64,251 research outputs found

    The Shutdown of the Public Regional Television in Valencia: The First Step Towards the End of Regional Public Service Broadcasting in Spain

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    During these times of austerity in much of Europe, Spanish public broadcasters have been struggling to stay afloat due to their large debts and the lack of government funds. Carmina Crusafon, Associate Professor, at Universitat AutĂČnoma de Barcelona discusses the reasons for the recently announced shutdown of the public broadcaster in Valencia. She argues that this may be the beginning of the end for other regional public broadcasters in Spain

    Debt Crises: Is a Global Restructuring Implementable?

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    Figures show that, during the last thirty years, the economic growth in developed countries was linked to the capacity of borrowers to engage the savings of the creditors in the productive system. The rise of private debts, boosted by the housing bubble in Spain, Britain, United States... helped the consumption spending, whereas the rise of public debts in Germany, France, Italy... maintained a minimal economic growth in continental Europe. With the 2008 crisis, this mechanism is over and so is the economic growth. The policy of European leaders is to solve the debt crisis by paying back, hoping that the stock of debts will decrease in proportion with the GDP. Unfortunately, the opposite phenomena is appearing, pushed by the reduction of GDP. In our paper we argue that if this solution is inefficient, it may be possible to implement a global debt restructuring. Although it may damage the savings of millions, restructuring the debts has the slight advantage to preserve the capacity of our economic system to produce goods

    King Leopold\u27s Bonds and the Odious Debts Mystery

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    In 1898, in the wake of the Spanish-American war, Spain ceded the colony of Cuba to the United States. In keeping with the law of state succession, the Spanish demanded that the U.S. also take on Spanish debts that had been backed by Cuban revenues. The Americans refused, arguing that some of those debts had been utilized for purposes adverse to the interests of the Cuban people. This, some argue, was the birth of the doctrine of “odious debts”; a doctrine providing that debts incurred by a non-representative government and utilized for purposes adverse to the population do not need to be repaid by successor regimes. This Article tests the historical evidence in favor of the birth of the odious debts doctrine at the turn of the twentieth century by considering the treatment of perhaps the archetypal odious debt: the debt that Belgium’s King Leopold undertook to finance his horrific exploitation of the Congo Free State (“CFS”). In 1908, Leopold was forced to transfer sovereignty over the CFS to Belgium. If the doctrine of odious debts existed at the time, we should see evidence of it in the public debate about whether Belgium was obliged to take on King Leopold’s debts. Based on original archival research into political debates, litigation regarding Leopold’s estate, and contemporary prices and yields of Leopold’s bonds, we see no such evidence

    Sovereign debt: a matter of willingness, not ability, to pay

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    Greece, which shook international markets with the disclosure of its deep indebtedness, has struggled recently to borrow money. Among European governments, Ireland, Italy, Portugal and Spain have also had difficulty selling bonds. Even though these governments probably have assets that exceed their debts, investors worry about the risk of default. This belief stems in part from the nature of sovereign debt. Governments aren't subject to formal bankruptcy regulations, leaving investors few legal rights over borrower assets, even if they could be liquidated. Consequently, the likelihood of default is not strictly determined by measures of solvency or asset liquidity. Rather, it's a matter of the political willingness to repay creditors. A perceived high likelihood of default increases interest rates on the new debt necessary to finance deficits and payments on outstanding obligations. ; What is an effective response to such debt crises? European policymakers have announced various aid measures--for example, loans at below-market interest rates--for Greece and other troubled governments. With high debts and deficits, these governments must continue borrowing to fund expenses and make debt payments; wide interest rate spreads make that difficult. Policies such as subsidized loans make governments feel richer and thus more willing to pay debt service than face the costs of default. More generally, policy measures aimed at preventing sovereign default ultimately need to raise incentives to repay debt, either by making the payment of debt less costly or by raising default costs.Debts, Public ; Budget deficits ; Interest rates ; Default (Finance) ; Greece

    Renegotiating the Odious Debt Doctrine

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    Following the United States\u27 invasion and subsequent occupation of Iraq,\u27 the US government argued that the successor government in Iraq was not responsible for Iraq\u27s Saddam-era debt under the purported doctrine of odious-regime debt. This purported doctrine apparently excused--by operation of law--all successor regimes from repaying debts that were incurred by oppressive predecessor regimes. Here, Cheng presents three-part response regarding the purported rule that oppressive debts of a predecessor government do not bind its successor

    Auxiliary Companies of the Horticultural Sector as a Competitiveness Element: The Case of Almeria (Spain)

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    The horticultural model of Almeria (Spain) based on the operation of greenhouses is an international reference and has been considered as an economic miracle. Alongside this agricultural development has been the deployment of the diverse productive activity of auxiliary companies. The objective of this article is to understand how these companies operate and analyze their factors of competitiveness, competing needs, and future competitive improvements, taking as reference four of the most important subsectors (machinery, greenhouse infrastructure, plastics, and seeds). The Delphi method was used and through a panel of experts the conditioning factors of each of the variables to be analyzed (factors, needs, and competitiveness improvements) was chosen. Of the 120 companies that were sent questionnaires, 72 participated. The sectors that make up the auxiliary companies are heterogeneous and therefore the results obtained have differed among them. The synergies between the greenhouse crops and the auxiliary companies are an example of diversification of productive activity that can be extrapolated to other production areas worldwide. The future of the auxiliary companies is linked to that of the intensive agriculture and the key variables must be underscored by competitiveness and sustainability