The cause of the european sovereign debt crisis and its inspiration to my country (central university of finance and economics, institute of taxation, beijing 102206) [summary] since its inception in greece in 2009, the sovereign debt crisis has spread and escalated from a single-state debt crisis to an eu debt crisis. The european sovereign debt crisis was the continuation and deepening of the united states financial crisis, with far-reaching implications for global economic development, the outbreak of which was caused by multiple causes. (b) regulate local government debt management to protect against local debt risks; [keyword] sovereign debt crisis; reason analysis; enlightenment [category number in the central chart] f810. 5 [documentation number] a [no.] 2095 - 3283(2013) 07 - 0032 - 02 [introductive introduction] lee enviable (1992 - ), male, guangxi guilin, undergraduate, study direction: tax. On 20 october 2009, greece’s new prime minister, georgios papandreou, suddenly announced that the fiscal deficit would be 12. 7% of GDP and public debt 113% of GDP, well above the eu’s ceiling of 3% and 60% set in the stability and growth pact. Given the deterioration of greece’s financial situation, since december 2009, the three global credit rating agencies, fitch, standard & poor’s and moody’s, have revised greece’s sovereign credit rating downwards. Standard & poor's also stressed that if the greek government failed to improve its fiscal position in the short term, it could further reduce greece's sovereign credit rating. As a result of this move, the greek stock market fell sharply, the euro went down against the dollar, and the greek debt crisis officially broke out, opening the way for the european sovereign debt crisis. (ii) following the continued spread of the debt crisis in greece, the internal debt problems of portugal, ireland, italy and spain are emerging. On september 30, 2010, the irish government announced that the fiscal deficit was expected to rise sharply to 32 per cent of GDP as a result of the possible spending of up to euro50 billion on the rescue of the country's five major banks, and that by 2012 ireland's public debt was expected to reach 113 per cent of GDP, a sharp deterioration in ireland's debt situation. In june 2011, the italian government's debt problem escalated the debt crisis again, and the yield differential between its 10-year national debt and the german national debt has risen to new levels since the euro flows. In addition, the crisis affected belgium, which is at the heart of europe, with its 10-year national debt return rising continuously. (iii) the worsening debt crisis is exacerbated by the fact that the main creditors of the debt are the core european countries — france, germany and the united kingdom — and if the five countries fail to pay their debts as scheduled, the core european countries will be involved. During this period, the european union and the international monetary fund have been looking for measures to alleviate the sovereign debt crisis in europe, but this has not worked well. On january 13th, 2012, standard & poor announced a downgrade to nine in europe...
