The Debt Crisis of Nigeria and Greece

Over 75 years later, we still do not have the freedoms President Roosevelt wished upon us. A specific freedom that still does not exist is “economic understandings which will secure to every nation a healthy peacetime life for its inhabitants.” There are still dozens of poverty stricken countries, known as Heavily Indebted Poor Countries (HIPC). These are countries that have a national debt that is unmanageable with traditional manners alone. The good news is that the Heavily Indebted Poor Countries Initiative began in 1996 to address this issue. The World Bank, the International Monetary Fund (IMC), and other creditors teamed up to reduce the debt of 36 countries that met strict criteria.

War was inevitable: ‘This simple and seemingly innocuous action broke the last thread and split the last institution symbolizing Nigeria's nationhood and cohesion which had been regularly tampered with by the politicians since 1962. The rift between the Eastern Region and the rest of the country was total’ (ibid). In a meeting convened in Aburi, Ghana, by Ghanaian general Gen. Ankrah, leader of the eastern region military Lt. Col. Ojukwu understood the real issues at hand and convinced attendees that the only way for Nigeria to stay together is that it has to break apart, effectively implying secession. After a breakdown in communication, a frustrated federal government passes Decree no. 8 of 17th March 1967, which split Nigeria’s regions into twelve states. This was seen by Lt. Col. Yakubu Gowon as a pre-emptive, non-violence weapon against the east. The eastern region was split into 3 states. Lt. Col. Ojukwu unsurprisingly rejected Decree no. 8 and states that the Enugu, (capital of Nigeria’s eastern region) is headed for secession. On the 30th of May 1967, the eastern region of Nigeria declares itself as the independent sovereign state of Biafra. The Federal military fired the first bullet on the 6th of July 1967. Now this essay will turn to providing a background to the development of Realism as an analytical theory of International Relations.

These scenarios are in complete contrast with some of the countries of poor health care system. One of these countries is Nigeria which has been suffering from a stagnant health care system. Its people either have limited access to health care or none at all. Many blame this problem to the prevalence of fake drugs, AIDS epidemic and the unhealthy lifestyles of the people while others point at the lack of health policy as the culprit.

The United States national debt is large. The U.S. Debt-to-GDP ratio has grown to over 60 percent in recent years. We are more than $15 trillion in debt. In this paper I will address the federal budget, the United States debt, and the resulting impacts on society in several sectors.

The US national debt has become an important topic in recent years and needs to be looked at moving into the future. This is the amount owed by the federal government of the United States. This debt is made up of debts held by the public and also debts held by government accounts. The extreme amount of our national debt should be seen as a problem and will need to be fixed. The amount owed is getting to the point where it needs to be taken care of and lowered to a point that is controllable. There are consequences if the national

National Debt in the U.S. has expanded rapidly throughout the years. In 2012-2015 it has increased by 70 percent. Most spendings are obviously spent by government in unnecessary facilities. Many people ask why is it affecting us and why has the government not issued a reform to solve it. This worries us because it doesn’t only involve an internal debt but a national debt as well.

The current economic event on the increase in the National government debt has become of interest to the public and the decision makers. This paper looks at the economic event as per Stephen Dinan’s article in The Washington Times dated on June 16, 2015, in regards to the impact of the increasing national debt to the general economic growth in America. The proportion of the United States ' National debt is increasing in comparison to the National GDP. It is evident from the past years that the United States ' Treasury has been borrowing a lot of funds from its citizens and foreign investors to help fund wars promote the economic development of the country, and save the financial systems as well. This paper will explain and demonstrate an in-depth economic analysis of the USA National debt vital to cope up with this worrying trend in the economy.

Nigeria was having an internal war that the Muslims started with the Ibos. It started when they gained independence in 1960. They adopted the feudal systems and had to share power with Lagos, and three state governments in the north, east, and west. In 1964, the Ibos seized power and declared a central dictatorship. The Muslims of the north didn’t like the Ibos because they weren’t Muslim. So they sparked a war in 1967. The Ibos, after a group of northern officers obtained the government positions, created their own

The health of many women in Algeria which is part of Sub-Saharan Africa in 1990 were impacted by the poor health care system because they lived in poverty. Poverty caused these women to lack essential needs to live a quality life. They lacked or could not afford resources such as supplies, health care professionals, and facilities for healthcare, clean water, and waste disposal. This ultimately affected the health of women and their children. For instance, lack of clean water and waste disposal facilities can cause health abnormalities such as cholera or typhoid fever which can cause devastating deaths. This is a healthcare problem because of the lack of funding. The lack of funding prevents antibiotics from being used to prevent death, and prevents African’s from being vaccinated against typhoid fever. Another example of how poverty affects woman’s health is unintended pregnancy, which is because they are more likely to engage in risky sexual behavior. It's part of the health crisis because it includes a poor health system, and a lack of education about proper nutrition and behaviors during pregnancy. Complications in these pregnancies due to poor nutrition and not visiting the doctor regularly includes increased infant mortality. Infant mortality in the slums of Nairobe is 91.3% while it is 75.9% in urban areas where there is a better developed healthcare system. The inferiority of poor Africans in

Today, the U.S. National Debt stands at nearly $20 trillion dollars. That equals $165,000 of debt per taxpayer (Chantrill). Ever since the National Debt started to get tracked in 1790 it has fluctuated. However, it has steadily grown since The Great Recession of 2008 (Phillips). This paper will provide background information in terms of the debt. It will also provide an overview of the National Debt, who/what has caused the Debt to be as high as it is, effects of the Debt, and possible solutions that could decrease the Debt.

The Eurozone is facing a serious sovereign debt crisis. Several Eurozone member countries have high, potentially unsustainable levels of public debt. Three—Greece, Ireland, and Portugal—have borrowed money from other European countries and the International Monetary Fund (IMF) in order to avoid default. With the largest public debt and one of the largest budget deficits in the Eurozone, Greece is at the centre of the crisis. The crisis is a continuing interest to Congress due to the strong economic and political ties between the United States and Europe.

The economic crisis of 2008 in New York had ripple effects around the world, causing deep structural problems within the European Union to crumble the economies of several countries. These countries, known as the PIGS, are made up of Portugal, Ireland, Greece, and Spain, and collectively hold most of the sovereign debt problems of the European Union. After fast growth early in the decade, these countries were spending too much money and not securing their own banking sectors with enough capital. Soon, the debt the PIGS owed caused massive problems throughout the EU, and Germany and France had to come to the rescue of these poorly managed countries. (Greek Crisis Timeline, 1) Now, in 2012, the issue has yet to be fully resolved. Greece is still sinking, and a massive bailout for Greece's banks is required. The debate is whether Germany should continue bailing out Greece and collecting interest on its loans, or whether Greece should try to separate itself from the broader European Union, in an attempt to manage its own finances and declare bankruptcy in order to save itself from crippling interest payments. Each path offers an escape from the present situation that Greece finds itself in, but only the path of bailout results in a harmonious European Union. If Greece fragments off from the EU, then the entire union is weakened as a result. I believe that Greece should accept the terms of the bailout that Germany has provided, and should undergo several years

Before we begin, let’s take a look at the country and its environs. Nigeria a former British Colony, located in the western part of Africa, it shares borders with Benin, Cameroun, and Niger. A growing population of 150million, labour force of 51million (70% Agriculture, 10% industry and 20% service), urbanisation is less than 40%, GDP is over $300billion, Per capita income is $2300. Nigeria is blessed with different cultures, languages and ethnic groups (252 in total); this was due to the colonization of the British in the early 19th century (Columbia Encyclopaedia). The British amalgamated its protectorates in 1914 to enable stable control and governance which made them create one Nation of Nigeria formed from all the groups, community and empires around the Niger area under their control. Nigeria had her independence on the 1st of October 1960 and since then various civil wars, political and religious unrest in the country to share power and resources amicably.

     Nigeria has been a country in political turmoil for a long time. The country was created in 1914 under British colonial rule and at that time it was considered a protectorate. It was not until 1960 that Nigeria received independence from the United Kingdom. One of Nigeria's problems politically is that it has over three hundred different ethnic groups. The three largest of these are the Hausa-Fulani, Igbo, and Yoruba. At the time of the independence of Nigeria it was split up into three states with each state being under the control of one of the major ethnic groups. The natural resources of the other 297 ethnic groups were exploited for the major three groups,

Although a commonly accepted view is that the hidden budget deficit in Greece is the beginning of the European sovereign debt crisis, the real causes of this economic crisis can be various. To reveal the whole event, a comprehensive review of the background is