ACTIVITY 2 Table of Contents Table of Contents 2 1.Effect of Greek Financial Crisis on the British Economy 3 2.Changes in the NHS led by the UK Government 4 3.The State of the Real Estate Market in UK 5 4.The long-term consequences of the earthquake and nuclear fallout (during the Summer 2011) to the Japanese economy 5 References 8 1…
During the early days of 2010 sovereign debt was a subject of attention for the whole world. Sovereign debt is the total debt owed by a sovereign country like Greece to its creditors. As a result of this crisis, there was a panic in the financial market worldwide and euro suffered a huge decline in its value. Greece was helped by the EU and IMF to provide them with loans that could rescue the situation. This can be a short term solution to the problem but the obligations of long term debt will still persist or may even get worse (Abboushi, “Abstract”). David Cameron in one of his statements warned that British economy will suffer more due to this euro zone crisis. It remains a threat to the future of euro. There had been a decline in the growth rate of employment, especially in public sector of UK. The investors are losing confidence in the market and the financial market in UK suffered a setback. A deep recession is on the cards if the situation is not handled carefully. More support for the banking sector is needed and the Government should be forced to take some emergency steps to help improve the financial system, before the crisis worsens further. Even though Britain is not a part of euro zone, still budgetary deficit concerns of the country should be addressed immediately. British banks already hold a considerable amount of debt in Greece, which can be an area of major concern. Moreover, with Greece defaulting to pay their debts, the problem can spread over nations like Spain and Italy where UK has a much larger investment. In addition to this, euro zone is one of the biggest trading partners of UK, so obviously this crisis can have an impounding effect on UK’s economy if other big European economies falter (PRLog, “How the Greek economy can affect us all”). 2. Changes in the NHS led by the UK Government UK government took a bold step towards reforming National Health Services (NHS) in the country. There had been many major changes in NHS structure due to this decision of UK government and it is for the first time in the history of NHS that such radical changes are taking place. Hospitals are no longer under NHS. General Practitioners (GPs) and not the management bodies now have a huge role and responsibility and are in charge of major part of the budget. This move resulted in abolition of all the 10 strategic health authorities as well as 152 primary care trusts which are the management bodies of NHS. Most of the budget of NHS is now in the hands of GPs only and they have the authority to plan out things accordingly. The GPs are now to decide on the spending of NHS. This new re-structuring of NHS gives way to the development of a new board which is independent of any kind of political influence. It is completely an independent body now and has control over its own accountability. Health of public is now the responsibility of local authorities. NHS industry is now more of a top-down design with GPs sitting at the top level. The patients are now being provided with more information through ‘HealthWatch’, a new type of body specially designed for the purpose. The patients now have the option to choose the GP according to their own wish and get registered with them. Since its inception in the year 1948, NHS has never experienced such drastic changes. Now the question remains as to what benefits these changes will bring to the people and the ...
Cite this document
(“Effect of Greek Financial Crisis on the British Economy Essay”, n.d.)
Retrieved from https://studentshare.net/business/58116-activity
(Effect of Greek Financial Crisis on the British Economy Essay)
“Effect of Greek Financial Crisis on the British Economy Essay”, n.d. https://studentshare.net/business/58116-activity.
Though may scholars have made emphatic attempts to define what globalization really means, numerous definitions have come up, with economical factors presupposing all the definitions, indicating that globalization is governed and directed by economic factors in the global market.
The financial crisis of 2007-08, not only led to the collapse of several banks and financial institutions, but turned down the stock markets in most of the countries. There are several specific reasons for the financial crisis which is discussed below in detail.
The Financial Crisis In 2008, the global market collapsed, The Bush administration figured out that only government intervention could save the companies whose failure could fetch destructive reactions. American Insurance Group (AIG) and Fannie Mae and Freddie Macare are those two giants which suffered from this crisis.
Rather than provide a country-specific analysis, it will look at trends and patterns in global financial governance systems and the underlying structural deficiencies in the IMF-driven neoliberal framework. A recent headline of the British newspaper The Guardian regarding the recent Greek crisis brings up a question that has long been asked by several movements and institutions worldwide: “What makes the IMF think it’s right (…)” about the economy?
The recent recession hit these countries more than any other countries in Europe. On the surface level, Eurozone crisis seems to be affecting only these five countries, but in the deep grass root level, this crisis has the potential to cause huge problems to the entire Europe because of the increasing interdependence of EU countries in one way or another.
The author states that the subprime mortgage crisis was as a result of lending to people who were not qualified for such loans. Behind such crisis financial instruments and institutions are often the key drivers. The mortgage crisis was a complete loss of business by financial institutions which had enjoyed low risk lending to the mortgage sector.
In EU the biggest decrease was reported in the petroleum, steel as well as the sector of fibres. (Winford, et al 2005 p 90)
This is a study set out to make a vivid description of the UK sector of manufacturing decline. To this, it is going to answer the
This essay focuses on assessment of the amount of the economic losses, that East Asian countries incurred, as a consequence of the financial crisis. It is argued, that just after the crisis, most developed countries suffered setbacks while East Asian countries, escaped without damages. That escape from the crisis is deemed temporary one by experts.