Anthropology 170 week 12
Anthropology 170 week 12 ANT 170
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This 3 page Class Notes was uploaded by Madison Hewson on Tuesday September 27, 2016. The Class Notes belongs to ANT 170 at Central Michigan University taught by McLean, Athena in Fall 2016. Since its upload, it has received 2 views. For similar materials see Cultural Anthropology in Cultural Anthropology at Central Michigan University.
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Date Created: 09/27/16
UNIT III, Lecture 8, Wk 12a I. The Greek Crisis: The Undeveloping of a Developed Nation We've discussed development through loans by global institutions of WB, WTO and IMF on a postcolonial (third world society (Jamaica). Now we will see how some of these same institutions (this time the IMF and European Central Bank) have led to the undevelopment of an already 1st world European nation Greece. (short clip, if not shown last class) Background to social and economic crisis in Greece A. The Euro 1. Joined the euro in 2001 2. Credit then became easily available a. Govenment could borrow more $ b. Public urged to buy more using credit cards and accrued debt for first time 3. Public spending soured increase in wages by 50% by 2007 4. Invested huge expenses in Olympics in 2004 5. Together this raised its debt B. A corrupt government 1. Enabled tax evasion by the rich, but not middle class and others 2. Govt officials lied about the debt they were accruing 3. Government officials among highest paid in EU and the US C. The global economic crisis 1. In 2008, US banks "too big to fail" affected banks and societies throughout Europe 2. With Greece's accumulating debt, it was hit particularly hard, and (like Jamaica) found it could not pay its public employees and its bills D. Enter the Troika IMF, European Central Bank and European Commission 1. they bailed Greece out with loans 110B euro in 2010, 130 B euro more early this year and another 40B euro in Oct 2012 and more recently 2. This came with austerity conditions (SAPS) 1. Drastic reductions in public spending a. firing employees b. cutting funds to hospitals and medical professionals c. drastically reducing pensions and wages d. Privitizing public utilities e.g, state electric supplier worth 40B, sold out to foreign private investors for 2B euro 1 means a further loss of revenue for the state to pay its employees and creditors instead private forprofit investors will buy a utility cheaply;make a killing" profit e. Loss of sovereign control by the nation's leaders now revenues to Greece go directly to an account controlled by the Troika, anything left goes to Greece to pay cost of operating government f. The goal is to IMPROVE THE ECONOMY of Greece to get back on its feet g. Paraphrasing the Rastafarian elder, 'The loan is not a gift; it is a trap." h. Greece could have defaulted, not paid its debt, as did Iceland, which is recovering. E. Actual Economic consequences 1. median income declined by 4050% 2. debt has climbed from 107% of GDP to 175% BY 2013 and is increasing 3. The value of Greek companies has declined 90%! 4. Unemployment is above 30% and for those 25 and younger, 60%!* 5. the GDP has declined 100B euro in just 3 years! fastest reported loss in history 6. Pensions have been cut 11 times, up to 45%* 7. Real estate taxes increased 552% from 20092013!* Even people who have inherited homes cannot afford to keep them! Troika is pressuring Greek government to foreclose these homes; Greece continues to resist. 8. Only 5% of funds given to Greece went to pay off its debt; the rest went to bankers. Meanwhile conditions for securing the debt included austerity reductions of pensions, employment, health care, schools, public goods, and the selling of public utilities, airports and even Greek islands and antiquities to foreign investors! (Rasmus, 2016) F. Social consequences 1. People with cancer cannot get medications 2. People are going without food as safety nets have disappeared 3. in a closeknit society, people have put their children, they cannot feed , up for adoption 4. Homeless has increased 5. People are living without water, electricity, food and shelter unheard of conditions for a western European nation\ suicidal conditions 6. Recently worsened by huge influx of Syrian refugees from Turkey on way to Germany and other countries that have refused to accept them. Greece has been forced to care, when it has little left to give. * From Constantine Tzanos, Where Is the Rule of the Troika Leading Greece? http://www.huffingtonpost.com/constantinetzanos/whereistheruleofthe_b_4490896.html Posted: 12/23/2013 Get in Groups to discuss Homework: article on Greek crisis 2 Short film on the Greek crisis Review of Exam III – structure and material 3
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