Critical analysis of Greece Crisis

An IMF (International Monetary Fund) report said that if Greece undertook drastic reforms
and started to grow, the deficits would be manageable. Bailouts in 2010, 2012. There were
supposed to be some asset sales to retire some debt, but that never really happened. The
IMF ended up loaning more, but without a new reform plan. The ECB continued to let
banks use Greek debt as collateral. But the banks have to see a state as an eqity not as a
debtor. The biggest conclusion is that Greece should have defaulted in 2010 and its creditors
should have taken losses. As an EU member, it was required to limit its deficits to 3
percent of GDP and its debt to 60 percent of GDP. According to Germany, it is also not
sustainable. The ECB should not have accepted the debts once the Greece violated the 3% of
GDP deficit policy. Not approaching IMF.
Critical Analysis Greece Crisis
The Greece crisis is truly a crisis but not a hype because the numbers show that they are
worse than the worst position the US had during the great depression. As being blamed, I
dont think The Greece crisis is truly a crisis and not a hype because the numbers show that
they are worse than the worst position, the US has had during the great depression. As being
blamed, I dont think the internal policies, uncontrolled spending are solely responsible for
this. There were a lot of economic reforms done internally like Structural adjustments,
privatization, liquidity injections, but no political reforms were done, which are important.
The joining of a union which is completely imbalanced is an undeniable factor. EU has to
make a monetary policy which satisfies Germany, the strongest and Greece, weakest now,
which shows power imbalance. Greece is being supported by EU, IMF by bailouts and new
debts indirectly. But this is not going to have a long term impact on European economy
unless power imbalances are addressed. This can also encourage Spain, Portugal and
Ireland to land in expectations from IMF, ECB. When the Greeks said in the referendum,
they are not ready to have austere policies by IMF, EU and ECB, they actually pushed
themselves into an uncertain future. The Grexit should have been done 5 years ago in
parallel with the 1st bailout, but now it brings the debt along with the collapse of the
economy. The argument of Germans exit from Euro seems rational, there comes a win-win
game for either sides of the power balances.
Indian media, considered as the fourth estate of the state is considered as a virtual bridge between
the public and the government. It is one of the few sectors to gain a huge advantage with growing
population and growing literacy. Let it be print, television, internet, the increase in the audiences is
evident in all the different forms of media.
I believe that the three major problems with Indian news media and the suggestions to reform those
are
1. The categorization of news is done in a way that is not desirable. For example, the personal
matters of a celebrity are given a lot of importance to an agitation for farmers problems. Since the
public are interested in sensational news, the reform has to be taken such that sensationalism should
be negligible and such personalized news should be given special timings. Apart from that the bias

is also present in the showcasing of regional and national news. News from few regions of India are
not given importance at all. I believe there should be some authority to make sure few important
news has to be published in all the channels irrespective of it being a state channel and also a
national channel.
2. A huge part of the news now is opinion seeking from various persons of good positions related to
that issue. But, the selection of candidates is very much biased in all the news media. That has to be
decreased and that will only be possible, if there is an active on-line platform for those intellectuals to
express their ideas with freedom under the press council of India. The press council of India should
be more active and interactive with the public of the country so as to make the news media an
effective bridge between the public and the news channels. It should be an unbiased annual analysis
which gives feedback to all the news channels on their work and some part of that analysis may be
made visible to the public so as to give them a view on the credibility of a particular channel.
3. Earlier there used to be a perception that watching news is a good habit. But, today it is not
treated as an effective way to increase an individuals general awareness because the time he/she
spends on the news is very minimal in this busy world. So, there should be one platform by very
news channel which gives the glimpse of all the news without sensationalism. It is being practiced by
few channels with mobile applications. But, the content very often is about the different statements
made by politicians against each other, rather than the useful news. So, this has to change into a set
of really important news that is truly connected to the receivers. This method can involve
customization based on data analytics and big data for more efficient communication.

Greece is solely responsible for this.