• Comprehensive debt operation is required to return Greece to economic health.
• Greece needs either a debt write-down  by 30% but even with debt relief, Greece’s debt ratio would still be at 142% GDP through 2022
• Greece needs maturity extensions to 40 years from 20 years currently
• Greece’s additional financing needs through 2018 total above € 60 billion
• Greece’s year-ahead financing needs alone total € 29 billion
• Imperative Eurozone covers at least € 36 billion in finance under highly concessional terms

Several scenarios for partial or full breakup of the euro-zone are possible.

Scenario 1: Economic and political strains force some combination of Portugal, Ireland, Italy, Greece, and Spain (for which PIIGS is an acronym) out of the eurozone. If, on the heels of some or all of the PIIGS, France also leaves, then the euro-zone becomes in effect if not in name an enlarged Deutsche-mark zone.

1. Greek mandate (as a result of the referendum) persuades eurozone leaders to agree to a revised deal.
2. Greek banks collapse leading either to a eurozone rescue deal or to Grexit
3. Grexit after attempted eurozone negotiations fall apart
4. Greece joins the BRICS Bank and begins the transition back to the drachma with the backing of the East.
5. Greece fails to join the BRICS Bank and falls into economic and social disarray.

Author: Joseph E. Stiglitz, Nobel laureate in economics, University Professor at Columbia University

"The rising crescendo of bickering and acrimony within Europe might seem to outsiders to be the inevitable result of the bitter endgame playing out between Greece and its creditors. In fact, European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics.

1. Greek tourism contributes 17% to the GDP (2013)
2. Greek tourism covers 60% of the trade balance deficit
3. Greek tourism employs 1 out of 5 residents or 9.4% of total employment (340,500 jobs)
4. An estimated 22 milion tourists (including cruise passengers) visit Greece each year.
5. The top markets for Greece are: Germany (14%), UK (12%), FYRMacedonia (8%), France (6%) and Russia (6%)
6. Among 199 countries, Greece is 23rd in terms of receipts (US$ 32.7 billion) and 17th with regard to international arrivals.

It is important to understand the crisis of austerity that has been imposed by European bankers on Greece, Spain, Italy and Portugal, among others.

What happened ?
 

1. Evaluation: Detached or objective evaluation of the issue-client-organisation before determining if it merits lobbying.
2. Priority: Once the practitioner has assume the role of advocate, the interests of the client or organisation are valued above those of others involved in the public debate.
3. Sensitivity: Balancing of client priority on the one hand with social responsibility on the other.

1. Situation: 75% of the time, lobbyists engage in an evaluation process before determining whether to take on a new client or interest. After lobbyists engage in the initial evaluation of the issue, client, or organization, effects on other interests are considered and clients are made aware of such effects.

Lobbying in Cyprus remains unregulated and shrouded in secrecy. There is no legislation or regulation of lobbying activities. Due to the lack of any lobbying regulation, there is no specific obligation to register lobbyists or publicly disclose the interaction between public officials and lobbyists. There is also no self-regulation of lobbyists' activities and Cyprus has no professional association of lobbyists.

Written by Dr. Andrew Lilico, Chairman at Europe Economics.  Dr. Andrew Lilico is a Fellow of the Institute of Economic Affairs and Chairman of the IEA/Sunday Times Monetary Policy Committee. As Chief Economist of Policy Exchange from 2009-10 he produced what the BBC has described as the "essential theory" behind the Coalition's initial deficit reduction strategy.