Mexican Immigrants Self Management And Diabetic Control

The foundation of the United States was built on migration. Every year new immigrants are coming into the country. Grieco et al. (2010) stated that in 2012 there were 11.7 million immigrants from Mexico living in America. Diabetes among Mexican immigrants have been increasing over the years, and now have the highest risk of getting diabetes (Barcellos, Goldman, Smith, 2012; O’Brien, Alos, Davey, Bueno, Whitaker, 2014). In regards to this, one hypothesis for the escalation is that later generations of Mexican immigrants, specifically the second and third generations, due to the exposure and overstressed relationship with assimilating to a new culture (Afable-Munsuz, Mayeda, Pà ©rez-Stable, Haan, 2013). It was studied by Afable-Munsuz†¦show more content†¦When it comes to diabetes there are no pros about this health problem for anyone. Conversely, there are many cons to this issues. Most importantly, this disease has many complications, and one major complication i s heart disease (CDC, 2015). Also, individuals with diabetes are fours time more likely to die due to heart disease, and is the top cause of death (CDC, 2015). According to the Agency for Healthcare Research and Quality (2014), individuals of Hispanic descent have more complications and disability from diabetes, and there is high importance to reduce this among this population. However, another con, is that there is a lack in resources for Mexican immigrants in self-management of diabetes. A study by Schneiderman et al. (2014), found that 47.9 percent of participants did not have health coverage, and 41.3 percent of participants did not know about their diabetes disease. Staggering results show that there is a need for support in various areas in management of diabetes. As a result, my stance on this rising issue, is that diabetes can be managed with adequate resources, education and collaboration, especially in incorporating folk beliefs, that will lead to healthier lives for Mexic an Immigrants (CDC, 2015; Gordon, 1994). Furthermore, two ethical principles that are raised by this health problem are justice and autonomy. Health insurance is a major issue in when it comes to Mexican immigrants getting the proper care they

The Working Poor Invisibe in America Essay - 1513 Words

Regardless if we are aware of it or not, not many Americans live the supposed American Dream of having a nice car, big house, well paying job, and have a secure family. In the renowned novel The Working Poor: Invisible in America by David K. Shipler he captures those Americans who live invisible in America that work so hard to suffer from the psychological effects of poverty. Not only does Shipler do that but he also indirectly talks about the â€Å"American Myth† and the â€Å"American Anti Myth through the lives on these individuals.† In The Working Poor Shipler goes on to explain both of the myths. Shipler states that the American Myth â€Å"still supposes that any individual from the humblest origins can climb to well-being† (Shipler, pg.5), but†¦show more content†¦It is just that the individuals in this novel are scattered along this spectrum of polar opposites, that each person’s life â€Å"is the mixed product of bad choices and bad fortu ne, of roads taken and roads cut off† (Shipler, pg.6). The debate on welfare and other social policies has been shaped by the question on â€Å"how to define the individual’s role in his/her own poverty† (Shipler, pg.7). The poor have less control over their private decisions; their personal mistakes have larger penalties, and their personal achievement only bring back a small reward. What many people do not realize such as employers is that the poor lack â€Å"hard skills† like the use of a computer and â€Å"soft skills† like interacting with people and peers. In the novel there are many Americans that depict the â€Å"American Myth,† for example Ann she was typical of the low wage working people ( Shipler, pg. 24-25), but the thing is Ann did not point fingers of blame at anyone, she excepted that she got herself into the situation that she is now. Even though she knew that the credit card companies rates were high she made the option of u sing them, but that is not because she had a choice or not but only because she had to. The lease on Ann truck was about to expire and her ex husbands child support of $100 was about to stop because her daughter was about to turn 18. Ann only had one option left which was bankruptcy but then she found

Risk Management and Financial Institutions †MyAssignmenthelp.com

Question: Discuss about the Risk Management and Financial Institutions. Answer: Introduction The report here discussed about the effective management of risk through discussion of the concept of risk, processes adopted for measuring and ranking the risk and the strategies adopted for effective project risk management. There is also discussion about the appropriate practices responsible for minimizing the project risk with theories, examples and arguments. There is also a critical analysis of the theories, concepts and models for practicing the project risk and procurement management. Further, there is also discussion on how the knowledge from the theories of project risk and procurement management can be used for developing insights and sort out current problems. The report also gives an overview of the complex models of Project Risk and Procurement Management along with a systematic analysis and creative synthesis of ideas Identification, understanding and evaluation of risk are required in business management otherwise; businesses can undergo dreadful consequences. However, most people relate the concept of risk with health, death or injury but there are many other types of risk that business face (Aven 2012). Risk can be categorised as risk of harm and risk of detriment. The risk of harm often related with something that is living like the natural environment or a person. However, in business context, the risk of harm relates to an injury incurred by people involved with the business that can be people from the management or employees. The risk of detriment refers to some kind of economic loss that the business incurs (Halbert and Rouanet 2014). This kind of risk includes split in an organization, loss of property or loss of stakeholders. Detriment risk is therefore responsible for causing damage of a major kind. Thus, it is important for the managers of any business to manage and identify risk so that consequences of risk reduced. How Risk Is Measured and Ranked The basic step for measuring the risk for business is to have a clear understanding of the risk. Following the mentioned steps can help in measuring and ranking of the risk (Brownlees and Engle 2012): Identification of the risk: It is necessary for the business to identify the kind of risk it undergoes which includes strategic risk, compliance risk, operational risk, financial risk or reputational risk. Estimating the Likelihood of the Risk: After identification of the risk it is very necessary to identify its likelihood by measuring it on a five-point scale like quite unlikely, very unlikely, medium likely, quite likely and very likely. Estimating the Impact of the Risk: After the identification of the risk it is very necessary to estimate how the risk will affect business. Therefore, it is necessary to estimate whether the risk have minimal impact, low impact, high impact, medium impact and devastation impact. Through creating a Scorecard for the Risk: Creating a scorecard for the risk helps in summarising the risk and its relative impact on the business. Strategies for Project risk management adopted for preventing project risks from occurring and thus minimizing the impact on the project in case any kind of risk occurs. The existence of project risks attributed to uncertainty (Larson and Gray 2013). There always remains a possibility where something unknown or known might pose a hindrance in achieving the project goals. The strategies adopted can therefore, act as a rescue in handling such risks. The project manager should therefore undertake four basic strategies for effective project risk management. These are as follows: Identification of the Risks: The identification of any risk that might have an impact on the business is very necessary. Possibility of any risk can be identified either by brainstorming, interviewing, going through risk profiles, going through historical data, through assumption analysis and through work breakdown structure analysis. Assessment of the Risk: Once the potential project risk identified it is very necessary for the project manager to determine the risks that need to be managing on an immediate basis since these are the risk that will have major impact on the project. Along with this, the manager also needs to identify its likelihood. Identifying Risk Response Development: There are however four response strategies for every risk that includes: By avoiding the risk: There are certain changes needs to be made in the project plan for avoiding risk. For instance, this can be done by either shortening or extending the schedule, reducing scope or changing the strategy of the project. Transfer the Risk: This involves passing of the risk to a third party. However, it does not change the nature of the risk but the responsibility of managing the risk goes to some other party. These include insurance, warranties, guarantees, performance bonds and fixed price contracts. Mitigate the Risk: This implies reducing the impact or probability of risk event. Risk mitigation may be done by simplifying the processes, safety training and choosing stable supplier Through Accepting the Risk: This is a scenario when the project team does not undertake any changes in the plan in dealing with the risk. In such cases, the manger is also unable to choose appropriate response strategies for the event Ensuring Monitoring and Controlling Risks: This involves implementation of the risk response strategies, monitoring the events that are responsible for the trigger, tracking the identified risk and identification of new risk. Appropriate Practices for Minimizing the Project Risk There are huge benefits of risk management in a project as it allows the business from unnecessary monetary loss (Kerzner 2013). In addition to this, minimizing the threats to projects also allows the project manager to ensure timely delivery along with quality results demanded by the sponsors. There are however, certain golden rules which if followed can minimize the project risk. These are as follows: Making Risk Management a Part of the Project: For minimizing the impact of project risk it is important to ensure that risk management becomes a part of the project plan. This will not only save cost but also lead to successful execution of the project. Most professional companies make risk management as a part of their day-to-day operations Identification of the Risks in the Early Stage of the Project: Identification of the risk at the initial stages of the project also helps in minimizing the project risk (Kendrick 2015). In order to do so, the manager must interact with the team members and other people outside the project who might help in risk identification due to experience in a similar scenario. Ensuring Proper Communication about the Risks: There should be a constant communication about the risk with the team members. This will allow the members of the team to understand its importance and impact and discuss any new risk that they can observe. Considering Both the Opportunities and Threats: There have been instances when modern risk approaches have focused on positive risks that have lead to project opportunities. Therefore it is necessary on the part of the managers to not only identify the project threats but also the opportunities as they make the project more profitable, better and faster. Clarifying Ownership Issues: The task of the manager does not end with the identification of the risk. The project manager in order to minimize the risk must assign a risk owner who will undertake the responsibility for optimizing the risk. Prioritising Risk: There are certain risks that have higher impact than others. Therefore, it is very necessary to prioritize the risk that causes bigger losses (Osei-Kyei and Chan 2015). The risk with lesser impact can be prioritizes based on a criteria or sometimes gut feeling. Through Analyzing the Risk: The project manager should risk analysis at various levels of the project. A detailed analysis of the risk helps the manager to understand the magnitude of the impact on cost, product and quality Planning and Implementing Risk Responses: Implementation of risk response activity that adds value to the project. This act of the manager will not only prevent the occurrence of threat occurring and at the same time minimize negative effects. Registering Project Risk: The project manager must maintain a risk log that enables him in viewing the progress. This method also acts a communication tool for informing the stakeholders and team members and stakeholders about the whereabouts of the project. Tracking Risk and Associated Risk: Through tracking of risk the project manager can actually focus on the current situation of risks (Klauer et.al 2014). This will help him to identify the risk that and affect the project value. Theory versus Practice of Project Risk and Procurement Management Project risk management is a thoughtful process of decision-making. The alternative being the scenario that involves reckless decisions making not based on careful observation of facts and involves risk (Alexander 2013). Thus, management of risk requires a methodical approach. Therefore, project risk management defined as a formalized disciplined approach that includes a set of processes for sound decision-making. On the other hand, procurement is a process that is usually adopted in private and public sector organizations. There process of procurement also involves five different categories of risk that includes (Hayes 2014): Technological Risk: These risks involve non-completion, under performance or false performance of the service procured due some technical glitch. Societal or Organizational Risk: Societal risk refers to the lack of acceptance of change by the users within the society. Organizational risk on the other hand refers the failure of the organization that undertakes the process of procurement. Market Risk: This refers to the risk involved in the demand and supply side. Financial Risk: In public procurement the financial risks are of twofold, first refers to the uncertainty in achieving target cost and the second refers to the ability of securing funds. Turbulence Risk: This risk refers to those that emerge from an unpredictable situation that forces the managers to reassess, prioritise and change expectations. This may lead to further dysfunction. The case study here discusses about the conduction of a risk management workshop by risk manager of a project (Kerzner, 2013). Thus, a meeting was held between the project manager and risk manager to undertake discussion on the project scope, project objectives, process incorporated, efficiency, deliberation and workshop participants. Based on the discussion risk identification which depends on the following factors like the time allotted for the project, number of participants and quality of participants, the project manager, scope of risk management. The risk manager developed a risk rating matrix after discussion with the project manager which enabled him to analyse the qualitatively. This approach of analysis is not only simple but also quick. However, the members of the workshop also readily accept the qualitative approach. The purpose of analysis of the risk is for prioritizing risk so that the higher ranking risk can be effectively taken into account by the management. In this case study, it was found that members of the workshop could determine strategies for treating high and extreme risks only. However, expectation for low or moderate risk can be effectively be handled by the management based on instinct or certain business criteria. Theory and practice matches in terms of use of source as common risk classification structure and effectiveness of group process. Therefore, in contrast to the theory, the practice needs to segment objectives of the project into product factors and process, use checklist after undertaking the process of brainstorming and the depend of risk on various factors. There is also need for interchanging the ability of events and causes on a frequent basis, greater weight age on consequences than the likelihood, carrying out partial analysis in exact circumstances since risk depends on various factors. Thus, the theory however clearly put an emphasis on the need for flexibility in one of its approaches allotted for the process of risk management (Haimes, 2015). Applying Knowledge of Project Risk and Procurement Management for Developing Insight and Solve Problem The theory and practice puts forward important techniques and concepts that are necessary for understanding the core competencies of risk related to project management and procurement management (McNeil, Frey and Embrechts 2015). This will enable project managers in preparing an accurate plan for risk and procurement management for their project. The managers will also be able to put use the techniques and tools for identification and resolving risk in their projects. They will also develop an ability to link risk and procurement concepts to the framework of the project. In other words, proper knowledge will also ensure them to adopt a reflective and professional approach for managing their project (Hull 2012). The knowledge will also enable the managers in effectively using oral and written communication about the risk factors of the projects at a professional level. Further, proper knowledge will also enable managers to critically think and synthesize any complex data related to th e project. Nowadays, project risk and procurement management considered important for an organisation because without proper understanding of it, a firm is not being able to define the objectives of project for the future (Fernndez-Diego 2013). However, if the project objectives of a company are determined without considering risks then there might be chances of losing the direction whenever a risk strikes. Therefore, in recent years companies have incorporated risk management departments. The role of the team working for the department is to come up with strategies that help in guarding the risk, identification of the risk, execution of the strategies and motivating employees in cooperating with the strategies (Caron 2013). Larger organisations face more risk so they should have strategies that are sophisticated. Moreover, they should also allow their risk management team for accessing the risk that might pose as a hindrance to the business. These risks cause adverse affects to the business and therefore needs prioritization and treatment accordingly (Taylor, Artman and Woelfer 2012). Therefore the goal of the risk management team is thus to ensure that the company only opts for risks that will not pose a barrier in achieving the primary objectives. Critical Analysis of Project Risk and Procurement Management in Complex Projects Complex projects in the field of aerospace, nuclear power, transportation and information technology brings in substantial challenges. The challenges include cost escalation, technical problems and legal disputes. These projects are therefore, quite vulnerable when it comes to performance (Pryke and Smyth 2012). The complexity arises due to multiple stages of design, procurement, construction, testing, changing requirements of the customers, performance priorities, government regulation and standards and delays in discovering rework. The complex projects are so much in trouble due to their complexity and hence are difficult to handle even under suitable circumstances. Due to the uncertainty factors these factors also involve certain amount of risk. The challenge of risk management in dealing with such complex projects includes systematic analysis of the risk, incorporating strategic control in exposing the project risk and undertaking a continuous learning process (Thamhain 2013). Until recently, it was found that there was insufficient systematic analysis of past problems related to complex projects. Even the project managers lacked tools used for analyzing and controlling such projects. The outcome of a complex project measured in terms of technical performance, timeliness, cost, quality, social impacts and value for money. However, the sources of risk for such projects depends substantial impact on the project outcome and the surrounded uncertainty (Kendrick 2015). Thus, to ensure project risk management of complex projects systems dynamics used as a powerful tool assessing the performance (Wilensky and Stroup 2013). Thus, through the adoption of system dynamics techniques, computer simulation models of various projects developed. However, system dynamics not only addresses the dimension of the complexity explicitly but also provides an answer to many critical questions related to performance. The scopes provided by the system dynamics methodology not only make it an effective but also an appropriate tool for strategic risk management. Thus, system dynamics model can act as the basis for identification and control of significant project risk (Flyvbjerg 2013). The steps however includes: simulation with a previous project, establishment of a baseline for performance for the project under consideration, identification of the sensitivities of the performance, identifying the major risk sources, analysing the sources that would lead to reduction of the risk, evaluating tradeoffs for performance /risk, preparation of contingency plans. However, the manager of such projects admitted that another category of risk is quite prevalent in such projects (Yoo et.al 2013). This includes, lower than expected availability of labour regionally, high attrition rates amongst workforce, slower delivery of vendors, slower perception of the management in dealing with the variations in actual productivity, slower rate of rework wherever required. Thus, such projects the managers can reduce risk through identification of five potential areas (Iossa and Martimort 2012.). These include proper scheduling, proactive workforce management, pursuing of aggressive test program, building customer relationship and incorporate improved technology. Conclusion The report ends with a critical analysis of project risk and procurement management for complex projects. Here the report discusses how complex projects have higher risk due to uncertainty. The report also deals with a section where the knowledge of the project risk and procurement management used for developing insight and solving current problems. The report also discusses about theory versus practice of project risk and procurement management. Further, there is discussion about the appropriate practices adopted for minimizing the project risk. There is also discussion about the effective risk management along with an explanation of the concept of risk, ways for measurement of risk and strategies for project risk management References: Alexander, K. ed., 2013.Facilities management: theory and practice. Routledge. Aven, T., 2012. The risk concepthistorical and recent development trends.Reliability Engineering System Safety,99, pp.33-44. Brownlees, C.T. and Engle, R.F., 2012. Volatility, correlation and tails for systemic risk measurement.Available at SSRN 1611229. Caron, F., 2013. Project Risk Management. InManaging the Continuum: Certainty, Uncertainty, Unpredictability in Large Engineering Projects(pp. 67-74). Springer Milan. Fernndez-Diego, M., 2013. Project Risk Management. InProject Management for Environmental, Construction and Manufacturing Engineers(pp. 75-90). Springer Netherlands. Flyvbjerg, B., 2013. From Nobel prize to project management: getting risks right.arXiv preprint arXiv:1302.3642. Haimes, Y.Y., 2015.Risk modeling, assessment, and management. John Wiley Sons. Halbert, L. and Rouanet, H., 2014. Filtering risk away: Global finance capital, transcalar territorial networks and the (un) making of city-regions: An analysis of business property development in Bangalore, India.Regional Studies,48(3), pp.471-484. Hayes, J., 2014.The theory and practice of change management. Palgrave Macmillan. Hull, J., 2012.Risk management and financial institutions,+ Web Site(Vol. 733). John Wiley Sons. Iossa, E. and Martimort, D., 2012. Risk allocation and the costs and benefits of publicprivate partnerships.The RAND Journal of Economics,43(3), pp.442-474. Kendrick, T., 2015.Identifying and managing project risk: essential tools for failure-proofing your project. AMACOM Div American Mgmt Assn. Kendrick, T., 2015.Identifying and managing project risk: essential tools for failure-proofing your project. AMACOM Div American Mgmt Assn. Kerzner, H., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Kerzner, H., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Klauer, S.G., Guo, F., Simons-Morton, B.G., Ouimet, M.C., Lee, S.E. and Dingus, T.A., 2014. Distracted driving and risk of road crashes among novice and experienced drivers.New England journal of medicine,370(1), pp.54-59. Larson, E.W. and Gray, C., 2013.Project Management: The Managerial Process with MS Project. McGraw-Hill. McNeil, A.J., Frey, R. and Embrechts, P., 2015.Quantitative risk management: Concepts, techniques and tools. Princeton university press. Osei-Kyei, R. and Chan, A.P., 2015. Review of studies on the Critical Success Factors for PublicPrivate Partnership (PPP) projects from 1990 to 2013.International Journal of Project Management,33(6), pp.1335-1346. Pryke, S. and Smyth, H., 2012.The management of complex projects: A relationship approach. John Wiley Sons. Taylor, H., Artman, E. and Woelfer, J.P., 2012. Information technology project risk management: bridging the gap between research and practice.Journal of Information Technology,27(1), pp.17-34. Thamhain, H., 2013. Managing risks in complex projects.Project Management Journal,44(2), pp.20-35. Wilensky, U. and Stroup, W.M., 2013, April. Networked gridlock: Students enacting complex dynamic phenomena with the HubNet architecture. InProceedings of the fourth annual international conference of the learning sciences(pp. 282-289). Yoo, Y., Boland Jr, R.J., Lyytinen, K. and Majchrzak, A., 2012. Organizing for innovation in the digitized world.Organization Science,23(5), pp.1398-1408.

The recent European sovereign debt crisis, with particular focus on the Greek case

The financial crisis of 2008 affected the entire globe. One of the major outcomes of the crisis was the increase of public debt in many countries. Such potent economies as Germany, the UK, France, etc. had to face significant financial issues.Advertising We will write a custom essay sample on The recent European sovereign debt crisis, with particular focus on the Greek case specifically for you for only $16.05 $11/page Learn More At the same time such peripheral economies as Ireland, Greece, Spain, Portugal, etc. were in danger of complete collapse. Thus, in the period of 2007-2010 gross debt/GDP ratio â€Å"increased by 62.3% in Ireland, by 38.2% in Greece and by 36.3% in Spain† which is the largest increase (Kouretas Vlamis, 2010, p. 392). Admittedly, many countries face the same problem, i.e. increase of General Government Debt (see Fig. 1). However, it is clear that Greece had the most severe crisis (Young Semmler, 2011). Fig.1. Percentages of General Government Debt in Some Countries of Eurozone. It is necessary to note that Greece has suffered a great economic turmoil. The government had to implement various austerity measures. However, some of these measures have proved to be ineffective. It is possible to state that Greece should undergo a number of political, economic and social changes to overcome the aftermaths of the crisis and make sure that such a devastating crisis will never occur.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Interestingly, Greece was one of the fastest growing economies in the entire Eurozone in the early 2000s (Kouretas Vlamis, 2010). However, mismanagement of financial flows led to the increase of private debt. The government tried to decrease private debt with the help of loans, which led to increased public debt. Combined with severe global financial crisis increased public debt became on e of the major reasons of the economic crisis in Greece. Thus, in the late 2009 analysts expressed concerns about a sovereign debt crisis which led to the crisis of confidence (De Santis, 2012). In its turn, it affected other weak economies in the Eurozone. In 2010 the situation worsened and the International Monetary Fund provided â‚ ¬110 billion bailout to the country. In 2011 the IMF agreed to provide another bailout of â‚ ¬130 billion. However, the Greek government had to undertake certain measures. There were lots of talks about the second bailout as Greeks were against austerity measures suggested by the Eurozone leaders. There were a lot of riots in the country. The election which took place in June 2012 was regarded as decisive as the new government was to decide whether to use the plan offered by other European countries. However, the election proved to be quite unsuccessful as the new government failed to form the necessary coalition to develop a plan to follow. Now there are increasing talks about the so-called ‘Grexit’. It is possible to define several reasons for the failure of the measures undertaken. In the first place, Greek government’s activities were erroneous. Thus, increased public expenditures caused the crisis.Advertising We will write a custom essay sample on The recent European sovereign debt crisis, with particular focus on the Greek case specifically for you for only $16.05 $11/page Learn More The Greek government should have reconsidered the amount of these expenditures. Thus, according to Eurostat (2012) while Eurozone leaders cut their public expenditures during the most difficult periods in 2008-2009, Greece steadily increased these expenditures (see Fig.2). Fig. 2. Public Expenditures of Some Eurozone Countries on Labor Market Policies (% of GDP). Secondly, it took too much time for European countries to understand that the sovereign debt crisis in Greece was to be handled at once (Kouretas Vlamis, 2010). However, the Eurozone leaders hesitated. A lot of discussions were held and countries of Eurozone failed to foresee possible outcomes of such a severe crisis in Greece. Notably, Kouretas Vlamis (2010) point out that it was quite difficult to estimate the real conditions of the Greek economy as Greek governments often provided wrong data. Even when countries of Eurozone agreed that Greece needed help, they could not come to a single decision on what exactly could be done (Kouretas Vlamis, 2010). The researchers also note that even when the financial aid was provided, it could not be the necessary solution as European countries which had common currency (euro), had different monetary policies including tax policies, wage policies, budgetary policies, etc. (Kouretas Vlamis, 2010).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More It is also important to note that cultural peculiarities did play an important role in escalation of the financial crisis in the country. Thus, Young and Semmler (2011) state that when Eurozone countries faced the crisis, many of them chose severe austerity measures. For instance, Germany cut public expenditures considerably (see Fig.2). However, the Greek government was not capable of implementing austerity measures. Greeks were also uneager to comply with austerity measures offered by the Eurozone leaders (Young Semmler, 2011). There were lots of riots. People protested against rising taxes, low wages, low pensions, etc. Interestingly, according to Eurostat (2012) the unemployment rate in Greece was not very high compared to other countries (even compared to the Eurozone leaders) (see Fig. 3). However, Greeks insist that austerity measures are far too severe. Fig. 3. Unemployment Rate in Some Eurozone Countries. The Greek government was in a very difficult position as the Eurozo ne leaders demanded implementation of austerity measures while Greeks demanded governmental support. Many people were waiting for the election which took place in June 2012 (Nadeau, 2012). Democratic forces won, but the election has not led to any outcomes as the new forces failed to form a coalition. Therefore, the Greek government is not ready to choose a path. Now many European analysts consider the so-called Grexit. Some claim that Greece should leave Eurozone as this will positively affect Eurozone as well as Greece (Buiter, 2012). Of course, there are people who think Grexit will negatively affect economies of other Eurozone countries. Supporters of the Grexit claim that this is the only way out, and it is rather inevitable. Admittedly, Greeks have already obtained certain financial support from Eurozone countries. However, Greeks are still reluctant to comply with the rules offered by the Eurozone leaders. This inability to follow the rules makes any other help meaningless or even harmful for economies of other countries. It is clear that the IMF or European Bank cannot afford allocating funds in such a thoughtless way. The Eurozone leaders should understand that Greece will follow the plan which can help the country overcome the crisis. Basically, the Eurozone leaders want Greece to follow their own ways, which have been quite successful. For instance, austerity measures have saved Germany from severe financial constraints and made the country one of the Eurozone leaders. Nonetheless, as has been mentioned above, Greece is too different. Greeks are eager to remain in Eurozone. They want to receive financial help. However, they are not ready for the austerity measures offered. They are still protesting and expressing their discontent with these measures. It is necessary to note that recent elections have confirmed that Greeks will not comply with the rules set by Eurozone leaders. Democratic forces have won. More so, the present leaders claim they are r eady to lead the country using Eurozone leaders’ paths. Therefore, Antonis Samaras, Greek Prime Minister, states that Greece should accept the rules offered as this will help the country overcome the crisis (Nadeau, 2012). However, the Prime Minister has failed to form a coalition so far. This can only mean that the country’s political forces cannot come to a single solution. Of course, it is possible to try to form coalition, but now Greece has the only way out. The country needs one more election. However, this time it is essential to make people reconsider their future in the Eurozone. Political forces should have particular programs to follow. Greeks should understand that their exit from the Eurozone is inevitable. As has been mentioned above, the single European currency is not backed up by a single monetary policy (wage policy, tax policy, etc.). Euro has proved to be inappropriate for Greece. The country should return to drachma which can positively affect the development of the country’s economy. First, it will enable Greeks to work out their own way out. They will not need to comply with the plan which is unacceptable for them due to various political, social and cultural peculiarities. Thus, Greek economy will be separated, so-to-speak. This separation will enable the economy to become a somewhat closed system. Greeks should not rely on other countries’ assistance any more. However, it is important to note that Greece should not leave the EU. Greece should remain a part of various European organizations and incentives. Though, there should be a particular distinction between cooperation and complete reliance on external assistance. Basically, Greece should start from scratch. The first step is to hold another election. People as well as politicians should understand that it is time to cooperate. It is time to forget about any ambitions or personal goals. The country is to be led by a strong political force. The government should not be afraid of launching austerity measures. Of course, these measures should be appropriate. It is also necessary to reintroduce drachma. This Greek currency will help the country become competitive on the global scale. Though, some claim it can be associated with certain risks, the reintroduction of the national currency is inevitable. Of course, this process should be controlled by the government. Reintroduction of drachma should be implemented in several stages. Greek economy should be prepared for the change. In fact, it is necessary to note that all the countries of the EU should turn back to their national currencies as this will lead to financial balance. As has been mentioned above, the countries have different financial policies. It is but natural currencies should also be different. Perhaps, in future the EU countries will manage to work out a common policy (wage, taxes, budgeting policies). This will enable the countries to introduce a common currency. In fact, common currency should be one of the final stages of integration. In case of the Eurozone, introduction of euro was quite a hasty decision. However, there are also positive outcomes as now it is clear that the EU is not ready for a common currency. As far as Greece is concerned, the country should also pay special attention to private debt. The Greek government should not try to decrease private debt at the expense of public debt as it will inevitably lead to another sovereign debt crisis. It is important to note that private debt in Greece can be handled without loans. Fig. 4. Private Debt in % of GDP. Thus, according to Eurostat (2012) other Eurozone countries (even Eurozone leaders) have higher rates of private debt (see Fig. 4). Kouretas and Vlamis (2010) note that private debt was increasing in the period of the economic boom. Therefore, this process is inevitable and it should be handled accordingly. On balance, it is possible to note that the recent European sovereign debt crisis in Greece was caused by a number of reasons. On the one hand, the country failed to cope with the increase of private debt. The government tried to solve the problem with the help of loans from other Eurozone countries. On the other hand, Eurozone countries failed to address the urgent issues which contributed to escalation of the crisis in Greece. Finally, even financial support of the IMF and European bank did not work for the country as Greece was unable to accept the plan offered by Eurozone leaders. Of course, there are specific measures which can be undertaken to help the country overcome the crisis. Firstly, the country should have another election. Secondly, the country should reintroduce drachma. Finally, Greece should not try to handle increase of private debt at the expense of public debt. It is also important to note that the two latter measures can help other Eurozone countries overcome the aftermaths of the financial crisis. Reference List Buiter, W., (2012). Ra ce to save euro will follow ‘Grexit’. Financial Times. Web. De Santis, R. A., (2012). The euro area sovereign debt crisis: Safe haven, credit rating agencies and the spread of the fever from Greece, Ireland and Portugal. Working Papers Series. Web. Eurostat, (2012). Statistics. Web. Kouretas, G. P. Vlamis, P., (2010). The Greek crisis: Causes and implications. Panoeconomicus, 4(1), 391-404. Nadeau, B. L., (2012). No ‘Grexit’ after Antonis Samaras and new democracy win Greek Election. The Daily Beast. Web. Young, B. Semmler, W., (2011). The European sovereign debt crisis: Is Germany to blame? German Politics and Society, 97  (29), 1-24. This essay on The recent European sovereign debt crisis, with particular focus on the Greek case was written and submitted by user Alaina Hatfield to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.