希腊主权债务危机的成因与特点

Studies on Causes and Characteristics of Greek Sovereign Debt-crisis

本文分析了希腊主权债务危机的成因及其特殊之处。成因包括基本原因,即希腊财政入不敷出,财政状况不断恶化;背景原因,即国际金融危机冲击;技术原因,即利用衍生金融工具隐藏债务埋下祸根。特殊之处包括:希腊债务危机被国际资本作为攻击欧元的一个突破口;希腊丧失了主权债务货币化的能力;对全球金融市场带来巨大冲击;是二战后第一个出现主权债务危机的发达经济体,可能产生连锁反应。

This paper analyses the causes and particularity of Greek sovereign debt-crisis.The causes consist of the fundamental cause,as Greek fiscal income can not meet its expenditure,so the situation continually deteriorates;the background cause,as international financial crisis;and the technical cause,as the use of derivatives to cover debt leads to the trouble.The particularity lies in that Greek debt-crisis is utilized as the breakthrough to attack Euro by international investment capital;Greece loses its capability of sovereign debt monetization,which caused significant impacts on global financial market,and is the first developed economy to undergo sovereign debt-crisis since World war II,with which chain reactions may occur subsequently.