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A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both. - Milton Friedman 
 The results of the referendum in Greece and are now out and have clearly shown balance shifting on the side of Government of Greece over the 'troika' of International Monetary Fund (IMF), <keyword id="59149" type="ORGANIZATION" weightage="100" keywordseo="European-Commission">European Commission</keyword> and European Central Bank. A referendum was called on June 26th by PM Alexis Tsipras who belongs to the far left Syriza party that rose to power in January this year on promises of reducing austerity. The wordings of the referendum have been confusing to many people. It has asked people 'Should the plan of agreement, which was submitted by the European Commission, the European Central Bank and the International Monetary Fund in the <keyword id="126392" type="COMPANY" weightage="100" keywordseo="Eurogroup">Eurogroup</keyword> of 25.06.2015 and is comprised of two parts that constitute their unified proposal be accepted?' The first of the two parts was titled as 'Reforms For The Completion of the Current Program and Beyond' and the second 'Preliminary Debt Sustainability Analysis'. It is interesting to note that the question does not ask the future of Greece within the monetary union or the euro currency or any of those broader questions. It is also interesting to see how Greece with a population of barely 11 million and a <keyword id="35050" type="CITY" weightage="100" keywordseo="gdp">GDP</keyword> of $238 billion has potentially disrupted the idea of <keyword id="6355110" type="ORGANIZATION" weightage="100" keywordseo="European-Union">European Union</keyword> with a population of 503 million and a GDP of $18.5 trillion. The recent events especially of the failure of talks and the call for a referendum have raised fundamental questions about modern economic system and its relationship to democracy. Successive governments in Greece have had a tough time negotiating and later fulfilling the conditions of successive bailouts with the troika asking for significant reform in the past. The past 5 years have seen deficit reduction from about 15 percent to 5 percent but the costs for Greece and especially the people of Greece have been very high in spite of the 'rescue packages' offered by troika. It is because the 'rescue packages' totalling about 240 billion euros primarily went to the creditor banks in Germany and France and not to the people of Greece who have had to bear immense hardship. The turmoil has resulted in Greece's economy shrinking by an unprecedented 25 percent from 2008 and its GDP per capita dropping by 24 percent from 21,500 in 2008 to 16,300 in the previous year. Unemployment levels in the economy are up to 25 percent now with the youth unemployment rates touching an unprecedented 50 percent. All this has caused panic and fear amongst people, and the economic revival seems distant. In one-way, an 'OXI' - No or 'NAI'- yes on the referendum will really not make much of a difference immediately. Greece has formally also become the only developed country to default on its debt obligations to IMF. 

	It is thus instructive to look at how Greece got here and what should be expected in the future. A look at historical antecedents of Greece and the European project as a whole reveals that Greece has not had a very good record of public debt management.
 Looking at ancient times an essay by Professor <keyword id="2935859" type="UNKNOWN" weightage="60" keywordseo="Charles-J-Bullock">Charles J Bullock</keyword> in 1930 mentions the case of Dionysius of Syracuse, who was a tyrant and used his power to debase the currency at will. A case is referred when Dionysius being pressed for money by his subjects orders his subjects to bring him all the drachmae and orders penalty by death to those who oppose the order. Upon receiving the Drachmae he restamps each Drachma and gives it the value of two drachmae thus repaying the loan and the money brought to be minted. Similarly, another case is cited where Dionysius coined tin and called an unwilling assembly to pass it on at the same rate as silver. It goes on to show probably the first instances of currency devaluation and debasement. 

	A significant part of previous millennium the Greeks were under the Ottoman Empire largely immune to the influence of the Europe and the industrial revolution. Their independence in 1829 meant that they could catch up with the rest of Europe, but that was not to be. According to research by professors Kenneth Rogoff and Carmen Reinhart Greeks have had the most dismal record of all the European countries for the much of 19th century with respect to their debt. They have defaulted thrice on their debt in the 19th century (post their independence from the Ottomans) and also skipped repayments 50 percent of the time. The twentieth century saw a number of coup d'état with the Greeks fighting valiantly before the Nazi occupation. Post that a civil war ensued after which Greece saw some military governments that did not care about much about industrialization. 
 

	In 1957, came the idea of European integration and Greece was a little late to see merit in it. In 1981, Greece officially became the 10th country to be a member of the European Economic Community (EEC). The economy of Greece was uncompetitive at that time with inflation at about 25 percent averaging 18 percent from the two decades from 1973-93. The period also saw public debt to GDP rising fast. It rose from about 25 percent in 1981 to about 75 percent in 1992. Due to the deficit spending and rising debt what ensued was skyrocketing borrowing costs. The nominal interest rates in Greece were 24 percent in 1992 compared to 13 percent in Italy and 12 percent in Spain. 
 The <keyword id="107691" type="ORGANIZATION" weightage="100" keywordseo="Greek-government">Greek government</keyword> along with several other EU nations signed the Maastricht treaty in 1992. The key point in the treaty was the creation of a single currency the Euro ( in three stages) and agreement among the signatories for convergence in economic policies for the same. The convergence criteria included several parameters. Chief among them was a reduction in debt to GDP ratios to 60 percent of the GDP, deficits close to 3 percent and inflation no higher that the lowest three inflation members of the euro zone. All this lead Greece to control and reduce its inflation, to little more than the euro zone in 2000. Similarly, deficits were reduced but Greece essentially admitted later that it had fiddled with deficit figures to get into the euro area. In January 2002, Greece brought in the euro to replace its volatile drachma. Greek borrowing costs plummeted as the euro was perceived to be a stable currency and investors saw the yield on Greek bonds almost converging to be at par with extremely creditworthy countries like Germany. 

	All this persisted till 2008 with rising GDP growth and a rise in deficits (which was partially hidden) when the global financial crisis struck. The low growth caught investors attention and yield on the Greek government bonds started to rise. They rose to astronomical levels in 2009 when the new government revealed that the deficit figures were not 6 percent as declared previously but a much higher 12.6%. All this resulted in a recession in Greece with GDP falling dramatically.
 

	At present debt, sustainability is nowhere to be seen, and the debt to GDP ratio has risen to the level of 177 percent due to the fall in GDP over the years. A kind of slow bank run is also seen in recent months as PM Alexis Tsipras has not been able to strike a deal with Greece's creditors. It has resulted in deposits plummeting in Greek banks to less that 150 billion euros. As the referendum was announced credit lines have dried and as a result Greece has put up capital controls. Capital markets and banks have been shut, and people can only withdraw 60 euros in a day. 
 

	To sum up focus on unsustainable pension system coupled with the euro system and manipulation of key economic and financial data has wreaked havoc on the economy. It is because within a monetary union a country does not have the power/ control to devalue its currency and make its exports competitive. In a political union like India or the US, the central government has authority to collect taxes and disburse it, according to the requirements of individual states. No such mechanism exists in the Eurozone. Added to these flaws was the Ill-conceived 'rescue packages' and austerity that have accentuated the crisis.
 

	A question that immediately comes to mind is where does one go from here. Will one see Greece hold on to the European ideal or will it sing its own 'Hymn to Liberty'? There has been speculation in the previous month of a Greek exit from the Euro -the 'Grexit', while others have called for more structural reforms. Either way the Greek economy remains uncompetitive and in a state of deep turmoil. Economically speaking structural reforms, with a focus on enhancing productivity and international competitiveness will have to be carried out either way if Greece is to get out of its present yet deeply embedded historical predicament.
 

	(The article is co-authored with Sankalp Sharma, Senior Researcher at the Institute for Competitiveness, India. Amit Kapoor is Chair, Institute for Competitiveness &amp; Editor of Thinkers. The views expressed are personal. He can be reached at amit.kapoor@competitiveness.in and tweets @kautiliya)

	 
	 
	(image credits: sbs)

The Greek tragedy through the Ages

<div class="image-container"><div class="image"><img src="http://static1.businessinsider.com/image/52a9c57f6bb3f7541072ac60-1200-600/aziz-ansari-olivia-wilde-zoe-saldana-golden-globes-nominations-2.png?maxX=800" border="0" alt="Aziz Ansari Olivia Wilde Zoe Saldana Golden Globes nominations" width="800" />Kevin Winter/Getty</div></div>
Aziz Ansari, Zoe Saldana and Olivia Wilde announced the 2014 Golden Globe nominations this morning at the Beverly Hilton Hotel in Los Angeles.
The awards honor work in both film and <keyword id="6357922" type="ORGANIZATION" weightage="60" keywordseo="Television">television</keyword>.
"Breaking Bad" and HBO movie "Behind the Candelabra" earned multiple nominations on the TV side, while "American Hustle" and "12 Years A Slave" lead the film nods.
See a full list of nominations below (<a href="http://www.hollywoodreporter.com/news/golden-globes-nominations-complete-list-665228" target="_blank">via THR</a>):
Best motion picture, drama 12 Years a Slave Captain Phillips Gravity Philomena Rush
Best Actor in a motion picture, drama Chiwetel Ejiofor,,12 years a Slave Idris elba, Mandela Tom Hanks, Captain Phillips Matthew McConaughey, Dallas Buyers Club Robert Redford, All is Lost
Best Actress in a motion picture, drama Cate Blanchett, Blue Jasmine Sandra Bullock, Gravity Judi Dench, Philomena Emma Thompson, Saving Mr. Banks Kate Winslet, Labour Day
Best Director - motion picture Alfonso Cuaron, Gravity Paul Greengrass, Captain Phillips Steve McQueen, 12 Years a Slave Alexander Payne, Nebraska David O. Russell, American Hustle
Best motion picture, musical or comedy American Hustle Her Inside Llewyn Davis Nebraska Wolf of Wall Street
Best Actress in a motion picture, musical or comedy Amy Adams, American Hustle Julie Delphy, Before Midnight Greta Gerwig, Frances Ha Julia Louis-Dreyfus, Enough Said Meryl Streep, August Osage County
Best Actor in a motion picture, musical or comedy Christian Bale, American Hustle Bruce Dern, Nebraska Leonardo Dicaprio, Wolf of Wall Street Oscar Isaac, Inside Llewyn Davis Joaquin Phoenix, Her
Best Animated Feature film The Croods Despicable Me 2 Frozen
Best Foreign Language Film Blue Is The Warmest Color (France) The Great Beauty (Italy) The Hunt (Denmark) The Past (Iran) The Wind Rises (Japan)
Best Actor in a TV series, drama Bryan Cranston, Breaking Bad Liev Schreiber, Ray Donovan Michael Sheen, Masters of Sex Kevin Spacey, House of Cards James Spader, The Blacklist
Best Actor in a mini-series or TV movie Matt Damon, Behind the Candelabra Michael Douglas, Behind the Candelabra Chiwetel Ejiofor, Dancing on the Edge Idris Elba, luther Al Pacino, Phil Spector
Best TV series, drama Breaking Bad Downton Abbey The Good Wife House of Cards Masters of Sex
Best supporting Actress in a motion picture Sally Hawkins, Blue Jasmine Jennifer Lawrence, American Hustle Lupita Nyong'o, 12 Years a Slave Julia Roberts, August Osage County June Squibb, Nebraska
Best Actress in a TV series, drama Julianna Margulies, The Good Wife Tatiana Maslany, Orphan Black Taylor Schilling, Orange is the New Black Kerry Washington, Scandal Robin Wright, House of Cards
Best TV Series, Comedy The Big Bang Theory Brooklyn Nine-Nine Girls Modern Family Parks and Recreation
Best TV Miniseries or Movie American Horror Story: Coven Behind the Candelabra Dancing on the Edge Top of the Lake White Queen
Best Original Song - Motion Picture "Atlas," The Hunger Games: Catching Fire "Let It Go," Frozen "Ordinary Love," Mandella "Please Mr. Kennedy," Inside Llewyn Davis Sweeter Than Fiction/One Chance - Taylor Swift
Best Actor, TV Series Comedy Jason Bateman, Arrested Don Cheadle, House of Lies Michael J. Fox, The Michael J. Fox SHow Jim Parsons, The Big Bang Theory Andy Samberg, Brooklyn Nine-Nine
Best Actress in a TV Series, Comedy Zooey Deschanel, New Girl Edie Falco, Nurse Jackie Lena Dunham, Girls Julia Louis Dreyfus, Veep Amy Poehler, Parks and Recreation
Best Original Score - Motion Picture All Is Lost Mandela: Long Walk to Freedom Gravity The Book Thief 12 Years a Slave
Best Screenplay - Motion Picture Spike Jonze, Her Bob Nelson, Nebraska Jeff Pope Steve Philomena John Ridley, 12 Years a Slave David O. Russell and Eric Singer Warren, American Hustle
Best Supporting Actress in a series, mini-series, or TV movie Jacqueline Bisset, Dancing on the Edge Janet McTeer, The White Queen Hayden Panattiere , Nashville Monica Potter, Parenthood Sofia Vergara, Modern Family
Best Supporting Actor in a series, mini-series or TV movie Josh Charles, The Good Wife Rob Lowe, Behind the Candelabra Aaron Paul, Breaking Bad Corey Stoll, House of Cards Jon Voight, Ray Donovan

'Breaking Bad' And 'American Hustle' Lead Golden Globes Nominations - See The Complete List

<div class="image-container float_right"><div class="image"><img src="http://static4.businessinsider.com/image/52d36d9deab8eafd78b54556-956-717/amy-adams-jennifer-lawrence-bradley-cooper-golden-globes.png?maxX=480" border="0" alt="Amy Adams Jennifer Lawrence Bradley Cooper Golden Globes" width="480" />Kevin Winter/GettyAmy Adams, Bradley Cooper, and Jennifer Lawrence all won big with "American Hustle."</div></div>From Andy Samberg's "Brooklyn Nine Nine" wins to Amy Poehler's first ever Globe, there were quite a few surprises at this year's 71st annual Golden Globe Awards.
Check out a full list of winners below (via <a href="http://www.hollywoodreporter.com/news/golden-globes-2014-winners-list-670159?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+thr%2Fnews+(The+Hollywood+Reporter+-+Top+Stories)" target="_blank">The Wrap</a>):
Best Actor in a Motion Picture, Drama *Matthew McConaughey, Dallas Buyers Club Chiwetel Ejiofor, 12 Years a Slave Idris Elba, Mandela: Long Walk to Freedom Tom Hanks, Captain Phillips Robert Redford, All Is Lost
Best Actress in a Motion Picture, Drama *Cate Blanchett, Blue Jasmine Sandra Bullock, Gravity Judi Dench, Philomena Emma Thompson, Saving Mr. Banks Kate Winslet, Labor Day
Best Motion Picture, Musical or Comedy *American Hustle Her Inside Llewyn Davis Nebraska The Wolf of Wall Street
Best Actor in a Motion Picture, Musical or Comedy *Leonardo DiCaprio, The Wolf of Wall Street Christian Bale, American Hustle Bruce Dern, Nebraska Oscar Isaac, Inside Llewyn Davis Joaquin Phoenix, Her
Best TV Series, Comedy *Brooklyn Nine-Nine The Big Bang Theory Girls Modern Family Parks and Recreation
Best Director - Motion Picture *Alfonso Cuaron, Gravity Paul Greengrass, Captain Phillips Steve McQueen, 12 Years a Slave Alexander Payne, Nebraska David O. Russell, American Hustle
Best Actress in a TV Series, Comedy *Amy Poehler, Parks and Recreation Zooey Deschanel, New Girl Edie Falco, Nurse Jackie Lena Dunham, Girls Julia Louis-Dreyfus,Veep
Best Animated Feature Film *Frozen The Croods Despicable Me 2
Best Screenplay - Motion Picture *Spike Jonze, Her Bob Nelson, Nebraska Jeff Pope and Steve Coogan, Philomena John Ridley, 12 Years a Slave David O. Russell and Eric Warren Singer, American Hustle
Best Actress in a Motion Picture, Musical or Comedy *Amy Adams, American Hustle Julie Delpy, Before Midnight Greta Gerwig, Frances Ha Julia Louis-Dreyfus, Enough Said Meryl Streep, August: Osage County
Best Foreign Language Film *The Great Beauty (Italy) Blue Is the Warmest Color (France) The Hunt (Denmark) The Past (Iran) The Wind Rises (Japan)
Best Supporting Actress in a Motion Picture *Jennifer Lawrence, American Hustle Sally Hawkins, Blue Jasmine Lupita Nyong'o, 12 Years a Slave Julia Roberts, August: Osage County June Squibb, Nebraska
Best Supporting Actor in a Motion Picture *Jared Leto, Dallas Buyers Club Bradley Cooper, American Hustle Michael Fassbender, 12 Years a Slave Daniel Bruhl, Rush Barkhad Abdi, Captain Phillips
Best Original Score - Motion Picture
*Alex Ebert, All Is Lost Alex Heffes, Mandela: Long Walk to Freedom Steven Price, Gravity John Williams, The Book Thief Hans Zimmer, 12 Years a Slave
Best Original Song - Motion Picture *"Ordinary Love," Mandela: Long Walk to Freedom "Atlas," The Hunger Games: Catching Fire "Let It Go," Frozen "Please Mr. Kennedy," Inside Llewyn Davis "Sweeter Than Fiction," One Chance
Best TV Series, Drama *Breaking Bad Downton Abbey The Good Wife House of Cards Masters of Sex
Best Actress in a TV Series, Drama *Robin Wright, House of Cards Julianna Margulies, The Good Wife Tatiana Maslany, Orphan Black Taylor Schilling, Orange Is the New Black Kerry Washington, Scandal 
Best Actor in a TV series, Drama *Bryan Cranston, Breaking Bad Liev Schreiber, Ray Donovan Michael Sheen, Masters of Sex Kevin Spacey, House of Cards James Spader, The Blacklist
Best Actor in a TV Series, Comedy *Andy Samberg, Brooklyn Nine-Nine Jason Bateman, Arrested Development Don Cheadle, House of Lies Michael J. Fox, The Michael J. Fox Show Jim Parsons, The Big Bang Theory
Best Miniseries or TV Movie *Behind the Candelabra American Horror Story: Coven Dancing on the Edge Top of the Lake White Queen
Best Actress in a Miniseries or TV Movie *Elisabeth Moss, Top of the Lake Jessica Lange, American Horror Story: Coven Helena Bonham Carter, Burton and Taylor Rebecca Ferguson, The White Queen Helen Mirren, Phil Spector 
Best Actor in a Miniseries or TV Movie *Michael Douglas, Behind the Candelabra Matt Damon, Behind the Candelabra Chiwetel Ejiofor, Dancing on the Edge Idris Elba, Luther Al Pacino, Phil Spector
Best Supporting Actress in a Series, Miniseries, or TV Movie *Jacqueline Bisset, Dancing on the Edge Janet McTeer, The White Queen Hayden Panettiere, Nashville Monica Potter, Parenthood Sofia Vergara, Modern Family
Best Supporting Actor in a Series, Miniseries or TV Movie *Jon Voight, Ray Donovan Josh Charles, The Good Wife Rob Lowe, Behind the Candelabra Aaron Paul, Breaking Bad Corey Stoll, House of Cards 
Cecil B. DeMille Award *Woody Allen
Best Motion Picture, Drama 12 Years a Slave Captain Phillips Gravity Philomena Rush

You Searched For "Charles J Bullock" and got 3 results

The Greek tragedy through the Ages

Amit Kapoor

'Breaking Bad' And 'American Hustle' Lead Golden Globes Nominations - See The Complete List

Aly Weisman

A Complete List Of Golden Globes Winners

Aly Weisman