According to the U.S. Cable News Network (CNN) reported that the Greek President Karolos Papoulias announced the evening of November 6, Prime Minister Papandreou and the main opposition New Democratic Party leader Samaras on the matters agreed to form a coalition government, Pa Pandeliou will resign from the post of prime minister is a prerequisite for 130 billion euros of aid loans approved.
According to Presidential Office's statement, Papandreou and Samaras October 7 meeting, the new prime minister and members of the new government consultation. Papandreou no longer serve as co-interim prime minister.
"Referendum" proposal provoked controversy
October 27, EU heads all night long, the Greek debt negotiation solution, until the day of the tremendous efforts they spend only two in the morning and reached the Greek debt relief program, do the world a sigh of relief, national stock markets more with warm up the sound.
According to rescue program, the euro zone leaders agreed to grant Greece € 130 billion rescue fund for Greek government bonds for 50% of the write-down to help Greece to reduce the debt burden of 100 billion euros. While Greece also need to implement austerity measures, the debt-GDP ratio from the current 160% to 120% in 2020 down to, in order to exchange for a new round of 130 billion euros in aid.
Although the program is only in order to avoid debt default and adopted the Greek, does not solve Europe's overall economic growth slow and uneven economic growth in the euro area member states of the deep structural problems, but compared to the previous fire-fighting approach, has made great progress, the program Greece can significantly reduce the external debt burden, to revive the Greek economy is favorable.
But no one expected, one by one for the euro area by 17 Member States, the EU summit and painstaking rescue package reached Greece, the Greeks did not appreciate. October 31, Papandreou suddenly announced the EU Greek public referendum aid program delivery.
Greek government spokesman said on November 2, the Greek cabinet after seven hours of negotiations, announced unanimous support for the referendum on the EU aid program delivery. This news makes the two-year debt crisis Waves in Europe, if a referendum against the Greek people rescue package, the EU heads of hard preparation rescue package is likely to become waste paper, thrown into the wastebasket.
Greece, the surprise decision immediately caused an uproar on the global financial markets. European and U.S. stock markets fell across the board on November 1, London "Financial Times" 100 Stock Average index over the previous session down 2.21%. In currencies, the euro fell against the dollar has crashed.
CASS researcher at the European Institute of Tiande Wen told the "rule of law over the weekend" correspondent, the Greek debt crisis has lasted for two years but has yet to resolve this complex and the reasons behind the crisis. Greek debt crisis is the direct cause of Greece joined the euro area does not have the appropriate conditions, to take the false accounts of the way, the Greek government bonds has been eyeing international speculators.
Second, the crisis and the Greek government does not care about fiscal policy, a great Greek public spending, deficits, lack of money to keep borrowing, take on new debt repayment. The debt crisis, it is inevitable. 2001-2008 statistics show that governments and private loans, consumer spending in GDP, Greece ranks first in the world.
From the depth of analysis, the Greek debt crisis and the economic structure of the euro area, the Greek economy in recent years, the growing problem of industrial hollowing out, can not attract investment, and no competitive industries, such a model can only live on credit.
Tiande Wen told reporters, Greece to resolve the debt crisis, the fundamental way is to adjust the economic structure, to find economic growth, but easier said than done? At the same time, Greece also need to implement a prudent fiscal policy and reduce the risk of debt.
Currently, Greece's debt up to 3,500 million euros. December 11, Greece is required to pay due debts about 120 billion euros. The EU will pay the November 8 billion euros to the Greek assistance, Greece after receiving assistance, you can rebuild credit, the economy may be better to embark on a healthy development. But Tiande Wen told reporters that the current situation, Greece has a long bitterness to lead.
Greek people are not afraid of national bankruptcy
Financial crisis in 2008 caused severe economic crisis. Greece as tourists to reduce the tax reduction, resulting in debt to make ends meet. As the ends meet, only a large number of Greek debt, debt maturity, the Greek foreign aid can only rely on the one hand, on the other hand compression costs, which means cutting people's welfare. A few months ago, the Greek national breaking out demonstrations against austerity measures to reduce their own welfare.
For the practice of the Greek people, European media cynicism, people have accused the Greek national crisis, not only can not tighten their belts to save money but to strike the street riots, and even confronted riot police. "The Economist" acidly pointed out that Greece and other Southern Asian countries lazy. British Broadcasting Corporation reported that their reporters visited Greece to get the impression that the Greek people would rather bankrupt the country, do not want another bitterness.
The BBC also reported that the original turned out to Greece and South Korea made a sharp contrast, 14 January 1998 the BBC's correspondent in Korea interview, saw the familiar sight on the streets of South Korea at that time: "Housewives donate wedding ring, athletes donated medals and trophies, as well as the opening or 60 people to donate only the lucky golden key South Korean people long lines to donate their favorite gold and silver jewelry, even behind the crumbling of the Korean economy. "
1997 outbreak of the Asian financial crisis hit South Korea, Daewoo, Samsung and Hyundai and other South Korean companies launched the "closed the gold love Korea" campaign to encourage all sectors to donate gold for the Government to sell debt after melting into gold bullion. January 5, 1998 commencement of the event, within two days received 10 tons of gold. Less than 10 days, first 300 tons of gold transported abroad.
Greece, on the contrary, Greek Prime Minister Papandreou's former economic adviser Bo Leima Charles Keith pointed out that the Greek population of only 250,000 agricultural city of Larissa city was actually Porsche Cayenne sports car where the world's highest density, New York or London beats had seen a lot of the rich Greek, but the tax evasion problem is serious. According to 2006 data, the Greek taxpayers for tax evasion, the Greek government deficits as a major source of trouble.
Moreover, the Greek people will be sent overseas assets. Experts estimate that by the third year to turn the country into Swiss bank assets over two hundred billion euros of Greece, most of the overseas subsidiaries of Greek entrepreneurs to transfer assets. Greek media reports, not only entrepreneurs, recently seized a lot of Greek airports, and even nuns, missionaries and all the unemployed in a suitcase full of euros in cash, we all want money out of the country.
But Tian Dewen do not think so, he told reporters, and thus can not draw conclusions not patriotic Greeks, patriotism this point with Greece and South Korea for the unfair comparison, there are different manifestations of patriotism. South Korea and the different causes of the crisis in Greece, the Greek people that the crisis is caused by some people, they are responsible should not allow the majority of human stupidity and greed of a few people to foot the bill.
Now the Greek people do not think Greece has come to life and death, the Greek people see the crisis is not very heavy. More bankrupt the country could not frighten them, in fact insolvent as, if not the EU assistance, Greece is now bankrupt.
Sovereign debt crisis caused by the bankruptcy of a country is not drowned. Greek sovereign debt based on the Greek economy as collateral, the debt default is not repaid with the territory and sovereignty, the so-called "sovereign debt" real or limited liability. Bankruptcy and now this additional assistance in terms of fiscal austerity in comparison, is in fact limited to the common people, already bankrupt Iceland are examples.
Tiande Wen also stressed to reporters, talking about the collective spirit, as South Korea, Greece, South Korea, economic difficulties, the collective spirit of people to overcome difficulties and has played an important role in Greece there is no signs of this. However, the reference to "patriotism" of the level that a bit exaggerated.
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