国际银行法对应的译文

The outbreak of sovereign debt crisis in the euro zone is the most difficult events after the birth of the euro , and after a lot of praise, regional monetary system seems particularly embarrassing, so not only the European Union but also the whole world faces a greatly difficult problem about how to solve the debt crisis. After having the international financial crisis triggered by the U.S. subprime mortgage crisis, the global economy just showed the signs of recovery at the end of 2009, but again fell into the maelstrom of the sovereign debt crisis. In December, 2009, the Greek government announced the ratio of its budget deficit and public debt to gross domestic product (GDP) , which was far above the criterion of the European Union's Stability and Growth Pact. Then the three major international credit rating agencies have downgraded Greece’s sovereign credit rating and put it on negative watch list, which in turn triggered the plunge of the Greek stock and the sharp decline of euro exchange rate. Thereafter the games which originated from the euro zone sovereign debt crisis of Greece just have begun. Since 2010, the debt crisis has spread from Greece to Ireland, Portugal, Spain, Italy, Cyprus and other countries, and took on a more and more intensified trend. The investors aren’t confident in global financial market which always swings sharply, so once again, the prospect of a global economic recovery is cloaked in the bad

stateof the debt crisis.That the outbreak of sovereign debt crisis centers on the euro zone makes the euro face the huge test and challenge, since it was born more than 10 years, and at the same time also leads to the prediction and conjecture that a debt crisis will be ended in the break-up of the eurozone. That why sovereign debt crisis focuses on the euro zone and what the future of the euro is and so on become the international important issue for a short while.

一、The analysis of the causes of sovereign-debt crisis in the

euro zone

Since the outbreak of global financial crisis in 2008, it widespreadly appeared high fiscal deficit and public debt in the euro-area countries, of which Greece, Ireland, Portugal and Spain are particularly serious. As the international credit rating agencies have downgraded the sovereign credit rating in these countries, a debt crisis affected several euro- area countries began to spreading continually. Although the EUhas launched a bailout plan of 750 billion euro, and yet it didn’t curb effectively the worsening trend of debt crisis. Actually, excess deficit in the euro area is a long historical issue, and the U.S. financial crisis just accelerates the process of sovereign debt crisis. In essence, the sovereign debt crisis is the crisis of euro, the monetary system, namely, a result of