The austerity measures demanded by the IMf and EU have caused outrage in Athens
Greece’s enormous debts are sustainable but on a “knife’s edge,” according to the International Monetary Fund.
A 110bn-euro (£96bn) rescue package for Greece is being implemented but investors still fear a default.
Given the situation, Greece must stick to its reform programme, IMF Athens mission chief Poul Thomsen said.
His comments came as UK Deputy Prime Minister Nick Clegg said he was “incredibly worried” about the Greek debt crisis.
Greece under Prime Minister George Papandreou has passed several rounds of austerity measures, including tax increases, pay cuts, privatisations and public sector redundancies, to get aid from the IMF and the European Union.
Poul Thomsen, the IMF’s mission chief to Athens, said that Greece must now implement these reforms.
“Policies must be applied as planned, or the sustainability of the debt will be placed in doubt,” he told Greek newspaper Ethnos.
“The Greek debt is sustainable but it is, as we say, on a knife’s edge.”
US Secretary of State Hillary Clinton said on Sunday on a visit to Athens that “the US strongly support the Papandreou governement’s determination to make the necessary reforms to put Greece on a sound financial footing”.
Greece has more than 350bn euros of debt, and the IMF warned last week than it needs an additional 100bn in aid on top of last year’s bail-out to avoid a default.
The eurozone members will hold a special summit on 21 July to discuss the debt crisis and provide fresh aid for Greece.
‘Direct impact’
Mr Clegg told the BBC on Sunday that the crisis is “immensely serious”.
“This has a direct impact on British jobs and the livelihood of people in this country,” he said.
“I believe we should play an active role behind the scenes, because we are not a member of the euro, to help eurozone members make the reforms necessary to make a strong, prosperous eurozone in the future.”
The Irish Republic and Portugal have had bail-outs since Greece received its aid package, and markets last week suggested they were worried that Italy will be the next.
On Friday, the European Banking Authority (EBA) said eight out of 90 European banks have failed stress tests designed to ensure they can withstand another financial crisis.
None of the tests included what would happen to the banks if Greece defaulted on its debt.
Five Spanish banks failed, as well as one in Austria and two in Greece.
The news came just as Italy’s parliament approved a 70bn-euro austerity package.
According to the Bank for International Settlements, UK banks hold a relatively small $ 3.4bn (£2.1bn) worth of Greek sovereign debt, compared with banks in Germany, which hold $ 22.6bn,
Great CEOs Knife The Competion. With Killer Strategy.
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Great CEOs Knife The Competion. With Killer Strategy.
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Great CEOs Knife The Competion. With Killer Strategy.
By: Joseph Plazo
About the Author
An enthusiast of NLP, Joseph R. Plazo, Ph.D offers leadership executive coaching and helps people find great jobs in the Philippines.
(ArticlesBase SC #47851)
Article Source: http://www.articlesbase.com/ – Great CEOs Knife The Competion. With Killer Strategy.
Have you just been promoted CEO/Director or General Manager? Congratulations and welcome to the world of strategizing! Now you can doze early, wake late, play golf, cancel meetings and go to Bahamas. On company time!
But I bet you’re nervous. While your old job focuses on specialized tasks, your new position frees your mind to explore the business’ macro perspective. You’ll be steering the ship from the captain’s chair. Creating a vision will be your mandate. And strategizing will take about 110% of your working hours. Does that much freedom cause abnormal wetting of the pants? If so, resign. If not… read on. You got a lot of strategizing to do.
So what exactly is strategy? Most managers define it vaguely as “a plan”.I see it more precisely as a grand design to employ means and resources to achieve specific ends.
The CEO is paid handsomely to create a fit between assets and objectives. This balancing act is the soul of strategy.
Now there are good CEOS and better CEOs. The manner by which the CEO lays down strategy determine’s his stripes. You want to be a good CEO to keep that job and its fat perks. That means you must excel at strategizing.
What makes good strategy? As you will soon be aware, the world’s greatest CEOs dominated the market when their strategy exhibited:
* CONSISTENCY. Strategy is consistent with external trends and internal resources. The CEO makes realistic assumptions and plans based on achievable aims and with the capital available.
* FOCUS. Strategies ensure that extant resources home onto specific targets. The CEO offers clear and decisive objectives.
* BALANCE. The resources demanded by proposed strategy is balanced with the resources the company owns or can attain.
* FLEXIBILITY. Strategy integrates contingencies to allow maneuvers and evasive action.
* SURPRISE. Strategy generates surprise and allows the rapid, stealthy attack of unprepared opponents.
* SECURITY. Excellent strategy secures resource bases and vital operating points of the enterprise.
* FIT. Startegy finds a good balance between risk and reward.
* PROACTIVE. Strategy maintains the initiative and shuns reactionary responses.
Now get out there and justify that six figure salary of yours! STRATEGIZE!
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Joseph Plazo -
An enthusiast of NLP, Joseph R. Plazo, Ph.D offers leadership executive coaching and helps people find great jobs in the Philippines.
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strategy, strategy planning, strategy plans, business plans, business management, business policy, strategizing, management, entrepreneurship, branding, team building
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