The economic crisis that hit Greece and Italy would sweep through Europe and eventually affect Malta, a University lecturer has warned .

Roderick Pace, director of the European Documentation and Research Centre, said it would be a mistake for the Maltese to ignore the ongoing developments in European politics where countries were implementing austerity measures.

Prof. Pace told yesterday’s graduation ceremony this scenario could have been avoided. “The thing that puzzles me most when looking back at what Europe went through in these past few years is that it could have been avoided if the political leaders stuck to what they had proposed and agreed upon,” he said.

In his speech, Simon Grima, who graduated as doctor of philosophy, touched upon his thesis that focused on the use and misuse of financial derivatives.

He said his study was “enticed” by the huge losses blamed on derivatives. It analysed the reasons behind the losses of billions of euros incurred by five international firms. He also studied the financial crisis and spoke to experts, traders and controllers.

The study revealed that derivatives were not the main reasons behind the problems faced by firms or behind the financial crisis. The crisis was mainly caused by the lack of appropriate risk management controls, lack of expertise in handling derivatives and the public’s negative perception, among others.

The value of a derivative is “derived” from the value of its underlying assets. A contract specifies conditions, based on those assets, under which “payoffs” are to be made.

Master of Arts in European Studies
Sponsor: Prof. Roderick Pace

Ian Borg, Jeanette Buhagiar, Greta Camilleri, Karsten Cilia, Cain Grech, Daniel Grima, Maria Mallia and James Mansueto.

Master of Arts in Law
Sponsor: Prof. Kevin Aquilina

Lara Lanfranco, Maria Micallef and Karen Zammit Southernwood.

Master of Arts in Financial Services
Sponsor: Prof. Kevin Aquilina

Yanica Borg, Stephanie Buhagiar Camilleri, Derren Busuttil, Jonathan Degiovanni, Manuel Farrugia, Ian Fenech, Lara Ferris, Christopher Grech, Ruth Mamo, Stefano Manicolo, Anton John Mifsud, Yvanka Lynn Mifsud, Nicole Ann Saliba, Sue-Ellen Scerri and Rose Marie Vella.

Executive Master of Business Administration
Sponsor: Dr Saviour Gauci

Dorothy Ann Aquilina, Kevin Attard, Pietra Attard, Carina Louise Azzopardi, Jonathan Charles Borg, Silvana Borg, Patrick Cachia, Johann Anthony Calamatta, Dorothy Camilleri, Neil Caruana, Leslie Causon, Svetlana Rose Curmi, Christopher Darmanin, Jason Doublet, Kevin D’Ugo, Efrem Ebejer, Tanya Ebejer, Pierre Fenech, Colin Frendo, Patrick Gauci, Alan Giordmaina, Jesmond Grech, Steven Holland, Rowena Leontijevic, Ian Mamo Portelli, Alan Micallef, Luke Micallef, Daniela Mifsud, Amanda Mizzi, Saviour Pace, Alfred Parnis, Graziella Scerri, Erica Spiteri Sacco, Clint Taliana and Lorna Taliana Mintoff.

Executive Master of Business Administration (E-Business)
Sponsor: Dr Saviour Gauci

Clive Bonnici, David John Borg, Dorian Buhagiar, Odette Caruana, Marcello Cauchi Savona, Ryan Fiorentino, Lincoln Grima, Elaine Mifsud, Kenneth Spiteri, Wilfred Spiteri, Josephine Tanti, Romina Vassallo and Kris Zerafa.

Master of Arts in Economics
Sponsor: Dr Saviour Gauci

Sarah Attard, John Farrugia, William Gatt and Kirsten Miller.

Master of Arts in Public Policy
Sponsor: Dr Saviour Gauci

Raymond Bartolo, Bernard Anthony Busuttil, Keith Mercieca, Victoria Muscat, William Peplow, Duncan Pulis, Fiona Sayan and Diane Vella Muscat.

Master of Education
Sponsor: Prof. Valerie Sollars

Lorraine Agius, Edwin Attard, Margaret Attard Mintoff, Lucienne Barbara, Mary Grace Bonnici, Philip Borg, Louise Borg Cardona, Jonathan Borg Castillo, Therese Borg Mifsud, Stephen Briffa, James Calleja, Roberta Camilleri, Nadja Caruana, Audrey Cefai, Marannie Demarco, Josephine Farrugia, Olivianne Farrugia, Audrey Gatt, Hertian Gauci, Randee Ann Gauci, Mario Muscat, Mathilde Muscat, Sonia Muscat, Alberta Pace, Jacqueline Schembri Bonnett, Elena-Bianca Scicluna, Philippa Spiteri, Lara Ann Vella, Karen Vella Pace, Robert Zahra, Charmaine Zammit, Claire Zammit, Stephanie Zammit and Esmeralda Zerafa.

Master in Inclusive Education and Communities
Sponsor: Prof .Valerie Sollars

Rita Abela, Charmaine Attard Bezzina, Francianne Bonnici and Elena Zahra.

Master in Youth and Community Studies
Sponsor: Prof. Valerie Sollars

Michael Boffa, Kevin Bonello, Ritianne Borg Saliba, Amanda Caruana and Ruth Ruggier.

Master in Early Childhood Education and Care
Sponsor: Prof. Valerie Sollars

Sandra Kluender

Doctor of Philosophy
Sponsor: Dr Saviour Gauci

Simon Grima