value in controversy shall exceed twenty dollars, the right of trial by jury shall be preserved, and no fact tried by a jury, shall be otherwise reexamined in any court of the United States, than according to the rules of the common law. The Eighth AmendmentExcessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted. The Ninth AmendmentThe enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people. The Tenth AmendmentThe powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are reserved to the states respectively, or to the people.