Greek government-debt crisis // sehr umfangreicher wikipedia aufsatz mit 290 fussnoten

Greek government-debt crisis

 http://en.wikipedia.org/wiki/Greek_government-debt_crisis#References

 

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Greek debt crisis
Greek economy Global financial crisis European debt crisis Financial audits, 09–10 2010–2012 protests Economy referendum May 2012 election Government formation June 2012 election
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Greece's debt percentage since 1999, compared to the average of the Eurozone.

The Greek government-debt crisis is one of a number of current European sovereign-debt crises. Beginning in late 2009, fears of a sovereign debt crisis developed among investors concerning Greece's ability to meet its debt obligations due to strong increase in government debt levels.^[1][2][3] This led to a crisis of confidence, indicated by a widening of bond yield spreads and the cost of risk insurance on credit default swaps compared to the other countries in the eurozone, most importantly Germany.^[4][5]
The downgrading of Greek government debt to junk bond status in April 2010 created alarm in financial markets. On 2 May 2010, the eurozone countries and the IMF agreed on a €110 billion bailout loan for Greece, conditional on the implementation of austerity measures. In October 2011, Eurozone leaders agreed to offer a second €130 billion bailout loan for Greece, conditional not only the implementation of another austerity package, but also that all private creditors should agree to a restructure of the Greek debt, reducing the debt burden from a forecasted 198% of GDP in 2012 to 121% of GDP by 2020.
The second bailout deal was finally ratified by all parties in February 2012, and became active one month later, after the last condition regarding a successful debt restructure of all Greek government bonds, had also been met. The latest bailout plan is to cover all Greek financial needs from 2012-2014. If Greece can manage to comply with all economic targets outlined in the bailout plan, a full return to use the private capital markets for covering future financial needs, will be possible again in 2015.
In mid-May 2012 the crisis and impossibility to form a new coalition government after elections, led to strong speculation Greece would have to leave the Eurozone. The potential exit became known as "Grexit" and started to affect international market behaviour.

Contents

• 1 Causes
• 2 Evolution of the crisis
  • 2.1 Danger of default
  • 2.2 Downgrading of creditworthiness
  • 2.3 First bailout loan and austerity measures (May 2010 - June 2011)
  • 2.4 Second bailout loan and austerity measures (July 2011 - current)
    • 2.4.1 2012
• 3 International ramifications
• 4 Countermeasures
  • 4.1 Measures taken by the Greek government
    • 4.1.1 First austerity package – February 2010
    • 4.1.2 Second austerity package – March 2010
    • 4.1.3 Third austerity package – May 2010
    • 4.1.4 Fourth austerity package (Mid-term plan) – June 2011
    • 4.1.5 Negotiations about a fifth austerity package (October 2011 – January 2012)
    • 4.1.6 Fifth austerity package – February 2012
    • 4.1.7 Fight against corruption and tax evasion
  • 4.2 Measures taken by the EU and IMF
    • 4.2.1 First rescue package (May 2010)
    • 4.2.2 Second rescue package (July 2011 - February 2012)
    • 4.2.3 Speculation about a third rescue package
• 5 Economic and social effects of austerity measures
• 6 Criticism of Germany's role
  • 6.1 Charges of hypocrisy
  • 6.2 Alleged pursuit of national self-interest
• 7 Hedge funds
• 8 Analysis of the restructuring
• 9 Greek public opinion
• 10 Speculation about Euro exit
• 11 See also
• 12 Notes
• 13 References