scholarly journals Seeking Incentives for a Successful Second and third Business Opportunity after Bankruptcy in Times of Recession

2021 ◽  
Vol Volume II (December 2021) ◽  
pp. 46-59
Author(s):  
Aristeidis Bitzenis

In the years of the financial and sovereign debt crisis in Greece, many viable businesses that are facing financial difficulties are led to liquidation rather than timely restructuring, with very few entrepreneurs having a second chance. This corporate failure faced by Greek companies in recent years may have been caused by either endogenous or exogenous factors or a combination of these two. In this paper we investigate the factors (economic, social and political) that will help to facilitate entrepreneurs' access to a second and third opportunity, taking also into account socially vulnerable groups such as disabled people and women entrepreneurs. Moreover, we try to find the characteristics that would encourage honest bankrupt entrepreneurs to a second business venture and the sectors where a second chance may have increased chances of sustainability in Greece. The aim of our research is to lead Greece to higher levels of self-employment, reduction in unemployment, and exit from the crisis.

2013 ◽  
Vol 12 (2) ◽  
pp. 3255-3260
Author(s):  
Stelian Stancu ◽  
Alexandra Maria Constantin

Instilment, on a European level, of a state incompatible with the state of stability on a macroeconomic level and in the financial-banking system lead to continuous growth of vulnerability of European economies, situated at the verge of an outburst of sovereign debt crises. In this context, the current papers main objective is to produce a study regarding the vulnerability of European economies faced with potential outburst of sovereign debt crisis, which implies quantitative analysis of the impact of sovereign debt on the sensitivity of the European Unions economies. The paper also entails the following specific objectives: completing an introduction in the current European economic context, conceptualization of the notion of “sovereign debt crisis, presenting the methodology and obtained empirical results, as well as exposition of the conclusions.


2016 ◽  
Author(s):  
Marc Altddrfer ◽  
Carlos A. De las Salas ◽  
Andre Guettler ◽  
Gunter LLffler

Author(s):  
Maria Petmesidou

Greece developed a pension-heavy, clientelist, hybrid Mediterranean welfare state with many gaps in coverage. The global financial crisis of 2008 triggered a severe sovereign debt crisis, compelling the country to accept three bailout packages with stringent conditions as to spending cuts, privatization, and openness to international competition. Severe austerity has caused a protracted recession: the economy lost more than a quarter of its GDP between 2008 and 2015. The Mediterranean refugee crisis impacted severely on the country. New parties of the extreme left (SYRIZA) and extreme right (Golden Dawn) have gained support. SYRIZA was elected on an anti-austerity platform but failed to deliver and a fourth rescue package is under negotiation. The more likely future direction consists in an ever-tighter austerity programme with the immizeration of large sections of the population. A move towards neo-Keynesian intervention and social investment seems unlikely, given the level of debt and the bailout conditions.


Author(s):  
Nauro F. Campos ◽  
Paul De Grauwe ◽  
Yuemei Ji

Structural reform policies move like the business cycle. There are moments when these are implemented with great fervour and others when they are put on the back burner or even dismantled. After the global financial crisis, and in particular the sovereign debt crisis in Europe, many countries were forced by creditor countries or were self-imposed to apply deep reforms to their product markets and especially to their labour markets. Now that Europe is recovering, the pressure to implement structural reforms has abated....


Author(s):  
Esther Villadangos Seijas

El presente artículo se centra en el estudio de la gestación de la crisis económica en Irlanda y en el análisis de las respuestas constitucionales a la misma. En primer lugar se analiza el papel de la reforma constitucional, estudiando el mecanismo diseñado en los arts. 46 y 47 de la Constitución. El carácter preceptivo del referéndum ha reforzado la implicación social en un total de 23 reformas aprobadas hasta la fecha. De especial trascendencia, como reacciones constitucionales ante el contexto de crisis, podemos destacar la reforma de 2011 relativa a la reducción del salario de los jueces y la afrontada en 2012, como consecuencia de la ratificación del Tratado de Estabilidad. Un segundo contenido de este trabajo expone una «relativa» novedad en el panorama constitucional, la de la Convención Constitucional. Concebida como un órgano deliberativo y participativo, estamos ante un mecanismo que trata de paliar una común demanda de las democracias actuales de fomentar la participación social como complemento a las limitaciones de los cauces parlamentarios tradicionales, subyugados a demasiadas lealtades, partidistas, endogámicas que impiden el ejercicio de sus funcione de canalización de la voluntad popular en el seguimiento de los asuntos públicos.This article focusses on Irish answers to the economic crisis. The full force of the sovereign debt crisis has been affected Ireland from 2008. The failures in the policy-making and regulatory systems have caused a critical eye on traditional ways of doing business in the political system and the public service. The paths that Ireland has followed are two. First, the constitutional amendment mechanism. It pays attention to constitutional precepts that ruler this constitutional reform, mainly articles 46 and 47. The referendum has developed a key element in this system. Ireland has developed 23 constitutional reforms nowadays. The second important element is a Constitutional Convention. This body will allow a group of randomly selected citizens to deliberate and make recommendations upon a number of areas of political reform. Many of the changes envisaged offers an space for reflection about the viability of a macro political and constitutional change strategy that the bailout require.


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