Because it took EU politicians a lot of time to figure out the obvious – that a short-term lending faculty of E110 billion was needed to handle the problem of bad debt and ward off the possibility of default in Greece and a few other EU countries – the problem was magnified by the uncertainties that were left hanging in the interim
Philadelphia, Pa (Vocus) May 13, 2010
George P. Tsetsekos, Ph.D, R. John Chapel Jr. Dean of Drexel University’s LeBow College of Business and a native of Greece, says that the lack of political convergence in EU states in agreeing on a solution to the economic crisis in Greece has magnified the ramifications.
“Because it took EU politicians a lot of time to figure out the obvious – that a short-term lending faculty of E110 billion was needed to handle the problem of bad debt and ward off the possibility of default in Greece and a few other EU countries – the problem was magnified by the uncertainties that were left hanging in the interim,” Tsetsekos says. “There are two issues at play here: the damage has been done already as the indecisiveness of politicians to act in the Euro zone has now made the crisis a global, rather than a European, one; and now it still remains to be seen as to whether the major root of the problem has been fully addressed in the long term. Recent announcements from the EU have indicated that the agreed-upon solutions are short-term.”
To speak with George Tsetsekos about this topic please contact Lisa Litzinger, assistant director of communications, LeBow College of Business, at 267.242.7303 or lml64(at)drexel(dot)edu
Watch Now: Dean Tsetsekos speaks about the crisis in Greece at a recent LeBow College panel discussion.
About Drexel University’s LeBow College of Business Dean George P. Tsetsekos
Dr. George P. Tsetsekos has served as dean of Drexel University’s LeBow College of Business since August 2001. Under his leadership, LeBow College has achieved important milestones including recognition by BusinessWeek, Entrepreneur-Princeton Review, Financial Times, and U.S. News & World Report.
Tsetsekos was appointed to LeBow College’s finance faculty in 1988 and served as professor of finance and director of LeBow College’s Risk Management Center. His extensive research covers the broad areas of international finance, corporate finance, investments, and banking.
Currently, Tsetsekos serves on boards of the Federal Reserve Bank of Philadelphia (Economic Advisory Board), The PENJERDEL Council, the Pennsylvania Economic League, the Conference Board, the World Trade Center of Greater Philadelphia, the Global Interdependence Center, and the Journal of Investing. He holds a Ph.D. in finance from the University of Tennessee, and an MBA in finance and a B.S. in electrical and mechanical engineering from the National Technical University of Athens, Greece.