Lousis Daguerre Essay Example | Topics and Well Written Essays - 250 words

Lousis Daguerre - Essay Example Daguerre utilized impeccably cleaned and silver plated sheets of cooper, which were sharpened with iodine fumes to get photographic pictures (Carlisle 255). These sheets were uncovered in huge box cameras and were later evolved in mercury exhaust (Carlisle 255). Later on they were fixed or balanced out in sodium thiosulphate or hypo (Carlisle 255). Daguerreotype photography required little presentation time and took into consideration the catching of photographic pictures that were amazingly itemized and striking (Carlisle 255). Daguerre advanced the daguerreotype photography developed by him both as a vehicle of imaginative articulation and as a strong logical instrument. The greater part of the previous trial works made by Daguerre were decimated in fire that consumed his research center. However, today despite everything endure a couple of his daguerreotype pictures, urban perspectives and still lives, which talk much for the inventiveness and stylish intrigue of Daguerre’s

The Criminal Justice Process Research Paper Example | Topics and Well Written Essays - 1500 words

The Criminal Justice Process - Research Paper Example On a composed grumbling to the police by the person in question, it is occupant upon the police to examine the issue. Because of police examination, on the off chance that it is discovered by all appearances that wrongdoing has been submitted, the police may capture the suspect based on warrant of capture gave by the appointed authority. The police after finish of its examination will present its examination report to the workplace of District Attorney. The arraigning lawyer will audit the examination report to decide if to speculate will be associated with the wrongdoing or not (Steury and Frank, 1996). On the off chance that suspect associates with the wrongdoing, he/she might be sent to the jail. He/she stays in the jail until the case is chosen by the equipped official courtroom. Whenever discharged on bail, the discharge understanding will sign by the denounced criminal. The discharge understanding contains the conditions that denounced will show up in the circuit court on due dates of hearings, won't leave the spot of habitation without the court authorization and won't threaten the casualty in any way at all. In the event that the respondent contacts casualty, the casualty has the privilege to report the issue to the court discharge official for making fundamental move. The discharge understanding will be powerful until the court chooses the case (Walklate, 1989). The body of evidence begins when charge archive against a blamed is documented by the lead prosecutor. Charge archive might be as grumbling, data or arraignment. A wrongdoing goes under the ambit of lawful offense where one can get detainment for a time of over a year. The wrongdoing submitted under the crimes is fabricating, conveying and having of medications, robbery, thievery, rape and so forth. Notwithstanding, wrongdoing violations (badgering, threatening and intruding) are those where a blamed can't get sentence for detainment of over a year (Walklate, 1989). First appearance of a respondent in a

Barbados Revolt 1816 Essay

There were 2 principle pioneers of the Barbados Revolt of 1816, they were Bussa who was a liberated individual in Africa and was brought to the Caribbean in the transoceanic slave exchange which was undoubtedly damaging. the other pioneer was Nanny Grigg. Causes The reasons for the 1816 revolt in Barbados are: 1. The British Slave Trade was nullified in 1807 and the slaves confused it with liberation. There was a library or enlistment bill or likewise called the enrollment of slaves {1812-1815} in which grower or proprietors needed to enlist their slaves, this was passed in order to stop over the top discipline just as the illicit offer of slaves. The grower were maddened over the death of this bill and considered it to be impedance in their residential undertakings. The slaves confused this as being furious about an arrangement for their liberation. 2. A free shaded man called Washington Franklin read paper reports of the abolitionist subjugation discusses. 3. Cruel treatment perpetrated by white society-want for lasting opportunity and vengeance. 4. A few slaves who were proficient, for example, Nanny Grigg, approached neighborhood and English papers from which they found out about what was going on in England Haiti and somewhere else. 5. A capable pioneer developed among the slave that is Bussa, an African conceived slave. 6. This revolt was for the most part energized by the planters’ refusal to acknowledge the Slave Registration Bill, the way that the slaves felt their Emancipation was being retained from them and the thoughts of opportunity and uniformity being developed in the psyches of the slaves’ mind by non-conventionalists Missionaries. 7. The slaves accepted liberation had been without a doubt, confusing it with the Registration Bill (which expressed that all slaves must be represented, so no sneaking went on) and revolted. *Slaves in Barbados appreciated some proportion of opportunity; this proportion of opportunity helped them to sort out the revolt. Impacts/Results 1. The preachers were kicked out of Barbados †This assistance to turn the British popular assessment against the grower and made individuals in Britain progressively great for liberation †Humanitarians were urge expanding their movement to cut down subjection 2. Grower got frightful 3. A few hundred slaves were slaughtered Bussa Bussa, (additionally recorded as Bussa, or Busso or Bussoe) was conceived in Africa however caught and brought to Barbados to fill in as a slave on Bayleys Plantation in the southern ward of St Philip. (Today, the plantation’s ‘Great House’ is as yet standing and become the home and recording studio of universal artist Eddy Grant) His introduction to the world date stays obscure, anyway it is felt that he showed up in Barbados as a grown-up. On the ranch Bussa filled in as a household slave, a head-officer at Bayleys and didn't encounter the extraordinary hardships that the field slaves persevered. Local slaves commonly viewed themselves as over the field slaves and some even uncovered plans of slave uprisings to their ‘masters’ so as to pick up favor. Bussa in any case, regardless of his ‘privileged’ position, assisted with anticipating a very long time ahead of time. The slaves uprisings were conceived out of a powerful urge to topple the harsh white plantocracy and guarantee their opportunity. It is said that plans for the insubordination started after the House of Assembly’s dismissal of the Imperial Registry Bill in November 1815. The evening of Good Friday, April 12, 1816, the last arrangements were made for the insubordination. At this gathering, it was concluded that a mulatto slave Washington Francklyn was planned to turn into the Governor of the island. The evening of Good Friday, April 12, 1816, the last arrangements were made for the defiance. At this exceptional gathering, it was concluded that a mulatto slave Washington Francklyn should turn into the Governor of the island. On the morning of Sunday April 14, 1816 Bussa drove around 400 slaves Several stick fields were set ablaze and from Bayley’s Plantation in St Philip the insurgence immediately spread to Christ Church, St George, St Thomas, St Lucy and St Thomas. The white ranch proprietors were completely found napping. The slaves battled valiantly against the soldiers of the First West India regiment and it was accounted for The resistance spread from estate to manor until about portion of the island was up to speed in the insurgence. It took four days for the specialists to recapture control. Bussa was slaughtered in fight, and the instigators were executed. In spite of the fact that the resistance at last fizzled, it was rarely overlooked. In 1985 over a century later, the Emancipation Statue was raised at the indirect in Haggatt Hall, St Michael. In 1999, Bussa was named as one of the national legends of Barbados. what's more, there is likewise a national occasion ‘Emancipation Day’, which commends the liberation of the slaves.

LEADING CHANGE Case Study Example | Topics and Well Written Essays - 500 words

Driving CHANGE - Case Study Example It requires some investment, yet once individuals have been persuaded, the target of unfreezing has been accomplished. In the phase of progress, the administrator/pioneer decreases the limiting powers, and expands the powers supporting the change. This may incorporate lessening the employees’ fears of financial or individual misfortune just as disposing of the adversaries while there is a concurrent procedure of expanding the help for change that may incorporate expanding the motivations for change. When controlling powers are adequately low, expanding only the main impetuses may get the job done. However, expanding the main impetuses without bringing down the controlling powers when they are critical may incite counter and obstruction. The phase of refreezing is likewise tedious like the unfreezing stage. The phase of freezing comprises of four sub-periods of disobedience, fierceness, mourning and adjustment. Following the change, individuals deny that it was through and thro ugh fundamental. At the point when this doesn't work, they become insulted yet absence of capacity to adjust the administrative choice places them into mourning, lastly, they become used to the change and adjust as per it. Change is a tedious procedure and the administrators/pioneers must give it due time to actualize adequately.

A Game of Thrones Chapter Twenty-seven Free Essays

string(45) chest and evacuated a light material undertunic. Eddard It’s the hand’s competition that’s the reason for all the difficulty, my lords,† the officer of the city watch whined to the king’s board. â€Å"The king’s tourney,† Ned adjusted, flinching. â€Å"I guarantee you, the Hand needs no piece of it. We will compose a custom exposition test on A Game of Thrones Chapter Twenty-seven or then again any comparative point just for you Request Now † â€Å"Call it what you will, my master. Knights have been showing up from everywhere throughout the domain, and for each knight we get two freeriders, three experts, six men-at-arms, twelve shippers, two dozen prostitutes, and a larger number of criminals than I dare surmise. This reviled heat had a large portion of the city in a fever to begin, and now with every one of these guests . . . the previous evening we had a suffocating, a bar revolt, three blade battles, an assault, two flames, burglaries past tally, and an inebriated pony race down the Street of the Sisters. The night prior to a woman’s head was found in the Great Sept, gliding in the rainbow pool. Nobody appears to know how it arrived or who it has a place to.† â€Å"How dreadful,† Varys said with a shiver. Ruler Renly Baratheon was less thoughtful. â€Å"If you can't keep the king’s harmony, Janos, maybe the City Watch ought to be told by somebody who can.† Bold, jowly Janos Slynt puffed himself up like a furious frog, his bare pate blushing. â€Å"Aegon the Dragon himself couldn't keep the harmony, Lord Renly. I need more men.† â€Å"How many?† Ned asked, inclining forward. As could be, Robert had not pained himself to go to the chamber meeting, so it tumbled to his Hand to represent him. â€Å"As numerous as can be gotten, Lord Hand.† â€Å"Hire fifty new men,† Ned let him know. â€Å"Lord Baelish will see that you get the coin.† â€Å"I will?† Littlefinger said. â€Å"You will. You discovered forty thousand brilliant mythical serpents for a champion’s tote, most likely you can figure out a couple of coppers to keep the king’s peace.† Ned turned around to Janos Slynt. â€Å"I will likewise give you twenty great blades from my own family unit monitor, to present with the Watch until the groups have left.† â€Å"All much obliged, Lord Hand,† Slynt stated, bowing. â€Å"I guarantee you, they will be put to acceptable use.† At the point when the Commander had disappeared, Eddard Stark went to the remainder of the board. â€Å"The sooner this habit is finished with, the better I will like it.† As if the cost and inconvenience were not irritating enough, one and all demanded salting Ned’s twisted by calling it â€Å"the Hand’s tourney,† as though he were the reason for it. What's more, Robert genuinely assumed he should feel respected! â€Å"The domain flourishes from such occasions, my lord,† Grand Maester Pycelle said. â€Å"They bring the incredible the possibility of greatness, and the humble a rest from their woes.† â€Å"And put coins in numerous a pocket,† Littlefinger included. â€Å"Every hotel in the city is full, and the prostitutes are strolling bent-legged and jingling with each step.† Master Renly chuckled. â€Å"We’re blessed my sibling Stannis isn't with us. Recollect the time he proposed to ban massage parlors? The lord inquired as to whether maybe he’d like to ban eating, pooing, and breathing while he was grinding away. On the off chance that believe it or not, I ofttimes wonder how Stannis ever got that monstrous little girl of his. He goes to his marriage bed like a man walking to a front line, with a troubling look in his eyes and an assurance to do his duty.† Ned had not joined the giggling. â€Å"I wonder about your sibling Stannis also. I wonder when he plans to end his visit to Dragonstone and resume his seat on this council.† â€Å"No question when we’ve scourged each one of those prostitutes into the sea,† Littlefinger answered, inciting more giggling. â€Å"I have heard very enough about prostitutes for one day,† Ned stated, rising. â€Å"Until the morrow.† Harwin had the entryway when Ned came back to the Tower of the Hand. â€Å"Summon Jory to my chambers and advise your dad to saddle my horse,† Ned let him know, too bluntly. â€Å"As you state, my lord.† The Red Keep and the â€Å"Hand’s tourney† were scraping him crude, Ned reflected as he climbed. He longed for the solace of Catelyn’s arms, for the hints of Robb and Jon challenge in the training yard, for the cool days and cold evenings of the north. In his chambers he peeled off his gathering silks and sat for a second with the book while he hung tight for Jory to show up. The Lineages and Histories of the Great Houses of the Seven Kingdoms, With Descliptions of Many High Lords and Noble Ladies and Their Children, by Grand Maester Malleon. Pycelle had spoken really; it made for unwieldy perusing. However Jon Arryn had requested it, and Ned felt certain he had reasons. There was something here, some fact covered in these weak business index, if no one but he could see it. In any case, what? The tome was longer than extremely old. Barely a man now alive had at this point been conceived when Malleon had assembled his dusty arrangements of weddings, births, and passings. He opened to the area on House Lannister again, and turned the pages gradually, daring to dream that something would jump out at him. The Lannisters were an old family, following their plunge back to Lann the Clever, a cheat from the Age of Heroes who was no uncertainty as amazing as Bran the Builder, however undeniably increasingly adored of artists and story tellers. In the melodies, Lann was the kindred who winkled the Casterlys out of Casterly Rock with no weapon however his brains, and took gold from the sun to light up his wavy hair. Ned wished he were here now, to winkle reality out of this detestable book. A sharp rap on the entryway proclaimed Jory Cassel. Ned shut Malleon’s tome and offer him enter. â€Å"I’ve guaranteed the City Watch twenty of my watchman until the competition is done,† he let him know. â€Å"I depend on you to settle on the decision. Provide Alyn the order, and cause certain the men to comprehend that they are expected to stop battles, not start them.† Rising, Ned opened a cedar chest and expelled a light material undertunic. You read A Game of Thrones Chapter Twenty-seven in class Exposition models â€Å"Did you discover the stableboy?† â€Å"The guard, my lord,† Jory said. â€Å"He promises he’ll never contact another horse.† â€Å"What did he need to say?† â€Å"He claims he knew Lord Arryn well. Quick companions, they were.† Jory grunted. â€Å"The Hand consistently gave the chaps a copper on their name days, he says. Had particular talent with ponies. Never rode his mounts excessively hard, and brought them carrots and apples, so they were constantly satisfied to see him.† â€Å"Carrots and apples,† Ned rehashed. It seemed as though this kid would be even less use than the others. What's more, he was the remainder of the four Littlefinger had turned up. Jory had addressed every one of them thusly. Ser Hugh had been curt and uninformative, and pompous as just another caused knight to can be. In the event that the Hand wished to converse with him, he ought to be satisfied to get him, however he would not be addressed by a simple commander of gatekeepers . . . regardless of whether said skipper was ten years more established and a hundred times the fighter. The serving young lady had in any event been wonderful. She said Lord Jon had been perusing more than was beneficial for him, that he was grieved and despairing over his young son’s slightness, and abrupt with his woman spouse. The potboy, presently cordwainer, had never traded to such an extent as a word with Lord Jon, yet he was brimming with oddments of kitchen tattle: the ruler had be en quarreling with the ruler, the master just picked at his nourishment, the ruler was sending his kid to be cultivated on Dragonstone, the ruler had taken an extraordinary enthusiasm for the rearing of chasing dogs, the ruler had visited an ace armorer to commission another suit of plate, fashioned all in pale silver with a blue jasper bird of prey and a mother-of-pearl moon on the bosom. The king’s own sibling had gone with him to help pick the plan, the potboy said. Actually no, not Lord Renly, the other one, Lord Stannis. â€Å"Did our gatekeeper recall whatever else of note?† â€Å"The fellow swears Lord Jon was as solid as a man a large portion of his age. Frequently went riding with Lord Stannis, he says.† Stannis once more, Ned thought. He found that inquisitive. Jon Arryn and he had been cheerful, yet never neighborly. And keeping in mind that Robert had been riding north to Winterfell, Stannis had expelled himself to Dragonstone, the Targaryen island quickness he had vanquished in his brother’s name. He had given no word concerning when he may return. â€Å"Where did they go on these rides?† Ned inquired. â€Å"The kid says that they visited a brothel.† â€Å"A brothel?† Ned said. â€Å"The Lord of the Eyrie and Hand of the King visited a massage parlor with Stannis Baratheon?† He shook his head, skeptical, considering what Lord Renly would think about this goody. Robert’s desires were the subject of profane drinking melodies all through the domain, however Stannis was an alternate kind of man; an uncovered year more youthful than the lord, yet completely not at all like him, harsh, humorless, unforgiving, dismal in his feeling of obligation. â€Å"The kid demands it’s valid. The Hand took three sentries with him, and the kid says they were kidding of it when he took their ponies afterward.† â€Å"Which brothel?† Ned inquired. â€Å"The kid didn't have the foggiest idea. The watchmen would.† â€Å"A feel sorry for Lysa stole them away to the Vale,† Ned said dryly. â€Å"The divine beings are giving a valiant effort to vex us. Woman Lysa, Maester Colemon, Lord Stannis . . . everybody who may really know reality of what happened to Jon Arryn is a thousand classes away.† â€Å"Will you gather Lord Stannis once more from Dragonstone?† â€Å"Not yet,† Ned said. â

Book of Exodus Message, Themes, Characters, and New Testament Context - Literature Essay Samples

Part 1: The Book of Exodus and its MessageIn his theory of forms, the philosopher Plato proposes that the objects and situations encountered in the mundane world are often indicative of a higher and fuller reality. While Plato did not have the Old Testament in mind when he wrote The Republic, his concept of reality speaks to the relationship between the highlight of Jewish scripture, Ve-eleh Shemoth, better known as Exodus, and the events that would eventually become the focus of Christianity. In many ways, the Exodus is the thematic well from which the rest of the Bible draws. In its pages, one finds the departure of Israel from slavery in Egypt, the revelation of the Law on Mount Sinai, the journey towards Canaan, and the beginnings of Judaic religious practice. As the cornerstone of Old Testament soteriology, Yahwehs deliverance of His people from Egypt is a pivotal event in the unfolding of Gods covenant with Israel, as well as the theological archetype in which Christianity is r ooted. Furthermore, the events of the Exodus precipitate the creation of the Torah, or Teaching, and thus can be viewed as the direct antecedent of later Jewish customs.The story of the Exodus is well-known, having been the subject of numerous films and books, but its causes reach deep into the narratives of the first book of the Torah, bere-sit, or Genesis, as it is called in the Pentateuch. There, Yahweh blesses Abraham with the promise that Abrahams offspring will inherit the land of Canaan, establishing a nation through which the entire Earth will be blessed. This forms the bedrock of the covenant relationship between God and Abrahams descendents, the children of Israel. Genesis 15, however, contains a more foreboding prophecy:13 And he said unto Abram, Know of a surety that thy seed shall be a stranger in a land that is not theirs, and shall serve them; and they shall afflict them four hundred years; 14 And also that nation, whom they shall serve, will I judge: and afterward s hall they come out with great substance.Thus, it was known as early as the time of the Patriarchs that Israel would endure a period of bondage in a foreign land before the covenant came to its fruition. The groundwork for this event is laid in Genesis 45, when Joseph moves the progenitors of the twelve tribes of Israel into Egypt, where they make their home in the northern region of Goshen. Over time, this small ethnic enclave grew to become a potential threat to Egyptian sovereignty. In order to allay his fears that the Israelites would betray Egypt in the event of a war, the Pharaoh of Exodus imposed the implacable chains of slavery on Josephs descendants, effectively preventing them from rebellion. When servitude proved ineffective, the Pharaoh added genocide to his program, ordering that all newborn Jewish males be slaughtered to prevent population growth amongst the Israelites. Placing an exact date on these events has proven futile, but most scholars believe that the Exodus to ok place during the first half of the 13th century, B.C. (LaSor, 59). Since the Biblical text does not explicitly mention the year in which the departure from Egypt took place, such exegesis has relied heavily on extra-biblical sources, as well as clues found in the text itself. Exodus 1:11 informs the reader that the Israelite slaves were responsible for the construction of the cities Pithom and Raameses (or Pi-Rameses), which were built sometime after 1290 B.C (LaSor, 59). This dating is further attested to by the Israel Stele (see Figure 1): a limestone monument erected c.1209 B.C. by Pharaoh Merneptah, which was unearthed in Thebes in 1896 (Wood). The stele, which boasts of the Pharaohs military victories in Canaan, includes the phrase: Israel is wasted, bare of seed (Dunn). Aside from being the earliest non-Biblical reference to the name Israel, the Stele demonstrates that the Israelites were established in the land of Canaan by 1209 B.C. (LaSor, 59). If this is true, then the Exodus would have taken place at least 40 years earlier, placing it in mid-1300s B.C. While this dating of the Exodus is still debated amongst scholars, it places the Exodus about two hundred years after the Hyksos period: a time when Egypt was dominated by foreign Semitic kings. The resulting xenophobia may account for the Pharaohs suspicion of the teeming Hebrew population.In the midst of this milieu, the Bible reports, God raised up the deliverer Moses to bring the Israelites out of bondage and lead them into the land of Canaan. Central to these events are the ten ominous plagues that Moses sends upon Egypt, which increase in severity as Pharaohs heart hardens. As William Sanford LaSor describes on pages 68 and 70 of Old Testament Survey, the literary form used in describing the plagues is to break them down into three groups of three. They follow this pattern: Before the first plague, Moses confronts Pharaoh by the river at dawn. Before the second plague, Moses and Aaron come be fore Pharaoh. Before the third plague, they do not appear before Pharaoh, but instead use a symbolic gesture. In Biblical numerology, the number three is associated with the Triune presence of God (Slick), so its triple presence in the plague story indicates the divine source of these calamities. Further, three times three brings up the number nine, which is paradoxically considered a number of judgment and blessing (Slick). That the plagues are ten in number indicates the completion of Gods plan of deliverance (Slick).As YHWH declares in Exodus 12:12, additional significance is added to the plagues because they are direct assaults on the nature-based deities of Egyptian religion. By attacking the elements themselves, God contrasts his power with Egyptian superstition (Pennington). The sacred Nile River is turned to blood in Exodus 7, for instance, and the sun revered as Aten, the supreme deity, by Egyptians (Pennington) is darkened in Exodus 10. Finally, the tenth plague the death of Egypts firstborn comes against Pharaoh himself, who was held by the Egyptians to be an incarnate god (Pennington), and the tyrants will is finally broken. This final plague precipitates the introduction of the festival of Passover in chapter 12, during which a year-old lamb is sacrificed and its blood placed upon the Israelites doorposts. Acting as a symbol of redemption, the blood serves as a signal for God to pass over the house upon which it was applied, thus sparing the Israelites firstborn from suffering the plague of death. The lambs meat was then quickly eaten along with unleavened bread and bitter herbs, and the Israelites prepared themselves for the coming journey, as described in Exodus 12:11. While some scholars argue that the Passover already existed as a spring festival customary to shepherd people (LaSor, 70), the events surrounding the tenth plague clearly elevated the importance of the paschal tradition, as is evidenced in the continued practice of the feast amo ngst contemporary Jews. Furthermore, the Passover is particularly important for Christians, who recognize it as a prefiguring of the blood of Christ. Communion, which is a central ritual of the Christian church, derives both its imagery and its use of unleavened bread from the Jewish Passover. For both Jews and Christians, the symbolism of the meal is indicative of Gods power to bring his people out of oppression.Exactly what route the Israelites followed after the Passover is not known, but indications of their route are related in passages such as Exodus 12:37; 13:17-14:4; and Numbers 33:5-8 (see Figure 2). In Exodus 13:17, the Bible states: God led them not through the way of the land of the Philistines. Historically, the way of the Philistines referred to an efficient trade route that ran up the coast of Palestine, arriving at Canaan by way of the city of Gaza (LaSor, 61). Because this route was well-traveled and the site of numerous Egyptian fortresses and supply depots, it was to be avoided at all costs by the Israelite exiles (LaSor, 61). Instead, the Hebrews chose to trudge through the isolated Way of the Wilderness (Ex. 13:18), which ran through the Wilderness of Shur (15:22) in the Sinai Peninsula, eventually arriving at the fabled Mount Sinai.In most English Bibles, both Exodus 13:18 and Numbers 33:11 seem to suggest that a miraculous crossing of the Red Sea served as the starting point for the Israelites wanderings in the Sinai Desert. While the historicity of the parting of the waters is to be accepted on Faith, not all scholars agree that the traditional site of the miracle is accurate. In Hebrew, the name translated as Red Sea literally reads Sea of Reeds, leading some to conclude that the location of the water-crossing would have been one of the marshes near the present day Suez Canal (LaSor, 61). One can imagine that the wheels of the Egyptian chariots would have become mired in this muddy region, only to be swept away when the waters returned .Equally vague is the location of Mount Sinai, which traditional reckonings place near the southern tip of the Sinai Peninsula, where there lies a range of mountains that the Arabs call Jebel Musa, or Mountain of Moses. At this nexus of Heaven and Earth, Moses received the pivotal revelation that would later become the foundation of the Torah. Inscribed on two stone tablets and placed in the Ark of the Covenant, the Ten Commandments reveal Gods expectations for how His people should relate both to Him and to each other in the period following the Exodus. They are not the conditions by which the people were saved, but a response to having already been saved from Egypt. In literary form, they are similar to other legal codes of the Near East, such as Hammurabis Code from Babylon (LaSor, 73-72). Further, they mirror the style of a Near Eastern Suzerain Treaty, in that they codify the relations of a king (YHWH) and a vassal (Israel) in the form of an I and Thou dialogue (LaSor, 75).Whil e commonly called Commandments, the revelations which Moses received on Mt. Sinai would more accurately be called ten words or teachings, as indicated by the Pentateuchs use of the Greek word Decalogue (from deka, ten; and logos, word) (The Ten Commandments). Illustrating this point, the first teaching is I am Yahweh your God, which is believed to be the initial revelation of the Tetragrammaton YHWH (LaSor 67). Although English Bibles translate Yahweh as Lord, it is better understood as a derivative of the Hebrew verb haya, meaning he is. Thus, it is the third-person equivalent of the name revealed by God at the Burning Bush I AM. Lord is substituted for YHWH, because the Tetragrammaton was not verbally pronounced out of fear of violating the commandment against taking the Lords name in vain (LaSor 67). According to the Ten Commandments, YHWH is to be the only God of Israel, and idolatry is to be condemned. Although idol-worship was common at the time of the Exodus, the Decalogues prohibition of the practice demonstrates the unique emphasis that the Jewish worldview places on the relationship between man and God. Graven images are forbidden because God has already created humankind in His image in Genesis 1:26. Thus, from a Biblical perspective, the devotion and respect which one would give to an idol should instead be turned towards ones fellow human beings, through the principals laid out in the rest of the Bible.To house the Ark of the Covenant and its sacred contents, the Israelites constructed a portable place of worship called a Tabernacle, the specifications of which are recorded in Exodus 25-40. With the introduction of the Tabernacle, the Jewish faith began its transition from the personal devotion of the Patriarchs to the formalized religion of the post-Exodus period. Perhaps this transition was spurred on by the idolatry of Exodus 32, which would have forced Moses to come to terms with the need for institutionalized religious practices. Surrounding the Tabernacle was a fence and an outer court, where burnt offerings were performed for the people. Beyond this stood the Tent of Meeting, the first room of which was called the Holy Place. Levitical Priests were permitted to enter this sanctuary, and it was here that the majority of priestly activity took place. Behind the Holy Place was a room called the Holy of Holies, which contained the Ark and was believed to be the literal dwelling place of God (Barrow). Only once per year, on Yom Kippur, was the High Priest permitted to enter this most sacred chamber with sacrificial blood on his hands. Aside from its role in the Day of Atonement, the Tabernacle foreshadows Christ in His role as Gods presence in the midst of humankind (Barrow). This foreshadowing is attested to in John 1:14, which is most accurately translated as: the Word became flesh and tabernacled among us (LaSor 76).Part 2: The Characters of ExodusParamount to the events of Exodus is the life and work of Moses, who is by turns a prophet, a lawgiver, a governor, and a savior. Deemed the penultimate prophet of Judaism, belief in Moses message is listed amongst Rambams 13 Essentials of the Jewish Faith (Rich). His writings, which comprise the Pentateuch, are revered by Jews above all other sacred writings. Because of this, he is traditionally called Moshe Rabbeinu, or Moses the Rabbi; a name that has a numerical value of 613 the same number of mitzvot, or commandments, contained in the Torah (Rich). In addition, Jews consider Moses to be the only man to have seen God face-to-face (Deut. 34:10) and to have spoken directly with Him (Num. 12:8). For Christians, this tenant of Judaism is a foreshadowing of Jesus, who would assert that he and the Father (YHWH) are One. A Hebrew by birth, Moses escaped the Pharaohs death sentence when his clever mother (named Yocheved in Jewish tradition) and sister Miriam set him adrift in a small boat on the Nile River as a child. Discovered by Pharaohs daughter, he wa s given the name Moses, which derives from a root meaning to draw out (Ex. 2:10). According to most scholars, this name is Egyptian in origin (LaSor 65), but some speculate that Moshe (Moses) is actually a Hebrew translation of the Egyptian word minios drawn out (Rich). Exodus does not record the name of the Pharaoh who was ruling at this time, but tradition has associated him with Raameses II. Most scholars agree that the cities of Pitham and Pi-Raamses (Ex. 1:11) were built by Pharaoh Rameses II, making him the most common suspect as the Pharaoh of Exodus. If the widely accepted dating of the Exodus to the mid-13h century is correct, then Raameses II would almost certainly be the Pharaoh with which Moses contended. Alternate datings based on information in 1 Kings 6:1, however, have led other scholars to date the Exodus to 1447 B.C. (LaSor 60), which would disqualify Raameses II as Exodus Pharaoh. While the Pharaoh plays a villainous role in the narrative of Exodus, there is an i mportant spiritual lesson that can be learned from his situation. After each plague, Pharaohs heart is said to be hardened, preventing him from responding to Moses demands. Perhaps this is intended as an illustration that when a persons heart is closed to God, he or she is unable to hear His Words or properly respond to his Will. Regardless of Pharaohs nefarious reputation, it is probable that the lifestyle of his court was one of Moses earliest influences. Raised as an Egyptian prince, Moses would have been highly educated, literate, and capable of military leadership (LaSor 65). This makes plausible the traditional designation of Moses as the author of the Torah, as well as his alleged administrative skills. A familiarity with the literary forms of the time is demonstrated in Exodus 15: 1-18, in which Moses composes a triumphant song to celebrate Gods deliverance of the Israelites at the Sea of Reeds. Significantly, the Song of Moses differs from other poetry of its time in that i ts focus is exclusively on YHWH, rather than the exploits of human champions and warriors (LaSor 72). This sensitivity to Hebrew culture is best explained by Exodus 2:7-10, which reports that Pharaohs daughter hired Moses mother to act as his nurse. It is reasonable to assume that Moses mother would have instilled in him an appreciation for his Hebrew heritage, if through nothing else than through the customs of her daily life. There is little doubt that Moses was poignantly aware of his ethnicity, as evidenced in his outrage at seeing a Hebrew slave beaten in Exodus 2:11-12. In his anger, the Bible tells us, Moses slew the Egyptian and then fled into the wilderness of Midian, where he took up residence with a local priest named Jethro. In Midian, Moses worked as a shepherd, tending Jethros flocks, and eventually married the priests Ethiopian daughter, Zipporah. It was during this period that Moses encountered the Burning Bush through which God spoke to him. After electing Moses to be His Prophet and Deliverer, God reveals to Moses one of the Divine Names: I AM. According to LaSor, page 66, a persons name in ancient times was descriptive of their attributes, so God is here asserting his ontological superiority, as well as his nearness to and accessibility by his people. As is often the case, it is not clear why God chose Moses to act as his representative, especially when the Bible says in Exodus 4:10 that Moses was not an eloquent speaker. One Jewish midrash, as related in Judaism 101 by Tracy R. Rich, speculates that Moses dedication to Jethros flocks of sheep was the trait that led YHWH to select him to guide the flocks of Israelites. The story, as Rich presents it, tells of a time when Moses was taking the sheep to the watering hole and one particular lamb did not come. Leaving the rest of the flock behind, Moses went back to the stray lamb, put it on his shoulders, and carried it to the water so that it could drink. While this story may be folklore, it pr ofoundly parallels Jesus parable of the lost sheep in Luke 15. This would be appropriate, because as a savior figure, Moses prefigures the work of Christ. Just as Moses delivered the Israelites from bondage in Egypt, Christ released all of humanity from bondage in sin. While Moses relationship with God is astounding, his life was riddled with challenges. His lack of faith in receiving water from a stone prevented his entrance into the very Promised Land that he had worked so hard to reach (Num. 20:7-13). Precisely what transgression he committed in striking the stone twice to receive water is unclear, but it is typically understood as indicative of Moses impatience or frustration. In addition, I suggest two alternate explanations that might shed some light on the situation. One is that Moses aggravated statement in verse 10 must we fetch you water suggests that for a moment he thought of himself, rather than YHWH, as the source of blessing. The other possibility that occurs to me is that the smiting of the rock and the outpouring of water was meant to prefigure Jesus smitten on the cross, with the water flowing from his side (John 19:34). However, Jesus was smote only once and for all time, and thus Moses striking the rock twice ruins what could have been a Christological image. It may be easy to judge Moses for his eventual frustration with the journey out of Egypt, but considering the level of stress he was under, he performed remarkably almost flawlessly as a leader. Exodus 18:13-26 seems to indicate that he suffered immense pressure in trying to judge fairly all of the problems that arose among the Israelites, as hinted at by Jethros ominous observation that Moses would surely wear away if he did not seek administrative assistance (18:18). To alleviate the strain on Moses, Jethro suggested the institution of a basic judicial system a proposal which Moses readily accepted. In addition, Moses regularly received help from Aaron, whom God appointed to ser ve as the Israelites spokesperson due to Moses lack of verbal gravitas (Ex 4:10). Working on the assumption that Aaron was Moses older brother, Jewish scholars believe Aaron was born prior to the slaughter of Hebrew children (Rich). Aside from his role as diplomat, Aaron also served as the first of the Levitical Priesthood, and functioned as the center of Israels religious life during the Exodus; thus, the meaning of his name, exalted one (Molloy 283). This role becomes especially important after the construction of the Tabernacle, when routine sacrifices and religious duties become central to Israelite life. As the High Priest, Aaron would have been the only individual permitted to enter the Holy of Holies and come into the direct presence of God with the Yom Kippur offering. In Jewish tradition, it is thought that Aarons success both as a priest and as a diplomat was due to his love for peace (Rich). Writing in the Talmud, the Rabbi Hillel is quoted as saying: Be disciples of Aaro n, loving peace and pursuing peace, loving people and drawing them near the Torah (Rich). This sentiment is played out in Aarons role as intercessor on the Day of Atonement, making peace between the people and God for the coming year. Unfortunately, this trait may have been responsible for Aarons willingness to go along with the peoples desire to build the golden calf at the foot of Mt. Sinai (Ex 32:22). Like Moses, Aaron did not enter the Land of Canaan, but died while traveling in the desert. Completing the three-part leadership team of the Exodus is Moses and Aarons elder sister, Miriam. Spoken of as a prophetess in Exodus 14:12, Miriam is the first woman in the Bible to be given this title and to be depicted in a leadership position. No doubt she was well-suited to the task, given her cleverness in engineering the events that saved Moses life in Exodus 2, as well as her courage in approaching Pharaohs daughter with the proposal that Moses mother serve as his nursemaid. What leve l of education she would have had as a Hebrew slave is unclear, but Exodus 15:20 indicates that she had some musical skill. Verse 21 describes Miriam as leading the women of Israel in song and dance, but the words of her song merely echo the first verse of Moses composition, suggesting that she did not write her own music.Like her brothers, Miriam enjoyed an impeccable relationship with YHWH, yet she erred during the journey to Canaan. Numbers relates how Miriam, along with Aaron, challenged Moses prophetic leadership and criticized his decision to marry an Ethiopian woman. Miriams name, which means rebellion (Molloy 283), seems to indicate that she was predisposed to antiauthoritarian tendencies. In response to her chronic complaining, God punished Miriam with leprosy, which resulted in her being disfellowshiped from the Israelite community . Fortunately, Aaron interceded on her behalf, and implored God to remove the disease from his sister. YHWH relented, and Miriam was accepted b ack into the Israelites camp, although she, too, was ultimately excluded from the Promised Land. One could make the argument that the story of Miriams leprosy contains Christological overtones sin results in a persons separation from the community of believers, but the intercession of Christ (prefigured bere in Aaron) results in the restoration of the sinner.Part III: Evaluation Exodus in a Christian ContextFor Christians, the ramifications of the Book of Exodus reach far beyond the Torah. As the Apostle Paul asserts in Colossians 2:17, the events of Jewish history are the shadow of things to come like the silhouettes cast on the walls of Platos cave, they merely hint at the fullness of reality that is manifest in Christ. In Matthew 8:4, he explicitly instructs a man to present himself in the Temple and offer the gift that Moses commanded. In Matthew 17, Christ conferences with both Moses and the Hebrew prophet Elias during his supernatural transfiguration, and in Mark 12:26 Chri st directly quotes from the Book of Moses, reciting an event from Exodus. Point by point, the life of Christ parallels and expands on the story of Exodus. Matthew makes this especially obvious in his Gospel, which was written for a Jewish audience (Middendorf 48). Matthew begins building his comparison in chapter 2, in which he reports that like Moses, Jesus childhood involved a narrow escape from a kings massacre of young Jewish males. As a result, the family of Christ flees into Egypt, only to return to Judea after the death of King Herod. In verse 2:15, Matthew explicitly invokes the Exodus with a prophetic quote out of Egypt I have called my son. In Matthew 3:13, Jesus passes through the River Jordan by way of baptism, mirroring the passage through the Sea of Reeds. Immediately thereafter, he is driven into the wilderness (4:1), where he wanders for forty days and faces temptation. Clearly, the forty years that Israel spent in the wilderness was a foreshadowing of this event, al though Christ improves upon the original story by resisting temptation, whereas Israel repeatedly falls into sin during its wilderness experience. Matthews use of Exodus as a model for the story of Christ reaches a crescendo in chapter 5, when Christ delivers the Sermon on the Mount. As the traditional name of the discourse implies, the placement of this event in Matthews narrative is intended to bring to mind Moses reception of the Law on Mt. Sinai. In the Sermon on the Mount, Jesus reveals the Will of God for his people, just as Moses had done centuries earlier. Like Matthew, John also draws on the imagery of Exodus in the sixth chapter of his Gospel. In v.6:31, Christ compares himself to the manna which God provided the Israelites during their journeys in the desert. In calling Himself the Bread of Life, Jesus asserts that he is Gods provision to a spiritually starved humanity. Because of this, some scholars believe that the four words used to describe the manna in Exodus 16 (sma ll, round, white, and sweet) contain Christological overtones (Jesus in the manna). Smallness indicates the humility that Christ showed in his ministry, particularly in his passion. Because a round circle has no beginning or ending, it may be taken as a metaphor for eternity, depicting the deity of Christ and his everlasting reign. Whiteness represents spiritual and moral purity, and sweetness uses the sense of taste to describe the joy that comes through Jesus presence. Like salvation, manna was a free gift given from Heaven as an expression of Gods covenant with his people. Exodus deals heavily with the theme of covenant established in Genesis. It represents the fulfillment of Gods promises to Abraham and sets the stage for Israels invasion of the Land of Canaan. Many believe that Israel was delivered by obeying the Law, but this is incorrect. Notice the sequence of events: God delivers Israel first, and then the Law is given as a means of living in response to a salvation that ha s already been given. Thus, the doctrine of Sola Gratia is present even in the Torah. The final events of the departure from Egypt are strikingly sacramental in their imagery the Israelites partake of unleavened bread (reminiscent of Communion) and then proceed through the sea, bringing to mind the waters of Baptism. Sequentially, the presentation of these images indicates their respective roles in the salvation process the blood of the Passover Lamb brings salvation, the unleavened bread commemorates the event, and the passage through water marks the transition from slavery to freedom. In a broader sense, the Book of Exodus attests to the faithfulness of God, even in the face of doubt and backsliding. Called a covenant narrative (Motyer), the Exodus brings to fruition the pledges that God made to Abraham, while looking ahead to the glory of Christ. For contemporary readers living in an age of doubt, the epic redemption of the Israelites teaches believers that we can stand firmly on our covenant with the Lord, knowing that he will not renege on his promises. As Paul writes in 2 Corinthians 1:10, God is the one who delivered us from so great a death, and doth deliver: in whom we trust that he will yet deliver us. Further, Exodus demonstrates that miracles often take time sometimes as long as forty years which requires a faith that is tempered with patience. Yet even in the face of chronic sin, as occurred during the Wilderness Wanderings, God remains faithful and does not abandon his elect. This, then, is the most enduring message of Exodus: that no matter how many years or how many sordid paths it may take, we can remain confident in the knowledge God will never leave us, nor forsake us (Hebrews 13:5).Works CitedBarrow, Martyn. The Tabernacle Homepage. 1995. The Domini Project. 3 March 2005. http://www.domini.org/tabern/tabhome.Dunn, James. The Victory (Israeli) Stele of Merneptah. Tour Egypt Guide for Travel, Modern and Ancient Egypt. 1996. Tour Egypt. 3 March 2005. http://touregypt.net/victorystele.htmJesus in the Manna. Hope of Israel. 2005. The Hope of Israel Baptist Mission. 3 March 2005. https://www.hopeofisrael.net/manna.htmLaSor, William Sanford. Old Testament Survey: Second Edition. Grand Rapids: William B. Eerdmans Publishing Company, 1996.Middendorf, Michael. Called by the Gospel: An Introduction to the New Testament. Irvine: Concordia University, 2004.Molloy, Michael. Experiencing the Worlds Religions. Mcgraw Hill: California 2002.Pennington, G.K. The Ten Plagues and Egypts Religion. Does God Exist? Volume 25, Number 6, Nov/Dec, 1998. 3 March 2005. http://www.doesgodexist.org/NovDec98/TheTenPlaguesAndEgyptsReligion.htmlRich, Tracy R. Moses, Miriam, and Aaron. Judaism FAQ. 2004. 3 March 2005. http://www.jewfaq.org/moshe.htmSlick, Matthew. Biblical Numerology. Christian research and Apologetics Ministry. 2003. CARM. 3 March 2005. http://www.carm.org/questions/numbers.htmThe Ten Commandments. Catholic Encyclopedia. 2003. New Advent. 3 March 2005. http://www.newadvent.org/cathen/04153a.htmWood, Bryant G. What Has Archaeology Taught Us About the Origins of Israel? Christian Answers. 1995. Associates for Biblical Research. 3 March 2005.http://www.christiananswers.net/q-abr/abr-a015.html

Financial Markets and the Economy - Free Essay Example

In Greece the government dept and the money owed to pension funds, summing up to 1,2 trillion was becoming a huge burden . All the national services were running on a deficit and they were showing great inefficiency. In addition to this, corruption was obvious in every sector and tax evasion was more than a common practice. Generally Greek banks followed a very conservative strategy and did not invested in high yield assets nor did they get involved in the toxic real estate mortgage bonds market in the US. In this environment, Greek banks had lend Greece 30 billion Euros that had been stolen and squandered. Seeking to buy high yield bonds, Greek banks invested in promising GGB and now but a 20-25 % decrease in the price of the bond is enough to wipe out the 25% of the Greek Banks equity. With Mr. Papandreou going public about the real dept of Greece, yield rates increased and the Greek bonds lost their value. Greeces debt is rated as BBB- (SP), A2 (Moodys) and BBB- (Fitch) and the European Central Bank (ECB) may not accept Greek debt securities as collateral any longer after the end of the year, creating a big problem on liquidity. As a result if the Greek Government defaulted on its debts, the Greek banks would go bankrupt. Greece is still believed to be the most possible member in the euro Area to default due to sovereign crisis. The results for the Greek Economy and its existence in the global market would be catastrophic (inability to pay for its necessities and inability to borrow money from the markets with a rational interest rate). Similarities between Portugal and Greek Financial Crisis Portugal is a similar country that was running on deficits although the problem isnt as hard as in Greece. Portugal faces public sovereign problems and this puts extreme pressure on Portugals banks. Although Portugals solvency is not in question, its debt affordability over the medium term and the economys ability to withstand fiscal consolidation downgrades its credit rating. On February 4, 2010 Portugal attempted to sell T-bills although it didnt managed to receive the expected number of bidders. One part of the problem has been the investors punishment in the Greek bonds issuing, as bonds plunged and yields rocketed. The cost of insuring Portugals sovereign debt against a default rocketed at November 2010 and speculation implied that the country may have to follow Greece and Ireland in seeking an international financial bail-out. Portugals credit ratings are better than Greeces and this poses Portugal not at risk of refinance its operations, however they should proceed in cuts in public spending, a move that was not welcomed by the people. To balance the budget the only way is to increase revenues or to cut expenses. Higher revenues can be succeeded by higher growth or higher taxes. In Greece as we know tax evasion and corruption in bureaucracy have been a burden in implementing an efficient plan. While Portugal is doing better than Greece in terms of controlling its budget deficit and public debt, its poor long-term growth prospects, drastic loss of competitiveness imply low expectations for growth. Moreover, Portugals reliance on Spain-itself vulnerable-as a market for 25 percent of its exports, adds to the contagion risk. The Portugal Banks are facing challenges and they have to rely on governmental support. The inability of government to support the Portuguese banks has led to the downgrade of the debt ratings. Ireland Crisis Ireland Financial crisis was created inside the country and could be considered home-made. It started in a period when globally there was an era of growth. Financial integration in the Euro area allowed financial institutions in Ireland to access cross border funding. And based on that, Ireland experienced a significant financial boom. Living standards rose by far, and that is what happened with asset values. The boom in property investment market was certain, but fiscal and banking policies and financial supervision should have been prepared for a bust. But in fact, budgetary policy veered more toward spending money while revenues came in. In addition to this, the tax pattern created a lot of troubles since it was connected to property and spending and Ireland had an unusual system with tax deductibility for mortgages, and significant and distortive subsidies for commercial real estate development, yet no property tax. Moreover competition from abroad increased and the need for bank governance and risk management was crystal clear. IMF and ECB were not very critical of the policies followed and no measures were taken there to let room for man oeuvre. Lending in property and especially commercial property and individuals had increased in a level that imposed high risks. The response of supervisors to the build-up of risks, despite a few praiseworthy initiatives that came late in the process, was not hands-on or pre-emptive. In 2007 a decline in Irish property values and the Freezing up of the worlds interbank system, showed that the Banking system would face problems in order to finance its operations. This implied threat of Banks default, caused the governments intervention in order to bail them out. Anglo Irish Bank exposed to the Irish property bubble, and been involved in scandal in 2008 had a major drop on its share price. Ireland had entered into recession in the beginning of 2009 and unemployment rose by 3 degrees. The residential and commercial property markets went into a severe slump with both sales and property values collapsing. The Government in order to face the recession started taking controversial measures that evoked an unexpected public outcry. However the cost of saving the Banks pushed the National Debt to 125% (by 2015). As we can see, these are two different debt structures. In the first case the problem was caused by fiscal imbalances that drove banks into the black hole and in the second case the problem started as a banking crisis that evolved into a sovereign debt crisis. 2. Describe and elaborate on the term Greek statistics. What is the role of Goldman Sachs? The term Greek Statistics stands for the effort the Greek statistical authorities did to disguise the huge budget deficits the Greek government created. Creative accounting took priority when it came to totting up government debt. For all the benefits of uniting Europe with one currency, the birth of the euro came with an original sin: countries like Italy and Greece entered the monetary union with bigger deficits than the ones permitted under the treaty that created the currency. Rather than raise taxes or reduce spending, however, these governments artificially reduced their deficits with derivatives. Since 1999 and the Maastricht treaty no country-member of the European economic union- should exceed the budget deficit limit of three percent, while total government debt must not exceed 60 percent. The Greeks have never managed to stick to the 60 percent debt limit, and they only adhered to the three percent deficit ceiling with the help of blatant balance sheet cosmetics. After recalculating the figures, the experts at Eurostat consistently came up with the same results: In truth, the deficit each year has been far greater than the three percent limit, when in 2009 it exploded over 12 percent. Greeces budget deficits had been badly understated. In order to lower them, all sorts of expenses, like pension debt or defense expenditures, were moved out of the books. This way Greece managed to retain the deficits so as to meet the targets. Nevertheless, Greece would be able to disguise its true financial state for only as long as lenders assumed that a loan given was as good as guaranteed by the European Union and no one outside of Greece paid much attention. Therefore, professional aid was necessary to achieve it. Here, in 2001, entered Goldman Sachs, which engaged in a series of apparently legal but nonetheless repellent deals designed to hide the Greek governments true level of indebtedness. Goldman Sachs first helped Greece to borrow billions of Euros in secret, and then told it how to get round the European restrictions on public debt. The deal involved so-called cross-currency swaps in which government debt-issued in dollars and yen- was swapped for euro debt for a certain period to be exchanged back into the original currencies at a later date. Such transactions are part of normal government refinancing. Europes governments obtain funds from investors around the world by issuing bonds in yen, dollar or Swiss fr ancs. But they need euros to pay their daily bills. Years later the bonds are repaid in the original foreign denominations. In the Greek case however, the US bankers devised a special kind of swap with fictional exchange rates. That enabled Greece to receive a far higher sum than the actual euro market value of 10 billion dollars or yen. In that way Goldman Sachs secretly arranged additional credit of up to $1 billion for the Greeks. This credit disguised as a swap didnt show up in the Greek debt statistics. Eurostats reporting rules dont comprehensively record transactions involving financial derivatives. That deal, hidden from public view because it was treated as a currency trade rather than a loan, helped Athens to meet Europes deficit rules while continuing to spend beyond its means. Critics say that such deals, because they are not recorded as loans, mislead investors and regulators about the depth of a countrys liabilities. Wall Street did not create Europes debt problem. But bankers enabled Greece and others to borrow beyond their means, in deals that were perfectly legal. Few rules govern how nat ions can borrow the money they need for expenses like the military and health care. The market for sovereign debt the Wall Street term for loans to governments is as unfettered as it is vast. While such accounting gimmicks may be beneficial in the short run, over time they can prove disastrous. Still, as recently as 2008, Eurostat, the European Unions statistics agency, reported that in a number of instances, the observed securitization operations seem to have been purportedly designed to achieve a given accounting result, irrespective of the economic merit of the operation. The involved parties became so experts in these transactions that the term Greek Statistics became a pun among the European Fiscal Authorities to describe any data that have been manipulated. A country, like a bank, is too big to fail. So Greece will be rescued at a price. The European Central Bank claims to know all about Wall Streets game, and ECB president Jean-Claude Trichet is taking a very hard line with the Greek government, warning that Greece will have to take vigorous steps to mend its ways, under close and constant EU supervision. In other words, hand over control of its economic affairs a nd reduce its 2009 deficit 12.7% of GDP to 3% by 2012. To cut the deficit by almost 10%, particularly in an area of weak growth, is an almost impossible task, requiring major surgery rather than discipline. Oddly enough, the aim of the exercise is to strengthen the euro at the very time when the US and China are devaluing their currencies in order to consolidate the process of recovery. 3. In what way does the Greek crisis affect the European Banks and other countries? Provide evidence on the existence of financial contagion during the recent financial turmoil? The integration of the Euro Area and the use of the common currency in the Euro Zone create a big dependence and a big concern towards the financial crisis in Greece. The Greek Financial crisis may have a negative effect on its euro partners and may affect even the healthiest and strongest economies like Germany. In the table below we can see the European banks exposure to Greece. EUROPEAN BANKS As we see Spain, Italy, Germany, France, Belgium and Portugal are holders of GGB. According to CIRA, over 50% of the Greek public debt is held abroad. French Banks have the greatest exposure to Greece ($79 bn), followed by Switzerland ($78,6 bn) and Germany ($43,2 bn). In this way they have been infected with the Greek Dept and they face losses as GGB downgrade. INFLATION Indirectly, the European Union affects the biggest members negatively. By keeping interest low to help countries like Greece in danger from sovereign debt, it increases liquidity in the Eurozone and creates opportunities for cheap lending for other countries. And this is a problem as Germany is diverging from countries that face economic turbulences like Greece Italy and Spain. Germany for the first time has expanded by 3,6% compared to 2009 and the inflation rose unexpectedly pushing the euro rate above 2%. Price stability, a major target of the EU, is been tested, however there is the danger that withdrawing money from the market will create panics and push up interests rates, exacerbating the crisis. Credit Risk Spread Since the belief that countries facing similar problems (ex Portugal) may default, negative trends in the market are formed and risk yields increase. An additional problem is that banks having invested in GGB may need to seek finance from the government and that transfers the risk to the state and finally to the taxpayer. Generally the problem derives from the downgrade of Greek Bonds that currently are in foreign hands (European Banks and other financial institutions hold more than 50% of the Greek Government Bonds). This way the Greek sovereign debt crisis directly affects all the euro zone. Financial contagion The risk here lies in Bulgaria and Romania, where Greek banks own 29% and 16% of banking sector assets. If Greek banks lost access to funding, that might encourage them to shrink their balance sheets in these two countries rather aggressively, putting downward pressure on growth there. Real contagion The role of the European Union is to propel price price stability throughout its members. There is an implicit need for actions to be taken in order to achieve this goal. If Eurozone falls due to to untreated rising sovereign risk or due to widespread fiscal tightening to address the rising sovereign risk, this will make banks very cautious concerning their balance in the region, and potential potential growth will suffer. Trade: With the need for low interest rates ECB have increased the amount of money in circulation and that makes the Euro more expensive towards the Dollar and the Yen. Consequently the demand for imports will be increased and the demand for exports will be decreased. Concuding Advanced economies have suffered large scale costs in the aftermath of the crisis.. A sharp decline in potential GDP and sizable bank rescue packages are likely to constrain the scope of scale consolidation over the coming years. At the same time, developed countries may be facing increasing risks to long-run debt sustainability if they fail to undertake structural reforms, particularly in their pension and healthcare systems. These circumstances suggest that, although defacto sovereign defaults may be a mere theoretical possibility, findings convey considerable policy implications in terms of European and global sovereign debt management policies. The main message is that, since sovereign debt markets involve asymmetric information and political risks due to the electoral cycle, even countries with relatively solid fundamentals cannot avoid international contagion. Furthermore, stronger commitments to the supranational coordination of debt policies may be inevitable. (Sovereign Cred it Risk Contagion in Advanced Economies, Norbert Metiu, September 30, 2010) 4. Describe the Greek debt structure and the possible resolutions of the current situation. What is the markets view of the Greek deficit problem? Explain. Greek Government Debt is estimated at 301 billion at 2009, 125% of the GDP. At 2010 the amount of the debt will reach 136% of the GDP and as announced by the accounting authorities the amount reaches 340,3 billion. The increase in the government dept in the latter year can be attributed to the coverage of the government deficit and in the increase of governmental material procurement and the coverage of organization of Regional Authorities. The dynamics of the public debt is affected by factors that are inside the direct control of policy like the privatization policies and the target of running primary surplus and privatization are of, the interest rate changes, the pace of growth factors as yet who are not in the rate of exchange and inflation influencing economic policy, but practitioners of direct control the public debt dynamics Debt composition regarding expiration Most of the debt issued in the period January to September 2010 was loans from the EU and the IMF (45%). The second higher concentration is on Treasury Bills (short term maturity) reaching 23%. Afterwards come the midterm maturity bonds of 5 years maturity (15%), 10 years maturity (8%) and other undefined of about 9%. All debt is denominated in Euros. Debt composition regarding rate As we can see from the chart Greek Government debt is based in fixed rate. Duration of the debt and average cost of borrowing Last but not least, cost for Greek borrowing shows a trend by which from the time Greece entered the European Union in 2001 costs were steadily decreasing from 6,2% in 2000 to a lower limit of 3,1% reached in 2005 and then rising again up until now, but not surpassing 4,3% in 2010. This is due to the entry of euro as currency in Greece, that stabilized the economy and produced phenomenal stability in the area, stability that was once again lost when Greece misreporting became known and the term Greek Statistics has since been used as a pun by the European fiscal authorities. Finally we have to mention that Greece lost its ability to borrow in the long term. As the following diagram shows the majority of the total debt is based on shorter loans that offer less risk and can be sold more easily. However the difference between the supply and the demand in the 3 years bond implies that the prices for long term bond Resolution and the markets view Greece is on a strong recovery run. The new taxation bill which includes significant rerating of profitable -dividend paying companies lets taxation priced in for some companies. From 2011 the corporation tax rate is set at 20% (from 24%), it applies to all profits and there is no longer any distinction between distributed profits and retained ones. Finally it reintroduces withholding tax on dividends at 25% (from 10%). The Greek government and the EU policy makers expect a comprehensive solution to the debt problem. Many scenarios are considered like the extension of lending facility, IMF package reprofiling, bond buy back program and more. The most likely scenario up to now seems to be an extension of the duration of the EU/IMF loan, something already discussed and agreed on, and maybe a lower rate of interest in the future if Greece manages to successfully restructure its operations in the manner the European Union imposes. If Greece becomes another last resort buyer for the GGBs with the ECB it could help restore confidence in the bond markets. However, for this and to meaningfully reduce the burden of debt, Greece must borrow hefty sums. Also some other problems, even if Greece gets to buy back most of its debt at a significantly lower price, still it is enormous, an unsustainable level, and this scenario of buying back the ECB holding of Greek debt only could imply haircuts for other holders, something that Both the Greek and the European financial system may not be willing to absorb now, while any buy back must be voluntary so as not to trigger the CDS. Nevertheless efforts must be made by the Greek fiscal authorities in order to improve the countrys financial picture. The new focus shifts towards structural reforms is more than welcome rather than pure austerity as it will promote growth. Yet this scenario may not come comprehensively. More austerity and structural reforms may be imposed for the financial aid to come, meaning more economic pressure. The third and final scenario would be not to involve in short term or medium term developments, something rather unlikely as it would mean that the sovereign crisis across Europe could escalate much further. The markets now have some reasons to be optimistic on Greece. To begin with now there is a base of operations to counter such phenomena, and major reforms are made to decrease deficits (pension plans). The government enjoys the support of the EU/ IMF and is committed to its austerity program and fiscal consolidation. There is a wish now for a permanent solution to the Greek debt problem. All these lead international investors to selectively look at Greek ideas again, especially deep value stocks as well as a cleansing up of the Greek system, where strong companies are to benefit from the closure of weak ones. Investors could properly return to Greece once they see that there is real improvement and commitment to change. An example that explains the former could be the new tax bill, a case where a government market friendly policy meets positive react from the markets..