Greek debt situation from bad to worse
2010 ? 5 on 2, and the IMF jointly launched the euro area the size of 1,100 billion euros in assistance to Greece program. Since the establishment of the euro area this is the first member first of its kind to open a huge relief. Under the program, the euro zone will be within the next three years with the IMF jointly funded 110 billion euros. Among them, the euro area member states on a bilateral basis will be provided for the interest rate of about 5% of the Greek loan 80 billion euros, and the remaining money from the IMF, lending rates to 3.3%.
After a year of funds ?blood?, instead of the debt situation of Greece in decline. According to latest data the European Commission, the debt of the country last year, the Greek gross domestic product (GDP) ratio reached 143%, a record high of the euro area level, this proportion will rise this year to 158%, and rose to 166 in 2012 %. Greek budget deficit in 2010 accounted for 10.5% of GDP, is expected this year, the deficit-GDP ratio will fall to 9.5%, and was further reduced to 9.3% in 2012, but still the EU ceiling of 3% provides more than 3 times. Greece in the first quarter GDP growth of 0.8% qoq, the first time in more than a year for the country to achieve economic quarter, but year on year GDP contraction of 4.8%. EU expects the economy will further shrink 3.5% this year.
Terrorism continue to increase the debt of Ireland
2010 ? 12 7 May, the EU finance ministers formally approved the 85 billion euros in Ireland?s aid program, aid loans to an average annual rate of 5.8%, Ireland became the second member euro zone to apply for assistance. Programs with stringent conditions, that Ireland must strive to rectify the domestic financial situation, the government slashed the budget deficit to reach the level of 3% of EU regulations.
In response, Ireland, Dec. 8 announced that the history of the country?s most stringent austerity measures to cut six billion euros deficit. November 24, Ireland to further the introduction of four-year budget plan. The next four years, the Irish government will be primarily through spending cuts and tax increases and other measures to cut spending 15 billion euros, plans to account for the deficit by 2014 the proportion of GDP from the current 32% to 3%. Specifically, the Irish government would cut spending 10 billion euros, and through increased tax rates and increasing financial income received 50 billion euros.
The above measures have been strong protests from the people of Ireland, the Irish government in April 2011 proposed to renegotiate with the EU assistance program, hoping to obtain more favorable loan interest rates. Eurostat is expected this year in Ireland, the proportion of debt in the GDP will rise further and reach 112%.
Economic output will exceed the debt of Portugal
2011 ? 5 16, EU finance ministers approved a total size of 780 million euros in assistance to the Portuguese program. This is following the EU and IMF assistance to Greece and Ireland, the third time on the euro area member states to help. Under the program, the next three years, Portugal will receive 78 billion euros aid. Among them, the EU provide 520 billion euros, IMF to provide the remaining 260 million euros.
As a condition of assistance program requires Portugal to 2013 the budget deficit is too high to be completely reversed the situation, and to reform the health care and public administration system and to promote the implementation of sweeping privatization of state-owned enterprises and assets. As of now, the EU did not provide assistance to the Portuguese program in more detail.
According to Eurostat data, the Portuguese economy in the first quarter of the chain and decreased 0.7% year on year, continued economic recession. Board expects the economy to shrink further by 2.2%, the debt will be the first time this year, economic output, GDP reached 101.7%.
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Source: http://www.finance-ol.com/2011/05/three-recipients-of-debt-management-is-difficult-optimistic-outlook/
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