What s going on with the Greek debt crisis, how did the Greek debt crisis end and what is the state

In early October 2009, Greece** abruptly announced that its fiscal deficit and public debt-to-GDP ratio were expected to reach and 113% respectively in 2009, well above the 3% and 60% ceilings set by the EU's Stability and Growth Pact. In view of the significant deterioration of Greece's fiscal situation, the world's three major credit rating agencies, Fitch, Standard & Poor's and Moody's, have successively downgraded Greece's sovereign credit rating, and the Greek debt crisis has officially begun.

With the downgrading of its sovereign credit rating, Greece's borrowing costs have risen significantly. Greece has had to take austerity measures, and there have been rounds of strikes in Greece, which has made the economic development worse. As of February 2012, Greece was still relying on bailout loans from Germany and France.

In addition to Greece, the fiscal situation of countries such as Portugal, Ireland and Spain has also attracted investors' attention, and many European countries have downgraded their sovereign credit ratings.

On the evening of December 16, 2009, Standard & Poor's, an international rating agency, announced that it would downgrade Greece's long-term sovereign credit rating by one notch"a-"Reduced to"bbb+"。S&P also warned that Greece's sovereign credit rating could be further downgraded if Greece** fails to improve its fiscal position in the short term. This is the second time in a week that Greece has been hit by a credit rating downgrade.

On the 8th of this month, another rating agency, Fitch International Credit Ratings****, just changed Greece's sovereign credit rating from"a-"Downto"bbb+", and triggered a sharp fall in Greece and a sharp rise in risk aversion in the international market. Another rating agency, Moody's, has also put Greece on watch and is likely to downgrade its credit rating.

In May 2012, the failure of the Greek organization to unite raised the risk of its exit from the eurozone, and the Greeks, fearing that no one would want the new currency adopted after the country's secession from the eurozone, rushed to the banks to withdraw their deposits, and the banks began to run on the banks.

On July 9, 2015, Athens, Greece, the debt crisis in Greece deepened, and people gathered to receive pensions. On May 15, 2012, Papoulia, Greece, in a transcript of a meeting with the leaders of various political parties, showed that he said at the time: "Provopoulos, the governor of the Bank of Greece, told me that the market is not yet panicked, but that a lot of worry could eventually turn into panic."

He disclosed that at 4 p.m. on May 15, 2012, he had a relationship with Provopolostone**; The latter said that withdrawals and outflows have reached 700 million euros (about 5.6 billion yuan). Provopoulos estimates that the outflow could reach 800 million euros (about 6.4 billion yuan), including buy orders for German government bonds received by banks. Although Greeks have been going to the bank for several years to withdraw their cash, it is unusual to withdraw their deposits as quickly as they have in the past few days.

According to the Bank of Greece, since January 2010, Greek businesses and households have withdrawn a total of 72 billion euros (about 579.6 billion yuan) in deposits, and as of the end of March, all banks had only 165 billion euros (about 1 trillion yuan) in deposits.

Many Greeks want Greece to remain in the eurozone, but they don't want to comply with the savings measures set by the eurozone.

Eurozone ministers agreed to extend the time frame for Greece to reduce its debt levels, but have yet to decide whether to issue the next bailout**, which is at stake in whether Greece can maintain its solvency.

The party, which had previously opposed austerity measures and advocated ending the bailout agreement, signed a third bailout deal with creditors in 2015 that included tough austerity and reform measures.

**Bank President Giannis Spinalas said in an interview with the Greek newspaper "Daily News" on the 19th: "Greece still has a long way to go. ”

In his view, if Greece "reverses" and does not fulfill the reforms it has previously promised, "the market will abandon us, now and in the future, and we will not be able to refinance these complex loans on sustainable debt terms".

Greece had previously estimated that it would not need to worry about financing needs until the end of 2022 and that it would have more than enough energy to return to international financial markets. However, the unemployment rate in Greece has remained around 20% since the beginning of this year, the interest rate on 10-year government bonds has exceeded 4%, and financing costs are high.

The developer borrowed a lot of money from the bank to invest in real estate, but the income was very low and the loan could not be repaid when it expired, so the company collapsed and the boss fled.

Greece is the developer.

Goldman Sachs did it. The rules of the game are set by everyone. Greece was only taken into the pit step by step.

Who profited from the Greek crisis ?

The cause of the Greek debt crisis is that the high welfare of the people and the low taxes lead to the fact that the debt is piling up more and more, which causes the crisis. The crisis caused to their home country is low employment and social instability **Excessive fiscal pressure... People's lives are naturally not good...

Due to the domino effect generated. Affect exports and imports. Thus creating economic fluctuations.

If Greece leaves the eurozone, it will reflect the problem of the euro's constitution... This has seriously affected the economic position of the euro in the world. Affected the stability of the euro exchange rate...

It will destabilize the European Union ... The impact on other European Community countries is naturally not small...