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梁佩嵐曾文倩 Europeandebtcrisis EUmemberstates 27 Britain France Germany Italy theNetherlands Belgium Luxembourg Denmark Ireland Greece Portugal Spain Austria Sweden Finland Malta Cyprus Poland Hungary CzechRepublic Slovakia Slovenia Estonia Latvia Lithuania Romania Bulgaria Predecessor TheEuropeanCommunity Headquarters Brussels Unifiedbody CouncilCentralbank EU Definition MembersoftheEuropeanUniontousetheEU ssinglecurrency theeuroareacountriesConditions theeuroareamonetarypolicy貨幣政策andinterestratesdecidedbytheEuropeanCentralBank accordingtotheirowncountrieswillnotbeabletoadjusttheireconomies MemberStates 17 Germany France Italy Netherlands Belgium比利時 Luxembourg盧森堡 Ireland Greece Spain Portugal葡萄牙 Austria Finland芬蘭 Slovenia斯洛文尼亞 Cyprus塞浦路斯 Malta馬爾他 Slovakia斯洛伐克 Estonia Theeuroarea Contents A Crisissituationandtheprocess Greece SovereigndebtcrisisisveryseriousIreland DebtcontinuedtoincreasefearPortugal DebtexceedtheeconomicoutputSpain TheedgeofdangerItaly Seriousdebtsituation PIIGS fivelargestEuropeancountriesdebtriskthefirstletteroftheEnglishnamecombination PIIGS歐洲五國status 7 ProcessofDebtcrisisinEurope Start December2009thethreelargestcreditratingcompaniesdowngradedGreece ssovereignrating thentheGreekdebtcrisisintensified butthefinancialcommunitythattheGreekeconomyissmall thedebtcrisiswillnotexpand December8 2009FitchcreditratingofGreeceloweredfromA toBBB outlooknegative December15 2009theGreekgovernmentbondssold2billioneuros December16 2009Standard Poor swillbeGreece slong termsovereigncreditratingfrom A downto BBB December22 2009Moody sDecember22 2009announcedthatitwouldcutGreece ssovereignratingfromA1toA2 theratingoutlooktonegative Developing OtherEuropeancountriesarealsoincrisis includingBelgium theoutsideworldthatthemorestablecountries andstrongeconomicstrengthoftheeuroarea Spain thehighbudgetdeficitsareforecastthenextthreeyears Greecehasbeentheprotagonistofnon crisis theEuropeanUnionhavebeendebt crisis January11 2010Moody swarnedPortugalfailuretotakeeffectivemeasurestocontrolthedeficitwillcutthenationaldebtcreditrating February4 2010theSpanishMinistryofFinancepointedoutthatSpainin2010willaccountforfearoftheoverallpublicbudgetdeficitof9 8 ofGDP February5 2010debtcrisissparkedfearsof6 ofSpain sstockmarketplungetheday recordthelargestdeclinein15months Spread Germanyandotherleadingeuro zonecountrieshavebeguntofeeltheimpactofthecrisis theeurofellsharply withEuropeanstockmarketsintoanosedive facingtheeuroareasinceitstenthyear themostseveretest somecriticsspeculatedthattheeurozonewilleventuallybemoredisintegrationoftheend February4 2010Germany sbudgetdeficitin2010accountedfor5 5 ofGDP February9 2010theeurohasincreasedshortpositionshitarecord 8billion February10 2010BarclaysCapitalsaidtheU S bankingindustryinGreece Ireland PortugalandSpainupto 176billion 11 Upgrade GreekFinanceMinistersaidthatGreeceisrequiredbeforeMay19ofabout90billioneurostoweatherthecrisis EUfinanceministersreachedan10amupto750billioneurosofthetotalstabilizationmechanismtopreventthecrisisfromspreading April23 2010GreeceformallyappliedtotheEUandIMFassistance May3 2010Germancabinetapproved 22 4billionaidplan 10MaytheEUapproved750billioneurosGreekaidprogram IMFmayprovide250billioneurostoaidGreece B Causeofthecrisis Incentives Causeofthecrisis December2009thethreelargestcreditratingcompaniesdowngradedGreece ssovereignratingtoafinancialcrisis theeurofellsharplyagainstthedollar C Effectofthecrisis D Solutionstocrisis Thefirstpillar BankcapitalincreaseBanksneedadditionalcapital sothatitcouldwithstandthelossandsubsequentbankruptcyabsorbingGreekinfluence Incontrast bankcapitalincreaseis threepillars intheeasierone Thekeyistodeterminethebank scoretieronecapitalratio Thesecondpillar ReliefFundOnhowtolocateEFSF歐洲穩(wěn)定基金functiondivergence France theEuropeanUnionandtheUnitedStatescanhopeEFSFadditionalcapitalinthebankintheprocess playamorecentralandactiverole Germanybelievesthat shouldactaslenderoflastresorttoEFSFroleonlyinthebankitselfandthenationalgovernmentcannotprovidethenecessarysupporttoproblembanks onlyneedtocomeforwardEFSF InadditiontotheplannedfundingforthebankandthesecondroundoftheGreekaidmeasuresbutalsotopreventthedebtcrisisturnedintoabankingcrisis Thethirdpillar theGreekdebtrestructuringRestructuringoftheGreekdebthingesonGreekgovernmentbondsheldbycreditorsappropriatebydesign sothatGreece sdebtsustainability andeconomicgrowththroughfiscalrestraintandtomakeup IntheJuly21bailout緊急救助program thebankholdingthebondreductionof21 theno

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