Good governance and the quality of public administration is a key aspect in ensuring a country’s long-term competi­tiveness and well-being. The path towards good gov­ernance requires a long-term vision centred on a genuine consideration of the needs of citizens and business. Building trust should be a priority. Consensus building and a strate­gic approach are the pre-conditions for successful reform. The active engagement of all stakeholders is needed.

Strategic Approach

1. Option 1: No deal. Greece defaults on IMF and ECB repayments. ECB pulls plug on emergency bank assistance leading to run on Greek banks, capital controls and potential Grexit.
2. Option 2: Greece agrees reform deal with creditors at last minute and avoids default staying in Euro.
3. Option 3: No deal reached but both sides paper over cracks and Greece stays in Euro for now. Creditors find a way of releasing part of the €7.2bn remaining in the bailout to prevent a Grexit.

• Should Grexit become a reality, it will obviously cause turmoil for any organization that has operations in Greece.

Principle 1:  Fair Conduct of Elections, Representation and Participation

Source: McKinsey Global Institute

Europe's growth since the start of the financial crisis has been sluggish, and the continent faces some difficult long-term challenges on demographics and debt levels. But new McKinsey Global Institute research finds that thanks to a convergence of low oil prices, a favourable exchange rate and quantitative easing (QE), Europe has a window of opportunity to undertake ambitious reforms, stimulating job creation and investment, and unlock new economic dynamism.

Greece is € 323 billion in debt- more than 175% of its GDP. It cannot pay what it owes to the other European countries and the European Central Bank. Greece will run out of money by 30 June unless creditors release an additional € 7.2 billion in bail-out funds.  Greece must pay the IMF 1.54 billion euros by June 30, which is also when its bailout agreement is due to expire. It does not have access to international credit markets and without the bailout money, it would have to default on its debts.

The SCO is now dominated by two powers, Russia and China, and also includes the Central Asian Republics Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan. Those were the original six members when the group was founded in 2001. Russia's interest in SCO expansion is relatively obvious: in the wake of the collapse of its relations with the West, the Kremlin is eager to make it appear that it doesn't need Europe or the U.S.

Nearly a quarter-century after the collapse of the Soviet Union, the West faces a greater threat from the East than at any point during the cold war. The war of words between America and Russia is escalating. So, too, is the movement of implements of war -- from U.S. fighter jets to Russian nuclear weapons.

Overdue Directives by Member States