Just like what happened in Dubai before, the Greek crisis has made some people exclaim that Greece may become the "next Lehman". Although it is still difficult to judge such a prediction, it is increasingly recognized by all walks of life that the sovereign debt risk reflected behind Greece and other cases, especially the developed economies that borrowed heavily in this crisis.
However, on Tuesday (April 27th), the euro fell sharply against the US dollar and the Japanese yen in the new york foreign exchange market, because the market was worried that the sovereign debt crisis might spread to the euro zone, causing investors to flee from riskier assets. 20 10 on April 27th, Standard & Poor's downgraded Greece's sovereign rating by three levels to BB+, the highest level of speculation or "junk", and gave it a "negative" outlook. At the same time, it also downgraded Portugal's sovereign rating by two levels to A- and gave it a "negative" outlook.
Reviewing the development of the Greek debt crisis since the agreement was reached with the European Union and the International Monetary Fund on 20 10:
20 10 :
On May 2, Prime Minister Papandreou said that he had reached an agreement with the European Union and the International Monetary Fund to cut the budget by an additional 30 billion euros (about 43 billion US dollars) for at least three years in exchange for emergency assistance. The plan is the first aid to the member countries of the euro zone.
June 6-Greek parliament approves fiscal austerity bill.
May 10-countries around the world urgently provide about 1 trillion dollars to strengthen the international financial market and prevent the Greek crisis from spreading to the euro zone. Among them, 440 billion euros came from the guarantee of the euro zone countries. EU finance ministers said that the International Monetary Fund would provide 250 billion euros.
July 7-Parliament passed the pension reform, raising the retirement age of women to 65, which is one of the key requirements of the agreement with the European Union and the International Monetary Fund.
20 1 1 year:
May 23-Greece started a series of privatization processes, one of which is to increase 50 billion euros before 20 15 to reduce debt.
June 8-Greece agrees to adopt more austerity policies.
June 13-Standard & Poor's downgraded Greece's credit rating from B to CCC, making Greece the worst country in the world.
June 29th-The parliament passed Papandreou's five-year austerity plan by a majority, and financing made progress.
July 8-The International Monetary Fund agrees to pay 3.2 billion euros.
July 2 1 day-the leaders of the euro zone agreed to the second rescue plan of/kloc-0.09 billion euros of government funds, plus donations from private sector bondholders estimated to be as high as 50 billion euros by the middle of 20 14.
65438+1October 2 1- Greece approves more austerity measures.
65438+127 October-Euro zone leaders reached an agreement with private banks and insurance companies to accept 50% losses on Greek national debt to reduce Greece's debt burden.
65438+1October 3 1- Papandreou ignored European leaders and held a referendum.
10 9, Greek political leaders approved the new government and Papandreou stepped down.
165438+1October 10- lucas papademos, former vice president of the European Central Bank, was appointed to lead the new institution. He said that Greece will hold a general election before implementing the bailout agreement.
165438+1October 24th-The International Monetary Fund welcomes the written commitment of Antonis Samaras, leader of the New Democratic Party, and supports the rescue agreement.
65438+February 7th-The new institution adopted a fiscal austerity budget of 20 12, aiming at reducing the GDP deficit from 9% predicted by 20 1 1 to 5.4% and achieving a surplus before paying interest-which is a key step in reducing Greek debt.
65438+February 65438+March-The Ministry of Finance said that the Greek public deficit increased to 5.1/month ago.
12 14- the international monetary fund said that reforms in most areas are behind schedule, and delays will hinder economic recovery.
20 12:
65438+1October 28th-Papademos tried to seek the support of political party leaders for difficult reforms, and Greece had to negotiate to ensure the security of the long-awaited debt relief agreement.
February 6-Merkel urges Greece to accept the terms quickly and get a rescue from the EU/IMF.
February 9-After difficult talks with the inspectors and leaders of the three major joint political parties in Greece, as well as the European Union and the International Monetary Fund, world leaders finally reached an agreement to implement austerity measures to ensure the rescue demand.
-Even with austerity measures, the unemployment rate in Greece rose to a new record of 20.9%.
-GSEE and Adedi, the two major trade unions in Greece, said that they would hold a 48-hour strike against the reform on February10/1.
-Eurozone finance ministers asked Greece and Parliament to approve more new emergency assistance measures.