Wednesday, June 20, 2012

Why are Blood Transfusions so Complicated?

Why are Blood Transfusions so complicated?

A Blood Transfusion is a preferred choice of treatment by many doctors to replace a major blood loss from a multitude of causes. The actually procedure is actually very simple; an intravenous line is inserted into one of your blood vessels and the blood is slowly run into your body.
A Blood Transfusion treatment method is commonly used during major surgeries; if you have an illness that causes heavy bleeding and leads to a loss of, or destruction of blood cells, and/or when there has been a significant loss of blood.
Though it sounds simple enough, there are complications every 1 in 14,000 in the United States alone. If the population of USA is 311,600,000 that means that if the entire country would to get a blood transfusion that 22, 257 would have complications and most probably they would be contagious or venereal disease that would spread. Of the possible complications that may arise the following are the most common:

Allergic reactions most commonly from a histemic reaction from the plasma  in the donated blood.

Febrile reactions have symptoms of a sudden fever, headache, nausea and chills.

Transfusion-related Acute lung injury happens in 1 of every 5,000 transfusions.

Acute immune hemolytic reaction is when the donor and patient blood types do not match and the antibodies attack the “invading” blood cells and cause the blood cells to break open and disperse hazardous materials from the cell into the blood stream. This can cause Chest and lower back pain, fever, chills, and nausea and in some cases DEATH!

Delayed hemolytic reaction, the kidneys are affected by the drop in red blood cell count due to the body rejecting the transfused blood.

Various types of infections such as Hepatitis B and C, Human  immunodeficiency virus (HIV), syphilis, HTLV-I, and HTVL-II, even the West Nile virus.

Why are there so many complications and errors present when transfusing blood?
Well the fact that the blood must be donated in large amounts from a large pool of people that possibly do not know if they have a virus or a venereal disease and then the blood is tested with some old and some new methods but they are not always so easy.
How complicated is it to get the right blood to the right person?
I believe that TV Tropes puts it quite simple as to why it is so complicated and these things take time to do and must be meticulously researched.
“In the early twentieth century, red blood cells were first given the most common classifications: O, A, B and AB. Three decades later the Rhesus factor was also discovered, marking any blood as RH positive (+) or RH negative (-), and woe to you if you get a transfusion of the wrong RH. (Only applicable if the receiver is RH negative. In RH- blood there is no antigen for the RH+ body to recognize and fight, whereas the RH- body will attack RH+ blood.) Now, O red cells can be given to anyone, and AB can receive any type of red blood cells. So a really rare blood type for receiving a red cell donation would be O- (because the only type they can tolerate is another O-), B-, then A- (B- is the rarest of the three, but can tolerate the more common O-, as can A-).
With plasma, it's the other way around. The plasma of group O people contains antibodies to both A and B blood group substances, which is why they have a reaction if they receive those types. So giving O plasma to an A patient may result in a minor reaction as the donated antibodies attack the recipient's cells. AB plasma has neither antibody, so it can be given to anyone.”

"∇troperville." AB Negative. N.p., n.d. Web. 20 June 2012. <>.

"Blood Transfusion-Overview." WebMD. WebMD, n.d. Web. 20 June 2012. <>.
"Possible Risks of Blood Transfusions." Possible Risks of Blood Transfusions. N.p., n.d. Web. 20 June 2012. <>.
"What Is a Blood Transfusion?" - NHLBI, NIH. N.p., n.d. Web. 20 June 2012. <>.
"Complications of Blood Transfusion." Transfusion Medicine |. N.p., n.d. Web. 20 June 2012. <>.
"BJA: CEACCP." Complications of Blood Transfusion. N.p., n.d. Web. 20 June 2012. <>.
"Population in the U.S.-Google Public Data Explorer." Population in the U.S.-Google Public Data Explorer. N.p., n.d. Web. 20 June 2012. <>.

Saturday, June 16, 2012

Important Dates from History to Remember

Some Important Dates of history to remember and 5 of which are explained why they are so important.
1455: Johannes Gutenberg prints the first book, the Bible. This leads to mass production of books. Around the year 1500, there were more than 1000 printers all around Europe. This led to an exposure of knowledge. This also led to seeking of knowledge and scholarly research.
1505: Regarded as one of the Masters of the Renaissance Leonardo da Vinci paints The Mona Lisa.
1517: On October 31, 1517 Martin Luther presented a list called the 95 Theses that was an objection to the Church’s practice of indulgences.
1518: A Spanish ship carrying the first boat full of African slaves travels to the Americas. This led to a surge of slave trade that would last for over 2 centuries.
1521: Due to the Church not being able to accept Martin Luther’s ideas they decided to excommunicate him in January of 1521. This leads Luther on to create Lutheranism and be successful due to having the support of many German rulers and numerous states of the Holy Roman Empire.
1603: Queen Elizabeth the First dies.
1618: The Thirty Years’ War begins.
1642: A Civil war in England begins. This is considered the English Revolution.
1648: The Thirty Years’ War ends.
1689: Peter the Great becomes the Russian Czar. This leads to a conquest going west and later a westernization of Russia.
1775: The American Revolution begins. This leads to the creation of the country The United States of America.

An in Depth description of 5 significant events from history
1. 1455: In this year a man by the name Johannes Gutenberg printed a book for the first time ever. This first printed book was the Bible. This innovation led to many printers being built around Europe. With all these printers built, the spread of knowledge was rapid. This led to many more people becoming more educated than before, leading to a period when knowledge was accessible and steadily available. By the year 1500 the amount of printers in Europe was more than 1000. This opened the door to seekers of knowledge and scholarly research. Due to this more denominations were allowed to spread around the world and there was slightly less oppression from the Catholics of the time period. 

2. 1505: In this Year an artist by the name of Leonardo Da Vinci painted the Mona Lisa. This Painting had a great impact in the arts from then on to modern times. This impact was felt so greatly for the following reasons. The Mona Lisa was a break from most of the traditional style of paintings at the time which were full body. The pose of the painting that Leonardo introduced was unknown at the time and was copied almost immediately. The waist up style was famously copied by another artist of the time Raphael. The realism of the painting also showed his mastery of his craft making others want to imitate him causing an increase in painters and sculptures of the time. Leonardo’s style of realism has been imitated many times since some even claim their own work as his. Even now people still admire him and his artwork for its impact during the renaissance.

3. 1521: For many years the monk and professor by the name Martin Luther had been trying to make changes in the church and how they viewed things. After presenting The Ninety-five Theses and moving toward breaking away from the church he was excommunicated. This was due to not being able to accept Martin Luther’s at the time radical ideas. These series of events that led Martin Luther to being excommunicated also led him to eventually begin the Lutheranism movement which also led eventually to the Protestant religion.

4. 1689: This is the year Peter the Great became the Russian Czar. With this occurrence came a change in the lifestyle of the Russians. With becoming the Czar Peter the Great like those before him had an absolute monarchy claiming the divine right to rule. Peter the Great would become known as such after many accomplishments. After a trip to the west and returning to westernize Russia, and reorganized the military power. He also left a great legacy, creating the first Russian Navy, dividing Russia into Provinces conquering a great portion of the east, and westernized Russia. His rule would have an impact that would affect for years to come.

5. 1775: The American Revolution begins. This is the first resistance to the English government. Eventually due to the Napoleonic wars, Great Britian has to move its troops from North America back to Great Britian to fight against the French Forces eventually allowing United States to become an independent nation.

Thursday, June 14, 2012

A Study of our Modern World and how both Huxley's and Orwell's predictions became FACT

A study of 1984 and Brave New World
And our modern society
Both of these Novels Nineteen Eighty-Four by George Orwell and Aldus Huxley’s Brave New World convey a highly plausible future. However many people argue about which is the better representation or which will be the one that is most likely to come true. How about I present a new theory, what if both are right and we are living the type of society today presented by each, just not in the way we imagine it.
Social critic Neil Postman contrasts the worlds of Nineteen Eighty-Four and Brave New World in the foreword of his 1985 book Amusing Ourselves to Death. He writes:

What Orwell feared were those who would ban books.
What Huxley feared was that there would be no reason to ban a book, for there would be no one who wanted to read one.
Orwell feared those who would deprive us of information.
Huxley feared those who would give us so much that we would be reduced to passivity and egotism.
Orwell feared that the truth would be concealed from us.
Huxley feared the truth would be drowned in a sea of irrelevance.
Orwell feared we would become a captive culture.
Huxley feared we would become a trivial culture, preoccupied with some equivalent of the feelies, the orgy porgy, and the centrifugal bumblepuppy.
As Huxley remarked in Brave New World Revisited, the civil libertarians and rationalists who are ever on the alert to oppose tyranny "failed to take into account man's almost infinite appetite for distractions."
In 1984, Orwell added, people are controlled by inflicting pain.
In Brave New World, they are controlled by inflicting pleasure.
In short, Orwell feared that what we fear will ruin us.
Huxley feared that our desire will ruin us.

“Stuart McMillen’s webcomic does a marvelous job of adapting (and updating!) Neil Postman’s famous book-length essay, Amusing Ourselves to Death, which argues that Aldous Huxley’s vision of the future in Brave New World was ultimately more accurate than the one proposed by George Orwell in 1984.”
View the simplified web comic below

We live in a society that exemplifies both of these predictions are correct. We live in a modern world that contains both of these predictions separately yet together. Countries such as The United States of America, England, Australia, Japan and France currently exemplify almost exactly (only some technologies are not yet created) the world depicted by Huxley in that these societies of these countries are run by our love of desires and hedonistic leanings. The Entertainment industry along with most of the news industries revolve around the fact that people do not want to see what is really happening and only want pleasure and happiness. This gives way for shows that praise stupidity, egotism, cruelty, and greed in a good light. The news has also become desensitizing due to a blasting of advertisements and quick successions of various types of news stories such as switching from a story of genocide to a new type of baby formula for better brain growth to then switching to a cure for cancer and again switching to a long and unnecessary news report about a celebrity fashion gaff. There is so much blasting of information and at such a large disposal that the people do not even need to try to remember facts or figures to advance in life. This has led to an uncaring society in which the people no longer care to read books leading to not needing to ban certain books as a large majority of the populace has no more interest. Huxley would have surely seen his vision of the future become true almost perfectly exemplified by the satirical and sadly true web comic above.
Then there are countries of which exemplify the world that Orwell feared would come to pass, countries such as Burma (now Myanmar), North Korea, North Vietnam, to an extent China, Iran, Somalia, Uganda and Syria. These countries almost perfectly resemble the totalitarian rule of power demonstrated by Orwell’s vision. They each have banned many books and have the media censored to where everything is mis-information to mislead the people into believing that their nation is doing great and nothing is wrong when the exact opposite is happening. There is all out oppression and great distinction of classes, sexism, racism, and little to no freedom of religion. The people have turned to a state of fear of which they even are careful of what they think in order to avoid being taken or killed for even thoughts of the need for change.

Though very sad both visions of the future presented independently by Huxley and Orwell have come to pass each in their own way in various parts of the modern world, influencing the societies around it. The modern world in which we live in is truly a “Brave New 1984” in which we are both being ruined by what we fear and what we desire. Our world is run by our fears and our desires.

"Biblioklept." Biblioklept. N.p., n.d. Web. 14 June 2012. <>.
Amusing Ourselves to Death: Public Discourse in the Age of Show Business (1985) by Neil Postman
Brave New World by Aldous Huxley published in 1931
Nineteen Eighty-Four by George Orwell published in 1949

Monday, June 11, 2012

The Issue of the TSA

An Observation of the TSA
Statistics On Airport Screening From The Department Of Homeland Security
Terrorists Discovered: 0
Transvestites: 133
Hernias: 1,485
Hemorrhoid Cases: 3,172
Enlarged Prostates: 8,249
Breast Implants: 59,350
Natural Blondes: 3
New countermeasures against terrorists are needed instead of the current TSA rules of which are not even published. This agency is allowed to pat down and screen children under 13 and even babies with broken limbs or disabilities unjustly without a permit or right just because they call them selves TSA.
Looking back at the Statistics on Airport Screening from the Department of Homeland Security the effectiveness of this agency is 0% they either need better types of non-invasive forms of terrorist detection or a completely new type of organisation actually trained to know what to look for.  
Elliott, Christopher. "Is The TSA A Joke? (VIDEO)." The Huffington Post., 11 June 2012. Web. 12 June 2012. <>.
"TSA | Transportation Security Administration | U.S. Department of Homeland Security." TSA | Transportation Security Administration | U.S. Department of Homeland Security. N.p., n.d. Web. 12 June 2012. <>.
"Government ‘They’re Harassing People’: Family Misses Flight After TSA Comes to Gate to Rescreen Girl With Palsy." The Blaze. N.p., n.d. Web. 12 June 2012. <>.
"The TSA Strikes Again: Now They Are Harassing A Child With A Broken Leg." Business Insider. N.p., 18 Mar. 2012. Web. 12 June 2012. <>.

Sunday, June 10, 2012

Greek Economic Crisis


In this Macro-Economic Research Paper four topics will be analyzed that have to deal with the country of Greece. These topics include the debt that Greece accumulated beginning with its acceptance of the Euro. Upon accumulating this large sum of debt it affected its price stability by lowering its exporting of goods and increasing its importing of goods. The large debt affected employment in the country of Greece and its growth opportunities.

Two arguments will be presented. One will be against the practices that led to the over-indebtedness of Greece. The other will be for the solutions that have been presented to the government of Greece by IMF to solve the problem.


Greece is an important aspect to the world economy and because of its small size their borrowing spree and government debt burst at 360 billion which was borrowed from various European banks that contributed to the European sovereign debt crisis.

The adverse macro-Impacts of Greece's over-indebtedness upon its price stability, employment, and growth function between the years 2007 through 2012 contributed to the European sovereign debt crisis.

During 2007 Greece had an annual growth rate of 4.2 percent. It was one of the most rapid growing economies in Europe. Greece had only recently adopted the Euro as its means of currency in 2002. However their government gross debt was not far behind at 95.6 percent of its GDP which was at $264.942 billion.

The following is a list of lenders and the amount that was loaned to Greece in billions:
CNP Assurances
Marfin Investment Group
Socite Generale
Alpha Bank
ATE bank Deutsche Bank
BNP Paribas
Bank of Greece
FMS Wertmanagement
Piraeus Bank
Eurobank EFG
European National Central Banks
National Bank of Greece
World Government
Greek Public Sector
European Union
Eurosystem SMP
Various Institutions from around the world

In 2008 the gross domestic product for Greece descended to 2 percent. The recession had begun for Greece in this year as the debt-to-GDP ratio was at 99.2 percent. The average gross domestic product growth had fallen to -3.45 percent by the end of the year. As well as market share value that was traded publicly began to decline from the previous year of $264.942 billion to $90.396 billion which is a decrease of more than 100 percent. Due to this fact the unemployment rates hit 7.7 percent and began to rise.

In 2009 the gross domestic product had gone to negative 2 percent. The unemployment rate had gone up to 9.4 percent. The public debt-to-GDP ratio had exceeded 100 percent and was now at 126.8 percent. The market value of publicly traded shares had gone down to $54.717 billion. According to Fitch, which is a global rating agency, the ratings on Greek debt had gone from an A rating to a BBB+ rating that had a negative outlook on it.

To add to the list of woes that led up to this collapse is a unstoppable fact that is hardly spoken of which is corruption. The organization Transparency International calculated that there were a grand total of € 787 million in bribes in 2009. These bribes were divided via two sectors which were civil servants and private sectors. At fault were the officials who were in office at the time.

The reason behind this economic collapse as in part with the officials who were there at the time in to be misreporting on its economic statistics. The economic problems caused lenders to begin charging higher interest rates in order to lend Greece more money. Also began the tax evasion along with the demonstrations against the government's measures to deal with its debt. For the cuts that were implemented were towards the public sector, pensions, reducing benefits and increasing taxes.

Now the question of why is Greece so important in this incident will be answered. It is noted that the economy of Greece is thirty-second in the world. It is also the fifteenth largest economy in the European Union. On top of that its major export is olives. The world is not going to be ruined if olives are not continuously harvested. However the major problem was the fact that the money was borrowed from European banks. This in turn means that Greece owes $500 billion in US dollars. Which is a 160% debt-to-gross domestic product ratio. Greece was unable to pay this large amount of debt and this debt was on the European banks books'. This means that there is now a lack of confidence in the bond markets. Once Greece defaulted it was feared that if it left the European zone it would cause a domino effect.
Spending was too high and revenue was far below that spending ratio. Discretionary spending on defense and non-discretionary on medicare and social security are automatic and take precedence. Then the debt service is part of the spending in which the principal amount and the interest needs to be paid.


Prime minister George Papandreou outlines policies to cut the country's ballooning budget deficit and try to regain the trust of investors and EU partners. These include a crack down on corruption and reigning-in public spending. Also announces a 90 percent tax on bonuses for senior bankers in the private sector, a ban on bonuses for executives at public sector corporations, and 10 percent cut in civil servants' allowances. At this point the the ratio debt-to-GDP stood at 165.3 percent of the nominal gross domestic product.

What was Greece prepared to do in order to change their future path of bleak outlooks? They decided to take measures to make a difference and create a more elevated path with a better outlook. The austerity packages would be put into place. An austerity in other words is a way for the government to implement a policy that lowers spending, reduces benefits and the public services provided by the government. Their first austerity was implemented in February of 2010 which included a loan from the International Monetary Fund and the European Central Bank in the amount of €80 billion. This austerity package ended the salaries of all employment for the government.

The second austerity package was implemented in March of 2010. This month saw the passing of the Economy Protection bill. This bill aimed to save €4.8 billion which cut into Christmas, Easter and the bonuses for leaves of absence. There were even more cuts in bonuses for the public by 12%, 7% in
salaries, and there was a rise of 15% tax on petroleum and an increased tax on imported cars of 20%.

However these austerity packages did find their intended goal. The economic advancement expected by the Greek government did not meet expectations. Due to these failed attempts further measures needed to be taken.

The European Union, the European Central Bank and the International Monetary Fund on May 1 agreed to create an aid program of financial stability that would span three years for Greece with a total of 110 billion in aid money. During the span of three years this money would be provided to Greece to help pay off their debt. This amount of money was part of a €750 billion bailout plan aimed to help the struggling European economies that were in financial trouble.
However at the same time on May 1 2010 the third austerity package saw the most opposition from Greek citizens. It was a bold move that proposed a very large chain of measures. Some of these measures will be listed:
  • There would be a cut of 8% on public sector allowances and this was in addition to the previous packages
  • Extraordinary taxes imposed on company profits
  • Public sector limit of €1000 bonuses abolished for those earning €3000
These measures sparked an outrage from the public with protests and violence as riots erupted over Greece as it was approved in June.
Then on May 9, 2010 the European Union and its twenty-seven states created the European Financial Stability Facility, or EFSF for short. This facility has the ability to supply bonds to the market and or other debt instruments. It would achieve this with the help of the German Debt Management Office to raise the necessary funds to provide the loans necessary to bring relief to the euro-zone countries that require assistance, the countries that need to recapitalize banks, and to buy their sovereign debt. This was known as the first rescue package provided by the European Union and the International Monetary Fund and it became active in January of 2011 where it issued its first €5 billion five-year bond.
Also during 2010 the International Monetary Fund began to advise the Greek government on applying reforms to their tax policy, controlling budget spending, and tax collection. The aim of the mission is to offer technical assistance so that the government in Greece can address the budget deficit. With this in motion the Greek government showed its cooperation by aiming to bring the deficit down and by cutting government spending and fighting tax fraud.

After six months of implemented plans and ideas the managing director Dominque Strauss-Kahn of the International Monetary Fund had this to say about the steps being taken by Greek government:

“Much has been achieved in the six months since the program began, and more
still needs to be done. Indeed, the next phase of structural reform is even more
crucial to unlock the true potential of the Greek economy and the Greek people.”

“This is a defining moment for Greece. While difficult challenges lie ahead, I am
confident from my discussions here that the government and people are
determined to do what it takes to ensure that Greece emerges from the crisis even
stronger than before. I want to assure you that the IMF will do all we can to help
Greece succeed.”

These positive anecdotes from Mr. Strauss-Kahn were taken from a press release on December 7 and 12, 2010 when asked about an update with the technical assistance that Greece was being provided by the IMF. Mr. Strauss-Kahn also said “we will work with our European partners on a solution to give Greece some further breathing room”. What this meant is that the International Monetary Fund is seeking cooperation from the European banks

The fourth austerity package was passed in June 2011 as the protests were still taking place after a year had passed. The protests led to strikes as well that called for a debate on whether or not to allow this new austerity package to be released upon the people of Greece. The measure on this new package would include:
  • Selling government property
  • Raising money from private institutions
  • Increasing taxes on income greater or equal to €8000
  • Lower pension payments
Either way it passed and ended up gaining revenue of €1.9 billion, however the Greek government spent €2.7 billion. These packages were meant to prevent a sovereign default and something that is still trying to be avoided.

In July of 2011 the European Union with its newly created European Financial Stability Facility was to apprehend its previous aid attempt and acknowledge it as insufficient. After acknowledging this they would move forward with the proposition of a second rescue package. This package now contained €100 billion. The repayment for this loan would be fifteen years with a low interest rate of 3.5% The EFSF was not acting on its own as it had help from the private sector of creditors that offered to purchase Greek bonds.

With the looming Greek default on the horizon and before the final decision was made on this second aid package some considerations and planning was being made in order to avoid a domino effect. This required European banks to cooperate in their capitalization of loans to be 9% and of course the banks would comply as they would benefit. The finalized plan allowed Greece to cut their debt-to-GDP from 160%, rounded off, to 120% as well as receiving a bailout loan of €130 billion that required Greece to adhere to certain guidelines.

This year of 2012 saw a number of changes that can set the precedence of what is to occur to Greece. The attempts made by the newly formed EFSF, IMF, and the EU can be commended for their efforts to not allow Greece to default. With this in mind the Greek government moved forward with a fifth austerity package for parliament to vote on in order to receive the €130 billion bailout. This package included the following:
  • A 22% reduction for minimum wage
  • Holiday bonuses are canceled
  • Job cuts of 150,000 in the state sector in increments up to 2015
  • Pension cuts of €300 million
  • Easier layoffs
  • Health and defense will see spending cuts
According to Kerin Hope a writer from The Financial Times “The latest round of austerity measures means Greece will likely face at least another year of recession, presaging another round of business closures, before the economy will start to grow again.” This package was approved by parliament on the 13 of February.
According to Reuters “It is the world's biggest debt restructuring deal, affecting some
206 billion worth of bonds.” The Euro-group said in their statement “The creditors
are invited to swap their current Greek bonds into new bonds with a maturity of
between 11 and 30 years and lower average yields of 3.65% thus facilitating a €100
billion debt reduction for Greece.”


In order to find a solution to the debt problem a macro-analysis of the policies in Europe and Greece need to be looked at in depth. The European Union and the International Monetary Fund will need to apply interest rates reduction and Greek tax optimization which will cause a positive effect on the gross domestic product of Greece. The following are some proposed solutions.

The first focus for the future events as this is the month of election for Greece, is to focus on fighting tax evasion. The Organization for Economic Co-operation and Development had estimation for the month of August in 2009 for the Greek black market. It was estimated that it was a €65 billion industry which meant that €20 billion went untaxed. Attempts to counter this have been taken in the past, but to no avail.

There needs to be a more efficient system to collect these taxes. There also needs to be a more efficient police task force to enforce the new tax laws. This would include an investigation unit for taxes so that this facet of the government can function properly.

On top of this the corruption factor falls upon corruption. This topic refers to bribing. According to Transparency International Greece was ranked 49th place in 2004, moved down to 57th in 2008 and then fell to 71st in 2009. The bribery was estimated at €1 billion paid out to public establishments and officials to avoid laws, rules, and taxes.

The Greek government presented fraudulent data to investors in the past as they issued bonds. In order to help this situation out it might be a good idea to let those bondholders lose face value by at least 50%. That is because the European Union and the European Central Bank did not purchase any Greek bonds and that might mean that the bailouts being presented to Greece will possibly return a profit for them.

Those bonds could then be moved into a special place by one of the financial institutions that are directly involved with Greece. The most prominent one is the European Central Bank. It could be called the PIIG Fund. It was already proposed that Greece would have until 2020 to fulfill their debt reduction to 27%. In the mean time their bonds should be stashed away in order to be monitored and to reduce the debt immediately.

In Greece there currently are protests and riots on a weekly basis due to the pension cuts and the benefits that were eliminated by the accepted austerity packages for Greek citizens who are unemployed as the businesses closed left and right. A solution to this might be to adopt an internal monetary supply of some sort exclusively for Greece. It could be considered a temporary system as the country restores itself via external manners from aid received by the IMF and the ECB as well the EFSF. This would allow citizens to purchase the goods and services they need. It would be ethical and viable although the government might not want to adopt this solution as the money newly adopted and implemented represents power and albeit they would not want to lose power.

Defaulting is not an option as it would cause the European Union and its economies to suffer greatly from the loans administered to Greece. Therefore the International Monetary Fund, the European Central Bank, the European Financial Stability Facility, and the European Union will strive at any cost to keep Greece from defaulting for self-interest. Due to the fact that French and German Financial Institutions hold the majority of the debt from Greece. With Germany being the most prominent country of this zone it is noted that anything will be done to keep Greece from defaulting.

The outcome of the future for Greece is uncertain. However what can be said is that the European Union will do its best to prevent it from defaulting as it presents a nominal influx of loan repayment. Even if Greece did default, the fear is that of the domino effect. The other countries such as Ireland and Portugal are weaker countries in the Euro-zone and could not afford to borrow more money and will continue to need bail outs from the European Union and the International Monetary Fund.

However these institutions would not allow for these countries to follow suit. It would be for certain that these institutions, in the wake of Greece leaving the Euro-zone, dismissing the Euro as currency, and or defaulting. EU, ECB, and IMF would instantly administer extensions on their programs, there would be a reduction of interest rates.

The public response from the austerity packages presented by the Greek government were not well thought out. These spending cuts were swift and rigid on the economic growth. The austerity packages helped reduce the debt-to-GDP ratio. However the recession was only worsened as the spending cuts did not help the public citizens. It was almost as if these documents were written without consent of what was going to happen with the Greek citizens.

These events were the effects from the mismanagement of newly acquired loans to the purpose of gaining in self-interest. The public officials at the time would alter the numbers in the books and the spending that occurred did not have any promise to render profit. The corruption at the time allowed for the events to follow up to what is occurring today. The want for personal gain affected more than they bargained for. These actions led to an economic meltdown in the European region.

However there are new elections in which those running for political sides and parties are wanting to put an end to such acts or to at least minimize it some cases. The parliament of Greece has to choose between two possibilities. One side confirms that they will accept the bailout from the European Union and the International Monetary Fund and agree to its terms in order to receive them. The other side however is against the idea of receiving bailouts.

The grand total for the debt Greece has to pay stands at €340 billion. In US dollars that it is $485 billion. Currently there are talks of having more debt being written off with an even larger bailout being paid out and Greece already received €349 billion in total from the bailouts up this point during the last two years.

by Josue Solares

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