Just Uniforms is obviously scam. My first communication with the biz owner stirred doubts when he said they have a warehouse in Ajah and an office at 15 City Mall, Onikan. Lagos Island. When I insisted on meeting him in person at their Ajah office, he switched to questions about the design and quantity. My guess: the biz owner may have tried and failed in the business but kept the website for scam purposes.

I wanted to ask him for a quotation on over 500 set of uniforms. Thanks to Tinamoore for exposing Just Uniforms...Now I'm happy to have delayed the transaction.

Only God knows how many Nigerians have fallen to his scam.

The cook ruined everything...What a disappointment!

THE “GOLDEN RULE.”

This phrase is passed on from generation to generation as a means of providing morality. Since most of the recipients have a sense of empathy, the message is generally well received. Morality is our set of guidelines on how to live, and what is right and wrong. For the majority of my life, I have abided by this golden rule: treat others how you want to be treated. For example, don’t break into someone’s house and steal their possessions (unless you want someone to do that to you). There are many messages that can be drawn from this rule, but there are three main conclusions: don’t treat others badly unless you want to be treated badly, if you put nothing in, then you will get nothing out, and if you are kind and grateful, then others will be the same in return.

I’m choosing to start with the negative because to me, this argument is the most basic- even though it can have the largest consequences if not followed. It seems fairly simple, don’t steal, harm others, etc or bad things will come to you. Many people, however, believe that they are inherently special and that they can avoid the consequences of their bad actions. If you treat others badly, then you were either treated badly, or you will get what is coming to you, and others will treat you how you’ve treated others. This may seem like a fairly abstract concept, but the golden rule wouldn’t be the golden rule unless many people believed in it. Essentially, the most commonly drawn conclusion from the golden rule is don’t treat others badly unless you want the same to happen to you.

Another conclusion from the golden rule is what you put in is what you get out. Essentially, the more effort you put into a relationship, the more you get out of it. If you want to be truly cared about, then you have to care about others. This also ties into the third conclusion, which suggests that being kind brings kindness. I believe that herein lies the difference between a genuine desire to help others and helping others to help yourself: altruism vs egoism. I do not believe that people are pure altruists or egoists, simply because all people do things for themselves and for others. Rather than confining people in the binary of altruism or egoism, I believe there is more space in-between where all people lie. It is the degree of altruism and egoism that makes a difference. I do not mean to say that people can not commit altruistic acts, and the same for egoistic acts, but I do not believe that one action can define a person.

Essentially, almost all people will prioritize themselves at some point and others at another points, but it is the degree to which they do so that makes a difference. This is where the altruism vs. egoism debate ties back into the golden rule: if you truly care about others, then others will truly care about you. You may still care about yourself more than others, but as long as the degree to which you prioritize yourself over others is not too skewed, then who’s to say you’re not an altruist?

https://meziesblog.com/do-unto-others-as-you-would-have-them-do-unto-you/

This is quite inspiring...Despite the bad experience, true love is everything mankind has to give to make the world a better place.

Nigeria is undergoing economic recession. But despite the inspiring short and long-term economic forecasts, the nation has a number of power supply challenges, many of which can be solved with renewable energy.

First among the sustainable energy options is hydropower.

However, the major problem with hydropower and similar large, capital intensive power projects is its vulnerability to stiff resistance in the development stage of global economies. This highlights the fact that small- and medium-sized projects are mostly less disruptive, cheaper and easier to establish. The truth is: Nigeria, like every other country, needs more power generation options that are affordable and eco-friendly. This is more so because businesses and personal lives revolve around electricity, and the increasing risks of environmental gradation indicates need for an urgent action. According to evidence-based data from the World Bank, over 600 million Africans (about 45% of the entire population) have no available access to electricity. Remarkably, a total of 236 GW of grid-connected generation capacity was installed in Africa during the fourth quarter (Q4) of 2018. But electricity generated from the continental project has failed to accommodate growing demands on power supply. The situation in Nigeria is equally disheartening.

Recent data from the United Nations, as indicated in its 2015 world population prospect report, estimates that African population will reach 2.5 billion by the year 2050. In addition, the global institution highlights the need for reliable and affordable electricity to facilitate economic development if Nigeria continues urbanizing, industrializing, and becoming a strong continental and global economic force. Whether the Nigerian business ecosystem (specifically the power sector) is conducive for investments is a rhetoric question. The answer is glaring enough. Systemic corruption and policy issues are a major challenge faced by multinationals, global financial donors and investors.

THE COST OF FINANCING POWER PROJECTS IN NIGERIA

Nigeria is in desperate need of constant electricity supply. Other African countries are facing same challenge of epileptic or inaccessible power, but only few among the 54 countries are responding to the huge setback with regional cooperation—the proven collaborative action towards increasing the capacity of generated electricity. Hydropower projects have featured prominently on the list of available options pursued by Independent Power Providers (IPP) in Nigeria.

Further, findings show the Nigerian government and multinational corporations are increasingly turning to private sector investors to help sustain and boost electricity generation projects within the country. The processes start from the early planning stage and continues through to construction and operations. But the power generation objective cannot be achieved without creating a conducive business environment for both public- and private-sector companies to invest towards developing the Nigerian economy. To achieve this purpose, IPPs should hire a team of experienced engineers and align business objectives with the interests of stakeholders in the financial, legal, technical/structuring domains. Governments in the West African sub-region should also close the energy infrastructure gap by providing more incentives and implementing proven policy strategies in country-specific models to spearhead growth.

Nigerians currently living without constant electricity are found in both rural and urban areas. Their isolation from the national electricity power grid is one of the greatest challenges to economic development. Additionally, disruptions in power distribution has huge financial implications for companies and individuals whose survival depends on constant power supply. However, the huge land distances from major electricity power distribution companies (Discos) sometimes make it too expensive to build the initial transmission infrastructure to connect small communities to the electricity grid. Moreover, large-scale power projects are typically financed on a limited-recourse project finance basis. This implies that private investors are required to provide around 30% of the capital required as equity while the balance comes from international and local financial institutions (development finance institutions, commercial banks etc). Again, the issue of systemic corruption is a cancer eating deep into Nigeria’s economic system and the challenge requires immediate stakeholder action to improve the quality and span of life.

https://meziesblog.com/power-is-vital-for-economic-development-in-nigeria/

Nothing Musa no go see for gate . Haven't you heard or read that "opposites attract?" Madam, or beta babe, find a man in your league and Nairalanders won't mind what happens next.

Remote workers in Portugal could see a healthier work-life balance under new labour laws approved by the country's parliament.

The new rules approved on Friday are a response to the explosion of home working as a result of the COVID-19 pandemic, Portugal’s ruling Socialist Party said.

Under the new rules, employers could face penalties for contacting workers outside of office hours. Companies will also have to help pay for expenses incurred by remote working, such as higher electricity and internet bills.

But the amendments to Portugal’s labour laws have limits: they will not apply to companies with fewer than ten employees.

WHAT WILL CHANGE?

Companies can now face fines for contacting workers outside of their normal working hours, the new rules state.

Employers are also forbidden from monitoring their employees while they work at home...

Read more: https://meziesblog.com/portugal-makes-it-illegal-for-employers-to-text-workers-after-official-hours/

Gold is a precious, highly valued metal throughout the world. But gold mining in Nigeria today is not as developed as the oil industry. Government authorities should pay attention to the activities of small mining companies to improve the quantity and quality of mined gold, not just prosecute "fictitious" thieves.

Congrats to Soludo! God will use you to deliver His people.
Long live, Anambra!

Genocide, bribery and corruption, human rights abuse, inequity, bloodshed...No respect for the rule of law...Common man can't afford free and fair trial...The executive arm of government controls the judiciary...No checks and balances...Supposed guardian of the constitution oppressing those they were established to protect...Everything in total confusion...According to 2 Baba, "All man for himself." This big-for-nothing contree wey no gree grow to bear sweet fruits tire person sef

No peace for the wicked...May God save His people.

What did he gain now? The money no even show him body.
Criminality is a cancer.
Hard work and prayer (you can add luck) are the answer.
When you fail to plan, you're certainly planning to fail.

Have you read what Nigerians are saying on Nairaland?

Your brother's wife owns the kitchen, including everywhere they call home. You're in her space. So, rules should be followed. Cook the noodles and enjoy your stay. Your brother's wife could be angry because an in-law cooking okro soup when there's a "better" soup means "open challenge." If the homeowner is a bad cook, the aroma and taste of your soup means an "insult" to the appreciation she gets from the man. It could be a matter of self-esteem, respect, and protecting what's hers .

WHAT GOD HAS JOINED TOGETHER...

TODAY’S SCRIPTURE: Revelation 12:10, NIV

“THEN I HEARD A LOUD VOICE IN HEAVEN SAY: “NOW HAVE COME THE SALVATION AND THE POWER AND THE KINGDOM OF OUR GOD, AND THE AUTHORITY OF HIS MESSIAH. FOR THE ACCUSER OF OUR BROTHERS AND SISTERS, WHO ACCUSES THEM BEFORE OUR GOD DAY AND NIGHT, HAS BEEN HURLED DOWN.”

TODAY’S WORD

Some people will try to define you by your mistakes. They’ll stick labels on you, reminding you of the times you failed, the times you compromised, the times you didn’t measure up. When you go through one bad season, don’t be surprised if people say, “God’s not going to bless you. You gave into temptation. You’re divorced. Your business failed.”

Don’t let people label you.

They can’t stop what God has ordained for your life.

The only person who can stop you is you.

If you believe the lies from the accuser of the brethren, that will keep you from your destiny. You may have failed, but you’re not a failure. That was a moment in your life, that was one season, and it doesn’t determine your future. You can’t stop others from putting a negative label on you, but you can take it right off. “I’m not defined by my mistakes. I’m defined by what God says about me. I am forgiven. I am redeemed. My failures are in my yesterday.”

PRAYER FOR TODAY

Father, thank You that there are no negative labels that can stick to those who are in Christ Jesus, and that includes me. Thank You that I am not defined by my mistakes and failures, but I am defined by what You say about me. I am forgiven and redeemed and free from condemnation. In Jesus’ Name, Amen.

https://meziesblog.com/who-defines-you/

Congratulations, son!

Karma knows her killers by their names...It's a matter of time and they'll drink from the same cup...Resist evil.

Still rooting for the Red Devils...Up Manchester United!

YOU KNOW ABOUT WHICH RED-FLAG INTERVIEW QUESTIONS TO WATCH OUT FOR, INCLUDING THE QUESTIONS THAT ARE DOWNRIGHT ILLEGAL TO BE ASKED. BUT SOMETIMES, WHAT AN INTERVIEWER DOESN’T ASK YOU CAN BE JUST AS REVEALING, WHETHER THE ABSENCE OF THESE QUESTIONS IS SPEAKING TO DISCRIMINATION IN THE INTERVIEW OR SIMPLY THE REALITY THAT YOU AREN’T GETTING THE JOB.

The next time you’re interviewing, pay attention to whether the following 11 questions and statements are missing from the conversation.

1. “HERE ARE SOME OF THE GREAT THINGS ABOUT THE ROLE.”
If the interview is going well, the hiring manager will try to sell you on certain aspects of the role or company — and if they don’t, that’s something to pay attention to, according to Marina Byezhanova, owner of a national headhunting firm.

“If the person interviewing you takes no time to sell you on the company and the job, it is a sign they are not that sold on you,” Byezhanova said. “The amount of time the interviewer dedicates to telling you about the company and all of the wonderful perks of working there depends on interviewing style and personality… However, when an interviewer makes no effort whatsoever to show you how enticing working there would be for you, it’s a telling sign that you are not seen as the top candidate for the job.”

2. “WHY SHOULD WE HIRE YOU?”
A hiring manager will ask you this “only if they identify some potential in you and want to hear it from your end,” explained Thomas Brown, CEO of Wigsmaster.

“It hints that they may have made up their mind and only want you to convince them to complete the process,” he said. “If they do not ask you this, chances are they might not have been impressed by the interview.”

3. “WHAT VALUES ARE IMPORTANT TO YOU IN A WORKPLACE?”
Not being asked this speaks to one thing — the interviewer not particularly caring to hear your answer, career coach Maya Kruger said.

“If values aren’t checked, it could mean that there is an expectation to conform to the workplace culture, despite it not being aligned with the employee,” she said.

4. “WHAT IS YOUR EXPECTED SALARY?”
Ideally, the salary range has already been shared with you in the job posting itself or in the initial screening with HR or a recruiter. If you’re far into the interviewing process and salary still hasn’t come up, that’s a bad sign, David Levi, founder of Cryptoner, said.

“When an employer or hiring manager refuses to talk to you about money, this might mean they aren’t willing to increase your pay should you not agree with the rate they offer you,” Levi said. “Companies like these hire employees regardless of what they can bring to the table.

5. “WHY ARE YOU LEAVING YOUR CURRENT JOB?”

Read more: https://meziesblog.com/if-your-interviewer-doesnt-say-these-things-its-a-red-flag/

Your PhD interview will be an important part of your postgraduate research application. This is your chance to meet your prospective department, discuss your project and show your potential as an academic researcher.

Of course, it’s also when that potential is going to be assessed.

You’ll need to show an awareness of what’s involved in a PhD project and prove that you have the right aspirations and approach to work on one for three (or more) years. You’ll also need to make it clear that this is the right university, department, research group or laboratory for you.

None of this has to be especially intimidating. Putting some thought into your project and your choice of institution can make answering PhD interview questions quite simple.

On this page we’ve put together a list of the questions you might be asked at an interview. We’ve also explained why the university might be asking each question, with some tips on how to answer those PhD interview questions.

You won’t necessarily be asked all of these questions – and you almost certainly won’t be asked them in the order here. Some of them also overlap with each other. But they’re all topics that you should be prepared to discuss at a PhD interview.

Interview questions about you

Your own personal qualities as a student, team-member and individual are some of the most important factors in a university’s decision to accept you for a PhD.

Regardless of your subject area, you need to be the kind of person who can dedicate themselves to a three-year project. You also need to be able to work alongside other students and academics in a positive and successful research environment.

The interview is the best way for a university to assess this. Just as there’s more to doing a PhD than research and writing, there’s more to a prospective student than their academic record.

#1 Tell us about yourself…

This popular opener can feel like an awkwardly open ‘question’.

You’ll be prepared to explain your project, to say what a great fit it is for the university, perhaps even reference some current research. But how do you ‘answer’ an invitation to just introduce yourself?

By introducing yourself.

Your interview panel isn’t trying to catch you out here. They’re offering an icebreaker to help ease you into the rest of the interview.

Obviously your response should be relevant to the occasion. But it doesn’t just have to be a run-down of your academic achievements, interests and goals (the interview will get to those in time!).

Say a little about your background, where you’re from and what your interests are. Don’t be afraid to relate these to your academic specialism and your choice of university.

If something specifically inspired you to consider a PhD, mention it. If there’s something that’s attracted you to this city as well as the university, say so. (There’ll be plenty of time to talk up the institution and its research later).

Do answer:

• I’ve always been interested in discovering how things work, but my time as an undergraduate opened my eyes to the excitement and wider benefit of science. I had the chance to do some original research on my Masters and that’s inspired me to take up the challenge of a PhD. I’m also a keen hiker and amateur naturalist, so I’d love to combine my studies here with the chance to visit the local area.

Don't answer:

• I was born in a house next to the local post-office. My first cat was called Timothy and he liked chasing string. At school my best friend was Kevin. My favourite colour is blue and my favourite flavour of ice-cream is raspberry ripple…*
•
*Please note: The PhD application process is not biased against people with cats called Timothy and friends called Kevin. Or those who like blue things and ice cream.

#2 What made you choose to do a PhD?

At some point in your interview your panel is going to want to know what’s behind your decision to undertake a doctorate.

Read more: https://meziesblog.com/how-to-answer-phd-interview-questions-about-you/

Incompetent police...No one ever hears G-boys escaped police custody. Only serial killers, rapists and criminals have the magical powers of Anini. Dis kain drama for Africa. Hear something, see something, say nothing, just do something off the books.

Listen, read, smile and think it through...Be careful about fake preachers, social media influence, and who you choose as friends.

Mental health issues are real, we can't lie to ourselves
No one dreams to love a LovePeddler cos it hurts to take the fall
Deal with depression and anxiety real quick
When the kicks set in, even strong men lose their grit
For your sanity, love like a Roman god and think like a cop
Trust your guts and tell yourself 'No, please, it's in my head!'

Women emancipation Thumbs up for the brevity and self-confidence.

The following steps outline a simple and effective strategy for writing a research paper. Depending on your familiarity with the topic and the challenges you encounter along the way, you may need to rearrange these steps.

Step 1: Identify and develop your topic

Selecting a topic can be the most challenging part of a research assignment. Since this is the very first step in writing a paper, it is vital that it be done correctly. Here are some tips for selecting a topic:

1. Select a topic within the parameters set by the assignment. Many times, your instructor will give you clear guidelines as to what you can and cannot write about. Failure to work within these guidelines may result in your proposed paper being deemed unacceptable by your instructor.

2. Select a topic of personal interest to you and learn more about it. The research for and writing of a paper will be more enjoyable if you are writing about something that you find interesting.


3. Select a topic for which you can find a manageable amount of information. Do a preliminary search of information sources to determine whether existing sources will meet your needs. If you find too much information, you may need to narrow your topic; if you find too little, you may need to broaden your topic.

4. Be original. Your instructor reads hundreds of research papers every year, and many of them are on the same topics (topics in the news at the time, controversial issues, subjects for which there is ample and easily accessed information). Stand out from your classmates by selecting an interesting and off-the-beaten-path topic.


5. Still can't come up with a topic to write about? See your instructor for advice.

Once you have identified your topic, it may help to state it as a question. For example, if you are interested in finding out about the epidemic of obesity in the American population, you might pose the question "What are the causes of obesity in America?" By posing your subject as a question you can more easily identify the main concepts or keywords to be used in your research.

Step 2: Do a preliminary search for information

Before beginning your research in earnest, do a preliminary search to determine whether there is enough information out there for your needs and to set the context of your research. Look up your keywords in the appropriate titles in the library's Reference collection (such as encyclopaedias and dictionaries) and in other sources such as our catalogue of books, periodical databases, and Internet search engines. Additional background information may be found in your lecture notes, textbooks, and reserve readings. You may find it necessary to adjust the focus of your topic in light of the resources available to you.

Step 3: Locate materials

With the direction of your research now clear to you, you can begin locating material on your topic. There are a number of places you can look for information:

If you are looking for books, do a subject search in the Alephcatalog. A Keyword search can be performed if the subject search doesn't yield enough information. Print or write down the citation information (author, title, etc.) and the location (call number and collection) of the item(s). Note the circulation status. When you locate the book on the shelf, look at the books located nearby; similar items are always shelved in the same area. The Aleph catalogue also indexes the library's audio-visual holdings.

Use the library's electronic periodical databases to find magazine and newspaper articles. Choose the databases and formats best suited to your particular topic; ask at the librarian at the Reference Desk if you need help figuring out which database best meets your needs. Many of the articles in the databases are available in full-text format.

Use search engines (Google, Yahoo, etc.) and subject directories to locate materials on the Internet. Check Internet Resources for helpful subject links.

Step 4: Evaluate your sources

See the CARS Checklist for Information Quality for tips on evaluating the authority and quality of the information you have located. Your instructor expects that you will provide credible, truthful, and reliable information and you have every right to expect that the sources you use are providing the same. This step is especially important when using Internet resources, many of which are regarded as less than reliable.

Step 5: Make notes

Consult the resources you have chosen and note the information that will be useful in your paper. Be sure to document all the sources you consult, even if you there is a chance you may not use that particular source. The author, title, publisher, URL, and other information will be needed later when creating a bibliography.

Step 6: Write your paper

Begin by organizing the information you have collected. The next step is the rough draft, wherein you get your ideas on paper in an unfinished fashion. This step will help you organize your ideas and determine the form your final paper will take. After this, you will revise the draft as many times as you think necessary to create a final product to turn in to your instructor.

Step 7: Cite your sources properly

Give credit where credit is due; cite your sources.

Citing or documenting the sources used in your research serves two purposes: it gives proper credit to the authors of the materials used, and it allows those who are reading your work to duplicate your research and locate the sources that you have listed as references. The MLA and the APA Styles are two popular citation formats.

Failure to cite your sources properly is plagiarism. Plagiarism is avoidable!

Read More: https://meziesblog.com/useful-guide-for-research-students-and-academic-writers/

Jay-Jay Okocha will never be forgotten in the football world. The mercurial midfielder has an amazing way of making difficult football skills look easy. He was a nightmare to many footballers. The smiles on his face, even when the Super Eagles are playing with noticeable fear and confusion, were a priceless consolation to many fans and football lovers.

Despite recommendations and protective standards set by Transparency International, whistleblower activities have been minimal around the world due to the fear of employer retaliation, which may result in job termination, demotion, or other disciplinary action. But the major problem is lack of standardized implementation of the United Nations Convention against Corruption (UNCAC) ratified by over 160 countries for the protection of whistleblowers. For example, the Council of Europe developed two major legal documents vis-a-vis the Civil Convention on Corruption and the Penal Convention on Corruption provide whistleblower laws and mechanisms to receive reports, disclosures and investigate wrongdoings in the public sector. But a 2017 OECD survey found such laws to be incomprehensive, scandal-driven, and ineffective because they are not in compliance with international standards.

• Canada: Whistleblower protection in Canada is a responsibility of the Office of the Public Sector Integrity Commissioner (PSIC) which protects public servants from reprisal attacks after disclosing wrongdoing. It also offers cover for anyone who has cooperated in investigations. The main objective of PSIC is to improve public confidence and trust in Canada's federal public institutions as well as strengthen public servants’ integrity. The Office was established by the Public Servants Disclosure Protection Act (The Act) of 15 April, 2007 which made it an independent and permanent Agent of Parliament, offering whistleblower protection to over 500,000 public servants. A setback to this goal is that not all disclosures result in an investigation because the Act stipulates the jurisdiction of the Commissioner and, under some circumstances, gives the option not to investigate. This challenge was responsible for lapses in Canada’s handling of COVID-19 cases related to fraud and profiteering. To encourage citizens’ commitment to enforcing accountability in acceptance and use of government financial supports—including scientific evidence and the administration of health services, the Act also mandated the Public Servants Disclosure Protection Tribunal (PSDPT) which protects whistleblowers in the public sector by hearing reprisal complaints—particularly those referred by the Public Sector Integrity Commissioner. The Canadian government, thus, metes out disciplinary actions against persons/organizations who take reprisals. Compensations are also available for complainants who faced retaliatory actions from their employers. How these mechanisms functioned during COVID-19 pandemic will be discussed in the research.

• United Kingdom: Whistleblower rights in the United Kingdom was established by the Public Interest Disclosure Act 1998 (PIDA) which allows protected disclosures whether a non-disclosure agreement was signed between past or present recruiter and an employee or not. A debate on if there should be further restrictions on confidentiality clauses was held in 2019. But, most remarkably, the “The Freedom to Speak Up Review” outlined twenty principles intended to improve whistleblower protection for NHS workers. The relevance of PIDA, which amends the Employment Rights Act 1996, including how PIDA enhanced NHS performance during the COVID-19 pandemic, will be discussed in the forthcoming research.:

Choice of country for this academic inquiry would be Canada, with references made to whistleblower protection laws and issues in countries like France, Japan, UK, and the United States.

Conclusion

From the results of this study, recommendations will be made on how governments can improve legal frameworks to protect whistleblowers, build trust among employees and observers, revitalise whistleblowing channels, improve corporate compliance and prevent unnecessary loss of lives in the future – as would have been the case if the Chinese government had taken responsibility to protect its citizens and the world, long before Li Wenliang’s public outcry. But it is necessary for the whistleblowing standards/principles to be adapted to each country’s political, social and cultural contexts, including their existing legislative frameworks.

https://meziesblog.com/global-approach-in-whistleblower-protection-2/

Nigeria is in our blood
Her future is in our hands
We can make it what we want
No Nigeria without us

Mankind destroying such a divine and awesome innovation with impudence in the name of development. Adam and Eve, chaiiiiii

…Distinguished ladies and gentlemen.

The word “crisis” has become a jargon in business, management, and academic circles such as this one, yet, it remains as topical as it was a decade ago when the most recent financial crisis vibrated across Greece and beyond. Crisis, according to the Cambridge dictionary, refers to “a situation that has reached an extremely difficult or dangerous point.” More specifically, financial crisis is a general term used in describing sovereign defaults, disorderly functioning of markets, banking panics, decline in stock market prices, currency devaluation and bursting of asset price bubbles, among others.

The origins of crises are hard to identify but the Greek example shows it can occur anywhere and at any time. The impact of Troika-imposed structural programmes on the Greek government has been among the most severe and hard-hitting in global history. This is evident in Greece’s recent downgrade of its status as developed to an emerging market thanks to the government’s careless decision to spend its €206.9 billion on creditor bail-outs. The resultant impoverishment and deindustrialisation is ongoing and could lead to other types of crisis such as:

• Grexit: The Greek government could withdraw its European Monetary Union (EMU) membership to reduce impact from using the EURO as a single Eurozone currency. This “time-out” from the euro area will aid the Athens government in debt restructuring but the strategy will most likely lead to another crisis since the stringent modalities for re-entering eurozone, in reality, makes it permanent.
• A currency crisis: If eurozone leaders approve Grexit, it implies the European Central Bank (ECB) would relinquish control of Bank of Greece for a return to the drachma. This situation may lead to currency devaluation with its attendant impact on the economy.
• A sudden stop: This implies a “balance of payments crisis” and is an offshoot of currency value depreciation which triggers a sudden fall in international capital inflows with its attendant rise in credit spreads.

Financial crises don’t occur often, but they do start with an incremental build-up of systemic risks in the macro-financial system, as was the case in Greece. Globalization, as a catalyst for development, has shrunken international boundaries and its contagion effects are felt by the common man, real economy, governments, financial systems and all stakeholders. This highlights the increasing interconnectedness of global markets, institutions and economies as well as underlines the need for policymakers to anticipate such high-impact events and take appropriate precautionary measures when they set in, using an effective crises management framework. Globalization, through inter-border cash flows, can propel development as well as create broad-ranged systemic risks if protective politico-economic strategies are not implemented properly.

Each crisis has certain unique features and should be treated separately although they are all triggered by excessive high credit growth or flat fall in asset value. According to the U.S. Congressional Service Report on the Greek Crisis, the action roadmap involves the following:

• A prompt intervention to contain contagion and restore confidence in the system. This starts with identifying the main factors driving crises such as booms in assets and credit markets that turned to busts for Greece.
• Recession or capital flight, as suggested by Troika, is a long but promising path to economic resurgence. The impact of three bail-outs offered to Athens is expected to blossom from 2022.
• Structural adjustment in the financial system to control impact and avoid recurrence. Financial institutions must reinvent themselves and strategize on transforming regulatory constraints into competitive advantage.

On the global level, the following should be taken into consideration:
a) There should be a clear delegation of responsibility for financial stability, with clear coordination protocols during crisis. This authority should not be shared among separate agencies.
b) Flexible monetary policies and crisis management strategies should be adopted by central banks and global financial institutions by upgrading technology and developing tools and techniques that can accurately assess risks to the financial system on a regular basis.
c) Effective crisis management entails an ability to identify and handle systemic risks at an early stage.
d) Lastly, governments should recognize the importance of interdependence and integration, considering that certain risks actions may need international cooperation which, in turn, requires adequate preparation, solid framework and unwavering commitment.
In light of the strategic roadmap to avoiding a next financial crisis, popular economist Hyman Minsky, however, pointed out that though each crisis leaves behind some set of lessons when it recedes, it is only natural that these lessons are soon forgotten together with the fact that there’s always a financial breakpoint that could lead to another crisis. For example, Greece ignored warnings from its inefficient pension system and doled out money to public sector employees because they attended work and not for quality outputs. Politicization of the public sector, high unemployment and work culture issues, and tax evasion all played contributory roles as underrated corrosive elements in the Greek crisis.

Notably, Greece joined the European Monetary Union (EMU) in 2001 and enjoyed abundant access to cheap capital but capital flows were not maximised to increase competitiveness in the economy. Worse still, the EU financial regulation framework designed to control excessive accumulation of public debt failed in its responsibilities, leading to strained public finances and consequential falsification of statistical data that increased Greece’s borrowing costs until 2010, when it risked defaulting on its public debts. The Greek economy was stable and productive prior to its acceptance of EU membership, which highlights the decision as a political rather than an economic move.

Writing on the Washington Consensus, New Structural Economics and Creative Destruction point of views, the ex-Senior VP at World Bank, Justin Yifu Lin, explained that the gap between countries is a result of market failures. His adoption of Keynesianism in analysing determinants of economic growth in low-income countries which did not adopt policy recommendations from dominant development theories further pointed at government intervention and structural reforms as tools for controlling market imperfections and reducing growth gap between industrialized and developing nations. However, this approach failed, especially for Latin American countries in the 90s, and prompted advanced research which discovered the important role of markets in resource allocation and provision of development incentives. Yet, this approach abandoned structural differences between countries but believed structural change can happen spontaneously in the development process. In furtherance, the Washington Consensus preached privatization, liberalization and stabilization, and was widely accepted by development organizations around the world, but it left a vacuum for controversies on growth and development. A retrospect on some 20-century countries that achieved growth through traditional approaches clearly shows that the heterogeneity and unique characteristics of individual countries were taken for granted. Justin’s final analysis uncovered the need for markets to be a resource allocation medium while governments were advised to play more significant roles in managing investments and compensating for externalities created by champions in the growth process.

On this backdrop, the impact of regulating bank operations as a crisis management strategy is better understood through an assessment of banking business model such as Basel 3 or “the dog and the frisbee.” This refers to a set of standards established by G-20 and voluntarily accepted by financial institutions to ensure that active international banks have access to adequate funds during crisis. While these standards have been implemented by countries which are not even parties to the agreement, the problem lies with the following:

1. Not all countries applied the regulations in the same way. The standards of Basel 3 are implemented through national laws, and countries have considerable discretion in how they go about it.
2. Banks are required to maintain a minimum common equity of 7% of their assets and a “countercyclical buffer” of 2.5%. This regulation includes a capital conservation buffer of 2.5%.
3. Each nation or group of nations such as the EU, implements the accord through an independent body, using threat of fines or disassociation to enforce compliance.

These factors undermine Basel 3’s objective to enhance productivity and soundness in the banking sector, especially on the grounds that any bank that fails to maintain the required capital conservation buffer only faces restrictions on payments to executives and shareholders – a pointer to the same management and law enforcement failures which nearly destroyed the EU.

However, the frisbee-catching dog entails “running at a speed so that the angle of gaze to the frisbee remains roughly constant,” according to A. G. Haldane & V. Madouros. Like catching a frisbee, keeping pace with crisis is a difficult task which requires the regulator to analyse a complex list of psychological and financial factors which include innovation and risk appetite.

Restoration of confidence in the government’s ability to act credibly and wisely in its interventions is the key to crisis resolution.

Thank you.

Irobiko Chimezie Kingsley is a professional academic writer. Hire him for your Thesis, Dissertation, Personal Statement, Research Proposal etc. His publications are available here: https:///3riQqL6

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