摘要
The end of the year 2009 witnessed the outbreak of a sovereignty debt crisis in Greece. To add insult to injury, the downgrading by three big rating agencies have prompted the wide spreading of the crisis toward the whole Europe.
Thae end of the year 2009 wit- nessed the outbreak of a sov- ereignty debt crisis in Greece. To add insult to injury, thedowngrading by three big rating agen- cies have prompted the wide spreading of the crisis toward the whole Europe. Although the EU and IMF have prom- ised to invest 750 billion euro to assist those countries deep in debt, the chance of stopping the contagion seemed to be very slim. In July 2010 and March 2011, the Moody＇s, an international rating agency, lowered the long-term sovereign credit rating of Portugal and Spain in succession. On September 19,
