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Financial Economic Crisis

Defining financial economic crisis as a long- term economic state that is characterized
by unemployment, low prices and low levels of trade and investment, bearing in mind
that the global economic crisis has become one of the biggest problems for a quarter
of the world’s countries including European countries. Taking into account that a
quarter of the world’s countries including Europe have already experienced at least
“low- level” instability, such as anti-government protests and government changes,
linked to the economy,

Aware of the fact that the main cause of economic crisis was the combination of the
risky loans many banks made and the quick up and down in housing prices.
Acknowledging that almost 40 percent of the developing countries are highly exposed to the
poverty effects of the crisis and an additional 56 percent of countries are moderately exposed,
Deeply saddened by the fact that hundreds of people were affected from
unemployment caused by the economic crisis as a result of a sharp fall in house
building leading to major job losses in the sector.

The economic crisis will bring a reduction of tourism as it involves great expenses
and during tough economic time’s people conserve their cash to cover the essentials
of life such as food, shelter and family necessities. The current crisis would hit hardest
such sectors as construction, automotive, tourism, finance, services and real estate
increasing the global unemployment. Recognizing the necessity of dealing with the
problem, certain measures are required in the interests of all countries:

1. Emphasizes on the need to reform the global financial system as a part of a global
partnership of development;
2. Calls upon nations to work together and come up with global solutions on the
challenge we face such as:
a) Short term measures to stabilize the current situation,
b) Long term measures to make another recurrence less likely;
3. Urges all countries to ensure common rules and standards to govern the global
financial markets for the future;
4. Supports the plan to invest in research and development to find new ways to solve
our problems giving hope and encouragement to people;
5. Encourages states to introduce national-level measures such as:
a) Changing the lending regulations,
b) Making correct bank supervision by flexible state organisations that will
have the power to prevent banks from making risky loans,
c) Financing programmes in order to help the economic development,
d) Promoting programmes that create jobs by entrusting projects to the
private section;
6. Suggests that banks make better management of the risk in order to make loans
that bring in a positive cash flow.
Περίληψη
Η παγκόσμια οικονομική κρίση αποτελεί ένα από τα σημαντικότερα προβλήματα του
σημερινού κόσμου, όπως και της Ευρώπης. Τα κύρια χαρακτηριστικά της είναι η
αυξανόμενη ανεργία, ο περιορισμός των εμπορικών συναλλαγών και των
επενδύσεων.
Η κρίση επηρεάζει τον τουρισμό, τον τομέα των οικοδομών, τις
αυτοκινητοβιομηχανίες των τομέα των ακινήτων και οδηγεί σε αυξημένη ανεργία. Η
αντιμετώπιση της επιβάλλει συντονισμένες ενέργειες από όλες τις επηρεαζόμενες
χώρες.

Γρηγόρης Σπανούδης Γ’ 12