Causes of European debt crisis
The Greek debt crisis is actually the debt crisis of the Greek government, and it is a crisis in which the government's expenditure is greater than its income, which leads to the government's inability to repay. The reason is: 1, the tax system is unreasonable and tax evasion is serious. 2. The financial expenditure is too large. 3. The government cannot issue money independently, that is, the Greek government has no right to use the right to print money to create inflation and indirectly increase government revenue.
Since Greece is the euro zone, investors are worried about the monetary system of the whole euro zone because of the Greek crisis. So investors throw out a lot of euros (the euro is lowered), and the dollar is bound to rise against the euro (this is relative).
Europe has a common currency and a common monetary policy, but it has no common economic government. Greece's debt is similar to that of the United States and Japan. The reason why there is no debt crisis in the United States and Japan is that there is a government behind it to support this debt, and the government will guarantee this debt. In this case, investors will believe that there will be no default.
Greece is different. Greece's own ability is relatively weak, and there is no "euro zone government" guarantee. There is no mechanism to guarantee that Germany and France must legally rescue Greece, so it is easy for investors to worry about the default of Greece's small parliament.
The euro is a super-sovereign currency, and EU member states cannot interfere in the exchange rate of the euro. The Greek debt crisis directly led to the depreciation of the euro, and the euro continued to affect the economies of EU countries.
arouse
De-leveraging has become the development trend of the banking industry all over the world. 20 15 China explicitly proposed supply-side reform. Although the overall impact of the European sovereign debt crisis on China is limited, the international environment of novel coronavirus's attack on China's economy in early 2020 and the escalation of the Sino-US game are superimposed, and China's road to deleveraging faces many uncertainties. In the face of European debt crisis, we should be highly vigilant, reflect deeply and actively summarize the enlightenment brought by European deleveraging measures, which has important practical and guiding significance.