金融海嘯下希臘債信危機之研究

The Study of Greek Debt Crisis after the Global Financial Crisis

張美珊(Mei-Shan Chang)

指導教授 ： 郭秋慶

淡江大學/國際研究學院/歐洲研究所碩士班/碩士(2011年)

https://doi.org/10.6846/TKU.2011.00473

摘要

2007年7月美國次級房貸風暴發生迄今，造成全球金融混亂的深度與廣度可謂空前，形成金融海嘯，波及全球。揮別2008年金融海嘯的陰霾，全球金融市場在各國政府救市措施下，已持續上漲了一年，然而在2009年底希臘爆發債信危機，希臘央行向歐洲央行借貸400億歐元，作為吸納希臘政府債券之用，當年度社會黨新政府上台時，公布其國內財政赤字占國內生產毛額的比例達12.7%，造成希臘債務危機。

　　2010年希臘債信問題的惡化爆發，引發歐元成立以來最大危機，使得剛從重傷走出來的市場再度受到重擊，市場波動日益加劇，歐元走勢更是一落千丈，讓全球經濟復甦的美夢瞬間化為泡影。2010年5月，歐盟及國際貨幣基金為紓困希臘債信危機，便因此推出總值7,500億歐元的歷史上最大金融救援計畫。

　　本論文之研究方法主要採用政策研究法與歷史文獻分析法，首先，必須先將問題之所在確立，2008年歐洲國家在金融海嘯的衝擊下，凸顯引發希臘債信問題，當中將再探究此問題之原委與發展。從2006年以來，希臘政府財政未見改善，並遭國際信評公司標準普爾（S&P）調降評等至BB+垃圾等級，使希臘籌資頓現困境，而2010年5月到期需償還之85億歐元債務，立現違約風險。當問題產生時，便需要進一步的研議因應的對策，文中將就希臘政府對於國家債信問題，所應對之政策，作為研究，而希臘債信問題引發的連鎖效應，將導致歐盟國與整個國際金融市場都將難以倖免。因此，歐盟所面臨的挑戰與對策，也在此研究中將作論述。最後，再就希臘政府與歐盟與國際貨幣基金之間的紓困方案，成效為何作詳細評析，當中將試圖蒐集希臘國內福利制度的改革與民眾回應，作為佐證。

關鍵字

金融海潚 ； 希臘 ； 債信危機

並列摘要

Since the US subprime mortgage crisis erupted in July 2007, it has resulted in global financial turmoil of unprecedented depth and breadth. The resulting financial tsunami that has swept around the world has sent stock markets spiraling down and severely shaken real economies. And to combat the economic recession that has followed in the wake of the financial storm, governments worldwide have also adopted a series of stimulus measures. Then, in October 2009, a newly elected Greek government fessed up. Greece’s budget deficit was in fact a whopping 12.7 percent of GDP, as opposed to the 6 percent reported by the old government. It also turned out that the ECB was indirectly funding more than a third of Greek government borrowing via its emergency lending to Greek banks.

Unavoidably, Greek debt crisis wrecked the Euro. After few months, Eurozone members and the IMF have agreed a 110bn-euro three-year bail-out package to rescue Greece's embattled economy. The first loan tranche was released before 19 May-the date of Greece's next debt repayment

By the study approach of policy study and historical study, the thesis discusses Greek debt crisis after the global financial crisis. First of all, it refers to the reasons and developments of Greek debt crisis. Secondly, the thesis researches into the solutions of Greek debt crisis. Finally, it analyzed the effects of Greek bailout terms and the influences of Greek debt crisis.

並列關鍵字

Global Financial Crisis ； Debt Crisis ； Greece

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