Economy

Angus Deaton, on 12 October 2015, received the so-called Nobel Prize in Economic Sciences, which is in reality the Sveriges Riksbank (Bank of Sweden) Prize for his work on consumption. He is an economist from Edinburgh and professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs and the Economics Department at Princeton University. He will be 70 years old next week. Deaton’s main research focuses on the determinants of health in rich and poor countries as well as the measurement of poverty.

In a bid to boost morale and ease the financial squeeze on Greek citizens, banks reopened on Monday, 20 July, after being closed for 3 weeks. Though banks are fully operational, withdrawals will still be capped at €60 per day, but now with the possibility to withdraw a whole week’s worth in one go. Restrictions on overseas payments remain in place. Also, trading on the Athens Stock Exchange is still frozen, along with clearing services and cash settlements for Greek securities.

One of the worst crises in EU history took another crucial turn with a decision made in the morning of Monday, 13 July. In order to avert his country’s financial collapse, Prime Minister Alexis Tsipras struck a deal with the other Eurozone leaders that would give Greece its third international bailout in five years. The package is worth €86bn and will be doled out over a period of 3 years.

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