The financial crisis of 2008 has caused a series of drawbacks to economies around the world. Greek economy has been hit twice at 2009, since its credibility worsened, provoking the implication of harsh fiscal measures from the 2010 Memorandum of Understanding (MoU). The effects of these measures to Greek macroeconomic figures have been widely criticized. Authors aim to estimate these effects at the macroeconomic figures of Greece through utilization of Decision Support Systems, and propose accurate insights regarding their efficacy. By capitalizing on regression analysis and Fuzzy Cognitive Mapping processes, specific results from 2010 Memorandum’s measures arise. It has been calculated that measures implied by 2010 Memorandum have been harsh and posed a negative effect on key Greek macroeconomic figures like GDPR, public debt, etc., especially with the ongoing 2008 financial crisis.
The article examines the available literature of theoretical as well as empirical scope regarding the origins and aftereffects of banking crises and summarizes the insights drawn from relevant policies adopted as interventions to address these crises and limit their impact at the microeconomic and macroeconomic levels.While originating from a variety of causes, banking crises share common patterns, since their roots can be traced back to unsustainable macroeconomic policies, market failures, regulatory distortions, and government intervention in capital allocation; such crises are frequently described by cycles of credit and asset priceexplosions and declines -and generally are addressed mainly via government intervention on a broad range of policies. When not handled efficiently and quickly, banking crises tend to impose huge costs on society by restricting the flow of credit to the real economy. Many of the possible proposals to strengthen the economic stability in an increasingly integrated financial system include making banking regulation more prudential in macroeconomics, by focusing on cycle and systemic risk rather than individual bank risk. Furthermore, by improving market discipline by limiting explicit and implicit government bank liability insurance. The global financial crisis that began in 2007 caught many by surprise, because what at first appeared to be a crisis sustained in the USA concerning subprime loans, quickly spread to financial markets around the world, triggering a large-scale government bailout activity in the financial sector, causing memories of previous crises to fade under a prolonged period of economic prosperity. When the crisis broke out, it developed at breakneck speed, infecting most financial markets around the world. Banking crises are like periodic waves that emerge unexpectedly and can destroy the real economy by restricting credit and causing costly clearances. Banking crises have been a frequent occurrence throughout history, counting almost 300 banking crises in the period 1800 to 2008.There are many commonalities between the current crisis and previous crisis episodes. Usually, banking crises are preceded by credit booms and asset price bubbles and are accompanied by intervention by the government in rescuing its finances. Although the timing of the bursting of such crises is uncertain, the burst of a crisis is many times inevitable.
Business Ethics are often characterized as a "permanent struggle against the impossible", noting that they essentially create a system in every organization that allow the organization to co-exist with its employees in the best possible way. Business Ethics usually coexist with Corporate Social Responsibility which can be described as the art of wealth accumulation and the relationship between the companies and the society. At the same time, people wonder what is the legalization of the assumption of Social Responsibility by a company, as it does not always co-exist with the ethical issues that arise and does not solve the company’s problems. Nevertheless, it has often been spoken about the need to reconcile business logic and ethics which is not at all a given and certain concept, as the business world aims to generate profit; while on the other hand, ethics has solidarity, justice and ethical values as its main basis. Seeing Business Ethics in its every aspect we come across a continuous cycle of crises without breaks in the recent decades, referring to the economic and environmental crisis, the pandemic and the recent Russian-Ukrainian war. In these circumstances, that business attempt to describe the basic dilemma in “ethical management", it is emphasized that people and companies must as individuals and as communities decide whether to follow “a priori” principles of ethics such as solidarity or equality or whether, taking into consideration first the consequences of each action, then make the decision on which principles to follow. Keywords: Business Ethics, companies, Corporate Social Responsibility, Crisis, pandemic, War.
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