I was born in Quezon City, a Manila suburb, to a father raised in Tondo, a Manila district and to a mother who grew up in a province miles away southeast of the metropolis.
The SABF Team graciously thanks him for taking the time to write the following article illustrating the effects of the economical crisis on Croatia. By the time I finish this text, I might lose my job.
The word about crisis really got through to the average Croat in autumn of last year when US presidential ellections plucked attention of Croatian media. While monetary sector, various people within banks and other fiscal institutions, already knew very well what was going on overseas, average Croat was still thinking about forthcoming World Handball Championship that was going to be held in Croatia.
Domestic media was hyping event and Croats thought only about handball. A few months passed, january passed, the World handball championship ended, and Croats woke up. A country 35 billion euros in debt spent circa million euros on modern colliseums while citizens had to live with an average of euros a month.
It was as expensive as buying a flat in Paris just to spend seven days running around Louvre. Meanwhile, far away in the States, Obama won the ellections, vacuum cleaned and huge amounts of money were injected in banks and other institutions that keep the economy running. Stories of overseas job cuts, sales decreases and big companies in trouble flooded Croatian media.
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Soon enough attention from US economy downfall turned to domestic economy downfall. At the same time last year we saw prices increase all over the shelves in supermarkets, and at the start of this year money seemed to have vanished. One of the biggest spenders and investors in Croatia is the government itself.
But as money dried, so did the spedning and financing which put whole machinery on hold. Government delayed paments to its providers and those delayed their payments further down the money chain.
More and more Croats heard gossip about job cuts in their companies. Someones girlfriend got laid off. His boss just showed up and told him bad news is he wont get usual wage, but the good one is he can get seven days free accomodation in a hotel on Turkish coast.
If he can pay travelling costs, though. Since Croatia got its independents from Yougoslavia in the yearpretty much every state company was sold.
All profitable companies, like the national Oil company, Telecomunications, Medical research, or bank got its buyer from abroad. The state was left off with companies riddled with debt and even those are broke into parts so profitable sections could be sold, either to local olygarhs, or international investors.
Without any major production, let alone export, nor anything left to sell, the country is completely dependant on bank loans. The only major cash input, 70 percent, comes through tourism and this year is really not good for traveling nor tourism at all.
Simply because neither Croats nor europeans have money to spend traveling around our coast. In an attempt to rise some cash, last month the goverment introduced plan for pension reform.
Plan is simple, as people who thought of it are. Just take money from the pension funds and put it onto the government bank account.1 International Essay Competition lausannecongress2018.com DRAFT Summary and Winning Essays This report was prepared by: Anna Kuznicka Consultant. Through the Dedman Distinguished Scholars Essay Competition, our program aims to help high school students do the same by emphasizing and improving their communication skills with a focus on writing at the college level.
×Welcome! Right click nodes and scroll the mouse to navigate the graph. × More information on this domain is in AlienVault OTX. You can submit your essay until March 23, entering to the website lausannecongress2018.com The competition is open for students and non-students alike, aged The competition is open for students and non-students alike, aged For more info regarding this one ask resource person or visit the site: lausannecongress2018.com This is the time to show and prove that Yes We Can!
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