Syriza sets collision course with Greece's creditors

2015 ◽  
Keyword(s):  
European Commission ◽  
European Council ◽  
Economic Adjustment ◽  
Adjustment Programme ◽  
Content Type ◽  
Coalition Partner ◽  
Members Of Parliament ◽  
Radical Left

Significance The left-right coalition will secure tomorrow's parliamentary vote of confidence, having 162 seats in the 300-seat house. However, its two parties -- Coalition of the Radical Left (Syriza, with 149 seats), whose roots lie in Greece's fractious Communist left; and ultra-conservative and nationalist Independent Greeks (Anel, with 13) -- have nothing in common except a desire to escape the economic adjustment programme (EAP) that has accompanied Greece's European Commission/ECB/IMF bailout since May 2010. Impacts A rift is opening within Syriza between those who are prepared to renegotiate the EAP and those who reject it outright. Overtures are being made to Pasok, which has 13 members of parliament and might provide an alternative coalition partner. The European Council on February 12 will be Tsipras's first meeting with Germany's Merkel and other EU peers.

Capital structure decisions in a period of economic intervention

2020 ◽  
Vol 28 (3) ◽  
pp. 465-495 ◽  
Author(s):  
Maria Elisabete Neves ◽  
Zélia Serrasqueiro ◽  
António Dias ◽  
Cristina Hermano
Keyword(s):  
Capital Structure ◽  
Debt Crisis ◽  
Dynamic Panel Data ◽  
Debt Maturity ◽  
Economic Adjustment ◽  
Adjustment Programme ◽  
Content Type ◽  
Two Samples ◽  
The Impact ◽  
The Capital Structure

Purpose This paper aims to analyse the Portuguese companies’ determinants of capital structure. To reach this objective, the authors used data from 37 non-financial Portuguese large enterprises and from 4,233 non-financial small and medium enterprises for the period 2010-2016. Additionally, the authors selected a sub-period from 2010 to 2014 for a deeper understanding of the impact of the sovereign debt crisis and the Economic Adjustment Programme of Troika on the capital structure of those companies. Design/methodology/approach Three dependent variables were tested according to debt maturity, and a dynamic panel data model, namely, the generalised method of moments system estimator, was used to test the formulated research hypotheses following Arellano and Bover (1995) and Blundell and Bond (1998) to capture the dynamic nature of the firm’s capital structure decisions. Findings In general, the results point out that the capital structure decisions depend on a set of firm-specific factors, and that the effects of the determinants of the debt maturity ratios differ according to the type of firm, i.e. large/small firms, and the economic cycle. Originality/value To the best of the authors’ knowledge, this is the first study that has been carried out in Portugal by using two samples of large and small companies for analysing the effects of the Economic Adjustment Programme of Troika on the capital structure of companies. The authors seek to understand which type of companies suffered more because of the effects of the Economic Adjustment Programme of Troika during this period, and which are the capital structure determinants that present greater change. Contrary to what might be expected, large companies are the firms that suffer most from the Economic Adjustment Programme. Probably, because these companies are the most immediate, most scrutinised and those that must show abroad that the bank did not fund them in the long term, because of the imposition and limits to grant credit faced by the banks themselves.

Bavaria elections spell trouble for German coalition

2018 ◽  
Keyword(s):  
European Commission ◽  
National Level ◽  
Federal State ◽  
Social Democrats ◽  
Content Type ◽  
Coalition Partner ◽  
The Poor ◽  
The Social ◽  
Christian Social Union

Significance The governing Christian Social Union (CSU), sister party of Chancellor Angela Merkel’s Christian Democrats (CDU), suffered a serious blow in Bavaria's October 14 federal state elections, underscoring the wider decline of the CDU/CSU in Germany. Its setback, as well as the poor result for the Social Democrats (SPD), Merkel’s junior coalition partner, will have implications at the national level. Impacts If Merkel were to fall, Bundestag President Wolfgang Schaeuble could serve as stop-gap chancellor. In 2019’s state elections, the AfD could emerge as the largest party in several eastern states. Merkel could withdraw support for the CSU’s Manfred Weber, who wants to run for the European Commission presidency.

Portugal Socialist government faces three-way squeeze

2015 ◽  
Keyword(s):  
European Commission ◽  
New Left ◽  
Foreign Affairs ◽  
Left Wing ◽  
Content Type ◽  
Minority Government ◽  
Socialist Government ◽  
Step Down ◽  
Political Act ◽  
Radical Left

Significance Following a reconciliation among Portugal's left-wing parties, Silva must choose between appointing a Socialist (PS) minority government backed by smaller radical left forces, or a caretaker administration until fresh elections can be held in May or June 2016. Neither would have been his preference, and he is not rushing his decision. The new left-wing entente is based on a softening of the previous government's austerity plans. Impacts Having already missed the deadline, Portugal cannot submit a draft 2016 budget for European Commission scrutiny until it has a government. The PS's deals with the radical left exclude foreign affairs, potentially tempering US and NATO concerns about the likely new government. Naming the new government may be Silva's last significant political act before he must step down at the March 2016 end of his second term.

Macedonian deal could upset Greece’s bailout exit

2018 ◽  
Keyword(s):  
Regional Security ◽  
Structural Reforms ◽  
Political Uncertainty ◽  
Economic Adjustment ◽  
Adjustment Programme ◽  
Content Type ◽  
Phase Out ◽  
The Eu

Significance This is almost certainly the last Eurogroup before Greece’s third economic adjustment programme terminates on August 20. Both sides seek an orderly phase-out so that what has been achieved after eight painful years of fiscal and structural reforms is not dissipated. Impacts Investor interest in Greek assets could be reinvigorated by clarity on Greek debt resolution, IMF involvement and post-bailout scenarios. A Greek-Macedonian deal on the latter’s name would open the possibility of its entering NATO and the EU, bolstering regional security. However, it introduces great political uncertainty at a time when stability is necessary to ensure a smooth return to economic normality.

Greece's Syriza may soften policy to form coalition

2015 ◽  
Keyword(s):  
National Currency ◽  
Market Place ◽  
Economic Adjustment ◽  
Member States ◽  
Adjustment Programme ◽  
Content Type ◽  
Eu Member States ◽  
The Past ◽  
Roll Back ◽  
Austerity Policy

Significance Voters may return a left-leaning coalition led by the Coalition of the Radical Left (Syriza), which has pledged to renegotiate the country's massive debt and roll back many of the reforms that have been the 'quid pro quo' for EU/IMF bailout loans over the past four years. At issue is whether to continue the austerity policy necessary to fulfil the second economic adjustment programme (EAP), realise its final loan disbursements and negotiate a new loan package to provide a back-stop, as Greece seeks to return to borrowing in the market place. The EAP's fifth review must be concluded to secure release of its penultimate pay-out. The programme has been extended until February 28, allowing post-election negotiations. Impacts A Syriza-led government would, at a minimum, throw into question the conditionality attached to lending under the existing EAP. If Syriza persists in trying to secure a write-down of Greece's massive debt, there will be political confrontations with EU member states. Such confrontations would severely compromise vestigial goodwill towards Greece. If a write-down cannot be achieved and Athens defaults on part of its debts, Greece will quit the euro and return to a national currency.

scholarly journals Budget of the EU and Common Agricultural Policy for 2014-2020 in the light of the polish interests

Management ◽  
2014 ◽  
Vol 18 (1) ◽  
pp. 473-487
Author(s):  
Andrzej Czyżewski ◽  
Sebastian Stępień
Keyword(s):  
European Commission ◽  
Agricultural Policy ◽  
Common Agricultural Policy ◽  
European Parliament ◽  
Point Of View ◽  
European Council ◽  
The Political ◽  
The Common ◽  
Polish Economy ◽  
The Eu

Summary The objective of the paper is to present the results of negotiations on the EU budget for 2014-2020, with particular emphasis on the Common Agricultural Policy. Authors indicate the steps for establishing the budget, from the proposal of the European Commission presented in 2011, ending with the draft of UE budget agreed at the meeting of the European Council on February 2013 and the meeting of the AGRIFISH on March 2013 and then approved by the political agreement of the European Commission, European Parliament and European Council on June 2013. In this context, there will be an assessment of the new budget from the point of view of Polish economy and agriculture.

The use and non-use of the government financial report by Maltese Members of Parliament

2018 ◽  
Vol 31 (4) ◽  
pp. 1124-1144 ◽  
Author(s):  
Josette Caruana ◽  
Brady Farrugia
Keyword(s):  
Decision Making ◽  
Information Overload ◽  
Qualitative Interviews ◽  
Financial Reports ◽  
Content Type ◽  
Financial Report ◽  
Members Of Parliament ◽  
The Government ◽  
And Performance ◽  
Questionnaire Research

Purpose The purpose of this paper is to examine the use and non-use of the Government Financial Report by Maltese Members of Parliament (MPs). It refers to information overload theory to analyse the gap between financial reports and their relevance for decision making. Design/methodology/approach A mix of qualitative (interviews) and quantitative (questionnaire) research tools are applied, with the Maltese MPs being the research participants. This method is acclaimed to be comprehensive, but this study highlights certain disadvantages when applied in the political arena. Findings The characteristics of the information itself could be the main cause of information overload, resulting in the non-use of the financial report for decision making. Politicians refer to financial data for their decision making, but not to the data presented in the financial report. Irrespective of the politician’s professional background, the data in the financial report is perceived as incomplete and outdated. Practical implications The cause of information overload and its effects are important considerations for preparers of financial information and accounting standard setters, if they wish that their production is relevant for decision makers. Originality/value There is an increase in research concerning politicians’ use of budgetary and performance information, at local and regional levels of government. This study investigates exclusively the use of the financial report by politicians at central level, in a politically stable environment.

scholarly journals The EU after Brexit: Key Geopolitical and Geo-Economic Challenges

2020 ◽  
pp. 30-44 ◽  
Author(s):  
Petr YAKOVLEV
Keyword(s):  
European Union ◽  
European Commission ◽  
European Parliament ◽  
European Council ◽  
The Political ◽  
The European Union ◽  
Member States ◽  
Before And After ◽  
Union History ◽  
The Eu

The decision on Britain’s secession from the European Union, taken by the British Parliament and agreed by London and Brussels, divided the Union history into “before” and “after”. Not only will the remaining member states have to “digest” the political, commercial, economic and mental consequences of parting with one of the largest partners. They will also have to create a substantially new algorithm for the functioning of United Europe. On this path, the EU is confronted with many geopolitical and geo-economic challenges, which should be answered by the new leaders of the European Commission, European Council, and European Parliament.

scholarly journals Holding the government to account for its finances: the “Unsung” heroes of the UK parliament scrutiny unit

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Laurence Ferry ◽  
Larry Honeysett ◽  
Henry Midgley
Keyword(s):  
Design Methodology ◽  
Practical Experience ◽  
Accounting Data ◽  
Content Type ◽  
Secondary Literature ◽  
Vital Part ◽  
Financial Cycle ◽  
Members Of Parliament ◽  
The Government ◽  
The Uk

PurposeThis paper describes the role and remit of the Scrutiny Unit, which assists members of parliament (MPs) with the analysis of accounting data.Design/methodology/approachThe analysis is developed through an understanding of the secondary literature and practical experience of the work of the Unit.FindingsThe Scrutiny Unit is an unappreciated and yet vital part of the way in which financial scrutiny operates within the UK parliament. It translates to MPs key financial and economic documents including the budget and accounts. It is a unique institution, covering the entire financial cycle of approval and accountability within parliament.Originality/valueThis is the first descriptive piece on the Unit in an accounting journal and contributes to our understanding of how financial accountability works within the UK parliament.

Fidesz’s rift with EU centre-right will cost Hungary

2021 ◽  
Keyword(s):  
European Council ◽  
Political Issue ◽  
Content Type ◽  
The Eu

Significance This increases the likelihood of conflicts between Budapest and Brussels, as Fidesz is expected to ally itself with radical parties internationally. The Hungarian government’s Euroscepticism will probably increase, but given the public’s pro-EU orientation, it will advocate reform of the EU rather than exiting the bloc . Impacts Leaving the EPP will narrow the Hungarian government’s room for manoeuvre. Orban's use of Hungary's veto is likely to obstruct business in the European Council. The EU will become a political issue in Hungary.

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