Author: Ioannis Kokkoris
Publisher:
ISBN:
Category :
Languages : en
Pages : 8
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Book Description
The recent financial crisis has illustrated the unprecedented difficulties that companies faced as well as the initiatives that were adopted at corporate and government level in order to mitigate the adverse impact of the crisis.A strategic response for struggling firms and one of the means of implementing a successful debt restructuring process is to combine or merge in order to achieve competitively necessary efficiencies. Either a failing firm within a booming industry or firms in a distressed industry will choose to combine, merge, acquire, be acquired, or choose to sell loss-making divisions in order to enhance the firm's viability and profitability. Given these wrenching transformations, the applicability and importance of the failing firm defence and failing division defence might be crucial.Particularly, it will deal with the implications of the failing firm defence on corporate debt restructuring in the European Union (EU). The reason for choosing these jurisdictions is that the EU has developed merger legislation3 and an extensive practice on the topic.The EU has specific criteria for assessing the failing firm defence argument. The satisfaction of these criteria is an essential factor for a concentration which is likely to have anticompetitive effects, to be allowed to proceed. In addition each of the above jurisdictions has its own legislation regarding merger assessment. It would be necessary for purposes of this paper and for a complete understanding of the implications of merger legislation, as they are identified through the failing firm defence, to provide a brief analysis of the legislation concerning the assessment of mergers. It is imperative to tie the analysis of the relevant legislation with its actual application in cases where the failing firm defence has been invoked. For each jurisdiction the landmark cases related to failing firm defence will be analysed in order to evaluate how the competition authorities and the courts have assessed the failing firm defence.This paper will analyse a recent case where the European Commission has accepted the failing firm defence in clearing the transaction. The failing form defence has been accepted only in a few transactions in the last 25 years and each new merger/acquisition clearance on the basis of the failing firm defence is a clear illustration of the impact of the recent financial crisis on the real economy.
Author: Conor Talbot
Publisher: Cambridge Scholars Publishing
ISBN: 1527523152
Category : Law
Languages : en
Pages : 238
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Book Description
This book examines the role and utility of competition law within the EU’s legislative and regulatory dialogue, using its response to crisis conditions as a test of its aims and abilities. As such, its main conclusion is that competition policy acts as a forum for debate as to the direction of the European integration project, while competition law can serve as a tool for aiding in the implementation of broader policy objectives. The analysis here explores the role of the general economic context in the application of competition law, the existence of identifiable baselines applicable in crisis conditions, the ability and role of national competition authorities in applying competition law, and the ways in which the European Commission’s overarching policy goals can influence the application of competition law. The decision to take an empirical approach to this research project stems from a conviction that an investigation into the real world situations faced by firms and consumers should underpin the evaluation of the applicable legal rules. Over the past number of years, the Commission has exerted more and more influence over the development of the regional and global airline industry, and this book identifies the emergence of an apparent overarching aim on the part of the Commission to create a market with a handful of ultra-competitive airlines with international reach serviced by an array of smaller feeder airlines on a regional basis. The study of Irish beef processing, on the other hand, identifies a high level of government involvement in providing the strategic thinking behind a crisis cartel scheme, and then demonstrates how the economic context exerted considerably more pressure on the government and the national court than on the competition authorities involved.
Author: Ilene Knable Gotts
Publisher:
ISBN: 9781804490952
Category : Conglomerate corporations
Languages : en
Pages : 0
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Book Description
Author: Financial Crisis Inquiry Commission
Publisher: Cosimo, Inc.
ISBN: 1616405414
Category : Political Science
Languages : en
Pages : 692
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Book Description
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Author: Stefano Micossi
Publisher:
ISBN: 9789290799290
Category : Political Science
Languages : en
Pages : 0
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Book Description
The contributors to this book are all members of EuropEos, a multidisciplinary group of jurists, economists, political scientists, and journalists in an ongoing forum discussing European institutional issues. The essays analyze emerging shifts in common policies, institutional settings, and legitimization, sketching out possible scenarios for the European Union of the 21st century. They are grouped into three sections, devoted to economics and consensus, international projection of the Union, and the institutional framework. Even after the major organizational reforms introduced to the EU by the new Treaty of Lisbon, which came into force in December 2009, Europe appears to remain an entity in flux, in search of its ultimate destiny. In line with the very essence of EuropEos, the views collected in this volume are sometimes at odds in their specific conclusions, but they stem from a common commitment to the European construction.
Author: Peter van Ham
Publisher: DIANE Publishing
ISBN: 0756708788
Category : Europe
Languages : en
Pages : 50
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Book Description
At the EU's Helsinki summit in 1999, European leaders took a decisive step toward the development of a new Common European Security and Defense Policy (ESDP) aimed at giving the EU a stronger role in international affairs backed by a credible military force. This report analyzes the processes leading to the ESDP by examining why and how this new European consensus came about. It touches upon the controversies and challenges that still lie ahead. What are the national interests and driving forces behind it, and what steps need to be taken to realize Europe's ambitions to achieve a workable European crisis mgmt. capability?
Author: Robert E. Hunter
Publisher: Rand Corporation
ISBN: 0833032283
Category : Political Science
Languages : en
Pages : 207
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Book Description
The emergence of the European Security and Defense Policy (ESDP) in the last two-thirds of the 1990s and continuing into the new century, has been a complex process intertwining politics, economics, national cultures, and numerous institutions. This book provides an essential background for understanding how security issues as between NATO and the European Union are being posed for the early part of the 21st century, including the new circumstances following the terrorist attacks in New York and Washington on September 11, 2001. This study should be of interest to those interested in the evolution of U.S.-European relations, especially in, but not limited to, the security field; the development of institutional relationships; and key choices that lie ahead in regard to these critical arrangements.
Author: Michael Emerson
Publisher: CEPS
ISBN: 9290795921
Category : Democracy
Languages : en
Pages : 241
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Book Description
Approaches democratization of the European neighbourhood from two sides, first exploring developments in the states themselves and then examining what the European Union has been doing to promote the process.
Author: Rémi Genevey
Publisher: The Energy and Resources Institute (TERI)
ISBN: 8179935302
Category : Architecture
Languages : en
Pages : 274
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Book Description
The reduction of inequalities within and between countries stands as a policy goal, and deserves to take centre stage in the design of the Sustainable Development Goals agreed during the Rio+20 Summit in 2012.The 2013 edition of A Planet for Life represents a unique international initiative grounded on conceptual and strategic thinking, and – most importantly – empirical experiments, conducted on five continents and touching on multiple realities. This unprecedented collection of works proposes a solid empirical approach, rather than an ideological one, to inform future debate.The case studies collected in this volume demonstrate the complexity of the new systems required to accommodate each country's specific economic, political and cultural realities. These systems combine technical, financial, legal, fiscal and organizational elements with a great deal of applied expertise, and are articulated within a clear, well-understood, growth- and job-generating development strategy.Inequality reduction does not occur by decree; neither does it automatically arise through economic growth, nor through policies that equalize incomes downward via ill conceived fiscal policies. Inequality reduction involves a collaborative effort that must motivate all concerned parties, one that constitutes a genuine political and social innovation, and one that often runs counter to prevailing political and economic forces.
Author: Dick K. Nanto
Publisher: DIANE Publishing
ISBN: 1437919847
Category : Business & Economics
Languages : en
Pages : 127
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Book Description
Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation.
