2010, May 29, tens of thousands of Portugal demonstrators took to the streets of Lisbon, the capital, protesting a series of austerity policies adopted by the Government.
4 20th member of the European Central Bank's Management Committee, the Cyprus Central Bank Governor said in an interview, Greece does not have a need for debt restructuring. On the one hand, may play a role in stability of morale, but now readers have grown used to the "true Word against listening", this "fire" on the international community may not douse the concerns about European debt crisis and counterproductive.
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recently , Greece newspaper cited an EU source said, "Greece Government had realized that no way optional, is the only way out of debt restructuring." But also quoted IMF and United States Treasury Secretary remarks "authoritative" full.
, major Western currencies such as EUR/USD exchange rate fell, stock market bond market turmoil, Greece 10-year bond yield breakthrough 13%, also meant that Greece will assume greater due pressure.
Greece and major countries in the eurozone, of course, the Government does not want this phenomenon. Greece has repeatedly denied the Government, Ministry of Finance on 20th inspection bodies involved in the investigation have been asked. The European Central Bank also stepped up the rumor. But these remain to European debt crisis has cast a shadow over the prospects of settlement.
Greece debt continued to expand, is now up to 340 billion euro, only by borrowing to fill the black hole, pay interest costs are getting higher and higher. Greece also has 3 years in a row a serious economic recession last year shrank 4.5%.
in 55 analysts interviewed by Reuters, 46 people said Greece will have to restructure debt in the next two years.
the gloomy eurozone
at the same time, countries embroiled in Europe's sovereign debt crisis facing their adverse environment.
20, Portugal expected rate of return of 10-year Treasury bonds rose to 9.127%, its Portugal joined the euro's highs. At the same time, the European Commission, the European Central Bank and the International Monetary Fund sent a group of experts continued consultations on aid in Lisbon. This was Portugal media called "troika" estimates are difficult to pull Portugal out of the debt "quagmire".
Moody's lowered Ireland ratings in the banking sector, Ireland banks ' long-term bank deposit and priority unsecured debt rating Outlook to "negative". On the aid issue, Ireland and the EU on a number of key issues and no consensus.
last week, the poor's have been Iceland's local currency sovereign credit rating on the negative watch list. Reason is Iceland increased external financing risk, to the disadvantage of its economic recovery.
the problem and solution
analysts pointed out that the wind waves waves of the eurozone debt crisis, notes the European currency integration open door of economic integration easier said than done, also show started in the United States financial crisis on low immunity and preference of financial enjoy the European part of the State of "Darwinism" looting is not over.
Greece, and Portugal and other countries the debt problem is renewed, is that eurozone interest rates, increased debt interest costs, the original nation in deep crisis worse. After all, is derived from their own and also United States quantitative easing policies adopted in response to the financial crisis, liquidity not only of the prevalence of wounding, eventually hurt oneself.
analysts pointed out that the resolution of the European debt crisis, the key is prevention of excess liquidity.
as a major flood of liquidity pushing hands United States, but to consolidate their own real economies and the crisis passed on to other countries. Open the eurozone interest rates, the Fed continues to pursue its policy of quantitative easing. &lT;/P>
expert pointed out that the greatest risk facing the global economy may not be the system holes possible leakage effects of the euro or United States once again become the crisis eye of the storm, but among the major economies "mingled with each other" lead to global economic imbalances of time window on Miss governance, thereby detonating systemic economic and financial crisis.
