1 FINANCIAL CRISES: LESSONS FROM HISTORY ---FINANCIJSKE KRIZE: TO NAS UI POVIJEST According to the IMF (International Monetary Fund)

crises in the world, market, disturbances, global credit markets. Central banks are now forced to give billions of dollars to keep the sub-prime mortgage lending going on, The most famous crisis is known as The Black Thursday or the Wall Street crash that happened in 1929. It was only in 1933 and the president F. Roosvelt's New Deal that marked the start of recovery. The crash of 1987 was caused by 22% drop of Dow Jones index of shares in leading US companies. global stock markets ,in one country could affect the global market. LTCM. LTCM had borrowed lots of money from the other companies stood to lose billions of dollars, but the US government persuaded the banks to put in money to rescue the fund. Markets returned to stability, liquidated in 2000. Internet companies were rising during the late 1990s, with their shares soaring immediately as they were listed in the stock market. But in March 2000 the bubble burst, slowing the entire US economy. . 2 EUROPEAN JUNK BONDS GROWTH IS SIGN OF HEALTH -- RAST SPEKULATIVNIH EURO OBVEZNICA JE ZNAK OPORAVKA Global economy is healthy-at least according to a dramatic growth of the European junk bond market in the first quarter of this year. The European macro- economic environment continues to be favorable thanks to very low interest rates. Fears of the market peaking after the sell- off in February now seem unfounded. Both European and the US high-yield bond market proved to be resistant. A huge factors behind the growth in the high-yield and leveraged loan space were M&A activity and private equity. 3 NO TAX PLEASE-WERE RICH! Nisam dovojlno bogat da bih pladao porez! Instead of paying their taxes, some of Britains richest people tend to avoid it, by taking completely legal actions. As advised by their lawyers and accountants, some of them moved their families abroad (Monaco, for example), or they started offshore trusts. Business people working in the City agree to be paid in diamonds and other luxury goods. Big bonuses are paid through a trust, and the money then flows in a lend and forget scheme. Although there are experts who are proud of their actions, and who consider tax to be cancer that is killing the business, the amount of 2.5 billion pounds lost by the Revenue due to avoided taxes was a strong reason for a new anti-avoidance unit opened by the Revenue. 4 STUDENT LOANS- A LIFE SENTENCE -- Studentski krediti- doivotna kazna Approximately two thirds of all students in the USA use loans to pay for their heigher education, with the average debt between 15,000-24,600 USD. These sums divert careers and delay young people's plans to start their own and indepoendent life. Student loans are a huge source of stress for graduates who live paycheck to paycheck, unable to buy needed cars or even thinking about buying a home, at least in the next 10 to 15 years. Some of them even moved back with their parents in order to save some money. The impact of student loans is generally negative, burdening many young adults who don't get help to start their life, but a life sentence instead. 5 GETTING IT RIGHT ON THE MONEY -- Novac u sreditu zanimanja By encouraging homeownership or promoting personally-managed retirement the governments and businesses are pushing the responsability of financial well-being onto individuals who are, to a large degree finacially illiterate and ignorant of their finance. American credit-card holders for example don't even know the interest rate on their credit cards, and 4 in 10 don't pay the full amount due at the end of the month. New York mayor Michael Bloomberg is trying to change the present sitation through an Office of Financial Empowerment which promotes financial education and better design of financial products. 7 THE ENVIRONMENTAL IMPACT OF TOURISM Tourism can be an important instrument of nature conservation. Income of tourism can help to finance and safeguard protected areas. Nature-based tourism is the promotor of the environmental education. Tourism is not the white industry, quite the opposite. It consumes resources and generates wastes. Tourism is responsible for a great amount of pollution. Tourist arrive to their destinations by car, bus, airplaine or railway and this journey consumes about 90 percent of total energy required for the holiday. These emissions are the main environmental problems, especially the air transport, which is continuously rising about 5 % a year. At the same time the

consumption per aircraft has been reducing, but the global air traffic has risen by 50 %. An intact nature is the essential foundation of the tourism sector, but if the same sector damages its own basis, it will no longer be attractive to tourists. One of the major problems of touristic areas is the water supply. Wastewater and solid waste disposal are often not properly managed and it rapresents a serious ecological damage and health risk. Tourism requires a large amount of land and it's development often doesn't consider the autocthonous infrastructure and land use. The construction of hotels, camping sites, golf courses and sports facilities and other infrastructure has a positive effect for local population, but it leads to great environmental damage. The environment changes to allow construction, leading the ecosystem to massive damage. Even nature-based tourism activities such as skiing, diving, boating, hiking and trekking creates ecological degradation. 8 ENVIRONMENT, HEALTH AND GROWTH Close to 20% of disease can can be attributed to environmental risks. About 40 % of infant mortality is associated with environmental factors. About 1.7 million premature deaths are attributable to unsafe water, poor sanitation and hygiene. One-third of these occur in Africa. Air pollution is estimated to result in about 800 000 premature deaths annually. Indoor air pollution from solid fuels inflict even greater desease than outdoor pollution does. There is also a direct connection to economoc growth: without a helathy labour force, there is no economic growth!!! Climate change is also contributing to disease, especially in poor countries, as a result of the extension of habitats for disease, expanding of the areas impacted with pests and pathogens, lower yields of agricultural crops (impact on nutrition)... In 2000, more than 150 000 premature deaths were attributed to various climate change impacts. The results of efforts involving governments, communities, civil society organisations and private sectors will be the achievement of progress in delivering clean water, improving sanitation, cleaner air and a safer environment. The Summit of the G8 in July 2005 hightened the industrialized countries' support to environmentally sustainable development for the benefit of the world and future generations.