greece debt crisis 英语论文.doc

Greece Debt CrisisAbstract：In early October 2009, the Greek government suddenly announced that the 2009 government budget deficits and public debt as a percentage of gross domestic product ratio is expected to reach 12.7% and 113%, far exceeding the EU Stability and Growth Pact provides for 3% and 60% limit. In view of the Greek Government's fiscal position has deteriorated significantly, the world's three major credit rating agencies Fitch, Standard & Poor's and Moody's have lowered Greece's sovereign credit rating, the Greek debt crisis kicked off.Key Word：Greek debt crisis Goldman Sachs European Union The New York Manhattan Broadway avenue, a new building brown office buildings, in addition to address had no other prominent symbol, it has 130 years of history of the investment bank Goldman Sachs group headquarters, Goldman Sachs have even some mysterious low-key, and now, a crisis for the pursuing of one hundred years of the spirit of the low exposure in under global financial perspective, this is the Greek debt crisisMore and more public opinion in pointing at Goldman Sachs Greek debt crisis in the ignoble part in the Greek crisis at Goldman Sachs in the use of currency swaps and credit default swap contracts two financial tools director the Greek crisisIn 2001, Greece joined the euro is worry, because according to the debt situation in Greece, Greece does not meet the requirements of the euro-zone members. According to the Maastricht Treaty signed in Europe in 1992, in order to join the euro a country must be a member of the European Union and be able to pass economic tests set out by the Maastricht Treaty.--- the budget deficit can not exceed 3% of the gross domestic product and debt ratio of less than 60% of the gross domestic product. But then Greece can not meet these two conditions.A named Antigone Loudiadis put forward a complex trading strategy behind the scenes, Goldman Sachs pushed to the front of the Greek government. Goldman Sachs is the Greek tailor-made to a "currency swaps" its cover up a sum of up to € 1 billion public debt, to comply with the standards of euro area member states.Goldman Sachs enthusiastic help solve the problem "is not without cost, according to EU officials recently disclosed facts, Goldman Sachs in 2001 for the Greek development of this complex arrangements, access to a massive $ 300 million in commissions.As the global economic crisis, the Greek debt in ten years after the hidden or found. With the global financial crisis has led to increasingly difficult to finance, financing costs are increasingly expensive, the Greek debt chain can not continue, in early October 2009 the Greek government suddenly announced the 2009 government deficit and public debt as a percentage of gross domestic product ratio is expected to be respectively 12.7% and 113%, far exceeding the EU stability and growth pact provided for 3% and 60% limit.For a time, across the board collapse of the Greek debt chain, not only banks are affected, have similar weaknesses sovereign debt all affected, and the Greek debt crisis shaking world financial markets.Goldman Sachs in the completion of the transaction with Greece, to a German bank to buy one billion euros in 20-year credit default swaps (CDS) insurance to spread risk, in order to make up the shortfall in debt payment problems from the underwriting side. Goldman Sachs really smart move, Germany is the largest economy in the euro area, Germany tied the debt chain in Greece, Goldman Sachs will be better able to avoid risks. If the Greek government payments crisis led to Goldman Sachs, the investment could not be recovered, then sell CDS, Deutsche Bank would have to pay Goldman Euro 1 billion shortfall.The problem is not just Goldman Sachs ahead of transfer of risk, Goldman Sachs has also used its insider position in the debt crisis in Greece, let's fund while shorting collateralized debt obligations, while the acquisition of cheap CDS, once the market reversal, collateralised debt prices fell sharply, CDS prices will be increased substantially, in order to reap huge profits. In other words, Goldman Sachs is by bad-mouthing Greece's ability to pay when the debt crisis in Greece, so Greece's borrowing costs rose.Goldman Sachs as a century-old U.S. investment bank, its profitability and ability to avoid risks the peer stare. Goldman Sachs profit status is second to none in the global financial institutions. 2000 to 2008, Goldman Sachs annual per capita to create profits $ 222,000; the strongest competitors in the JPMorgan Chase & Co. earlier figures of $ 133,000. Goldman Sachs employs about 30,000 people worldwide and in 2009 the per capita salary of about $ 700,000, while the remuneration of senior management of millions of dollars of dollars.The fact that Goldman Sachs profit of 300 million U.S. dollars from more than 10 billion euros, with the Greek currency swaps, Goldman Sachs Group A Defense said, after Greece joined the euro 。