Creditor Rights in Sovereign Debt Markets Essays

Creditor Rights in Sovereign Debt Markets Essays Creditor Rights in Sovereign Debt Markets Essay Creditor Rights in Sovereign Debt Markets Essay Globally, governments are increasingly defaulting on their debt obligations with the most recent example being Argentina, Greece, Russia and a host of East Asian economies. The situation has elicited mixed reactions in international markets and bilateral institutions such as the International Monetary Fund and the World Bank, which have proposed aggregate collective action clauses that protect the investors interests (Broner et al. 2013). According to Noy (2008 p.64-78), without creditors, international financial markets cannot exist; therefore, investors must have meaningful ways to recoup back their investments in case of sovereign default. However, information access is considered key towards making informed investment decisions; thus, close cooperation between sovereign borrowers and creditors is critical. During a default, a countrys financial reputation is questionable, and oversight agencies such as the International Monetary Fund, World Bank, and Iconic agencies such as Moody rating often raise the red flag when dealing with defaulting nations (Diaz-Cassou and Erce 2011, p.14-18). Such defaulting economies suffer economic consequences, including restrictions on accessing financial markets, trade embargo, and tightening of the fiscal deficit in their home countries. These restrictions are implemented because the sovereign creditors, just like ordinary investors, have their rights in the sovereign debt markets. It is in light of this fact that the paper will focus on creditor rights in the sovereign debt markets, the potential costs of sovereign default for a country and the magnitude of the costs likely to be incurred should a country default its sovereign debt obligations. How Economies default their Sovereign Debts Since the advent of the global financial markets, sovereign debts have been considered the safest investment type due to their risk-free nature coupled with their potential for high returns. However, in 2002, the market was shocked when Argentina announced it was unable to service its bond debt. A decade later, Greece restructured its sovereign debts. These two situations elicited mixed market reactions, raising the question, if the two governments completely defaulted, how could investors recover their invested assets? This is because government-issued bonds are considered risk-free and never accompanied by any form of collateral other than the governments guarantee to service its debt (Manns 2015, p.118-152). During the worlds financial meltdown, major economies were pushed into a deep recession because the countries experienced low growth and huge budget deficits, leading to a sharp rise in debt-GDP ratio. Previously, in such scenarios, countries absorbed their debts by utilizing different approaches. By late 2009, the average spreads were still minimal, and the allocation of sovereign hands in the domestic residents was below 50 percent in emerging economies such as Greece, Ireland, Italy, Portugal and Spain (GIIPS) (Ahmed 2016, p.4359; Rogers 2012, p.117-148). The situation deteriorated and economies such as Ireland, Spain, Greece and Argentina reported massive debt deficits than previously anticipated. These events not only slowed down the repayment of the debts, but also affected how different credit instruments were absorbed in the market. The same year, Greece defaulted on its IMF loan repayments, but surprisingly, the same government decided to settle a yen-denominated bond held by private entities fully. The situation was shocking since the IMF is the most authoritative lender and financier of last resort. According to Greeces move, IMF and other multilateral agencies are considered the de facto senior creditors; therefore, raising the question why first settle the yen-dominated debt. However, IMFs senior status as the principal economic lender is not enshrined anywhere legally (Waibel 2014, p.22-41). Creditors Rights in Sovereign Markets Aguilar and Zejan (1985, p.385-395) debated on the relative importance of distressed economies meeting their debt obligations. Key emerging economies such as Argentina, Greece and Bulgaria have underscored the importance of understanding the bargaining positions of their debt-riddled economies. According to Dowell-Jones (2014, p.51-85), the most fundamental question that remains unresolved is What can creditors do to reclaim back their assets if a sovereign nation does not fully ascribe to its debt obligations? Metz and Tudela (2011) continue to argue that sovereignty implies that no single agency globally can seize the assets of a foreign country. This discussion attempts to address the underlying issue using two approaches: Reputation Approach Direct Punishment Reputation Approach This principle works on a very direct premise because countries value the access to the international money market that facilitates smooth consumption in the face of volatile output or fluctuating investment opportunities (Longstaff et al., 2007). Countries are always trusted to issue timely loan repayments, hence do not wish to reprieve their status as good debtors. Considering reputational symmetry, there is no need for the creditors seeking arbitration or political sanctions; rather, investors should understand economies sovereign borrowing limits on external debts since the flow of repayments largely depend on a countrys fundamental computation of consumption spending (Arellano and Bai 2013). Therefore, should creditors extend so much to a country, an elastic limit may be reached whereby the country is unable to retain its debt repayment program. Investors must acknowledge that reputational approach comes with the undeniable feature of analyzing the countrys macroeconomic situati on instead of the murky institutional capacity to participate (Pepino 2015, p.73-95). Punishment Approach It is assumed that foreign creditors have no legal mandate whatsoever to repayment in debtor country courts (Stephanou 2013, p.127-158). However, these are other peoples assets because creditors accord investment rights in sovereign debt contracts, and any controversial government to an individual or government-to-government trade dispute can always be resolved by the international court of justice, affiliated to the IMF and the World Bank (Porte and Heins 2016, p.1-13). Creditors legal rights, if violated in certain cases, may interfere with a countrys business privileges such as imposing embargoes on the free movement of cargo within certain jurisdictions, a scenario that may interfere substantially with a countrys economy. Despite creditors rights, there is also the issue of seniority in the sovereign debt markets, and unlike the corporate debts, there are no legal rules of priority and seniority when it comes to the international debt market (Santiso 2009). Due to the lack of a harmonized standard in relation to a sovereign bankruptcy procedure, no single government can decide which creditor cluster to service their debts and the extent of the payment levels (Dam 2015). Seniority in debt repayments is considered an optional decision, thus not legally enforceable in a court of law. Conclusively, it can be argued that only credit-specific factors propel debt repayment patterns, and a nations economic fundamental cannot be used as a metric illustrating seniority in sovereign debt repayments. For instance, in 2005, Greece defaulted payment to the most senior creditor, the IMF, while serving its junior creditors such as the fund managers and other institutional investors. Factors Driving Sovereign Debt Default One of the key factors prevalent with sovereign default is the accumulation of vast reserves of foreign denominated debts from the market, making the economy unable to make timely payments due to factors such as tight budgets and lack of political goodwill. In such scenarios, sovereign investors find it difficult acquiring support from supranational courts or creditors rights enforcement agencies. According to Wright (2010, p.295315) and Schroeder 2015 p.73-104), when countries default on some of their treasury obligations, it means that the state is no longer willing to handle its debt liabilities or pay up the interest. Signs of sovereign debt defaults begin to emerge when an economy is associated with massive overspending or too much borrowing for approximately 8 to 10 years. However, there are always consequences for the creditors and, in most cases, international negotiations commence, which often end up in partial debt cancellation. Under such an arrangement, partial repayments are remitted while the investor surrenders a huge chunk of the debt. A perfect example is the Argentines economic crisis (1999-2002), whereby creditors unanimously agreed to relinquish 75 percent of the outstanding debt. In certain instances, the creditors may wait for a regime change to recoup their dues. Creditors rights are clearly spelled out in international law, and they not only entail the rights of creditors against the debtor, but also amongst other creditors. In cases where there is a default over several cases, the rules in favor of the creditors rights establish the particular creditor that holds the strongest right towards any particular relief, whether attaching state assets or seeking any other form of compensations if possible. Waibel (2013, p.209251) reiterates that to mitigate against default risks, contemporary economies have responded through issuing bonds in hard currencies via international financial institutions as transaction intermediaries, and as a result, courts have been established in New York, London and Tokyo to deal with cases of aggrieved creditors (Baldacci and Gupta 2011, p.251-263). To curb or control sovereignty credit defaults, the International Capital Market Association (ICMA), an entity legally mandated to oversee the international financial mar ket, has enacted a multilateral legal framework that regulates the sovereign debts restructuring process for the sake of enhancing predictability, stability, and efficiency in the international financial system (Erdem and Varli 2014, p.42-57). Consequences for the Economy If a country defaults its treasury obligations, it simply disposes of its monetary obligations towards creditors. The immediate effect under such a scenario is that the country benefits from an immediate reduction in its debt portfolio and the accompanying interests associated with such debts (Hu, An and Yang 2008). However, the countrys reputation is dented among multilateral creditors and other credit rating agencies (Doug 2014, p.14). This means that the country cannot easily participate in the international financial market because investors perceive the economy as high risk. In a different scenario, foreign lenders may jeopardize the countrys monetary sovereignty. Sovereign defaults also include constrained access to credit not only in international markets, but also domestically since the government of the day has lost its credibility amongst investors. Besides, the domestic financial institutions also hold significant amounts of domestic debts, and if a government defaults, th e situation may degenerate into bank runs and lead into a financial crisis since most investors find it difficult to cope up with broke governments. These effects have consequences to an economys Gross Domestic Product (GDP) because the country is faced with a higher borrowing cost due to its poor credit score (Kolb 2011, p.113). The situation may exacerbate if the creditors are domestic borrowers because the government must always visit financial markets to offset their operational expenses such as paying workers and suppliers. Such a situation may lead to a knock effect on the entire economy and completely paralyze operations (Christodoulakis 2006). Argentinas Case Study Argentina can be used as a perfect case on how a section of an economy may escalate the debt crisis. The country defaulted its sovereign debts in 2002 and the economys fiscal deficit and debt position deteriorated significantly. As a result, the interest rate spread increased dramatically from below 10 percent to almost 50 percentage points by the end of 2001 (Bruno 2009). The Argentine government responded by increasing reliance on local financial institutions, whereby the government debt as a percentage of the banking systems total assets rose from 15 percent in 2000 to 21 percent by the end of 2001 (Wei 2003, p.709-705). In this light, the banking sectors credit risks increased significantly. Besides, the voluntary debt exchanges that increased the maturity of the bonds also increased maturity mismatches on the institutions financial statements. Due to the weakening of the banking system, there were widespread panic withdrawals throughout 2001, whereby deposits fell by 20 percent by the year-end (Fliz 2010, p.52-72; Zutshi 2008). By early 2002, the Treasury confirmed that it was defaulting $18.8 billion of their external debt and concurrently announced it was ditching the currency exchange board regime. These series of events prompted the Peso, Argentines official currency, to fall from 1 peso per US dollar to 3.9 by the end of March 2002. As a result, the country was heavily indebted when the debt is converted into their local currency. The situation impaired the local financial institution systems that provide liquidity and credit to the economy, and the banks credit to the private sector as a proportion of annual GDP reduced by 50 percent from 20.8 percent in 2001 to 10.8 percent by the end of 2003. The scenario led to lessened economic activity, hence increasing the countrys fiscal burden compared to GDP. The banks non-performing loans also increased dramatically when the recession deepened. According to Horn and Fritsche (2012, p.118-126), Argentina had a sovereign debt more than $123.7 billion, which wa s not sustainable even with conservative estimates. Additionally, it is noteworthy that no financial valuation of the countrys export and import growth could deliver the requisite net long-run foreign exchange earnings adequate for servicing the debt, even if the countrys interest levels were to move back to pre-crisis level. The countrys trade deficit expanded and its currency got overvalued, trade liberalization stalled and the exports only comprised of an insignificant share of the countrys economic bedrock (Schaumberg 2014, p.135-154).

Management Essay Example | Topics and Well Written Essays - 250 words - 2

Management - Essay Example uring industry like oil and gasoline, the transfer price becomes major factor for intermediate goods like crude oil which could be bought from its drilling division or from external market (Besanko et al., 2010). The major disadvantage of deciding to make intermediate products is that firms often require more than one intermediate good for their final product and therefore making them could turnout to be very complex with huge investment. Hence, it is not feasible for manufacturing firms to make intermediate goods when they are easily available in the open market. The main advantage of making intermediate goods is that company may not be dependent on the external market and could gain relative cost advantage within the industry if it has the resources available for intermediate goods as well as for the final product. For drilling companies of crude oil, their refinery divisions use their crude from their drilling division to make final products like gasoline. The transfer price in such cases is hugely cost effective. In general, the transfer price becomes a vital factor that dictates buying or making decisions for the intermediate

Explain the phenomenon of organisational commitment and analyse its Essay

Explain the phenomenon of organisational commitment and analyse its alleged relationship with organisational performance - Essay Example The most widely studied outcomes include employee retention, attendance, organizational citizenship, and job performance (Angle and Perry, 1981). Organizational commitment has become one of the major concerns of human resource these days. The enhancement of employees performance is issue for both profit and non-profit organizations. Non-profit organizations usually find it difficult to deal with this issue because of their inability to provide their employees with competitive compensations and benefits (Riveros andTsai,2011). One of the important objectives of an organizations human resource team is to keep employees motivated. It is because employees motivation results in commitment which in turn improves their performance and declines their desire to leave the organization. In order to achieve these results, organizations can devise a positive reward system. The purpose of this reward system is to retain employees. A positive reward system may include financial as well as non-financial rewards but mostly, non-financial rewards are proved effective to retain employees (Riveros and Tsai, 2011). Organizational commitment is a topic which has been studied by several authors. Nevertheless, the most important contribution was made by Modway, Steers and Porter (1979) in the form of Organizational Commitment Questionnaire. In order to fathom the importance of organizational commitment, it is important to clarify the concept (Riveros and Tsai, 2011). According to Colarelli and Bishop (1990), organizational commitment involves commitment to an organization as well as organizational goals. Allen and Meyer also proposed a measurement of organizational commitment in 1990. According to them, there are three components of organizational commitment including affective, continuance, and normative. The affective components include employees emotional attachment and their identification with the organization.

Analysis of mentoring, coaching and counselling

Analysis of mentoring, coaching and counselling This report has been compiled by. This report is intended for., and is written to show them the vast knowledge that we have received as a result of the mentorship program. It analyses the mentoring, coaching and counseling principles. Moreover it contains the mentoring program itself and reflections. The primary purpose of this report was to expand our knowledge base on the business by learning through primary research and self learning. B. METHODOLOGY In order to produce this report, sources of research were used. The primary sources consist of the mock interview and tape recordings while the secondary sources are referenced from the internet and major books. A diverse number of databases were also referred to for the research data required. Book references are listed in the bibliography. C. FINDINGS 1.1 Theory 1.1.1 Definition of the term mentor. The word mentor has many definitions around the world. However, the basic definition is that of a wise and trusted advisor. One who is willing to meet others and pass on information (Pegg, 1999). Thus mentoring can be considered as a process by which information is passed on to future mentees thus developing them into better people. Mentoring is an important aspect of modern culture and is practiced in many institutions and business organizations around the world. It is not only a tool by which to pass on knowledge to that person. Mentoring exists also to form a bond between the mentee and the mentor. Mentoring can be seen to have found its place in todays modern society. Companies have started designing and implementing their own mentorship programs to help facilitate their employees. Institutions have already put in place the mentorship programs to help groom the 1st year students and help them to properly adapt to new environments. In this light mentorship can be seen to be a form of leadership. The mentorship process is important to modern society as it helps young aspiring individuals to grow in the light of people who they look up to. By doing so it helps them to succeed in all their endeavors. 1.1.2 Definition of the term coach, Coaching is a process that enables learning and development to occur thus performance is seen to notably improve. Thus being a coach can be defined as one who primarily helps in the development of performance in a specific skill area. Often, people confuse the two terms, mentor and coach and it is usually seen that the two terms overlap. However coaches are seen to be more of strategists and planners who are essentially team builders. 1.1.3 Definition of the term counselor A counselor is one who is mature, respects other peoples opinions, is willing to listen rather than to talk and uses the insights he gets from the persons emotions and words to give advice. Thus a counselor differs from a mentor in that he/she is rational and more objective. Thus the relationship with whoever is being counseled tends to be more professional than personal. 1.1.4 The difference between mentoring, coaching and counseling Most people confuse the three terms and use them interchangeably. However, it can be clearly seen that the three carry different meanings. Coaching refers to the process that improves on performance by enabling learning and development to occur. Counseling as described above is whereby one is provided professional advice based on the counselors insights. These insights are based on the persons emotional state, words as well as appearance. Mentoring is the process of sharing insights, advice or informational that is useful to the mentee. Mentorship is a process in which the insights are drawn from real life experiences and not random facts. Thus mentorship is seen to be all inclusive. This means that it entails coaching and counseling as well. It includes because it helps the individuals performance in a particular area to improve. It also includes counseling as the individuals free to seek help and advice from the mentor whenever possible 1.2 Role of a mentor The role of a mentor is to enable the mentee to become a better individual in the professional domain as well as their own personal world. By doing, the mentor inadvertently improves himself in the same manner due to insight and personal contact with the mentee. Mentors have various duties. The primary aim of a mentor is to aid the mentee to reach a new level of personal and professional improvement thus the mentee is able to accomplish the tasks laid before him/her. The mentee also has the task of ensuring that the mentees progress is consistent. This is accomplished but the mentor providing additional skills and techniques to aid in ensuring the mentees continued progress. The techniques should be based on real-life encounters s these help the mentee make a solid connection with how his/her mentor used the techniques. Often the question is raised on the qualities that make a good mentor. This is normally raised by people all over the world who do not understand the principles of mentoring. Every individual is different by virtue of their personality. Thus the mentor and the mentee have to adapt to each others personalities in order to achieve proper results. Even though each mentor has different personalities, some notable aspects differentiate between a good mentor and a poor mentor. A good mentor should be capable and well experienced to aid the mentee in any sort of situation. The mentors should be able to encourage the mentees by constantly challenging them. The challenges should not discourage the mentees. Mentors must have a certain level of credibility both personally and professionally. Mentors should be able to encourage their mentees thereby enabling them to express their ideas more confidently. Also the mentor should learn to be versatile especially when engaging and challenging the men tees. 1.3 Role of a mentee A mentees main aim is to expand his knowledge and learn new skills. This is facilitated by the mentorship program whereby the mentee has the opportunity to get advice from someone who has much more experience is an invaluable opportunity. A mentee will find that mentors tend to make things much clearer than they were before. Due to the mentor-mentee relationship, the mentee is able to feel more secure as he knows the mentors is there to genuinely offer him help and is primarily there to help the mentee learn from his mistakes. Thus it can be said that this is grooming of the mentee in order to help him achieve specific goals or tasks. Thus it can be clearly seen that the mentee is learning new skills and gaining experience from the mentor. In general the mentee role is crucial as the mentor himself is able to learn more about his own mistakes from the mentee. Thus, it seems the mentor-mentee relationship is of a symbiotic nature in which each benefit the other. 1.4 Relationship between the Mentor and the Mentee. As mentioned above, the mentor-mentee relationship is a symbiotic relationship which benefits both of the people involved. Thus it is crucial for this relationship to be one where honesty and communication are freely exchanged between those involved. The mentor-mentee relationship is one based on trust and it is crucial that this trust is not compromised in any way by either of the parties. Breaking of this trust could result in the breakdown of the mentorship program and essentially the whole process could be discarded. To ensure this trust is not broken, it is essential that what is discussed between the mentor and the mentees stays purely between those involved in the discussion. Both the mentors and the mentees have to abide by this rule if the mentorship program is to succeed. Communication is also an essential part of the relationship between the mentor and the mentee. Communication aids in the mentee being able to seek advice whenever he requires it from the mentor. It facilitates smooth passage of information and enables the mentor to be able to communicate freely to his/her mentees. The crucial role of communication in the mentorship program cannot be overemphasized. It is vital that communication be highly regarded as it ids through this that the mentor is able to spot weaknesses and guide the mentee to improving on the weaknesses. This way the mentee is able to acknowledge the mentors role and accepts his advice. Thus without proper communication, the mentorship program will be for naught and the mentor will have failed at his task. In some cases there is mutual fallout between the two parties. In most cases, it is due to the lack of communication between the two parties. However, in some unrelated cases, it is noted that the mentorship process was difficult. Sometimes this is attributed to sexism and racism when it comes to the selection of the mentees. In other cases, it is attributed to the fact that the selected mentees are unwilling to learn anything from their mentor. This may be because the mentees do no respect the mentor or his employment position. All in all, the relationship between the mentor and the mentee plays a crucial role in the mentorship process it is essential that trust be maintained throughout the process as well as communication. Honesty as well must be upheld. Moreover, the mentees must be willing to form relationships with the mentors for the process to be successful. 2.0 Mentoring Process 2.1 Pitch Before I went before the students to present my pitch, I was very nervous as this was my first pitch. My content emphasized the strong role mentorship had in my life and the unbreakable bond that I had developed with my mentor. Though my voice was shaky and a bit weak, I felt proud because I had attracted three mentees. Reflecting back, the pitch was a good experience as it pointed out my weaknesses thus helped me grow just a bit more. 2.2 Meetings 2.2.1 Progress The first meeting was an informal face to face meeting so that we could properly get acquainted with each other. At this juncture, I should mention that the mentees were Niklas Kainrad, Alexander Kern and Yashar Berry. We mainly discussed about our pasts, our current selves, our future and what we aimed to achieve. Furthermore, we discussed the project, made detailed notes on what we aimed to achieved, proposed and clarified the time frame for which we were supposed to accomplish the set objectives and also set the times for regularly scheduled meetings. During the meetings, I tried to play the role of a mentor by striving to listen rather than to talk. However the first two meetings I noted that I played the role of a coach more than a mentor. I constantly interrupted asking questions rather than listening. As the meetings passed, I noted that I settled more in to the role of a being a mentor. It was really exciting because as the days passed, the more involved we became with further improving ourselves as individuals. We had the strong desire to grow into better people. The mentees were more involved when asked to reflect on their past and who they dream to be. 2.2.2 Mentees Development a) Niklas Kainrad During the first meting Niklas seemed mild-mannered, mature and confident in himself. When asked to think back on past experiences and say a personally affecting experience, he properly communicated his thoughts and his feelings. This was clearly seen as it affected his other mentees. However, it was noted throughout the meetings that though he was a cooperative team player, he could not be called upon to make critical decisions that the team required. Moreover, he was over-optimistic in some situations and at other times, he seemed preoccupied by his own thoughts especially during discussions. Thus throughout the meetings we aimed at improving his strengths while limiting his weaknesses. Throughout the mentorship, I called upon Niklas to share his opinion especially when he seemed to be wandering off. This proved to be very effective as with time Niklas became less aware of what was keeping him pre-occupied and more involved in the class discussions. Thus Niklas who previously was unable to focus on discussions was now major participator and contributor to them. Based on Niklas self perception details in the counseling report (appendix), t was concluded that due to his high maturity, Niklas was able to convince others to follow him. He was inspiring especially with his unique innovative ability. His cooperation skills likened him to working with colleagues who are genuinely interested in his ideas and opinions and with whom he can communicate effectively. Due to his observable discipline, strategic weighing of decisions and making judgments, it was further concluded that his management style would be more of cooperating with his colleagues in finding the way forward or mapping the way himself. As for his weaknesses, it was noted that though he paid little attention to all the specific details in the operations, this could easily be resolved by him working in harmony with someone who does. Thus his performance is likely to greatly improve. Thus during the mentorship meetings, we worked on the above noted strengths so as to grow Niklas. b) Alexander Kern. During the face to face interview with Alexander, he was sent to take great acre especially when answering questions. He seemed to be mentally weighing the quality of his answer against the questions asked. When asked what he thought of the other mentees opinions of certain issues, he carefully drew upon what the others had said and gave his opinions on the same. His slow but yet very effective method of thinking made him out to be a decisive decision maker. The leadership qualities that he displayed during the meetings showed that he was a strategist taking into account all the details in a particular session. Often during the meetings it was seen that most of the other mentees consulted with Alexander before a decision was made. Thus throughout the meeting one strength that defined him was that he was reliable especially when called upon to quantify decisions. Alexander throughout the duration of the meetings was noted to a key player especially when it came to making critical decisions. His major attribute that was clearly visible was the fact that he was a strategic leader. However, he was not without weaknesses. His leadership qualities made him unsuitable for low key situations. Thus during the meetings he learnt how to keep a low profile when situations call for such action. This helped him to adapt to supportive and subordinate roles when necessary. c) Yashar Berry Yashar Berry struck me with her vocal confidence especially when evaluating her strengths and weaknesses. She did not seem ashamed of her weaknesses but rather showed the strong desire to learn ho to improve on them. Over the past few weeks as we got to know more about each other, she showed real ingenuity when called upon to undertake certain tasks. Though this ingenuity earned her admiration from her other mentees, it was slow in showing. This somewhat affected her confidence in engaging in such crucial tasks. However, as time passed, her confidence in herself and her ingenuity grew. She was generally a great contributor especially when during group discussions. Her attitude to tasks had a preference for that tasks that required innovativeness. Thus she was seen as someone who would be more suited to working in mentally challenging situations. This though largely attributed to her innovativeness was also due her above average qualities in self organization and control. 2.2.3 Methods of improvement On the onset of the process, it was rather difficult to improve on the three different people as each their own individual weaknesses. However after thorough analysis, it became clear that Alexanders weaknesses turned out to be Niklas strengths. Thus the two worked together during the meetings, often correcting each other and pointing out their weaknesses. This turned out to be a very effective method of improving themselves. Yashar Berry had limited weaknesses and these were resolved through group interventions during the meetings. The teamwork tasks greatly improved the individuals capability to work in a team. The meetings were not held on a daily basis. Therefore, as a method for improvement the mentees were required to spend the non-meeting days reflecting personally on themselves and their weaknesses. Particularly, we agreed that the reflection sessions focus would be on how to improve on the weakness that each individual had. The conclusions of the personal reflections were then presented to the group during the meeting sessions. We also developed various strategies that were aimed to bolster their performance during the interviews. Thus through constant analysis and motivation the three were able to help each other grow. 2.3 Evaluation and conclusion Reflecting back on the whole process and its effect on the mentees, it can be concluded that the overall impact it had on them ws massive. All three mentees showed more determination to better themselves both professionally and personally. The serious attitude exhibited by all of the showed the real determination to succeed. They took into account all the mentorship knowledge that they had learned during the duration of the mentorship program and were keen to utilize it in the proper manner. On A more personal case, I, as the mentor, have gained valuable knowledge in identifying the personality characteristics of the different individuals. I have also learnt how to approach these case characteristics each in its own manner and properly help the individual to grow. Therefore, I have gained insight into the proper strategies to be used when evaluating the individual and helping him improve himself. 2.4 Comparison and mock interview. In the next session, the performance of mentees shall be evaluated based on how well they performed in the mock and real interviews. The real interview is thus the true evaluator of the total effectiveness of the process. 2.4.1 Evaluation of Niklas Niklas was very striking in terms of dressing during both of the interviews. His vocal strength was strong and depicted open body language. His answers to the questions that were asked proved satisfying. He showed real confidence in his answers and spoke confidently throughout the interview. However, not both interviews were conducted without mistakes. When faced with questions asking him to explain how he would undertake a particular task, it was noted that he continuously ignored the minor crucial details. His arguments to the questions though satisfying were not without flaws. He generally answered the questions but there was hesitation on his part to divulge greater details especially when he was asked to clarify on given points. He showed great improvement during the real interview. It was clear that he had worked on his mistakes and improved on the weaknesses. His answers were now clearer and he did not hesitate to divulge information when asked to clarify on unclear points. 2.4.2 Evaluation of Alexander Kern Alexanders mock interview showed that he had taken what he had learnt during the mentorship program and properly implemented it to improving his behavior. In terms of his oral language he was able to present strong answers in a very convincing manner. His answers still showed that he had taken great care on consideration of the question. Though the speed of his answers was still very slow, it was clear that he had improved greatly since entering the mentorship program. His calm disposition when faced with many questions displayed his oozing confidence when placed on the spot. During the real interview, it was noted that Alexander had noted his mistakes made during the mock interview and made an effort to correct them. The rate of delivery of his answers was speedy and they still contained as much depth as the mock interview answers. Moreover, it was impressive that he showed he could answer even the most unexpected of questions. 2.4.2 Evaluation of Yashar Berry. Yashar Berry was very impressive at both the interviews. Her limited flaws that she had displayed early were now completely erased. Her smooth manner of talking, the ease with which she answered questions and the ingenuity that she displayed all showed that she had garnered a lot of experience from the mentorship program. 2.5 Summary. As a summary of the real interview, which is the final evaluation of the mentors mentoring skills, it was clear that the mentees had listened carefully to the mentors, taken their advice and implemented it properly. They remembered the basic rules which they displayed in the interview. On terms of performance, it was rather clear that Yashar performed more professionally than the other two. It was thus clear that Yashar had carefully listened to what the mentors had commented on and worked on it thereby improving herself professionally. In the case of Alexander, it was clear that with a little pressure he could be pushed to succeed. He showed his decision-making prowess when called upon. Niklas also exhibited marked improvement especially in his concentration. He paid little attention to his own personal interests and concentrated completely on the interview. 2.6 Reflection on my own personal performance After analyzing the performance of my three mentees, I reflected on my own personal performance and progression. I identified three major things that I would have to change given the opportunity to take part in the mentorship experience again. First, I will have to be more observant of how my mentees present themselves. Niklas was unable to give decisive answers during the mock interview. I, as the mentor, should have noted this and worked on it with him. Secondly, though the mentees showed marked improvement, some still exhibited difficulties when answering the questions. Given the opportunity to take part in the mentorship program once more, I will undertake to simulate real life situations with my mentees so as to avoid this. 2.7 Conclusion. The mentorship program was not only a wonderful experience for the mentees. it proved to be a worthwhile experience for me too. Through sharing and working together to eliminate each others weaknesses, it was shown that the mentees showed marked improvement especially in how they present themselves professionally. Helping others find their own weaknesses as well as my own turned out to be an invaluable experience for me. It also showed that people can truly aim higher if they have a common goal and a person who is willing to mentor them and assist them into achieving that goal. 2.8 Recommendations. The mentorship program in the EBS is truly an invaluable source of knowledge. One gets to learn more about him/her, the opportunity to identify their weakness and to work on improving them. The pitching of the program is also very essential as it gives the mentees a positive feel about the program. With all the above said, I would thus like to recommend that the mentorship program be carried over into the other years. This would enable mentors to keep in touch with their mentees thus the bonds are not broken after the mentorship program is finished.

Conflict and Generosity Within the Grapes of Wrath Essay

When a family becomes a victim to severe debt, attitudes change, the family tends to grow apart, and the members must cope. This was common during the Great Depression in the 1930’s after the collapse of the stock market, and a plethora of families flooded to California in search of a promising future. Home to Tom Joad and his family, the deteriorating economy of the Great Depression depicts the changing attitudes of many families and how they adapted to this difficult time period. The work captures how many families like the Joads have to change to accommodate the financial shortage of the 1930s, and how they grow with this struggle. With that, John Steinbeck constructs The Grapes of Wrath to include a family that is still generous in the midst of many trials and tribulations. The Grapes of Wrath depicts how great struggle is juxtaposed with an immense appetite for wealth, and how this conflict elicits generosity. John Steinbeck grew up around Salinas, California. Even though he was not raised by parents who were poor, he witnessed discrimination upon the many dust bowl migrant workers who came from states that were â€Å"less fortunate† like Oklahoma and Texas. Steinbeck channeled his anger and frustration from observing the heartbreak and struggle during the Great Depression into crafting The Grapes of Wrath. According to Carroll Britch and Cliff Lewis in their article â€Å"Growth of the Family in The Grapes of Wrath,† â€Å"Although it addresses issues of great sociological change, The Grapes of Wrath is at its core about the family and struggle of its members to assert their separate identities without breaking up the family. 1)† He utilized his aggravation for the people to illustrate the drastic changes that occur in the characters over a period of time, such as the way in which the community is altered when financial hardship is imminent. But for Tom Joad and his family, staying together as a whole is one aspect that has not yet been lost in the troubling times. Though the Joad family has had a great deal of troubling experiences, in a way this brings them closer holistically. The way that Steinbeck crafts the family to adapt to the varying conditions like when someone dies, or loses work, llustrates how the family becomes more resilient to variety. The Joads and many families like them must leave behind their felt notions of idealism and work towards an â€Å"I to We† relationship with the others if they are going to survive during this great struggle, especially with the way that nothing financial wise is stable during the depression. For a large percent of the population, the scarcity of funds leads to chaos within families and friends across America. The hedonistic views of the public drive people virtually insane, with car salesmen selling run-down vehicles for outrageous prices, to corrupted citizens stealing from stores who are going out of business. With money no longer an abundant commodity, banks and businesses began to shut down and fail, forcing many hard-working Americans to begin a life on the streets, which is not a welcoming new habitat by any stretch. This relates to the novel in that the Joads were forced out of their farm and had no choice but to flee to California in search of work and a brighter future, which appears to be a promising alternative. Though the trend to fall a victim to the circumstances is growing, there are still some people like Tom Joad and his family who do not seem to fit this statistic yet. When the family reaches the government camp Weedpatch, they to some extent â€Å"forget† about the troubles of the economy. Warren French in his article Chapter 6: From Naturalism to the Drama of Consciousness—The Education of the Heart in the Grapes of Wrath, states that, â€Å"The self- governing arrangement of the camp also makes the Joads feel like decent people again (4). This shows how despite the troubling situation, the Joads can still find remote happiness among a time of desperation. There is an apparent change in attitude once the Joads reach the Weedpatch camp. Warren French writes; â€Å"The easy atmosphere of the government camp, where—as one man observes—â€Å"We’re all a- workin’ together† (448), is in striking contrast to the tense atmosphere at the Hooper Ranch. There the prevailing attitudes are epitomized by a checker’s remark that putting holes in the bottom of buckets â€Å"keeps people from stealing them (4). This suggests that having others to work alongside of eases the tension of being forced to work for almost nothing. The atmosphere seems lighter at the Weedpatch camp due to the migrant workers having others with similar circumstances amongst them. This makes the thought of poverty less menacing because for the migrant workers at the camp, they are beginning to collaborate and become a unit. Another aspect of â€Å"working together† is shown after the miscarriage of Rosasharn’s baby. If the baby was not kin to Pa Joad and the family, he may never have been motivated to build a dike so his family can stay dry. Britch and Lewis quote Steinbeck in their article, â€Å"Well, we ain’t doin nothin’†¦. We can do her if ever’body helps. † Building the dike with Wainwright and the others replenishes Pa Joad’s spirit, and teaches him that there is way more to be achieved with the â€Å"We† attitude. A major turning point in The Grapes of Wrath transpires when Tom murders the man that killed Casy. Though Tom committed a crime, Ma Joad and the family suggest that hiding him from the authorities would be a decent idea. The family pleads for him to stay but quickly realizes he must leave to avoid getting arrested. This occurrence represents the growth of the family unit, the way they care for one of their own even though he is now a criminal shows the drastic change that has developed over the course of the Great Depression. This also depicts how the situation elicits generosity within the family. It is imperative that Tom leaves the family but aside that, Ma Joad and the others beg for Tom to stay. The difficult situation made them realize how quickly they can lose Tom, and with that the desire to help Tom is now apparent. The Joads have gone through a metamorphosis with their attitudes and thoughts towards one another. Due to the series of events the Joads have encountered, they have faced many obstacles and this brings them closer over all. A significant incident like this causes the family unit to become more protective over the other members, even after losing Tom, Noah, and Connie. All of the events that transpired along the course of the novel have affected the overall dynamic of the Joad family either positively or negatively, more so positively. With that, if nothing else, the experience of having to survive amongst one another in a time of great sociological downfall mends the family closer than one would think. The family traveled together, they slept together, and they even worked together. The Joads spent gratuitous amounts time as one unit just in completing those tasks, so even when bonding was not necessarily a part of the agenda, the way in which they became used to each other blossomed rather quickly into a stronger relationship for the family. Generosity amongst the Joad family was more or less noticeable in the beginning of the novel, and became more of a characteristic of the family as the story progressed. The hardships they faced along the way with searching for work subconsciously drew the family closer. The longer the Joads were among one another, and the more trials and tribulations they faced, generosity among the group developed into the norm. This transformed the Joads from the persona of an average family, into an inseparable unit of people who fought for one another.

Miss Havisham

My beloved sweetheart bastard. Jilted me, destroyed me and crushed me into broken red pieces. I stink and remember the day we were waiting for so long, but you then decide to run away. Why? Why did you do this to me? Was it because of me? Or was there something wrong? The wedding gown that I wore is decaying, rotting and disintegrating away as days past from that heart breaking day. Don't think it's the only the heart that b-b-b-breaks, the soul also b-b-b-breaks. I waited and waited and waited, but no sign from you. Where were you?You malevolent, wicked and corrupt man sent me through hell and allowed me to burn on that day and onwards. Do you really, really love me? I guess you don't pretty much since you incinerated me into sorrowful ashes and now I have nothing. It was you who did this to me; a red balloon bursting in my face. Bang. I stabbed at a wedding cake, hoping not to remember the day you Jilted me. Was it on purpose? I can change for you to come back my love. Please, plea se. I spend whole days in bed cawing Noon at the wall but not a day since then I haven't wished you dead.Prayed for it so hard Vive dark green pebbles for eyes, ropes on the back of my hands I could strangle with. Just give me a male corpse for a long slow honeymoon, better if the corpse was you. There are so much permanent marks on my body that even a whole year wouldn't be enough to count all of it. My mouth is getting drier and drier each day when I think of you, thirsty for your blood. Some nights better, dreaming that you would come back for me, I Just beg you to come back so I can release all the agony and pain you pierced Into my heart onto you.Puce curses that are sounds not words. Some nights better, the lost body over me, my fluent tongue In Its mouth In Its ear then down till I suddenly bite awake. Sometimes I ask myself who did this to me? You see I have so many questions In my mind to be answered but not a single one have been answered for 20 years. My love, all I want to do is to Just strangle you till you feel my agonizing pain and It will soon be your turn but beware there's a burning ember scorching In my heart, waiting to be unleashed and trust me It will be more devastating than what you have done to me.Miss Having By Kent to come back so I can release all the agony and pain you pierced into my heart onto me, my fluent tongue in its mouth in its ear then down till I suddenly bite awake. Sometimes I ask myself who did this to me? You see I have so many questions in my all I want to do is to Just strangle you till you feel my agonizing pain and it will soon be your turn but beware there's a burning ember scorching in my heart, waiting to be unleashed and trust me it will be more devastating than what you have done to me.

Essay on Downfall of the Family in We Were the Mulvaneys

In the novel We Were the Mulvaneys by Joyce Carol Oates, the act of rape causes the Mulvaney family to become distant and silent. Since no one wants to talk about the violent event except the youngest son Judd, there were consequences. The consequences of not talking about it are dramatic. The family looses contact with each other, and becomes angry towards each other. However, Judd wants to talk about it, and understand what happened. Since he does want to talk about it, he keeps in contact with every family member, and consequently there is no anger towards him. After Michael Mulvaney Sr., the father, find outs about the rape, he becomes starts to drink heavily, become silent and angry with his family and consequently he loses†¦show more content†¦The next day Marianne is told that she is going to live with Corinnes cousin for a while. When Marianne first told her mom about the rape, her mom was very supportive and tried to get Marianne to talk about it. Their relationship was good, however it changed over time. She helped Marianne out with everything and told her to keep rested. Corinne tried to talk to Michael Sr. about what happened and what he was thinking, but he insisted that it would be best if Marianne lived somewhere else. After Marianne moved out her mom stopped phoning her. Corinne did not tell Marianne or invite her to Patricks, the second oldest, graduation. Mariannes grandmother died, and Corinne did not tell her. Marianne found out through her mothers cousin. The funeral is Thursday at eleven, as Ive said. At their church...But your mother doesnt want you to attend, Im afraid (324). Even after this, Marianne didnt realize what her mother was doing to her. Whether she knew what her mother was doing to her and didnt say anything or, she knew but just didnt want to believe what she was doing to her. The reaction of the brothers was a bit different from the reactions of the parents. The oldest son Michael Jr. moved out of the house and into the city. Patrick, the second oldest, stayed quiet until he graduated out of high school. After Michael Jr. moved out he did still work for his father. After some time though, he found out, through his younger brothers, how hisShow MoreRelatedAustralian Aborigines Essay2225 Words   |  9 PagesAustralian Aborigines Until this paper, I never even knew there was such a word as â€Å"Aborigine† let alone it being a race of people dating back to the prehistoric times. I thought that all Australians were of Anglo decent, but I was wrong about that assumption. The Aborigines were the first and only inhabitants of Australia, until the late 18th century when European settlers came. Because of the Europeans, the Aborigines lives would change drastically. In this paper, I am going to talkRead MoreRastafarian79520 Words   |  319 Pageseffectively oust, by force, a colonial power. These were monumental times, and these men, fully steeped in the apocalyptic visions of the world, saw something important in all of these happenings. I grew up in Jamaica at a time when Rastas were still regarded as useless, lazy, half-insane, ganja-smoking illiterates who were of no value to society. Teachers, students, ofï ¬ ce workers, and anyone of social importance could not grow locks, and families would go into mourning when their sons would start