DOCSLIB.ORG

The ESM Stability Support Programme Greece, First & Second Reviews July 2017 Background Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The ESM Stability Support Programme Greece, First & Second Reviews July 2017 Background Report ISSN 2443-8014 (online) The ESM Stability Support Programme Greece, First & Second Reviews July 2017 Background Report INSTITUTIONAL PAPER 064 | NOVEMBER 2017 EUROPEAN ECONOMY Economic and Financial Affairs European Economy Institutional Papers are important reports analysing the economic situation and economic developments prepared by the European Commission's Directorate-General for Economic and Financial Affairs, which serve to underpin economic policy-making by the European Commission, the Council of the European Union and the European Parliament. Views expressed in unofficial documents do not necessarily represent the views of the European Commission. LEGAL NOTICE Neither the European Commission nor any person acting on its behalf may be held responsible for the use which may be made of the information contained in this publication, or for any errors which, despite careful preparation and checking, may appear. This paper exists in English only and can be downloaded from https://ec.europa.eu/info/publications/economic-and-financial-affairs-publications_en. Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). More information on the European Union is available on http://europa.eu. Luxembourg: Publications Office of the European Union, 2017 KC-BC-17-064-EN-N (online) KC-BC-17-064-EN-C (print) ISBN 978-92-79-64712-3 (online) ISBN 978-92-79-64711-6 (print) doi:10.2765/466433 (online) doi:10.2765/915272 (print) © European Union, 2017 Reproduction is authorised provided the source is acknowledged. For any use or reproduction of photos or other material that is not under the EU copyright, permission must be sought directly from the copyright holders. European Commission Directorate-General for Economic and Financial Affairs The ESM Stability Support Programme Greece, First & Second Reviews – July 2017 Background Report EUROPEAN ECONOMY Institutional Paper 064 ACKNOWLEDGEMENTS This report contains the background analysis describing the design of the ESM programme for Greece signed in August 2015 and the implementation of the programme up to July 2017, i.e. up to the conclusion of the second review. It was prepared in the Directorate General Economic and Financial Affairs, under the direction of Declan Costello, Director and Mission Chief, and the coordination of Paul Kutos, Head of Unit and Deputy Mission Chief, and Júlia Lendvai, Deputy Head of Unit. Contributors: Chris Allen, Chrissopighi Peghe Braila, Lászlo Butt, Giuseppe Carone, Declan Costello, Fotini Dionyssopoulou, Francesco di Comite, Matteo Duiella, Olivia Galgau, Hana Genorio, Nikolay Gertchev, Elena Giachin Ricca, Luigi Giamboni, Gabriele Giudice, Christos Gofas, Malgorzata Goralczyk, András Hudecz, Milan Lisicky, Nicolas Jegou, Loukas Kaskarelis, Thrasyvoulos Kipourgos, Zenon Kontolemis, Juho Kostiainen, Paul Kutos, Veli Laine, Júlia Lendvai, Vasileios Maroulis, Benedetta Martinelli, Vasiliki Michou, Stelios Panagiotou, Zoltán Petrov, Fidel Picos, Guillaume Prevost, Alexandra Saller, Andreas Trokkos, Carlo Viviani. Assistance was also provided by Despina Efthimiadou, Fotini Louka and Siofra Mc Donnell. The report was prepared in consultation with ECB and ESM staff. Comments on the report would be gratefully received and should be sent, by mail or e-mail to: Paul Kutos European Commission Unit ECFIN-F-2 CHAR 10/236 B-1049 Brussels e-mail: [email protected] The cut-off date for the Background Report was 31 July 2017. 3 SUMMARY AND MAIN FINDINGS 1. INTRODUCTION 1. In the face of massive external and internal imbalances, which resulted in the loss of market access, in April 2010 Greece requested financial assistance from its European and international partners. In May 2010, the Greek authorities signed a financial assistance programme with the European partners with a financial envelope of EUR 80 billion, as well as a standby arrangement of up to EUR 30 billion from the International Monetary Fund (IMF). Financing from European partners was provided through the Greek Loan Facility (GLF). Despite some progress in tackling imbalances and implementing reforms, as well as disbursements of EUR 73 billion from the GLF and IMF, Greece signed a second financial assistance programme in March 2012. A financing envelope of EUR 144.7 billion was provided by European partners through the European Financial Stability Facility (EFSF), as well as EUR 19.8 billion by the IMF. This financial assistance was also accompanied by measures to restructure private sector debt, leading to a reduction in Greece's debt stock by some EUR 107 billion. Considerable progress in correcting imbalances and implementing reforms was made up to the closure of the 4th review of the EFSF programme in mid-2014. However, despite two extensions, the EFSF programme expired without being completed in June 2015.(1) 2. Amidst political, economic and financial turmoil and the imposition of capital controls in July 2015, the Hellenic Republic concluded an agreement for stability support in the form of a loan from the European Stability Mechanism (ESM) in August 2015. The Memorandum of Understanding (MoU) signed by the Hellenic Republic and the European Commission on behalf of the ESM, details the conditionality attached to the financial assistance facility. The full envelope of the loan amounts to EUR 86 billion, to be disbursed in several tranches after verification by the institutions that programme conditionality is being fulfilled, and has an availability period of three years. 3. The aim of the ESM programme is to allow Greece to complete the necessary economic adjustment process started under the first and second financial assistance programmes, thereby creating the conditions for the sovereign to regain long-lasting access to market- based financing at sustainable interest rates. Notably, this needs to be supported by putting public finances back on a sound footing and laying the basis of sustainable growth through a comprehensive set of deep structural and institutional reforms. Against this background, the policies in the MoU are built around four pillars: restoring fiscal sustainability; safeguarding financial stability; enhancing growth, competitiveness and investment; and fostering a modern State and public administration. 4. The current ESM programme for Greece was provided under the framework established with the entry into force of the ESM Treaty and EU Regulation 472/2013, which involves very different institutional and financing arrangements compared to earlier programmes. This has improved the transparency of work and democratic accountability through a reinforced dialogue with the European Parliament and the national parliaments. The consistency of the programme with the Union goals and policies was also reinforced through explicit references to the Charter of Fundamental Rights as well as other social rights. Consequently, the ESM stability support programme has put a greater emphasis on social cohesion, growth and employment, including active labour market policies. Moreover, the Commission, for the first time, conducted a social impact assessment in August 2015, which concluded that, if implemented fully and (1) Relevant documentation on the stability support programmes for Greece is available at https://ec.europa.eu/info/business- economy-euro/economic-and-fiscal-policy-coordination/eu-financial-assistance/which-eu-countries-have-received- assistance/financial-assistance-greece_en. 1 European Commission The ESM Stability Support Programme for Greece – First and Second reviews - July 2017 Background Report timely, the measures foreseen in the programme will help Greece return to stability and growth in a financially and socially sustainable way, and will contribute to meeting the most pressing social needs and challenges in Greece. The new legal framework also created a basis for the Commission to provide technical assistance to Greece through its newly established Structural Reform Support Service (SRSS), to improve its administrative capacity and address challenges implementing the programme. 5. This background report takes stock of the degree of progress two years into the programme and provides a detailed overview of the measures undertaken to date in each pillar of the ESM programme. Before signature of the ESM programme, the Greek government was asked to implement a set of ambitious prior actions in July 2015. Since the programme was launched in August 2015, two reviews have been completed and three additional sets of intermediate follow- up actions (so-called 'milestones') have been verified – two sets leading up to the first review (in November and December 2015), and one set of milestones between the first and second reviews (in October 2016). The first review of the ESM programme was conducted between March and May 2016, and concluded in June 2016. The second review was conducted between October 2016 and May 2017, and concluded in July 2017. The analysis contained in this report reflects the state of play up to and including that date. The IMF Board gave its agreement in principle to a precautionary standby arrangement at the same time, based on shared conditionality. 6. Progress in the implementation of the ESM stability support programme has resulted in the Eurogroup providing significant additional assurances on debt measures, some of which have already entered
Load more

Recommended publications
  • Sovereign Debt Sustainability in Greece During the Economic Adjustment Programmes: 2010-2018
    Sovereign debt sustainability in Greece during the economic adjustment programmes: 2010-2018 STUDY A study prepared by CEPS in collaboration with Nation Institute of Economic and Social Research and ECORYS for the European Commission, Directorate-General for Economic and Financial Affairs. Authors: Cinzia Alcidi, CEPS Angela Capolongo, CEPS Daniel Gros, CEPS Inputs from NIESR: Cyrille Lenoël, Corrado Macchiarelli & Garry Young July 2020 Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). LEGAL NOTICE The information and views set out in this study are those of the authors and do not necessarily reflect the official opinion of the European Commission. The European Commission does not guarantee the accuracy of the data included in this study. Neither the European Commission nor any person acting on the European Commission’s behalf may be held responsible for the use which may be made of the information contained therein. More information on the European Union is available on the Internet (http://www.europa.eu). Luxembourg: Publications Office of the European Union, 2020. PDF ISBN 978-92-76-22278-1 doi: 10.2765/356606 KC-04-20-524-EN-N © European Union, 2020 Reproduction is authorised provided the source is acknowledged. For any use or reproduction of material that is not under the EU copyright, permission must be sought directly from the copyright holders. Sovereign debt sustainability in Greece during the economic adjustment programmes 2010-2018 Table of contents Table of contents ..............................................................................................
    [Show full text]
  • GREECE Field Work 6–15 November 2013
    ASSESSMENT REPORT: The Health Situation at EU Southern Borders - Migrant Health, Occupational Health, and Public Health GREECE Field work 6–15 November 2013 The information and views set out in this report are those of the author and do not necessarily reflect an official opinion of the EC or IOM. Neither they nor any person acting on their behalf may be therefore held responsible for any use of the information contained therein. Reproduction is authorized provided the source is acknowledged. This document is based on the Assessment undertaken by the International Organization for Migration (IOM) within the framework of the project “Fostering health provision for migrants, the Roma and other vulnerable groups” (Equi-Health). The Equi-Health project is co-financed under the 2012 work plan, within the second programme of Community action in the field of health (2008– 2013), by a direct grant awarded to IOM from the European Commission’s DG for Health and Food Safety (SANTE), through the Consumers, Health, Agriculture and Food Executive Agency (Chafea). The Equi-Health project is designed and managed by the International Organization for Migration Regional Office Brussels, Migration Health Division (MHD). The methodology of the field work and analysis, based on the prior Increasing Public Health Safety alongside the New Eastern European Border Line project (PHBLM) EC co-funded IOM project experience, was developed by IOM with additional support from the Andalusian School of Public Health (EASP). The Assessment Report was drafted under IOM MHD, RO Brussels guidance by Dr. Chrisoula Botsi and Panayiotis Damaskos, and benefitted from peer reviews by Marina Rota and an anonymous reviewer.
    [Show full text]
  • Discussion Paper No 23 Gree
    SIXTH FRAMEWORK PROGRAMME OF THE EUROPEAN COMMISSION RESEARCH PROJECT: CRIME AND CULTURE Crime as a Cultural Problem. The Relevance of Perceptions of Corruption to Crime Prevention. A Comparative Cultural Study in the EU-Accession States Bulgaria and Romania, the EU-Candidate States Turkey and Croatia and the EU-States Germany, Greece and United Kingdom Effi Lambropoulou, Theodoros Iosifidis, Nikos Papapamanolis, Eleftheria Bakali, Stella Ageli, Erifyli Bakirli, Garyfalia Massouri Corruption in Greece or Corruption of Greece? The ‘Modern’ Triumphalism Discussion Paper Series No 23 2008 2 1. Introduction In the first phase of the Greek study within the research project “Crime and Culture” we analysed either texts referring to corruption and ‘scandals’ or to the case studies (e.g. parliamentary proceedings, prosecutors’ findings, newspaper articles). In the second phase the analysis concentrated on the discourse of the target groups interviewed, in order to synthesise their views about the forms and the extent of corruption in modern Greece. In the third phase, we attempted the integration of the two periods’ findings into a theoretical context. As we have noticed in the previous report, the comparison of the target group’s (TG) discourse between the first and the second phase was not always possible. However the distance of time and the overview of the findings helped us to locate some (common) points for a more thorough examination. We focused on the discourse of each target group about itself and about corruption in general during both phases and compared their discourse with the existing specialist approaches, namely the views about certain issues relating with corruption under a socio-political and whenever necessary a historical context.
    [Show full text]
  • Notio Aigaio
    The added value of regional programmes of innovative actions stems from the lessons that can be drawn from these innovative approaches, which allow for experimentation with new ideas and the demonstration of new hypotheses. This ranges from the possibilities of identification of good practice, to the exchange of knowledge and experience that can be trans- ferred to the Community Support Framework mainstream programmes. This publication takes a closer look both at the first and second genera- tion of the Greek regional programmes of innovative actions. Based on their implementation experiences, it illustrates their individual actions in addition to attempting to produce diverse classification typologies of these Greek "innovative actions". Europe is more than a bloc of nations. It is also a collection of regions. But regional wealth variations remain high and in most Member States it is the regions with the capital cities that have the highest per capita GDP. It is widely accepted that each region needs to brand her global (global and local) image according to its unique physical and intangible assets. Practical activities need to be designed, implemented and monitored on the spot. I hope that this book will help policy makers and other regional innova- Showcasing Innovative Greece Innovative Showcasing tion policy practitioners to make more informed choices towards this goal. Anna ANDRICOPOULOU Project Manager Net Force 2006 ISBN: 960-89350-0-8 Edited by Christos Bezirtzoglou by Christos Edited Co-financed by the ERDF Showcasing Innovative Greece EU Region of Peloponnesus Showcasing Innovative Greece Edited by Christos Bezirtzoglou Foreword The first experimental activities to support innovation in relation to regional and social policy, effectively pi- oneering the development of the knowledge-based economy at regional level, were launched by the Commis- sion in 1993-94.
    [Show full text]
  • Μελέτη Σύστασης Ανώνυμης Εταιρίας “Eleusis 2021”
    Progress Report of “Eleusis 2021” Eleusis, 18th April 2018 0 UPDATE REPORT ON THE FIRST MONITORING MEETING OF THE MONITORING AND ADVISORY PANEL FOR THE 2021 EUROPEAN CAPITALS OF CULTURE Progress report based on the panel’s recommendations (from both post-selection monitoring reports) Table of contents 1. Executive Summary .................................................................................................................................................. 2 2. Contribution to the long-term strategy ................................................................................................................... 2 3. Programme ............................................................................................................................................................... 3 4. Capacity to deliver .................................................................................................................................................... 9 5. Outreach ................................................................................................................................................................. 11 6. Corporate Governace & Management .................................................................................................................. 12 7. Key milestones for 2018 ......................................................................................................................................... 17 Annex 1 Detailed analysis of all EU panel reccomendations Annex 2.1 EU Programmes
    [Show full text]
  • Economic and Social Council
    UNITED NATIONS E Economic and Social Distr. Council GENERAL TRANS/WP.5/2002/4 7 June 2002 ENGLISH ONLY ECONOMIC COMMISSION FOR EUROPE INLAND TRANSPORT COMMITTEE Working Party on Transport Trends and Economics (Fifteenth session, 2- 4 September 2002, agenda item 6) STATUS OF THE PAN-EUROPEAN TRANSPORT CORRIDORS AND TRANSPORT AREAS DEVELOPMENTS AND ACTIVITIES IN 2000 AND 2001 FINAL REPORT Transmitted by TINA and the European Commission (EU) Note: The report is reproduced as received from TINA and the European Commission (EU). * * * TRANS/WP.5/2002/4 page 2 EUROPEAN COMMISSION TRANSPORT STRATEGIES DG ENERGY & TRANSPORT STATUS OF THE PAN-EUROPEAN TRANSPORT CORRIDORS AND TRANSPORT AREAS DEVELOPMENTS AND ACTIVITIES IN 2000 AND 2001 FINAL REPORT Vienna, April 2002 TRANS/WP.5/2002/4 page 3 TABLE OF CONTENTS INTRODUCTION 6 EXTENDING THE EUROPEAN UNION TO CENTRAL AND EASTERN EUROPE 7 THE PAN-EUROPEAN TRANSPORT CORRIDORS AND TRANSPORT AREAS 7 CO-ORDINATION OFFICE FOR THE RAILWAY CORRIDORS IV AND X AND CORRIDOR VII - DANUBE 9 FINANCING INSTRUMENTS provided by the European Commission for projects along the Corridors 10 FINANCIAL AID FROM THE TEN-T BUDGET FOR PROJECTS WITHIN THE EU MEMBER STATES 10 FINANCIAL AID FROM REGIONAL FUNDS 10 FINANCIAL INSTRUMENTS TO ASSIST THE CANDIDATE COUNTRIES IN THE PREPARATION FOR ACCESSION 12 TACIS PROGRAMME FOR PROJECTS WITHIN THE NEW INDEPENDENT STATES (NIS) 13 INTERNATIONAL FINANCING INSTITUTIONS 14 TRADE AND TRAFFIC FLOWS 17 EU AND ACCESSION COUNTRIES 17 TRAFFIC FLOWS 20 STATUS OF THE PAN-EUROPEAN TRANSPORT CORRIDORS
    [Show full text]
  • Business Review 2013
    BUSINESS REVIEW 2013 BUSINESS REVIEW 2013 Table of Contents page BRIEF HISTORY ............................................................................................................................................................................................. 8 KEY INDICATORS .......................................................................................................................................................................................... 9 LETTER FROM THE CHAIRMAN .................................................................................................................................................................... 11 LETTER FROM THE MANAGING DIRECTOR - CEO ........................................................................................................................................ 15 SHARE .......................................................................................................................................................................................................... 21 SUCCESSFUL COMPLETION OF THE BANK’S CAPITAL STRENGTHENING PLAN .......................................................................................... 22 ACQUISITION OF EMPORIKI BANK, RESTRUCTURING PLAN AND REALISATION OF SYNERGIES ................................................................ 24 1. THE GREEK AND THE INTERNATIONAL ECONOMY IN 2013 AND THE OUTLOOK FOR 2014 .................................................................... 27 2. BUSINESS UNITS .....................................................................................................................................................................................
    [Show full text]
  • Democracy Not for Sale: the Struggle for Food Sovereignty in the Age of Austerity in Greece | 3 Glossary
    Democracy Not For Sale The Struggle for Food Sovereignty in the Age of Austerity in Greece o AUTHORS: (in alphabetical order) Stephan Backes, Jenny Gkiougki, Sylvia Kay, Charalampos Konstantinidis, Emily Mattheisen, Christina Sakali, Eirini-Erifyli Tzekou, Leonidas Vatikiotis, Pietje Vervest. COPYEDITOR: Deborah Eade DESIGN: Brigitte Vos www.vosviscom.nl PRINT: Jubels Amsterdam, Heidelberg, Athens/Thessaloniki, November, 2018. Published by Transnational Institute, FIAN International and Agroecopolis. ABOUT THE RESEARCH COLLECTIVE: This report is the result of a collective research process undertaken by the abovementioned authors between October 2017 and September 2018. The research relies on original fieldwork and interviews with persons throughout Greece, macro-economic statistical analysis, and literature reviews of key texts. For a more detailed description of our research locations and persons interviewed, refer to the methodological note in the Annex. ACKNOWLEDGEMENTS The authors wish to thank the following persons (in alphabetical order) for their contributions to the production of this report: Ilias Bantekas, Felipe Bley-Folly, Nick Buxton, Christos Giovanopoulos, Raphaël Gonçalves Alves, Rolf Künnemann, Andrea Nuila, Emma Luce Scali, Yifang Slot-Tang, Ana Maria Suárez Franco, Yiorgos Vassalos, Renaud Vivien. Table of Contents Glossary 4 Executive summary 5 Foreword 11 Introduction 19 Chapter 1. Austerity and the agri-food system 24 1.1 The Greek agri-food system from 1981 to 2010 24 1.1 (a) Undermining food sovereignty: the role
    [Show full text]
  • The Second Economic Adjustment Programme for Greece
    EUROPEAN ECONOMY Occasional Papers 94 | March 2012 The Second Economic Adjustment Programme for Greece March 2012 Economic and Financial Affairs Occasional Papers are written by the Staff of the Directorate-General for Economic and Financial Affairs, or by experts working in association with them. The “Papers” are intended to increase awareness of the technical work being done by the staff and cover a wide spectrum of subjects. Views expressed do not necessarily reflect the official views of the European Commission. Comments and enquiries should be addressed to: European Commission Directorate-General for Economic and Financial Affairs Publications B-1049 Brussels Belgium E-mail: mailto:[email protected] Legal notice Neither the European Commission nor any person acting on its behalf may be held responsible for the use which may be made of the information contained in this publication, or for any errors which, despite careful preparation and checking, may appear. This paper exists in English only and can be downloaded from the website ec.europa.eu/economy_finance/publications A great deal of additional information is available on the Internet. It can be accessed through the Europa server (ec.europa.eu ) KC-AH-12-094-EN-N ISBN 978-92-79-22849-0 doi: 10.2765/20231 © European Union, 2012 Reproduction is authorised provided the source is acknowledged. EUROPEAN COMMISSION DIRECTORATE GENERAL ECONOMIC AND FINANCIAL AFFAIRS The Second Economic Adjustment Programme for Greece March 2012 OUTLINE OF THE REPORT Executive summary 1 1. Introduction 5 2. Macroeconomic developments 11 3. Financial markets and financial sector developments 17 4. Programme implementation and policy discussions 21 4.1 Fiscal policy 21 4.2 Fiscal strategy in 2012 and subsequent years 24 4.3 Structural fiscal reforms 31 4.3.1.
    [Show full text]
  • Corruption in Greece Or Corruption of Greece? the "Modern" Triumphalism
    •o -o " -o Z - •" " • "• •< z o ," u " o Cri ...... C.ltu ..t P",bw," rho 1010".'0 01 ,," ..option, of [or"'ptlon to Crime P,...ntlon. A COlnpu>t1 .. Cultu",1 St"d~ In the (U·AccMl1on SW•• lulQ;lr1 ••nd lon.nl., tho EU~.ndldl .. Sh... TIIrkoy .nd C", ..t ...d the (U·st.t.. 'onn.nv, ',..,o.nd Un! .... Ktngdoll Effi Lambropou[oU, Theodoros losifidis, Nikos PapapamanoLis, Eleftheria BakaLi,SteLLa Ageli, ErifyLi BakirLi, GaryfaLia MassDuri Corruption in Greece or Corruption of Greece? The "Modern" Triumphalism .... ,. at tile E.ro~ Conmfolf... • N.' ..... "'....... ,. SIXTH FRAMEWORK PROGRAMME OF THE EUROPEAN COMMISSION RESEARCH PROJECT: CRIME AND CULTURE Crime as a Cultural Problem. The Relevance of Perceptions of Corruption to Crime Prevention. A Comparative Cultural Study in the EU-Accession States Bulgaria and Romania, the EU-Candidate States Turkey and Croatia and the EU-States Germany, Greece and United Kingdom Effi Lambropoulou, Theodoros Iosifidis, Nikos Papapamanolis, Eleftheria Bakali, Stella Ageli, Erifyli Bakirli, Garyfalia Massouri Corruption in Greece or Corruption of Greece? The ‘Modern’ Triumphalism Discussion Paper Series No 23 2008 2 1. Introduction In the first phase of the Greek study within the research project “Crime and Culture” we analysed either texts referring to corruption and ‘scandals’ or to the case studies (e.g. parliamentary proceedings, prosecutors’ findings, newspaper articles). In the second phase the analysis concentrated on the discourse of the target groups interviewed, in order to synthesise their views about the forms and the extent of corruption in modern Greece. In the third phase, we attempted the integration of the two periods’ findings into a theoretical context.
    [Show full text]
  • Legal and Illegal Chinese Immigrants in Greece Status, Stories, Narratives from a Fieldwork in Thessaloniki
    UNIVERSITY OF MACEDONIA MA in Politics and Economics of Contemporary Eastern and South-Eastern Europe Legal and illegal Chinese immigrants in Greece Status, stories, narratives from a fieldwork in Thessaloniki Student: Supervisor: Yang Jie Fotini Tsimpiridou Thessaloniki, 2017 1 CONTENTS Abstract..................................................................4 Introduction...........................................................5 History of Chinese Immigration in Thessaloniki.......8 Time............................................................................................8 Two groups.................................................................................8 Motivation.................................................................................10 Channels....................................................................................11 Geographical distribution and main features…........................15 Population Size and Business Activities…………...................16 Daily Exchange and Organization of Chinese Immigrant Communities.............................................20 The Inside of Chinese Immigrant Community……………….20 1) The Chamber of Commerce……………………..…………………..22 2) Chinese gangland –mafia……………..……………..………………25 3) Inside conflicts……………...……………………………………….28 Chinese immigrants and Greece……………………………...29 2 Life stories and narratives…………………..40 1) Mr. Yang………………………………….…………….40 2) Mr. Lee………………………………………………….42 3) Miss Zhang……………………………………………..44 4) Mr. Chen………………………………………………..49 5) Mr. Zhao………………………………….……………..51
    [Show full text]
  • The Second Economic Adjustment Programme for Greece First Review - December 2012
    ISSN 1725-3209 EUROPEAN ECONOMY Occasional Papers 123 | December 2012 The Second Economic Adjustment Programme for Greece First Review - December 2012 Economic and Financial Affairs Occasional Papers are written by the Staff of the Directorate-General for Economic and Financial Affairs, or by experts working in association with them. The “Papers” are intended to increase awareness of the technical work being done by the staff and cover a wide spectrum of subjects. Views expressed do not necessarily reflect the official views of the European Commission. Comments and enquiries should be addressed to: European Commission Directorate-General for Economic and Financial Affairs Publications B-1049 Brussels Belgium E-mail: mailto:[email protected] Legal notice Neither the European Commission nor any person acting on its behalf may be held responsible for the use which may be made of the information contained in this publication, or for any errors which, despite careful preparation and checking, may appear. This paper exists in English only and can be downloaded from the website ec.europa.eu/economy_finance/publications A great deal of additional information is available on the Internet. It can be accessed through the Europa server (ec.europa.eu ) KC-AH-12-123-EN-N ISBN 978-92-79-22928-2 doi: 10.2765/25398 © European Union, 2012 Reproduction is authorised provided the source is acknowledged. European Commission Directorate-General for Economic and Financial Affairs The Second Economic Adjustment Programme for Greece First Review December 2012 EUROPEAN ECONOMY Occasional Papers 123 OUTLINE OF THE REPORT EXECUTIVE SUMMARY 1 1. INTRODUCTION 7 2.
    [Show full text]