Dynamics of Global Communication: Greece, Creditors Begin Talks on New Bailout - Essay Example

Greece’s economy suffered huge debts, subsequently making its budget inadequate to finance its operations. To solve the problem, Greece’s government applied several interventions, including a consideration to tax all the deposits in the country’s financial institutions. However, the most effective intervention of all the proposals made was the country’s financial bill out by different European countries and financial institutions. As the article reports, with the end of the financial crisis, Greece has the potential of going back to its original status, or even better.

Addressed audience in this article is the country’s policymakers, the government, especially in drafting the expenditure budgets, the investors (both operating or eyeing the country), multinational companies in the country, or those hoping to take advantage of the end of the crisis and finally other countries that overspend in their budgets, relying heavily on borrowings. The significant information contained in this story is essential for the world, especially. As different countries develop their policies, they are obliged to put into consideration the effects of economic recession.

Additionally, countries strategically can plan on how to avoid a recession. If unavoidable, designing measures to avoid any country from getting to the point Greece was in would help the country’s economy. Greece's economy is a memorable event, not only in the European region but globally also, as no other country has ever gone through a debt crisis bill out. The media has covered the crisis since its start, and progression to its present status. This is the biggest connection of the story to other stories related to the crisis.

The story sensitizes the world on the best ways of financing an economy and the options available whenever faced with a crisis. Sources The article reports on the decisions arrived at after a meeting convened to strategize on how to end the Greece financial crisis and decided on a third bill out. The story quotes different government officials and foreign dignitaries present in the meeting. Particularly, the story quotes only four of the people in the meeting. The quoted individuals are the senior Finance Ministry official, a senior government official, Greek Finance Minister Yannis Stournaras, and a former government official (Bouras, Granitsas & Stevis, 2013).

These individuals represent the political sector and the business community. Despite the meeting having taken place between various individuals, the story quotes just a few. Among the people whose quotes should have been significantly featured in the article are the European central bank officials, the international monetary fund officials, and senior finance ministry officials. Logically, their view would have played a considerable role in this story. Evidence There are different sources of evidence used in the story.

The authors draw part of the information from Greece’s budget and financial reports, for instance, the 2013 budget. The country’s growth data also provides crucial evidence used in the story (Bouras, Granitsas & Stevis, 2013). The international monetary fund also indirectly provides evidence that backs assumptions in the story, especially on the number of funds already injected into the economy and its impact in ending the crisis. 

Others, as sources are not clear come from the quoted individuals. Although the author mentions the positive effects of the previous bill outs, citing these effects would have made the story more authentic. Additionally, the role played by the different institutions and bodies involved in billing out Greece should have been featured in the story. Crucial evidence not provided in the story is the impact of the crisis since it started and it's status after the bailout efforts. In addition, the story fails to feature expected obstacles in the bailout process.

Assumptions made in the story effectively give additional information on the bailout process of the crisis.  However, the authors appear rather biased on the potential of the bailout ending the crisis (Bouras, Granitsas & Stevis, 2013). They hold a high certainty that the bailout definitely will end the crisis. As such, they make no further alternative methods available for Greece in ending the crisis. Such an assumption is wrong as the bailout could end the crisis or not.

Culturally, the article addresses the government’s financing options and budgeting process. For instance, the Greece government historically financed its operations through borrowed funds, leading to the crisis addressed in the article. Different governments have their own culture, which they follow whenever drafting their budgets. Another cultural consideration evident in the story is the role played by different monetary organizations in the world such as the international monetary fund plays in helping countries going through financial problems.

Central arguments made in this article point out the effectiveness of the bailout process in Greece’s financial crisis. Fact that the previous bailouts have had a positive effect on ending the crisis, different institutions and bodies in the country and around the European union hold the belief that a third bailout would bend the crisis.