The Whole Story of the Greek debt crisis Early October 2009, the Greek government suddenly announced, in 2009 the government deficit and public debt to GDP ratio is expected to be respectively 12.7% and 113%, far exceeding the EU&#39;s &quot;stability and growth pact&quot; under 3 percent and 60 % ceiling. In view of the financial position of the Government of Greece deteriorated significantly, the world&#39;s three major credit rating agencies Fitch, Standard &amp; Poor&#39;s and Moody&#39;s sovereign credit ratings have lower Greece, the Greek debt crisis kicked off. Behind Goldman Sachs? In late February, the debt crisis of Greece in the EU head turn when busy, Goldman Sachs contract with the Greek government on gambling exposure. Contract, in 2001, Greece hopes to enter the euro zone, but because of their financial deficits over the euro zone requirements, and thus to help Goldman Sachs. Goldman Sachs made Greece a &quot;currency swap deal&quot;: Goldman Sachs has accepted the Greek government bonds and the yen 10 billion U.S. dollars to transform it into a 90 billion euros in debt and 10 billion euros in cash, and to the Greek gaming and airport future income tax as collateral, the cash will be returned to Greece after the Greek requirement of 10 years must use the euro arrived yet all of these debts. The results will make their own book on Greece&#39;s 1 billion euros of debt for the time being disappeared, the national debt down to meet the requirements of 1.2% in the euro area, and successfully entered the euro zone. The Goldman Sachs investment bank in addition to getting paid 300 million euros Greek commission, the hand still in control of Greece, this huge amount of debt. However, the question is then a large number of Goldman Sachs Youxiang market transactions to purchase the CDS (credit default swaps), which is the Greek gambling debt due in less than capacity to pay after insurance. Therefore, Goldman Sachs will need in the market to pay to destroy the credibility of Greece, so Greece CDS Insurance rose sharply, to then hand the CDS when thrown Goldman profit. This is what occurred in early February this year, capacity to pay on the Greek main reason for the attack. In fact since July last year, Goldman Sachs in the hands of the Greek CDS has shot up by 3 times. That is, while Goldman Sachs to help hide debt lucrative Greece, on the other hand lack of ability to pay gambling Greece, but also earned pours. With the sovereign credit rating was reduced, the Greek government&#39;s borrowing costs sharply. Greek Government in 2010 to raise 54 billion euros of emergency funds, or face bankruptcy &quot;threat.&quot; As the huge debt of Greek economic conditions deteriorated, February 24, 2010, about two million people in Greece held the largest ever strike to protest the government for emergency measures to cut expenditure. February 25, Standard &amp; Poor&#39;s Ratings Services will be Greece&#39;s long-term and short-term sovereign credit rating remained at &quot;BBB% 2B&quot; and &quot;A-2&quot; the same, and will continue to include the negative watch list, also warned If the financial situation of Greece, within one month can not be &quot;better&quot; in the near future may further cut its rating on 1 or 2 files, which may make long-term rating at junk Greece edge. April 23, the Greek government was forced to the EU and the IMF, the euro zone will start the rescue operation for the first time in history. According to Greek media poll published on 23, up to 91% of the respondents worried about the Greek people start the rescue mechanism will cause the government to implement more stringent policy of austerity. April 27, Standard &amp; Poor&#39;s sovereign credit rating of Greece down to &quot;junk.&quot; At the same time, Greece has also led to the debt crisis began to crisis in other European countries, including Belgium, Portugal, and Spain have high budget deficits forecast the next three years. In addition, Germany and other euro zone countries have begun to feel the economic impact of the crisis, as the euro fell sharply, with European stock markets into a nosedive, the euro is facing 11 years since the establishment of the most severe test. Crisis in the United States and Europe overtly Greek: together for the euro curb inflation Crisis in the United States and Europe overtly Greece With international commodity prices continued to rise, the U.S., Europe is under the increasingly heavy pressure on inflation. How to curb inflation? Americans understand that when the economy recovered from, by means of control price hike is &quot;seek death.&quot; Then to manage the price, and no means of interest rates, how do? Recent signs that the United States and Europe are joining forces with non-rate measures to check inflation. In Europe, Greece and even Portugal, Spain and other countries of the debt is becoming a tool, often for things out. This is not because the so-called &quot;debt crisis&quot; more serious, but the United States, Europe and trying to achieve &quot;controlled&quot; to &quot;suppression of the euro, very dollar&quot; purposes. Why? Because international commodity prices are generally denominated in dollars, the dollar could effectively inhibit the rise in commodity prices, depreciation of the euro can increase the competitiveness of euro-zone exports. In fact, the &quot;euro, dollar,&quot; the intention is also available from Germany, France, the European Central Bank, the European Union and the IMF on the &quot;debt crisis&quot; statement made by a series of topsy-turvy get a glimpse: save them for a moment that, while it is extremely hesitant; moment that provide assistance payment of 110 billion euros, he says that this is &quot;reserve fund&quot;; when the market when a sharp defeat, they came up with 750 billion euros of the package. Why? Actually, they want the euro, dollar, market performance but do not want too much, do not want investors to lose confidence in Europe. By Warren Buffett&#39;s statement, the Greek &quot;debt crisis&quot; only &quot;a hard look at the film&quot;, he simply dismissed. Because the history of some countries (such as Mexico, South Korea, etc.) occurred in the external debt crises, Greece owed is &quot;local currency debt&quot;, will not lead to national bankruptcy. Now the world&#39;s largest debtor is the United States, its a bit better than the Greek debt ratio is low, why does not the debt crisis? All the U.S. dollar because of its debt obligations, big deal it wants to print money debt. Greece is the euro, the debt owed, as long as the commitment to the European Central Bank, &quot;Greece can use their mortgage debt to the European Central Bank&quot;, the debt crisis is over. But doing so will hurt the interests of other EU zone countries, but also because of this, Germany, France and other countries can use their right hands, through their own position about the euro currency. In fact, the euro depreciated against Germany and France are beneficial because they can take to strengthen their export. In the United States, following frequently checked after Goldman Sachs, Morgan Stanley, which is why the concealed illegal commodities transactions being investigated. May 11 came news said: Bank of New York Mellon&#39;s department and two former executives of New York State Attorney General 安德鲁 库奥默 allegations, saying the customer to conceal the financial Jupian Bonademai Randolph&#39;s investment company. Wall Street has gorgeous scenery now why the financial giant to face such a powerful monitoring? This, of course with these institutions in the financial crisis in the shameful role, Dan in my opinion, this objective at least played a second role: inhibition of Wall Street giant on the arbitrary manipulation of commodity prices. Market that the U.S., Europe and the effectiveness of joint operations: from the time point of view, the recent commodity price collapse occur, it is in Goldman Sachs, Morgan Stanley checked, the so-called European &quot;debt crisis&quot; led to the euro , when the dollar. So, not to the debt problem in Europe too seriously, do not let Goldman Sachs and other Wall Street financial institutions have been investigated as a contribution to American International. Important is how we should do. Representation point of view, inhibition of commodity prices can help China avoid the threat of imported inflation. But China must not be taken in, if we think that Europe and the United States have made contributions to the world, we should also let the yuan appreciate or &quot;tightening&quot;, it will be a historic mistake. At this point, our most important traditional industries by accelerating the integration of international advantage to keep traditional industries, give new strength to achieve a new value-added strategic industries, pushing growth pattern. Greek debt crisis of the three revealed http://www.sina.com.cn 2010 年 05 月 03 日 06:55 International Online International Online reports (Xinhua Wu Ruolei): Euro Group Chairman, Juncker of Luxembourg 2, after the meeting in the euro zone finance ministers announced at a press conference, the euro zone decided to start on the Greek rescue mechanism. This indicates that the Greek settlement of the debt crisis of the dawn appeared decisive. The European countries of Greece, the debt crisis is a headache now finally turning the corner, but the crisis has left the world what? Can be said that there are three more important, the first thing is, the EU began to establish their own credit rating agencies have a plan. The issue of the international credit rating, Standard &amp; Poor&#39;s Corporation has been the three U.S. companies dominate the international credit rating industry, their credit ratings on the various types of capital markets has a significant effect on various subjects directly related to the level of financing costs in the market, The Standard &amp; Poor&#39;s has recently been lowered Greece, Portugal and Spain&#39;s sovereign credit rating, leading to capital market volatility. EU Internal Market and Services Committee member Michel Barnier in the media a few days ago had expressed the hope that credit rating agencies to take responsibility, rigor and impartiality. Obviously, this statement is quite upset, after all, the subject matter of the region outside agency ratings, but people saying you will be able to sideline it really could not stand the taste of the European Union. Therefore, Barnier sure that the European Union in the future will strengthen supervision of the international credit rating agencies, also will consider the establishment of Europe&#39;s own credit rating agencies. The second effect is that the debt crisis to remind the European countries of Greece, must strictly fulfill the euro, &quot;Stability and Growth Pact&quot; obligations. Guo Qu Greece joined the EU using a one-time credit received preferential survival for many years, but it did not on this treaty strictly enforced, while other euro zone countries had not made too many queries, and now to the extension had to Greece a moment of huge relief. As the cost of relief, that is, the trustworthiness of the euro. Can see the future, European countries can not leave things to chance, must be strict compliance. The third impact is the Greek expansion of the debt crisis to Europe, other countries began to worry about recurrence of the crisis. For example, rising deficits Portugal, Spain, into a debt crisis, there is also a debt-ridden Italy. Although non-euro area by the British on their own currencies to devalue sterling to release financial pressure, but the UK&#39;s budget deficit is very serious. The EU requires its member states to control the government deficit to gross domestic product in the country&#39;s 3%, the UK deficit is expected this year is 12.6%! And, just mentioned, like Britain, Spain or even the &quot;good luck&quot; because Spain is not only not on the national currency - the euro to control, and its economic scale is much larger than Greece, once the crisis, the EU 肯定 need to spend more money to it and pulled up. If the case is slightly missed in this process, the whole field of European mortgage crisis is likely transformed into a more 宏观 economic events, Bingqiangweixie to all its liabilities countries, including Britain even the U.S.. This is the worst debt crisis in Greece this possibility: the world&#39;s economic impact.
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