File talk:PIIGS Mk 4 map.png

Summary

I modified a coppy of the map 'File:Commonwealth games 1998 medal winners.PNG' by Commons user Roke. It replaces my map 'File:PIGS Mk 3 map.png' which became defective would not update, when I uploaded the updated image. I added Antarctica to it.--Snow storm in Eastern Asia (talk) 15:03, 4 June 2010 (UTC)

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Sorry about the length, I have globalized it.

By late 2010 both Iceland, the UK, the United States and Latvia are recovering after their major 2008 and 2009 banking failures and closures (Northern Rock, Icesave, Lehman Broths, etc). Belarus had a 20% overnight devaluation of the national currency on 2 January 2009 . Germany and Egypt were going down with a heavy budget deficit on May 6th and February the 24th, 2010, respectively. The Czech Republic had a heavy budget deficit by 22-09-2009. The banking situation still remains unbalanced, and major banking breakdowns are now limited thanks to the guaranty of public funds in the USA. The Euro-zone is still to recover, but generaly hasn't been affected by such profound banking failures, with the exseption of Greece, Spain, Belgium and the UK. Slovakia gave money to their folding central bank on the 8th of December, 2009, and Norway’s oil output fell in both 2009 and 2010.

Concerning the European 'PIIGS' countries shown on the map : Consecutively to the severe crisis in Greece, some speculation was made against other Euro-zone states, using the pejorative name of PIIGS (combination of the initials of Portugal, Italy, Ireland, Greece and Spain) to increase the fear and the feelings of messiness these countries may give to many investors who only have an incomplete knowledge of their economy. If Ireland is most definitely in a difficult situation, Italy has strictly no reason to be compared to Greece, with a deficit of less than a half of the Greek one. Although severely affected in terms of unemployment, Spain has already been through such situations in the past (most of the 80's and 90's) without any risk of bankruptcy, and it is important to remember the actual deficit comes after years of positive balance. Thanks to this, the debt refund (interest included) represent, today, less in percentage in the annual budget for 2010, than it did in any of the last fifteen years. Besides, UK deserved more than any other to be associated with Greece. But, apart from the questionable nicknames (may "GUK" sound less funny than "PIIGS"?), all this shows how much words and rumours can play important roles in a somewhat serious and full of severe consequences subject : world economy. In any case, UK is indeed not far from Greece in terms of public debt, and surely more exposed than some of the so called "PIIGS". In conclusion, ridiculous rumours ("France out of the Euro", "Spain bankruptcy") and scurrilous nicknames (PIIGS) obviously helped speculation against the Euro-zone, by increasing the panic induced by the quite real and serious Greek crisis. It is however important to remember that Greece represents for the European Union hardly much more than Oklahoma for the United States, while in America, much weightier states than Oklahoma, like California, are in very difficult situation too. In fact, this speculation against the Euro allowed a side effect : the purchase of huge amounts of US Dollars in a key moment of the crisis, giving at least some value to China's colossal reserves (almost exclusively in US Dollars) and allowing the USA to benefit from more time ahead, to carry on going through this crisis, in hope of an eventual true recovery (independent of public stimulus), which is the only viable option for the world's biggest economy to overcome its abyssal financial depression. Since 2008, the "PIIGS" strategy is just one of different attempts : One of the most representative of the precedent rumours was in late 2008 and early 2009, about probable doom-like chain reactions in Eastern European countries, regarding local private banking failures (which, eventually, did not happen to be that bad)... Chile‘s economy shrank 4.5% in 2009 and Algeria’s gas exports fell b 3.9% in 2009 due to reduced demand in the EU. Drought has hit some parts of the Magreb and Iberia badly in 2009 and 2010. About 37.3 million (37,3000,000) Americans, or about 12.5% of the population, were living in poverty during 2007 according to - www.timesofoman.com. [[1]]. Other sources put higher poverty rates up for Uzbekistan and Tadjikistan. The IMF gave a 3, 500,000,000 loan to Belarus on January the 3th, 2009, according to - www.thefreelibrary.com[[2]].

Despite of all this some Arabian ecconamys were doing well! The Oxford Business Group and the International Monetary Fund (I.M.F.) reportef on the 11th of June, 2009, that Bahrain should see an economic increase of 2.6 %In the fiscal year of 2009 to 2010[[3]]. Oman’s tourist industry grew, but a dip in oil exports caused a brief recession by May 2009 [[4]]. Saudi Arabia, Quatar and Kuwait were also seeing limited posative ecanonic groath during 2009 and 2010. Suprisingly, The Emirate of Dubai went temporally bankrupt on the 24th of March, 2009 ! Abu Dhabi has also saw a heavy slip in real estate sales since 2008 and subsiuqntly prices have also slipped sligtly downwards in 2010. Inevitably the crisis has affected all countries in region some ways, but certain countries were vastly affected more than others.

In Africa, between May 12th and 26th, both Mauritania, the Sénégal River Area and neighbouring parts of both Senegal and Mali faced both a drought and famine in 2010 . Thier econamies were damaged by this to.

Intrestingly Panama had a small budget surplus in 2008, a 4.7% deficit in and a 1% deficit in 2009. The Johannesburg stock exchange fell by 31% in 2008. Armenia had an increase of consumer prices by 20-30% on March 3rd, 2009. Azerbaijan had budget surplus of 4.9% on May 13th, 2010. Thailand was planning to cut it’s budget deficit to 4% in 2011. They had a Bt400 billion deficit in January 28, 2010 and a Bt150 billion the fiscal year 0f 2008 (2009 was in keeping with the trend, but not specified) . Deloitte say Canadian consumers are increasing their debt-to-disposable-income ratios to more than 130% on February 04, 2009 and Canada‘s budget deficits totalled C$85 billion ($69 billion) over five years as the result of a recession and a C$40 billion two-year stimulus package packed with infrastructure spending, tax cuts and targeted loans by January 27, 2009. Poland's general government deficit widened to 7.1 percent of gross domestic product 2009, but slightly narrower than the government's estimate. By 29 July, 2009, Brazil’s first-half nominal budget deficit index, including federal and local governments and state companies, widened to 43.7 billion Reais ($23 billion), the biggest gap since the modern records began in 2001. By the 18th January, 2010, Angola began to diversify it’s economy and on the 15th of May, 2010, Angolan entrepreneurial activity remained low. Haiti’s earthquake of 2010 had ruined the economy. In Singapore , the economy shrank by 2.1% in 2009, but may grow by 4.5% to 6.5% in 2010! By March, 2010, Vietnam had spent 1% of it’s GDP ($1billion) on subsidising the economy, but 5.32% growth seen likely by Vietnam for the whole of 2009! By the 13th of February, 2009, the Dutch economy shrank 0.9%. On the 6th of March, 2009, Indonesia’s government forecast a maximum 4 per cent growth as the recession devastated East Timor during March, 2009. Cuba entered a severe recession by December, 2008, and New Zealand was in recession by August, 2008. The Finnish central bank forecast, annual Finnish GDP to contract by 7.2% in 2009, remain unchanged in 2010 and grow 1.6% in 2011. Republic of Congo's real GDP rose by 8.30% in 2009. Mongolian bulk trading sales were increased 45.2% compared with the same period of last Year May 15, 2010. Kenyan tea and coffee exports fell by just under 50% in 2008, but recovered in 2009. Nigeria’s economy is sadly being corrupted and in need restructuring reforms. Mauritania’s economy is in need of restructuring reforms and fiscal discipline. Today, high oil revenues and a small population give Libya one of the highest GDPs per person in Africa and have allowed the Libyan state to provide an extensive level of social security, particularly in the fields of housing and education. Many problems still beset Libya's economy however; unemployment is the highest in the region at 21% according to the latest census figures.. Pakistan would also receive a yearly loan from Japan worth $500 million from 2006 to 2011 to help develop I.T. usage. The name of the Central Bank of Nigeria has been used in a series of so-called 'Nigerian 419 Scams'. The fraudster sends an e-mail that appears to come from a Central Bank employee to millions of people saying the Bank has found an excess of money, or a debt owing to, a person or persons who have since died, and they wish to export it. The victim submits his own bank account so that the money may be placed therein, only to find that within a week his account is empty. The bank is in no way associated with such scams.

Malian, Kergizyan and Berkina Faso organic cotton bucked the down turn in 2010, whyle Zimbabwie's hyper inflation reached 25,000% in 2009 [[5]]. Taiwan was in recession as it’s economy contracted by a record 8.36%. by February 18, 2009. Most pacific islands were in a recession from 2008 to 2010. Economic Growth was expected to rise slightly in resource-rich Papua New Guinea, lifting the overall growth rate in the Pacific to 3.7 per cent from 2.4%. South Korea’s exports Slid 21.2% and the economy only grew by 0.1% between January and March 2009, when compared with the last quarter of 2008. Vietnam's econamy looked verry shaky between 2009 and 2010 as a resesion bit [economy strengthens.html]. The Ivory Coast’s chocolate/cocoa bean exports were booming in 2010. The Asian Development Bank reports Vanuatu‘s would expand by 0.5 per cent this year after contracting an estimated 1.4 per cent last year.By measuring currency devaluation, equity market decline, and the rise in sovereign bond spreads, a picture of financial devastation emerges. Since these three indicators show financial weakness, taken together, they capture the impact of the crisis. The Carnegie Endowment for International Peace reports in its International Economics Bulletin that Ukraine and Hungary, as well as Argentina and Jamaica, are the countries most deeply affected by the crisis. Other severely affected countries are Ireland, Russia, Mexico, the Baltic states, United States and United Kingdom. By contrast, China, Japan, India, Iran, Peru and Australia are "among the least affected" .For the rest of the key enlarge the image. --Snow storm in Eastern Asia (talk) 02:38, 15 May 2010 (UTC)

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Have I summed up the World banking and credit crisis, or is it to big for 1 map alone? Did my mapping experiment even work?---Snow storm in Eastern Asia (talk) 15:41, 13 May 2010 (UTC)

Yes.--82.18.192.250 (talk) 19:04, 28 May 2010 (UTC)

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Very intresting sources-

[6][7][8] [9][10][11][12] [13][14][15][16] --Snow storm in Eastern Asia (talk) 10:16, 17 June 2010 (UTC)

Less hyperbole?--Its snowing in East Asia (talk) 02:59, 26 July 2010 (UTC)

Joke?

This map is a joke right? Theres WAY too much information on it to even make it intelligible or meaningful to anyone looking at it. And how is it that it makes any sense to put country specific information on a map like "senegal has a tourism and tuna fishing boom" or poorly worded and vague descriptions like "badly drought hit" or "badly earthquake hit" that have nothing to do with the economic downturn. Not to mention the catchall "moderate to heavy economic decline", how is it possible to define what is moderate and what is heavy, in relation to what? How can these two things be put together in the same entry? This is just a sample, I could go on and on. I'm deleting this off the "late 2000s recession" page because it adds nothing to the article and has no clear purpose for the page, if it is supposed to compliment the section "countries most affected" then it should be remade to focus on the countrys that were the most affected and not every country in the world. Every country was affected in some way, and many in the same way (as the entry it is supposed to compliment says in its opening). A map is not required to explain a "global economic crisis".

174.114.87.236 (talk) 22:41, 12 August 2010 (UTC)

Or just plain bizzar!--86.16.5.106 (talk) 17:19, 18 August 2010 (UTC)