percent like to thank grown and grown for inviting me
and for giving me the opportunity to speak to you
this time not the bar the shears is that there are
they no school what I have been doing for the last fifteen years the cheese
gender equality on neither today and going to Krogers
on unemployment and I really
pick-up in every 20 years you will see now
what that the previous speakers kid smoking a bong
only I really focused or bench time and our discussion
on they case increase click
respectability become about background I'm sure that your own
taking I in the newspapers for
few years now I'm tripping com workers said happened eating
Europe's five countries including Greece
what they have in mind he's we can release saying
or two girl Ireland and
grease so I'm let me let me begin
arm we okay re just
peace lines that really some I'm there
and did you what happened in Greece and I wouldn't it would be you some
background on before we begin
repay use Eventbrite how to handle and government today
increase so at the end 0
5 2009 beginning all 2010
Greece finds itself in a situation where they
56 and bi-annual difference between
great thanks that they're collecting the taxes are collected and the amount the
government spends was
exactly
a sixty-percent and the day accumulate you did was come into the crowd
percentage would be and got who's invited a scan actually
over it CP that or countries that belong to the puter zone
that they're using day you know com pick to sign on in order to become members of
the euro zone
and being in my arms see pp that they signed when they
become members over the euro zone's says that
they day cannot exceed sixty percent of GDP
and their i'm yearning their deficit cannot be more than 3 percent
okay to be I'll so preschoolers
clearly and buy an external drive from
but I wanna ask the company's and new carpet
the I rose that they had him as you see
big gap between the red and blue lines the red line being total expenditures
and add the 29 a gripping you I'm
is there but it is quite small be for the conference center and the last
quarter
Richies when their subprime mortgage
crisis erupts in the United States and starts
scathing sound throughout the world northeast that between 2007 and up 2007
and 2000 a there is a gap between the two
got of course he's home difficult process and put a long time
but then 160 2009
think that he had eight they definitely increase total expenditures do not
change much today
they've done does not change much because the blue line
that goes beyond what does that mean that means you have a
economy that is in the section you have an environment for businesses
writing this because the crises and therefore there is this
didn't
that the government has big gap between spending and revenue decreases
it is in these circumstances in 2009
got Greece is not able
cool certainly speaks it it
has a because the the rolling over
obligations that they had good on and their
for that government that was elected back pain 2009
arm sorry about that in 2009
are decided that exactly loans the way to be taken out and getting paid by the
troika
that these days you know bien Commission the European Central Bank and a and
their
now I am at pretty sure that you all know
their Latin America way
school plenty of similar financial trouble
in the eighties and big head to also be rescued
through these and I could use on all
funds that they would be saving and they had to sign
memoranda all agreements in order to receive
these loans and that point 8 p.m. background
exactly the same idea was applied in
grace but in other countries as well the thinking is that
if you're borrowing the primary concern if the borrower
is to ensure that you're going to be able to pay back
and in order to pay back some supervisory board
is going to make sure that your micro economic policies and the way the truth
and the economy he said
that love accept less
meaning you will be collecting more taxes than work is spending
you know to be able to make payments but if we think about it for a minute
you can accomplish this through two different ways
one easy economy grows prior and the like
then your revenue really be plenty
and you again spend for your local needs and have something left over
to make payments your debtors the etrade
to do it is to slash spending
government spending you may be receiving this AM
revenue now you don't spend it and basically
what you do I you reduce spending on health education transportation
you'll find here your public
severance literally you did use their ages by how much
go percent 15 percent and 20 percent pensions
you stop paying pensions you refuse pensions by
34 percent and at the same time
p57 you ongoing and that
with the primary sectors with the surface that will allow you to make
payments but in the meantime
you may have killed of the economy and its people and this is exactly what is
happening in Greece and this is what I'm trying here on the 3rd Graf
on the 2nd Graf here where you see
government spending disposable income and consumption expenditures
the learning or won't be needed if they don't
essentially com since 2010 and picking
2010 because this is where I'm we sign
that first bailout package so Greece has now
borrow $250 billion
know that too be able to roll over it's there
and essentially or what they described which are there
austerity measures and based on the AVR that payment center there
God to the degree that you are
cutting down the sink in the government sector less and less government spending
we're I love you to reach have to say
for the fun of course this is company
nonsense and one of the things that happen
me is that I have see think they see it 2008
unemployed people in Greece where
room the unemployed in places where
downdraft 370,000 2010 their
on their doing this second here the crisis in Greece
before the AM at and alone scummy
and we have 640 that there are but
fast-forwarding and give it two and a half more years
this is where the speaker comes from and you now have 1.3 million people
online this is a small country 10 million people
the n really meant that you were talking about earlier
to the appropriation on acro
need 2008 let's say worth roughly six percent
today this forty percent and we 40 percent
employment vicious repair unemployment
that his cheeks 27
can be going to 28 percent justifiably
this thought that might be the babysitter com where they have here
is to grass that that comparing the Greek situation with the Great
Depression the United States
com the craft's comment from it paper
aren't prepared mind by my to call it that they leave Institute
and the blue line represents
Greece and you can see that bone the lead hand side
graph that shows added be gross national
product he's declining
and is the plan and get the clanging four years into their
Great Depression in the United States you have it there around
nothing grace see going down and when you look at the unemployment
situation saving the
Blackline here so the United States the resistor
around in terms of unemployment lot going
our best 25 percent and coming down
increase as I have shown you already it has being
or Olympics crosscut 35 percent it now closer to 28 percent
and rising
so whether they should not increase it when we look at
unemployment the basic issue is that we continue
to hair we continued to head
a our said all 40s
the aesthetic that there was describing before
this reading of the government decline
ways no smaller and I will sorry
harm the used rangy trying to become more competitive in export more
that are simply not working there shading the economy
but they are not the getting us outdoor the sex
now in Greece is in a bit could hear situation
the United States is in a very different and they did
exist under very different circumstances because you have an autonomous KNC
and for those who have you that of have been participating
in the day is sending out with him on Monday beauty
you would be immediately recognize what that means
Greece does not have it carries
ovitz home cannot be shipped goods your
bar all they you know and that means for example you can I think I'm here only
this face
you cannot get up eat mine you cannot
issue bonds yourself you have to care
permission and if the position is not be then you cannot
so saying then my
my stick 50 as you 24 also take subway BRB
cool head expansionary fiscal policy
so during a session on instead of the government being
there I 3 able to spend more
in order to make up for this thinking that they took place in the private
sector
you cannot do that either so you don't have fiscal plans you don't want to say
but if you don't have it saved it for you
so what do you have 100 any policy instruments there were a lot of
up folks have talked about today incomplete this phone
p I picked our all they European Union and how these needs to change I don't
think I'll
warm or cool of the European Union and
if that is not the greatest we're gonna go anywhere you know
there is no employment target
for any of the country's you know the word
this excess or crazy here all the country
and what countries signed on 30 games to where they hit people
your Park CW and he was spending
under control he does not ask
on or whether the economy is growing
increasing creating decent jobs so
the orientation on that even didn't fully
you know this magnificent a benefit for those that like that this is it good
landed
where it is likely not there or not to have quantitative easing up by the
thinking easing in terms of employment
back took place of birth but at least you have to send the data center banks a
we will continue this policy and being unemployment rates come down 5 percent
in Europe there is no policy
essentially around and going but what do we have in Europe
what we have in Europe is and undegraded
active labor market said appoints are
what they mean by anti prom
Bob spoke about handed area
if you beat me in we APR
got when do you have any learn there is something wrong
with that person that these and run many
the president's applying made by the 5k contact with everything
education and that he thinks so
cuz the fight poverty educate them if you educate them
they have good skills to bed getting the market today
the right way he said they get employed Bernard professor that it or read that
ain't necessarily so and
I love love you made the comparisons between
white folks and got the folks when it comes to different levels over education
because
I remember teaching gender all
you get exactly the same picture up until the late 90's then something's
teams huge huge gaps that that inexplicable
back pain prism so if they suck yoba boy
these problems I think what you do you have to pay
you have to think they did you and you don't have to pick up my pic you don't
have to fix
the labor markets you don't have to think about
whether it be man he said patient to cry everybody'd your feet say about
and who are wrongly labour s
was most vulnerable in the opinion
all the europeans the most vulnerable the you
they don't care any
experience maybe they have the same level of education
but if it is any no I meant we have to help them
become and purely a bomb and
be there educate them a little bit more or
we had through I love them
given first tends to the company so that government
for you see in Sweden you feel and
in Germany you never see them countries in Europe
has been focusing on two things when they speak
about hand I'm
one these increasing and create be
the other is increasing the ability to be an entertainer
anything wrong with that no
he doesn't line though some people absolutely this is this story for
excitement to the bookmaker
but not for everybody and there are other issues that pic to do
wreath demand for labour so
in a situation like the one we are facing
now movies and what they had here
is com be any live in great see if you can look
I the first column this is 2008 and the next column
shows you the and Gromit
then second quarter of 2013
work you will observe actually if you work to
look at all of these on rates
he's got every city country except for German
Casey their employment increase
including of course you have that fire
countries that time that lady cokie
com Highland Greece Spain and so on
but what is important in Arby's
is that that countries such as Bulgaria on
let me I'm that in Paris all their finances
any there for their ability to pay that there had a didn't find that ticket
services
beef is not protected them prominent black and white because
day reason you got any crime and wars
that your head markets eugenia shaping and demand globally
global growth rate suppose time why would have a problem with the men
and you get and unemployment ok 27 percent
increase because a black up demand for labour
there anything that is being offered is and maybe
so what do they do they didn't give stipends
all the equivalent in the grass will be two hundred dollars
and I'm for someone to go through a
training school per month ago and there are
start these after studies that pixel that
the and period be getting better at home you get employed by the progress
once the program ends nothing doing forward about
unemployment I'm not sure what this is okay
one word about on youth unemployment
and then I we pay the next three minutes
food company what we're doing grace I am be careful
and I it I'm addressing both my colleagues fearing their room and
everybody else youth unemployment is very high
are increase as was mentioned actually today 6 percent
so here you have to use any blanket get credit for
you know I love this country is a red line you can clearly see
and climb in rates are much higher better
I think I'm for the race for the population aged 55 to 64
but see what happens if a look at the National ratio
ok this is an employment share
by age saying Greece a hair today at one point one point
3 1.3 mi n people and employed
and what I'm asking here it is how many among them I yearn
what is this shared anything like increase is 170 thousand
proper one going 3 medium people
but rather than 73,000 that I down do they not face a problem
absolutely yes but here is the hypocrisy in the last year we had
five meetings in europe for me there's
to see how they would respond to an end run into you know they know they talked
about most use any run
and they came up with bit different budgets
to support projects that but I was talking about but we had received
resending plan for 100 and 70,000
and they believe 1,000,000 people without
any response essentially so there is another kind of record
there with you then line and that they think we have to be
mine no okay so now
I have two more very fast and can you
I hope you will ask me some questions so I we
whet your appetite about.com this
that about what I want to talk you in the next day
saying that this over there estimates that they had I
okay out that you're going to see this famous
for one person for many
people that came have been Business College love them was called means
payments he spoke about financial fragility and that's where the means the
moment
comes from that you have on seen and heard on
but he also spoke about the employer of last resort
policy which is this that is a sham policy
got we heard about before getting my text advertiser
it is called it doesn't guarantee an Employment Guarantee
and
and I and they thankfully again to my colleague
on professor baby it because he explained very much like the days
what I want to do in the next one minute
I guess the pet hair is to
tell you that in 2010 the libyans the cute spoke
with look at Teddy who was the Minister
of you remembered about all who was a minister old labor at the time
and they had not signed any agreements anymore and that but we were in a
recession
so we spoke to look good together with the trade unions because you need these
kinds of agreements
an agreement was reached in 2010 before the signing of the memorandum that an
Employment Guarantee programme was name
and she said we don't have a lot of money but what we have left over for the
year
we we start the program with 50,000 55,000
and they said and in terms of the design
and how do you do that property all
some of us including myself back at work in South Africa and Mexico
in India the problems that actually
home way talked about earlier we mentioned at least
earlier and we headed to the XPS anyway we started this
then what happens is austerity measures and then bailouts coming
they devastate the economy they didn't state of course labor market convey
1b you with a fifty thousand here so
we have said of course
that one the estate because the stock
secondly en masse see
kind all eighty investment in the construction plan
as the setting increase otherwise we're not getting out of this situation
your hair suicides
you have homelessness to the phenomena that we never imagined we're going to
see
are no water no sanitation no heat
Nikkei I am and
they are now looking in 20 the opportunity that may exist that we're
going to change the government
I'm sending that this Government will poll because they keep insisting on the
same policies and that
a new more and like 10 a progressive government with
arm it they call them work we have done
here therefore as we are conversation we
various om home
constituencies in place is the week have created
a program for 250,000
or 515
thousand jobs we care course the big
way sixty percent all the cost goes for wages
forty percent goes for any station and materials because their projects that
are waiting to be done
along the lines that he heard already but
including in the case of Greece and vital mentor
local environmental at work that these
home waiting and work you have improved review
is then macroeconomic implications
upset program so let me just look at one sec
you could pay it wait till 586
you toast per month and you cryin
record meet new people 550,000 people because the multiplier effects
you we generate more jobs in the economy so they
got their number of jobs that the one candidate got pleeease
700,000
good thing he course and not unit 67
billion mind you $7 billion-a-year
is work with a right now for he Curtis
payments army do that day
that belongs to 35 this other countries
essentially Sabrina moratorium or just three
yes we don't make payments would just two years
and we during the summer but money to a
job-creation program we could solve so
many many problems in Greece so
who things out own or because he's
7.1 BDN corners you know
art day practically everything that we did a
you end up with the course ok CBN
bandwidth CDN year you can support full time jobs
for 700,000 many you've got handgun
impact these therefore becomes
and ASAP they any good
you i'm talking about. is and Employment Guarantee programme
serving precisely their goal
all this had been a great importance in expansionary fiscal policy
for me instead of investing container and waking
aren't here the jobs get created you go the other way round
you target you're spending your public spending
directly on job creation the last say that I'm not gonna go through
because I just did everybody stations by now I
describes for the case increase where would the money come from which is
always a question
where will the money come from we can find the money actually
week don't having to have not gone get the political will
and back to school for peace for the United States
and they cool beans that eventually we will
be able to be open and international
I'm that Khamis to changing in fact constitutional rights
the way they did in India because that's what they didn't get
they amended the constitution and the right to work movement that took 10
years
to take root by now guarantees
employment not sweet I'm not whatever but for front-month
every year in router areas braid your hair seasonal and fun
and now your hand more art than
one-third all the population participating year after year
if you get can do it please do not come to the united states cannot
thank you you