Greece Debt Crisis

Unfortunately however, a February 2004 poll by the Pew Research Center found that “72 percent of the public has heard nothing about the media ownership [and consolidation] debate” (Connell 2004). Understanding how corporate mergers and consolidation affect the way in which the media function (especially in the realms of production and distribution) and how the media in turn directly impacts our society, our culture, our economy, and our politics – in short, our entire lives – is a necessary

Human beings are influenced by what they see, hear, or read on the news. Today we have several sources to receive news: newspapers, internet, and radio. However, with this information people come to question what is truly the truth. The Cable News Network (CNN) displays footage of current events happening all around the world. This well-known 24-hour news broadcasting system began to change its traditional pattern of news began to encapsulate the way media directs the foreign policy formulation. For the individuals behind the scenes, including policy makers and academics, the 1990’s was a time of media empowerment and growth. Piers Robinson thesis in the “CNN effect revisited” is the ways in which the media influences foreign policy formulation, socially and politically. In his argumentative essay, Robinson discusses the development of foreign policy since the “war on terror” and the “humanitarian war.” Additionally, Robinson discusses the ways media intervened with political decisions and how the media’s voice created military action. The media that has the privilege to voice opinions, can result in less freedom for the press

Over the centuries, the media has played a significant role in the shaping of societies across the globe. This is especially true of developed nations where media access is readily available to the average citizen. The media has contributed to the creation of ideologies and ideals within a society. The media has such an effect on social life, that a simple as a news story has the power to shake a nation. Because of this, governments around the world have made it their duty to be active in the regulation and control of media access in their countries. The media however, has quickly become dominated by major mega companies who own numerous television, radio and movie companies both nationally and

Until the 1980s, the control of the media was in the hands of the national government. From then, the control shifted to private outlets and by the 1990’s, there were more than fifty multinational companies who controlled it (“Mass Media”). Today, only about six major companies control the larger fraction of media in America (Williams, Par. 1). Norman Solomon wrote in the New Political Science Journal that most reporters and editors work for just a few huge companies. These journalists and editors are on the payroll for “mega-media institutions”, of which, only about six exist (Solomon 297). How much will the public learn if these companies generally control the output of information?

The roots of Greece’s economic problems extend deep down into the recesses of history. After the government dropped the drachma for the euro in 2001, the economy started to grow by an average of 4% annually, almost twice the European Union average. Interest rates were low, unemployment was dropping, and trade was at an all-time high. However, these promising indicators masked horrible fiscal governance, growing government debt and declining current account balances. Greece was banking on the rapid economic growth to build upwards on highly unstable foundations. In 2008, the inevitable happened – the Greek debt crisis.

European Union (EU) plays a major part in facing this Greek financial debt crisis, which requires a major restructuring in the economic sector and to tighten stronger integration among EU member country. The primary focal point is on restoring the sustainability of public finances and addressing other macroeconomic imbalances by fostering fiscal discipline. In addition, new rules are set to ensure stronger and more effective economic governance, particularly in the euro zone area, with adequate mechanisms to monitor progress and ensure enforcement.

In the following paragraphs, I will be discussing on how ideology can effect the media. The first article that I will be analysing is called “Marxism and the Media” written by Khawer Khan. Khan started the article by saying that, the mass media is found everywhere and it’s influencing our daily lives. Quoting the book “Manufactured Consent” by Noam Chomsky, he states that corporate ownership is an issue that is being represented in the media. In fact, in the United States, there are six large corporations of media outlets which are General Electric, Comcast, Disney, News Corp, CBS, and Time Warner. Apart from controlling the television, radio and newspapers, they also own the outdoor advertising.

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

An inspection ordered by the recently chosen Socialist administration, exposed how public deficit for 2009 was stated to be 5.4% of GDP instead of roughly 6% specified by the preceding administration. The cost of borrowing started to rise intensely and monetary markets shut for Greece in a period

Economism, or vulgar Marxism, is a key feature in explaining the media’s role according to Marx. This is also referred to as the base/superstructure model. In economism, “the economic base of society is seen as determining everything else in the superstructure, including social, political, and intellectual consciousness.” (Marxist Media Theory 1) This maintains that the media is used as the base of society. Society is referred to as the superstructure. Clearly, media shapes society even today. Since consumers rely on the media for information and entertainment, (ex. Television and radio new, magazines, newspapers, Internet), they are shaped by whatever forms of media they chose to be an audience to. The media manipulates everything from popular fashion to the food people consume.

The unintended consequences of the Greece’s crisis are of a great extent, yet it has a small economy, responsible for only 2.4% of the total Euro zone GDP. Essentially, Greece’s crisis has disclosed some uncertainties communicated and created by a group of different countries sharing a common currency and monetary policy, while maintaining national fiscal policies. It has one of the biggest budget deficit and the highest levels of public debt in the Euro zone. It was the first to turn to other Euro zone member states financial backing and the first to come under extreme market burdens.

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

Technology has improved dramatically, to open the gate of globalization during the changing stages of media and communication. These very functions have played an important role in economic growth and at the same time spreads culture growth globally, and with the revolution of global media, it helps the world become smaller and easier to reach. With its growth and capability, global media has attracted many capitalists, especially who are from the West, to grab such opportunity. This has become a question is it true, that the global media systems are mostly controlled by Western transnational media forums, and is there any negative impact from such actions?

It is without a doubt that the Globalisation of the media has increased our access to information about people and events around the world. However, during the process it has also shifted issues on what should or should not be in the public domain due to media ownership led by Western media corporations. The media shape is reconstructing itself, forming a singular global body playing an essential part in our democracy socially, politically, economically and culturally. Due to this, the effects of globalisation towards Journalism have become very debatable to whether it is benefiting the practice of journalism or hindering it. During the course of this essay, it will explore the affect globalisation has on the media (especially journalism), the affect of media ownership and how new technologies have influenced journalism.

If we talk about the role of media in globalization process we should firstly say that what the media is. The media is media technologies that are intended to reach a large audience by mass communication. Today the media play a key role in enhancing globalization. And the media also play important role in facilitating culture exchange flows of information between countries. The media spreads through international news broadcasts, new technologies, television programming, film and music. There are a lot of broadcasts of media. Foe example: We can say about internet, TV, radio, newspapers, books, billboards and etc. The media connects the world to a network of information easily accessible for all of us. In this discussion arises a question: Which role has media in globalization process? I think the role of media in globalization process is very important. And my point of view is that the media is a part of the globalization process, it is like “pen” of the globalization process, because media shares everything that the globalization process dictates. The important role in globalization process has Internet, which connects all the countries around the world. Internet is called “world wide web”. So if we say about the globalization process we should remind that the developed countries globalize enough. However, there are some countries which do not globalize enough. For example, states of 3rd world, hungry states and others.