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Greece

Diaspora bonds for development financing during a crisis

Dilip Ratha's picture

On September 16 Greece announced that it plans to issue a diaspora bond. In the past the governments of India and Israel have raised over $35 billion dollars, often in times of liquidity crisis. Preliminary estimates suggest that Sub-Saharan African countries can potentially raise $5-10 billion per year by issuing diaspora bonds. Countries that can potentially consider diaspora bonds are Bangladesh, Colombia, El Salvador, Ghana, India, Jamaica, Kenya, Mexico, Morocco, Nepal, Nigeria, Pakistan, Philippines, Romania, Senegal, South Africa, Sri Lanka, Uganda, Zambia, and Zimbabwe (and also Greece, Ireland, Italy, South Korea and Spain). 

Media Events for Development Campaigns

Anne-Katrin Arnold's picture

Using large international events to get attention for a development objective is a pretty good idea. Events like the Soccer World Cup are so called media events - events that capture the attention of a large audience, that break our routines, and unify a large scattered audience. Whatever team you were cheering for, you weren't the only one cheering for it, and didn't you feel like your team's friends were also your friends? This kind of mood - attention and a feeling of community - provides a great environment for campaigns that want to raise awareness about certain issues or that want to change norms and behaviors.

Citizen Culpability and the Crisis in Greece

Kalliope Kokolis's picture

Greeks and Greek-Americans in the U.S. Diaspora, like myself, have been watching the strikes, demonstrations and tragic deaths that have brought our country to a standstill with mixed emotions.  The images of Athens burning, tear gas rising and riot police clashing with citizens sharply contrast with images of white sandy beaches, beautiful islands, historic landmarks and mouthwatering cuisine that usually come to mind.  Despite feelings of shock, sadness and even anger, to those who know Greek public political culture in its entirety, it is not surprising to most that this day would eventually come.  Greek citizens, immigrants and those with strong ties to the country, admit the role that societal norms, mainly tax evasion, nepotism, clientelism and bribery (all very persistent in Greek public political culture) are in part responsible for bringing the country to the brink of collapse.  For the past decade, Greek citizens did not heed warning their culture of corruption and the shadow economy could not sustain the system.   
 

Greek contagion: who is susceptible?

Hans Timmer's picture

As Greece’s debt crisis escalated, analysts and the media have so far mostly focused on possible spillovers to countries in Southwestern Europe and on weakening of the euro.

It is striking that for weeks, financial markets have not been exceptionally worried about strong contagion to emerging economies, even though there are vulnerabilities in emerging Eastern Europe and European banks are heavily invested in emerging economies all around the world.


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