Grška finančna kriza

diplomsko delo

Rok Prelog (Author), Dušan Zbašnik (Mentor)

Abstract

Izraz finančna kriza zajema več vrst kriz, in sicer: valutno, bančno, dolžniško, okužbeno in krizo dvojčkov. Skozi zgodovino lahko vidimo, da gospodarstvo ne raste po gladkih oziroma enakomernih vzorcih, temveč niha po določenih vzorcih. Tako poznamo fazo konjunkture, krize in recesije. Kriza, ki se je začela v Združenih državah Amerike, velja za najhujšo krizo po 2. svetovni vojni. Povod za nastanek krize je bilo prekomerno financiranje nepremičninskih naložb, kar je sprožilo prekomerne investicije v nepremičnine in posledično preveliko ponudbo na trgu. Sledil je padec cen nepremičnin in nezmožnost odplačevanja kreditov. Nepremičninski balon je počil in začela se je finančna kriza, ki se je razširila po vsem svetu. MDS je leta 2008 grško gospodarstvo uvrstil na 27. mesto glede na nominalni BDP, po kupni moči pa se uvršča na 30. mesto. Gledano po BDP-ju na prebivalca se Grčija uvršča na 24. mesto. Levji delež grškega BDP-ja predstavlja terciarni sektor in sicer slabih 76 %. Večino grškega izvoza predstavljajo predelovalna industrija, hrana in kemikalije, največji grški uvoznici pa sta Nemčija in Italija. Med evropskimi državami je finančna kriza najbolj prizadela Grčijo. V desetletjih pred finančno krizo, se je grška vlada močno zadolževala v tujini za financiranje proračunskega primanjkljaja. Proračunski primanjkljaj in zunanji dolg Grčije sta precej nad predpisanimi stopnjami evropske Ekonomske in monetarne unije. Oboje presega tudi predpise Evropskega pakta za stabilnost in rast, ki dovoljuje zunanji dolg v višini največ 60 % BDP-ja, proračunski primanjkljaj pa ne sme presegati 3 odstotkov BDP-ja. Proti koncu leta 2009 se je nezaupanje investitorjev v grško vlado povečalo. Po revidiranih podatkih se je pokazalo, da je grški proračunski primanjkljaj višji od izkazanega, kar je še dodatno poslabšalo stanje, saj so se znižale bonitetne ocene grških obveznic. Dodaten padec zaupanja vlagateljev sta povzročila še ponarejanje statistike in prikrivanje zunanjega dolga skozi zapletene finančne inštrumente. Grčija je bila primorana zaprositi za pomoč za refinanciranje njenih obveznosti. Paket pomoči s strani članic Evropske unije in Mednarodnega denarnega sklada znaša 110 milijard evrov. Pomoč bo Grčija dobila v naslednjih treh letih v zameno za izvedbo obsežnih reform, s katerimi bo oživela gospodarstvo, zvišala konkurenčnost in zmanjšala proračunski primanjkljaj in zunanji dolg. Reforme posegajo predvsem na področje fiskalne politike, vladne porabe, državnih prihodkov, nadzora nad porabo, finančne stabilnosti, socialnih transferjev, pokojninske reforme in strukturnih sprememb. Poleg Grčije so pravila evro območja kršile tudi druge članice monetarne unije. Med največjimi kršiteljicami so še Portugalska, Irska, Italija in Španija. Težava z odplačevanjem obveznosti so vplivale tudi na stabilnost evra, ki se je močno zamajal. Da bi Evropska unija umirila finančne trge in stabilizirala evro je sprejela mehanizem za reševanje evra, ki zajema 750 milijard evrov pomoči. Za stabilen in močan evro bo morala Evropska unija reformirati institucionalen okvir monetarne unije.

Keywords

gospodarske krize;finančna kriza;evro;ukrepi;varčevanje;reforme;recesije;proračuni;primanjkljaj;dolgovi;vzroki;Grčija;

Data

Language:	Slovenian
Year of publishing:	2011
Source:	Ljutomer
Typology:	2.11 - Undergraduate Thesis
Organization:	UM EPF - Faculty of Economics and Business
Publisher:	[R. Prelog]
UDC:	338.124.4
COBISS:	10725916
Views:	6477
Downloads:	808
Average score:	0 (0 votes)
Metadata:

Other data

Secondary language:	English
Secondary title:	Greek financial crisis
Secondary abstract:	The term financial crisis includes several types of crises, such as: currency, banking, debt, and twin crisis. History shows that economy does not grow on smooth and regular patterns, but varies according to certain patterns. There is a phase of conjuncture, crisis and recession. Crisis, which began in the USA, is known as the worst crisis after World War 2. The cause of this crisis was overfunding of real estate investments which caused excessive investments into real estates and consequently oversupply on the market. The decrease of real estate prices and inability of loan repayment followed. The real estate bubble has burst, and the financial crisis began and spread worldwide. The Greek economy was in 2008, according to IMF, the 27th largest in the world by its nominal GDP and the 30st largest in terms of its purchasing power. In terms of GDP per capita, Greece is on 24th place. The lion's share of the Greek GDP is represented by the countries tertiary sector, with almost 76%. The major part of Greek export consists of manufacturing industry, food and chemicals, and the largest importers of Greece are Germany and Italy. Among the European countries, the financial crisis hit Greece most. In the decades before the financial crisis, the Greek government borrowed heavily from abroad to finance its budget deficit. The budget deficit and external debt of Greece were well above the level stipulated by the European Economic and Monetary Union. Both exceed also the regulations of the European Stability and Growth Pact, which allows the external debt up to 60% of GDP, and the budget deficit no higher than 3% of GDP. Toward the end of 2009, the investors’ distrust in the Greek government increased. According to revised data, the Greek budget deficit is higher than shown, which further aggravated the situation, as the Greek bond ratings declined. False statistics and the disguise of external debt with complex financial instruments even deepened the investors’ distrust. Greece was forced to ask for help in order to refinance its obligations. The European Union and International Monetary Fund aid package is worth €110 billion. Greece will receive the package over the next three years, and in return it has to carry out extensive reforms to revive its economy, increase competitiveness, and reduce the budget deficit as well as the external debt. The reforms affect mainly fiscal policies, government spending, government revenues, expenditure control, financial stability, social transfers, pension reform and structural changes. Beside Greece, other members of the monetary union broke the euro area rules as well. These are Portugal, Ireland, Italy and Spain. The difficulties in meeting repayment obligations also weakened the stability of the euro. To settle down the financial markets and stabilize the euro, the European Union accepted the €750 billion rescue mechanism. For a stable and strong euro, the European Union will have to reform the institutional framework of the monetary union.
Secondary keywords:	financial crisis;euro;eurozone;euro stability;austerity measures;reforms;anti-crisis measures;recession;budget deficit;external debt;aid package;Greece;
URN:	URN:SI:UM:
Type (COBISS):	Undergraduate thesis
Thesis comment:	Univ. v Mariboru, Ekonomsko-poslovna fak.
Pages:	61 str.
Keywords (UDC):	social sciences;družbene vede;economics;economic science;ekonomija;ekonomske vede;economic situation;economic policy;management of the economy;economic planning;production;services;prices;menedžment gospodarstva;gospodarsko načrtovanje;proizvodnja;storitve;economic situation;trade cycle;development of economic structure;growth;gospodarsko stanje;poslovni cikel;razvoj gospodarske strukture;rast;
ID:	1001642