What is the European Debt Crisis? The European debt crisis is the shorthand term for Europe’s struggle to pay the debts it has built up in recent decades. Five of the region’s countries – Greece, Portugal, Ireland, Italy, and Spain – have, to varying degrees, failed to generate enough economic growth to make their ability to pay back bondholders the guarantee it was intended to be. Although these five were seen as being the countries in immediate danger of a possible default, the crisis has far-reaching consequences that extend beyond their borders to the world as a whole. In fact, the head of the Bank of England referred to it as “the most serious financial crisis at least since the 1930s, if not ever,” in October 2011. This is one of most important problems facing the world economy, but it is also one of the hardest to understand. Q: How did the crisis begin?
Learn more about the current events affecting bond market performance Q: What did European governments do about the crisis? Q: Why is default such a major problem? European sovereign-debt crisis. Long-term interest rates (secondary market yields of government bonds with maturities of close to ten years) of all eurozone countries except Estonia.[1] A yield being more than 4% higher compared to the lowest comparable yield among the Eurozone states—i.e., yields above 6% in September 2011, indicates that financial markets have serious doubts about credit-worthiness of the state.[2] The Eurozone crisis (often erroneously referred to as the Euro crisis) is an ongoing crisis that has been affecting the countries of the Eurozone since early 2009, when a group of 10 central and eastern European banks asked for a bailout.[3] At the time, the European Commission released a forecast of a 1.8 per cent decline in EU economic output for 2009.[3] The ECB extended liquidity support to Hungary and Poland, while the EU contributed to Latvia's bail-out.[3] One researcher has held that this was a combined government debt crisis, a banking crisis and a growth and competitiveness crisis.[4]
The euro-zone crisis. After Sovereign Debt Crisis Comes Deleveraging. Spain formally became the fourth country to ask for bailout aid from the eurozone on Monday, June 25. Spain's short-term borrowing costs nearly tripled at auction on Tuesday. Market participants expect Moody's to further downgrade Spain's sovereign debt to Junk status. Meanwhile, Cyprus also beat Italy to officially become the fifth eurozone bailout nation as ‘‘negative spillover effects through its financial sector, due to its large exposure in the Greek economy,’’ according to a government statement. Although no specific amounts were determined yet, WSJ reported that two external consultancies estimate Spanish banks' actual capital needs could be at around €62 billion ($77.5 billion), and Cypriot Finance Ministry staff said they expect the total financing needs to come to €10 billion ($12.5 billion).
Between the two, Spain is the one causing a lot higher anxiety. Want more from this author? Follow and be the first to know when they publish. Follow EconMatters (35,488 followers) New! www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1419.pdf. 欧州ソブリン危機に関しての簡単な現状のまとめ｜ロンドンで怠惰な生活を送りながら日本を思ふ 「東京編」 を久々に考えてみる。 ギリシアの情勢はきわめて不透明である。 まあ、最後はそうはいってもギリシアが折れるだろうとの見方が強い。 が、2013年までにギリシアのユーロ離脱を予想する声は非常に強く50％以上と見られている。 まあ、それが今年の6月とか7月には起こらないとの見方が主流なだけだ。 経済の低迷・税収は上がらない・財政支出の削減も進まない。 ギリシアがユーロを無秩序な形で離脱した場合にはとんでもない衝撃が襲う可能性は高い。 一方で、銀行へのＥＳＭからの直接の資本注入や欧州全体での預金保険機構の創設がテーマとして上がっている。 特にスペインは今後最大でＧＤＰの10%程度に規模に相当する資金を国内の銀行に資本注入する必要があるともされている。 スペインの金融問題とギリシアのユーロ離脱リスクが前述の金融機関⇔ソブリン間の負の循環の原因である。 しかし、ここで重要なのはお金の出しては誰かということだ？ 一部では北部諸国がインフレを受け入れることで競争力を平準化すべしとの意見もあるが、弱いほうに鞘よせさせるような政策はまったく意味がないしナンセンスだろう。 昨年12月と1月に行われた欧州中央銀行（ＥＣＢ）による3年にも及ぶ資金供給の効果は予想通りなかった。
結局付け焼刃の対策では意味がないことは明白だ。 周辺国はもちろんドイツまでも景気鈍化の影響を大きく受け始めている。 ↓ツィッター、フォローしてもられえるとうれしいです。 Twitterブログパーツ ↓二つのブログランキングに参加しています。 にほんブログ村 【早い者勝ち！】. 【期間限定】エステ体験キャンペーン！ 綺麗への近道☆コスメ市場☆