greece’s debt crisis
DESCRIPTION
현대세계사의 이해 안상은, 오수영TRANSCRIPT
A. CAUSESB. PROCESSC. NOWDAYSD. WHAT WE LEARN
GREECE’S DEBT CRISIS
1011677 정치외교 안상은1114392 소비자경제 오수영
http://en.wikipedia.org/wiki/File:Greece_GDP_growth_1961-2010.svg
http://en.wikipedia.org/wiki/File:Greece_public_debt_1999-2010.svg
What does the euro have to do with the debt crisis?
In 1999, 11 European countries adopted a common currency, the euro. Two years later, Greece adopted the euro as well, and there are now 17 eurozone member countries. Because investors viewed the euro as a strong, stable currency, they weren't very worried about inflation when they bought Eurozone countries' bonds. As a result, Greece was able to issue bonds at lower interest rates than it would have been able to before adopting the euro.
In part because it could borrow money more cheaply, Greece went on a spending spree due to the lower interest rates - and financed this spending by issuing bonds.
http://www.aljazeera.com/news/europe/2011/10/201110279152753877.html
CAUSES
11 개 유럽 국가들은 1999 년 , ‘Euro’ 공동화폐를 채택했다 . 2 년 후 , 그리스 또한 유로화폐를 사용하게 되었고 , 현재 17 개 국가가 Euro-zone 회원국으로 있다 . 투자자들은 유로화폐를 안정된 공동 통화 정책으로 보았기 때문에 , 회원국들이 유로존 회원국의 채권을 살 때 생겨나는 Inflation 에 대해서 크게 걱정하지 않았다 . 결과적으로 그리스는 유로존 회원이 되기 전보다 더 낮은 이율로 채권을 발행할 수 있게 되었다 .
돈을 더 값싸게 빌릴 수 있게 되자 그리스는 낮은 이율을 이용해 흥청망청 빌린 돈을 소비하였다 . 또 , 채권을 발행하는 것으로 막대한 소비로 쓰인 돈 충당하였다 .
채권 악용으로부터 그리스의 부채위기는 극심해짐 .이는 나아가 유로존 부채위기까지 영향
CAUSES
The global financial crisis of 2008, considered by many the worst since the Great Depression, had a severe impact on Greece. The tourism and shipping sectors suffered big losses from the down-turn. The southern European country had misreported economic num-bers to hide the true cost of government borrowing, which had been enabling high expenditure levels. Greece massaged statistics in order to fulfill European monetary guidelines, a phenomenon also seen to a lesser extent in Italy. In 2009, Greece's government revised upwards its budget deficit from six per cent to 12.7 per cent - far higher than the EU limit of three per cent. By May, the deficit was estimated at 13.6 per cent - one of the world's highest deficit levels relative to gross domestic product (GDP). Greek public debt rose to $287bn by January 2010, close to 120 per cent of GDP.
http://www.aljazeera.com/indepth/spotlight/2010/2010/12/20101214195945648106.html
PROCESS
http://www.aljazeera.com/news/europe/2011/11/20111168431199149.html
Timeline: Greece's debt crisis
2010.5.2 그리스가 3 년동안 추가예산삭감 (300 억유로 상당 ) 에 대한 대가 =>EU, IMF 와의 구제금융지원 여지에 대한 타결 5.6 그리스 의회 긴축 재정안 승인 5.18 EU 로부터 145 억을 대출
2011.5.23 2015 년까지 500 억 유로를 마련하여 빚을 탕감할 것을 목표로 함 6. 8 적자를 막고 , 원조를 계속 받기 위해 65 억 상당의 추가 긴축 7.8-21 IMF 로부터 206 억 유로상당의 원조를 받음 . Eurozone 지도자들 , 추가 1090 억의 원조 동의 . . .
http://www.youtube.com/watch?v=lHeeA-4o8kE그리스 긴축재정안에 따른 당국 내 시위대 관련 동영상
( 출처 -http://www.aljazeera.com/video/ -> News Clip -> ‘Greek protets turns deadly’http://edition.cnn.com/video/#/video/bestoftv/2011/11/03/foster-crisis-timetable.cnn?iref=videosearch
European leaders 와의 상의없이 이뤄진 그리스 총리에 의한 구제금융안 국민투표 사건 관련 동영상
NOWDAYS
Admit Default
EFSF enlarging
Phasing Eurobond
Additional Contraction& EUROZONE Secession
ADMIT DEFAULT
http://en.wikipedia.org/wiki/File:Sovereign_credit_default_swaps.png
1. Already , Almost Default
2. Bailout loan
However,
It can make EU domino default
EFSF: European Financial Stability Facility
For EU financial crisis overcome
ALMOST 2000000 EURO
HOWEVER,
MANY COUNTIES MIND TO DO IT!
http://www.youtube.com/watch?v=CQxuNVafgkE
EFSF enlarging
Phasing Eurobond
EURO BOND: EU unified bond
NOWDEBT LENDING
MONEY&
PAY BACK
MORE DEBT
http://www.reuters.com/article/2011/11/28/us-germany-bonds-idUSTRE7AR0CE20111128
EUROZONE Secession
Additional Contraction
FROM NOW ON
AFTER AFFECT
ESPECIALLYSOCIALITY & POLITIC
STABLE PROCESS
GREECEAND
AFFETED COUNTRY
LEARNING
FINDING DATA
DISCIRIMINATION
SOURCE OF DATA
PERSEVERANCE
INTEREST TO WORLD
FROM NOW ON
AFTER AFFECT
ESPECIALLYSOCIALITY & POLITIC
STABLE PROCESS
GREECEAND
AFFETED COUNTRY
LEARNING
FINDING DATA
DISCIRIMINATION
SOURCE OF DATA
PERSEVERANCE
INTEREST TO WORLD