How did the EU countries react to the Greek crisis?

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If you are idle, you will not have such a problem if you are so industrious and thrifty to the Chinese.

The Greek debt crisis was indeed very serious, triggering the European debt crisis.

The Greek debt crisis stemmed from the announcement of Greece's fiscal deficit in December 2009, and then the world's three major credit ratings successively downgraded Greece's sovereign credit rating, thus opening the prelude to the Greek debt crisis. The direct cause of the Greek debt crisis is the fiscal deficit of the first country, and most European countries except Greece have high fiscal deficits, so the Greek debt crisis has also detonated the European debt crisis.

In October 2009, Greece's new Prime Minister George Papandreou sparked panic when he announced that his predecessor had concealed a large fiscal deficit. As of December of the same year, the three major rating agencies have downgraded Greece's sovereign debt rating, and while investors are selling Greek government bonds, the sovereign bond yields of Ireland, Portugal, Spain and other countries have also risen sharply, and the European debt crisis has broken out in full swing. In June 2011, Italy's debt problem escalated the crisis again.

This crisis is not as menacing as the subprime mortgage crisis in the United States, but in the course of its slow progress, with the increasing number of countries in crisis and the continuous emergence of problems, coupled with the downgrading behavior of rating agencies from time to time, it has now become an important event that affects the nerves of the global economy. **The cumulative effect of dereliction of duty, excessive borrowing, institutional deficiencies and other problems ultimately led to the outbreak of this crisis. Among the 17 countries in the eurozone, five countries – Portugal, Ireland, Italy, Greece and Spain – have the most serious debt problems.

The European debt crisis is mainly because their currencies are unified, but their economies are not unified.

Without a centralized fiscal system, the country thinks that their economy is good, and they blindly spend spending, resulting in a fiscal deficit, and then the finances of other countries have to pay for this country, a vicious circle, and many countries in the EU have financial problems.

In Europe, the fiscal deficit of the member states should not be higher than 3 percent, and the debt ratio should not be higher than 60 percent. Goldman Sachs made a "swap deal" at that time, although it was in the nature of debt, it would not appear on the debt balance sheet at the time, and raised cash in the form of future lottery and aviation taxes, and finally on the books was mostly Eurozone standards. At that time, Goldman Sachs also saw this risk in Greece, so it purchased CDS insurance for these debts in Germany and other European countries.

At the same time, Goldman Sachs and some hedges** bought these insurances in large quantities. In order to get more bang for their buck, they hype up CDS. Goldman Sachs and Hedge Singing Down Greece's Debt, After the Problem, the three major credit companies successively adjusted Greece's sovereignty to junk level, and the yield of CDS rose to more than 400 points, and Goldman Sachs and others resold CDS in the international market.

Because Greece is a eurozone country, the use of the euro, coupled with the fact that many of its loans are guaranteed by European banks, especially the European Central Bank, caused a full-scale crisis in the euro.

In short, an economic crisis caused by national debt.

Generally speaking, an economic crisis is a stagnant or even stagnant economic growth in the country, and the economy lacks the impetus to continue to grow, which is prominently manifested in soaring prices, rising unemployment, and a deficit in the balance of payments.

The debt crisis is mainly a measure of a country's foreign trade and balance of payments, and of course, it is also related to the domestic economic situation, political situation and social stability. To put it simply, the country owes money to foreign countries, and a lot of money --- beyond the capacity of the country's economic reality.

In the financial crisis, individuals think that the best expenditure far exceeds the fiscal revenue, and there is a situation where they cannot make ends meet, and they are unable to cope with the needs of reality.

The debt crisis and the fiscal crisis should be about the same.

Not the impact itself, but the ripple effect is too great: if the EU defaults, eurozone countries may lose 276 billion euros How much Greece will lose from the eurozone, there are different calculations circulating within the EU. According to foreign media quotes, if the country cannot continue to repay its debts, eurozone countries may lose 276 billion euros. Germany alone will lose 77 billion euros.

Austria will also lose tens of billions of euros. Some analysts also believe that the EU has been carrying out precautionary measures for Greece's exit from the euro area in advance to reduce the impact of Greece's exit on the market. At the beginning of the year, the European Union and Greece held debt reduction negotiations, and after Greece reduced its debt by 70% in disguise, in addition to the European Central Bank and investors who were willing to take high risks, European banks sharply increased their European debts to avoid triggering a financial tsunami again.

The consequences of Greece's exit from the eurozone** remain divided. Li Wei, an economist at Standard Chartered Bank, told the Southern ** reporter that from recent exchanges with European customers, it was found that there is no consensus among EU parties on the issue of Greece's withdrawal. Some argue that Greece is not enough to stay, and that the impact of withdrawal will be modest.

But the peripheral economy is worried about the huge default risk and knock-on effects. Pierre Carlo Padogan, chief economist at the OECD, warned that the consequences of Greece's exit from the eurozone would be "catastrophic", arguing that those who underestimated the impact were irresponsible. Sun Lijian, deputy dean of the School of Economics of Fudan University, said in an interview with a reporter from the south yesterday that if Greece really withdraws from the eurozone, the risk to the entire economy is no less than the collapse of Lehman, which will trigger a second global financial crisis.

In addition, the sudden change in Europe will have a greater impact on European investment in China, which will further frustrate domestic imports and exports, and China's foreign exchange reserves will also be greatly affected due to the depreciation of the euro. Domino Effect Follows the Eurosystem and May Be Dragged Down In fact, the eurozone's predicament is inseparable from the "natural flaws" of the "euro", a supra-sovereign monetary mechanism, and the prospect of resolving the European debt crisis has become uncertain. Sun Lijian, deputy dean of the School of Economics and professor of finance at Fudan University, believes that the absence of an "exit mechanism" in the eurozone is the biggest reason why debtor countries are still staging a farce of "moral hazard".

Although the exit of debt-stricken countries such as Greece will not only pose a risk of a decline in the international competitiveness of the export-dependent German economy, but also may cause a run on the market in the short term. Sun Lijian believes that if there is no long-term "monetary punishment mechanism", for example, let Greece exit the eurozone, and then establish a fixed exchange rate system after the depreciation of the Greek new currency against the euro; Or with a special system of fiscal self-discipline, it will be difficult for these "troubled people" living under the umbrella to develop strong internal self-control to try to resolve the growing debt crisis.

Greece's exit from the eurozone will have a "herd effect". As the most direct market response, Greece's withdrawal from the eurozone is fully said.

Given that all the bailout measures given by the EU in the early stage have completely failed, people will inevitably lose confidence in countries such as Portugal and Ireland, which have already received aid, and with Greece's "lessons from the past", these crisis countries will also have the will to withdraw from the eurozone in order to seek monetary independence. As a result, market confidence in the eurozone will be completely shaken.

What does this have to do with football, once there is one, there are two. The control is not good.

Greece has a long history and culture and has a profound influence on European countries, and if Greece launches the European Union, it will shake the EU's financial system.