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2009年12月,三大国际评级机构接连宣布,下调希腊的长期主权信贷评级,并将主权信用展望定为负极。标普同时警告说,如果希腊政府无法在短期内改善财政状况,有可能进一步降低希腊的主权信用评级。希腊的财政问题由来已久,目前该国的财政赤字占GDP的比重已高达12.7%,公共债务余额占GDP的比重则高达113%,均远远超过欧元区设定的3%和60%的上限,希腊的危机又让一些人惊呼:希腊成为了又一个“雷曼”——一个因为自身经营管理不当,同时在资本市场博弈中大幅溃败的发达经济体。本文论述的是希腊主权债务危机形成的原因,以及金融创新导致的希腊政府财务报告的失职。
In December 2009, the three major international rating agencies successively announced that they downgraded Greece’s long-term sovereign credit rating and set the sovereign credit outlook as negative. S & P also warned at the same time that Greece’s sovereign credit rating could be further lowered if the Greek government fails to improve its fiscal position in the short term. Greece has a long history of fiscal problems, currently accounting for 12.7% of the country’s budget deficit and 113% of its public debt balance, far exceeding the 3% and 60% set by the euro zone The ceiling and the crisis in Greece have exclaimed some people that Greece has become another “Lehman” - a developed economy that has been largely defeated in its game of capital markets because of its own mismanagement. This article discusses the reasons for the formation of the Greek sovereign debt crisis and the failure of the Greek government’s financial report due to financial innovations.