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Home/ Surabaya International School AP Economics/ Contents contributed and discussions participated by Ji Min Oh

Contents contributed and discussions participated by Ji Min Oh

Ji Min Oh

World Bank to China: Reform your economy or face collapse - Feb. 27, 2012 - 0 views

  • The World Bank and a Chinese think tank have a stern warning for China's government: transition to a freer market system, or else face an economic crisis.
  • World Bank on Monday, recommends China enact reforms promoting a freer economy. Those reforms include a major overhaul turning China's powerful state-owned companies into commercial enterprises.
  • It encourages China to promote innovation, competition and entrepreneurship as means of economic growth, rather than allowing growth to be primarily government engineered.
  • ...12 more annotations...
  • "China could postpone reforms and risk the possibility of an economic crisis in the future -- or it could implement reforms proactively. Clearly, the latter approach is preferable," the report said.

    The report is compiled by the World Bank and the Development Research Center, a research group that reports directly to China's State Council.

    It encourages China to promote innovation, competition and entrepreneurship as means of economic growth, rather than allowing growth to be primarily government engineered.

    The world's second-largest economy has been rising rapidly, averaging around 10% growth a year for the last three decades. Much of that momentum has come as China's rural population moves into the cities and as the government has funded massive infrastructure projects and retained a powerful influence over the country's biggest companies.

    State-owned companies dominate China's banking, energy, telecom, health care and technology sectors. Overall, they account for about 40% of the country's gross domestic product, according to Andrew Szamosszegi and Cole Kyle, who have researched the topic for the U.S.-China Economic and Security Review Commission.

    Their latest report to the commission puts it bluntly: The Chinese government has not "expressed an interest in becoming a bastion of free market capitalism."

    Critics point out that China cannot maintain rapid growth under this system forever.

  • They suspect China will hit the slowdown point around 2015
  • "China's leaders have recognized that the country's growth model, which has been so successful for the past 30 years, will need to be changed to accommodate new challenges,"
  • The World Bank's report suggested China should separate "ownership from management" of state-owned enterprises and implement modern corporate governance practices,
  • "China could postpone reforms and risk the possibility of an economic crisis in the future -- or it could implement reforms proactively. Clearly, the latter approach is preferable," the report said.

    The report is compiled by the World Bank and the Development Research Center, a research group that reports directly to China's State Council.

    It encourages China to promote innovation, competition and entrepreneurship as means of economic growth, rather than allowing growth to be primarily government engineered.

    The world's second-largest economy has been rising rapidly, averaging around 10% growth a year for the last three decades. Much of that momentum has come as China's rural population moves into the cities and as the government has funded massive infrastructure projects and retained a powerful influence over the country's biggest companies.

    State-owned companies dominate China's banking, energy, telecom, health care and technology sectors. Overall, they account for about 40% of the country's gross domestic product, according to Andrew Szamosszegi and Cole Kyle, who have researched the topic for the U.S.-China Economic and Security Review Commission.

    Their latest report to the commission puts it bluntly: The Chinese government has not "expressed an interest in becoming a bastion of free market capitalism."

  • "China could postpone reforms and risk the possibility of an economic crisis in the future -- or it could implement reforms proactively. Clearly, the latter approach is preferable," the report said.

    The report is compiled by the World Bank and the Development Research Center, a research group that reports directly to China's State Council.

    It encourages China to promote innovation, competition and entrepreneurship as means of economic growth, rather than allowing growth to be primarily government engineered.

    The world's second-largest economy has been rising rapidly, averaging around 10% growth a year for the last three decades. Much of that momentum has come as China's rural population moves into the cities and as the government has funded massive infrastructure projects and retained a powerful influence over the country's biggest companies.

    State-owned companies dominate China's banking, energy, telecom, health care and technology sectors. Overall, they account for about 40% of the country's gross domestic product, according to Andrew Szamosszegi and Cole Kyle, who have researched the topic for the U.S.-China Economic and Security Review Commission.

    Their latest report to the commission puts it bluntly: The Chinese government has not "expressed an interest in becoming a bastion of free market capitalism."

    Critics point out that China cannot maintain rapid growth under this system forever. Emerging economies tend to start slowing when their GDP reaches about $16,740 per capita, according to research by economists Barry Eichengreen of the University of California at Berkeley, Donghyun Park of the Asian Development Bank and Kwanho Shin of Korea University.

    They suspect China will hit the slowdown point around 2015. The World Bank's report forecasts a similiar slowdown, predicting economic growth will gradually slow from an average of 8.6% in 2011-2015 to an average of 5% growth per year in 2026-2030.

    "China's leaders have recognized that the country's growth model, which has been so successful for the past 30 years, will need to be changed to accommodate new challenges," World Bank Group President Robert Zoellick said in a statement.

  • The "China 2030" report, released by the World Bank on Monday, recommends China enact reforms promoting a freer economy. Those reforms include a major overhaul turning China's powerful state-owned companies into commercial enterprises.
  • It encourages China to promote innovation, competition and entrepreneurship as means of economic growth, rather than allowing growth to be primarily government engineered.
  • Critics point out that China cannot maintain rapid growth under this system forever.
  • They suspect China will hit the slowdown point around 2015. The World Bank's report forecasts a similiar slowdown, predicting economic growth will gradually slow from an average of 8.6% in 2011-2015 to an average of 5% growth per year in 2026-2030.
  •  
    This article is about the idea of China going through a transition of economy from state-owned enterprises to an economy where companies are commercial enterprises and it is up to the market.

    The World Bank advises China to free up the economy, as it believes that China could risk the possibility of an economic crisis in the future by postponing reforms. It is encouraged for China to promote innvoation, competition, and entrepreneurship so that the country wil be more successful in terms of economy in the future, rather than to have most decisions made according to the government.

    Although China's economy as been rising rapidly, as it has experienced a 10% growth over the last three decades, critics are now saying that this is not permanent. According to economists, after countries come across a certain amount of GDP, emerging economies tend to start slowing.

    Unless China is willing to take action to modify its economic system, economists suspect the nation will be unable to continue to thrive.

    I completely agree with the article, because I do believe that in order for China to continue its economic growth, it needs to think more about the long run and let the economy run on its own, with the free market as its central force. One of the things that China could do is to keep the government still manage the enterprises and implement modern corporate governance practices, but do not let them have ownership. Letting the country run its economy more freely benefit China. Numerous countries around the world that have its economy as a market system, with private-owned enterprises, have been very successful and are known as the economic giants. Some examples are the US, Singapore, Japan, Korea and many others. Like the article, I would advice China to reconsider about the governments holding ownership to the companies.
Ji Min Oh

Student loans: The indebted ones | The Economist - 1 views

  • partly because higher education there is so expensive, the scale of the problem is far greater in America
  • Higher education is not a guarantee of employment, but it improves the odds immensely
  • In contrast to the housing crash, the risk from student debt is not of a sudden explosion in losses but of gradual financial suffocation.
  • ...3 more annotations...
  • it is repaid to a fixed schedule.
  • So a second option is preferable
  • One option is to change the bankruptcy laws.
  •  
    Recently, student debt risks has been becoming one of the major burdens for many young students, particularly students in America. Contrary to the popular beliefs that when a student graduate and earn their own income in the future, they will have more money that completing their degree, that is not the case. The problem is more heavily weighted on America, becuase higher education is so expensive in the US.

    And with unemployment becoming such a big issue now, it is understandable why there are so many students are indebted. Although it is not guaranteed that higher education promises employment, there are higher chances for people who have higher education to be employed than people who did not have the chance to get that education. At least in my point of view, I would understand why students would be in the current debt risks, since I consider education as a big part of getting ready for the future and it is crucial to have it as part of my life.

    It is said that one of the reasons behind this crisis is because of the poorly set up student-loan systems due to the fact that it suffers gradual financial loss. According to the article, it proposes of either changing the bankruptcy laws or to have the debt repaid to a fixed schedule. I prefer the second option, and I agree with the article because i think that with so many people having trouble with finding jobs, (especially people with lower-standards of living) it is only fair that debt is repayed from the income earned.
Ji Min Oh

Europe's debt crisis: A chaotic day | The Economist - 0 views

  • new data revealed that Greece's economic collapse over the past year was deeper than originally thought
  • a sign that Europe may not be able to count on ECB commitment to bond purchases. 
  • markets sank, debt spreads widened, and the euro plunged
  • ...9 more annotations...
  • the future of the euro zone itself would be in doubt
  • For now, market bets are once again trending in a sceptical direction.
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  • <DIV class=title><I>Economist</I> blogs</DIV> <DIV class=item-list> <UL id=blogs jQuery1315759434474="109"> <LI class=first><A title="In this blog, our correspondents provide reporting, analysis and opinion on politics, economics, society and culture in Latin America, the Caribbean and Canada.&#13;&#10;&#13;&#10;Follow us on Twitter @EconAmericas" href="http://www.economist.com/blogs/americasview">Americas view<span class=description> | The Americas</span></A></LI> <LI class=" even"><A title="In this blog, our correspondents report on the intersections between science, technology, culture and policy. The blog takes its name from Charles Babbage, a Victorian mathematician and engineer who designed a mechanical computer. Follow Babbage on Twitter &amp;raquo;" href="http://www.economist.com/blogs/babbage">Babbage<span class=description> | Science <DIV style="TOP: -23px; LEFT: 0px" id=dbbf61d4715b194119496caa7c5d7353-0Icon class="diigoIcon private TextIcon nocommented notShowIcon">&nbsp;</DIV>and technology </span></A></LI> <LI><A title="In this blog, our Bagehot columnist surveys the politics of Britain, British life and Britain's place in the world. The column and blog are named after Walter Bagehot, an English journalist who was the editor of The Economist from 1861 to 1877" href="http://www.economist.com/blogs/bagehot">Bagehot's notebook<span class=description> | British politics </span></A></LI> <LI class=" even"><A title="In this blog, our Asia correspondents and our Banyan columnist provide comment and analysis on Asia's political and cultural landscape. The blog takes its name from the Banyan tree, under which Buddha attained enlightenment and Gujarati merchants used to conduct business" href="http://www.economist.com/blogs/banyan">Banyan<span class=description> | Asia</span></A></LI> <LI><A title="On this blog our correspondents delve into the politics, economics and culture of the continent of Africa, from Cairo to the Cape. The blog takes its name from the baobab, a massive tree that grows throughout much of Africa. It stores water, provides food and is often called the tree of life." href="http://www.economist.com/blogs/baobab">Baobab<span class=description> | Africa</span></A></LI> <LI class=" even"><A title="On this blog, our correspondents ponder political, cultural, business and scientific developments in Britain, the spiritual and geographical home of The Economist. It takes its name from a fond but faintly derogatory name for the mother country often used among British expats." href="http://www.economist.com/blogs/blighty">Blighty<span class=description> | Britain</span></A></LI> <LI><A title="In this blog, our Buttonwood columnist grapples with the ever-changing financial markets and the motley crew who earn their living by attempting to master them. The blog is named after the 1792 agreement that regulated the informal brokerage conducted under a buttonwood tree on Wall Street." href="http://www.economist.com/blogs/buttonwood">Buttonwood's notebook<span class=description> | Financial markets </span></A></LI> <LI class=" even"><A title="In this blog, our Charlemagne columnist considers the ideas and events that shape Europe, while dealing with the quirks of life in the Euro-bubble. An archive of print columns can be found here. Follow Babbage on Twitter &amp;raquo;" href="http://www.economist.com/blogs/charlemagne">Charlemagne's notebook<span class=description> | European politics </span></A></LI> <LI><A title='In this blog, our correspondents provide reporting and analysis on the subjects of defence, security and diplomacy, covering weapons and warfare, spooks and cyber-attacks, diplomats and dead-drops. The blog is named after Carl von Clausewitz, the Prussian soldier and military theorist whose classic work, "On War", is still widely studied today.' href="http://www.economist.com/blogs/clausewitz">Clausewitz<span class=description> | Defence, security and diplomacy </span></A></LI> <LI class=" even"><A title="On this blog we publish a new chart or map every working day, highlight our interactive-data features and provide links to interesting sources of data around the web. The Big Mac index, house-price index and other regular features can be found on our Markets &amp;amp; data page" href="http://www.economist.com/blogs/dailychart">Daily chart<span class=description> | Charts, maps and infographics </span></A></LI> <LI><A title="In this blog, our correspondents share their thoughts and opinions on America's kinetic brand of politics and the policy it produces. The blog is named after the study of American politics and society written by Alexis de Tocqueville, a French political scientist, in the 1830s" href="http://www.economist.com/blogs/democracyinamerica">Democracy in America<span class=description> | American politics </span></A></LI
  • <DIV id=block-ec_comments-infomous_cloud class="block block-ec_comments"> <DIV class="content clearfix"></DIV></DIV> <DIV id=block-ec_ads-ribbon_ad class="block block-ec_ads"> <DIV class="content clearfix"> <DIV style="DISPLAY: none" class="ec_topic_ribbon ec-ads-remove-if-empty" jQuery1315759434474="43"><!-- Site: Commerce. Zone: Opinion | Blogs/Free Exchange | --> <SCRIPT language=JavaScript type=text/javascript>document.write('<script language="JavaScript" src="//ad.doubl//ad.doubleclick.net/adj/teg.lasn/blo6;subs=n;wsub=n;sdn=n;pos=absribbon;sz=351x49;tile=8;ord=' + random_ad_nr + '?" type="text/javascript"><\/script>')</SCRIPT> <SCRIPT language=JavaScript type=text/javascript src="//ad.doubl//ad.doubleclick.net/adj/teg.lasn/blo6;subs=n;wsub=n;sdn=n;pos=absribbon;sz=351x49;tile=8;ord=944737725?"></SCRIPT> <A href="http://ad.doubleclick.net/click;h=v8/3b7f/0/0/%2a/f;44306;0-0;0;41240856;35994-351/49;0/0/0;;~sscs=%3f" target=_blank><IMG border=0 alt="Click here to find out more!" src="http://s0.2mdn.net/viewad/817-grey.gif"></A><NOSCRIPT></NOSCRIPT></DIV></DIV></DIV> <DIV id=block-ec_blogs-ec_blogs_block_blog_links class="block block-ec_blogs" jQuery1315759434474="107"> <DIV class="content clearfix"> <DIV class=title><I>Economist</I> blogs</DIV> <DIV class=item-list> <UL id=blogs jQuery1315759434474="109"> <LI class=first><A title="In this blog, our correspondents provide reporting, analysis and opinion on politics, economics, society and culture in Latin America, the Caribbean and Canada.&#13;&#10;&#13;&#10;Follow us on Twitter @EconAmericas" href="http://www.economist.com/blogs/americasview">Americas view<span class=description> | The Americas</span></A></LI> <LI class=" even"><A title="In this blog, our correspondents report on the intersections between science, technology, culture and policy. The blog takes its name from Charles Babbage, a Victorian mathematician and engineer who designed a mechanical computer. Follow Babbage on Twitter &amp;raquo;" href="http://www.economist.com/blogs/babbage">Babbage<span class=description> | Science <DIV style="TOP: -23px; LEFT: 0px" id=dbbf61d4715b194119496caa7c5d7353-0Icon class="diigoIcon private TextIcon nocommented notShowIcon">&nbsp;</DIV>and technology </span></A></LI> <LI><A title="In this blog, our Bagehot columnist surveys the politics of Britain, British life and Britain's place in the world. The column and blog are named after Walter Bagehot, an English journalist who was the editor of The Economist from 1861 to 1877" href="http://www.economist.com/blogs/bagehot">Bagehot's notebook<span class=description> | British politics </span></A></LI> <LI class=" even"><A title="In this blog, our Asia correspondents and our Banyan columnist provide comment and analysis on Asia's political and cultural landscape. The blog takes its name from the Banyan tree, under which Buddha attained enlightenment and Gujarati merchants used to conduct business" href="http://www.economist.com/blogs/banyan">Banyan<span class=description> | Asia</span></A></LI> <LI><A title="On this blog our correspondents delve into the politics, economics and culture of the continent of Africa, from Cairo to the Cape. The blog takes its name from the baobab, a massive tree that grows throughout much of Africa. It stores water, provides food and is often called the tree of life." href="http://www.economist.com/blogs/baobab">Baobab<span class=description> | Africa</span></A></LI> <LI class=" even"><A title="On this blog, our correspondents ponder political, cultural, business and scientific developments in Britain, the spiritual and geographical home of The Economist. It takes its name from a fond but faintly derogatory name for the mother country often used among British expats." href="http://www.economist.com/blogs/blighty">Blighty<span class=description> | Britain</span></A></LI> <LI><A title="In this blog, our Buttonwood columnist grapples with the ever-changing financial markets and the motley crew who earn their living by attempting to master them. The blog is named after the 1792 agreement that regulated the informal brokerage conducted under a buttonwood tree on Wall Street." href="http://www.economist.com/blogs/buttonwood">Buttonwood's notebook<span class=description> | Financial markets </span></A></LI> <LI class=" even"><A title="In this blog, our Charlemagne columnist considers the ideas and events that shape Europe, while dealing with the quirks of life in the Euro-bubble. An archive of print columns can be found here. Follow Babbage on Twitter &amp;raquo;" href="http://www.economist.com/blogs/charlemagne">Charlemagne's notebook<span class=description> | European politics </span></A></LI> <LI><A title='In this blog, our correspondents provide reporting and analysis on the subjects of defence, security and diplomacy, covering weapons and war
  • <DIV class=title><I>Economist</I> blogs</DIV> <DIV class=item-list> <UL id=blogs jQuery1315759434474="109"> <LI class=first><A title="In this blog, our correspondents provide reporting, analysis and opinion on politics, economics, society and culture in Latin America, the Caribbean and Canada.&#13;&#10;&#13;&#10;Follow us on Twitter @EconAmericas" href="http://www.economist.com/blogs/americasview">Americas view<span class=description> | The Americas</span></A></LI> <LI class=" even"><A title="In this blog, our correspondents report on the intersections between science, technology, culture and policy. The blog takes its name from Charles Babbage, a Victorian mathematician and engineer who designed a mechanical computer. Follow Babbage on Twitter &amp;raquo;" href="http://www.economist.com/blogs/babbage">Babbage<span class=description> | Science <DIV style="TOP: -23px; LEFT: 0px" id=dbbf61d4715b194119496caa7c5d7353-0Icon class="diigoIcon private TextIcon nocommented notShowIcon">&nbsp;</DIV>and technology </span></A></LI> <LI><A title="In this blog, our Bagehot columnist surveys the politics of Britain, British life and Britain's place in the world. The column and blog are named after Walter Bagehot, an English journalist who was the editor of The Economist from 1861 to 1877" href="http://www.economist.com/blogs/bagehot">Bagehot's notebook<span class=description> | British politics </span></A></LI> <LI class=" even"><A title="In this blog, our Asia correspondents and our Banyan columnist provide comment and analysis on Asia's political and cultural landscape. The blog takes its name from the Banyan tree, under which Buddha attained enlightenment and Gujarati merchants used to conduct business" href="http://www.economist.com/blogs/banyan">Banyan<span class=description> | Asia</span></A></LI> <LI><A title="On this blog our correspondents delve into the politics, economics and culture of the continent of Africa, from Cairo to the Cape. The blog takes its name from the baobab, a massive tree that grows throughout much of Africa. It stores water, provides food and is often called the tree of life." href="http://www.economist.com/blogs/baobab">Baobab<span class=description> | Africa</span></A></LI> <LI class=" even"><A title="On this blog, our correspondents ponder political, cultural, business and scientific developments in Britain, the spiritual and geographical home of The Economist. It takes its name from a fond but faintly derogatory name for the mother country often used among British expats." href="http://www.economist.com/blogs/blighty">Blighty<span class=description> | Britain</span></A></LI> <LI><A title="In this blog, our Buttonwood columnist grapples with the ever-changing financial markets and the motley crew who earn their living by attempting to master them. The blog is named after the 1792 agreement that regulated the informal brokerage conducted under a buttonwood tree on Wall Street." href="http://www.economist.com/blogs/buttonwood">Buttonwood's notebook<span class=description> | Financial markets </span></A></LI> <LI class=" even"><A title="In this blog, our Charlemagne columnist considers the ideas and events that shape Europe, while dealing with the quirks of life in the Euro-bubble. An archive of print columns can be found here. Follow Babbage on Twitter &amp;raquo;" href="http://www.economist.com/blogs/charlemagne">Charlemagne's notebook<span class=description> | European politics </span></A></LI> <LI><A title='In this blog, our correspondents provide reporting and analysis on the subjects of defence, security and diplomacy, covering weapons and warfare, spooks and cyber-attacks, diplomats and dead-drops. The blog is named after Carl von Clausewitz, the Prussian soldier and military theorist whose classic work, "On War", is still widely studied today.' href="http://www.economist.com/blogs/clausewitz">Clausewitz<span class=description> | Defence, security and diplomacy </span></A></LI> <LI class=" even"><A title="On this blog we publish a new chart or map every working day, highlight our interactive-data features and provide links to interesting sources of data around the web. The Big Mac index, house-price index and other regular features can be found on our Markets &amp;amp; data page" href="http://www.economist.com/blogs/dailychart">Daily chart<span class=description> | Charts, maps and infographics </span></A></LI> <LI><A title="In this blog, our correspondents share their thoughts and opinions on America's kinetic brand of politics and the policy it produces. The blog is named after the study of American politics and society written by Alexis de Tocqueville, a French political scientist, in the 1830s" href="http://www.economist.com/blogs/democracyinamerica">Democracy in America<span c
  • <LI class=first><A title="In this blog, our correspondents provide reporting, analysis and opinion on politics, economics, society and culture in Latin America, the Caribbean and Canada.&#13;&#10;&#13;&#10;Follow us on Twitter @EconAmericas" href="http://www.economist.com/blogs/americasview">Americas view<span class=description> | The Americas</span></A></LI> <LI class=" even"><A title="In this blog, our correspondents report on the intersections between science, technology, culture and policy. The blog takes its name from Charles Babbage, a Victorian mathematician and engineer who designed a mechanical computer. Follow Babbage on Twitter &amp;raquo;" href="http://www.economist.com/blogs/babbage">Babbage<span class=description> | Science <DIV style="TOP: -23px; LEFT: 0px" id=dbbf61d4715b194119496caa7c5d7353-0Icon class="diigoIcon private TextIcon nocommented notShowIcon">&nbsp;</DIV>and technology </span></A></LI> <LI><A title="In this blog, our Bagehot columnist surveys the politics of Britain, British life and Britain's place in the world. The column and blog are named after Walter Bagehot, an English journalist who was the editor of The Economist from 1861 to 1877" href="http://www.economist.com/blogs/bagehot">Bagehot's notebook<span class=description> | British politics </span></A></LI> <LI class=" even"><A title="In this blog, our Asia correspondents and our Banyan columnist provide comment and analysis on Asia's political and cultural landscape. The blog takes its name from the Banyan tree, under which Buddha attained enlightenment and Gujarati merchants used to conduct business" href="http://www.economist.com/blogs/banyan">Banyan<span class=description> | Asia</span></A></LI> <LI><A title="On this blog our correspondents delve into the politics, economics and culture of the continent of Africa, from Cairo to the Cape. The blog takes its name from the baobab, a massive tree that grows throughout much of Africa. It stores water, provides food and is often called the tree of life." href="http://www.economist.com/blogs/baobab">Baobab<span class=description> | Africa</span></A></LI> <LI class=" even"><A title="On this blog, our correspondents ponder political, cultural, business and scientific developments in Britain, the spiritual and geographical home of The Economist. It takes its name from a fond but faintly derogatory name for the mother country often used among British expats." href="http://www.economist.com/blogs/blighty">Blighty<span class=description> | Britain</span></A></LI> <LI><A title="In this blog, our Buttonwood columnist grapples with the ever-changing financial markets and the motley crew who earn their living by attempting to master them. The blog is named after the 1792 agreement that regulated the informal brokerage conducted under a buttonwood tree on Wall Street." href="http://www.economist.com/blogs/buttonwood">Buttonwood's notebook<span class=description> | Financial markets </span></A></LI> <LI class=" even"><A title="In this blog, our Charlemagne columnist considers the ideas and events that shape Europe, while dealing with the quirks of life in the Euro-bubble. An archive of print columns can be found here. Follow Babbage on Twitter &amp;raquo;" href="http://www.economist.com/blogs/charlemagne">Charlemagne's notebook<span class=description> | European politics </span></A></LI> <LI><A title='In this blog, our correspondents provide reporting and analysis on the subjects of defence, security and diplomacy, covering weapons and warfare, spooks and cyber-attacks, diplomats and dead-drops. The blog is named after Carl von Clausewitz, the Prussian soldier and military theorist whose classic work, "On War", is still widely studied today.' href="http://www.economist.com/blogs/clausewitz">Clausewitz<span class=description> | Defence, security and diplomacy </span></A></LI> <LI class=" even"><A title="On this blog we publish a new chart or map every working day, highlight our interactive-data features and provide links to interesting sources of data around the web. The Big Mac index, house-price index and other regular features can be found on our Markets &amp;amp; data page" href="http://www.economist.com/blogs/dailychart">Daily chart<span class=description> | Charts, maps and infographics </span></A></LI> <LI><A title="In this blog, our correspondents share their thoughts and opinions on America's kinetic brand of politics and the policy it produces. The blog is named after the study of American politics and society written by Alexis de Tocqueville, a French political scientist, in the 1830s" href="http://www.economist.com/blogs/democracyinamerica">Democracy in America<span class=description> | American politics
  •  
    For the past year, there has been a financial crisis in Europe, as many economic problems rose in countries that belong to the Euro Zone. Recently, the problems have been rising to a higher degree. It has been revealed from the data that Greece's economy is not doing so well, as it is under pressure to come up with additional budget cuts. The announcement of the resignation of European Central Bank Chief Economist Jurgen Stark has proven that Europe perhaps, cannot count on ECB's commitment to bond purchases. Along with this, markets sank and debt spreads widened.

    The future of the euro zone is deeply questioned for now. Looking at ECB's ability to continue purchases, it is a certain fact the markets are once again going in a negative direction. A possible resolution could be to provide the funds necessary for carrying out emergency bond purchases, although it takes almost 1 trillion euros. :(

    When I read this article, I was actually grasping the reality of Europe's current's debt crisis. As I recall to my travelling experience in Greece about 2 weeks ago, I realized it wasnt the best time to visit as the local tour guide was explaining about how there was substantially less tourists, and riots that broke in Athens. What is really surprising for me, though, is the fact that Europe is having a hard time recovering from this throughout many years, despite the help from many emergency measures from the EU and other organizations such as the International Monetary Fund. With dangers of default on some of the debt, and factors that can hurt the economy of several countries in the Euro Zone, it is not only those specific countries that are involved in this matter, but Europe as a whole that is affected because of the reputation that it holds.
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