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1、The European Debt CrisisTwo different conceptionsEuropean Union:made up 27 countriesthe Eurozone（欧元区）:made up of only 17 countriesThe euro（欧元）is already the second global currency，ranking only second to the dollar.European debt crisis mainly refers to sovereign debt crisis（主权债务危机）The European sovere
2、ign debt crisis begins in Greece,and later spread to Italy，Portugal,and Spain.PotugalItaly IrelandGreeceSpain（PIGSthe five countries above is also called PIGS,which have the most risky governmental debt）The debt of the european countrie（the ratio of debt toGDP)GreeceGreek government debt crisis Sinc
3、e 1993，the ratio(比率）of debt to GDP has remained above 100%.Some Courses：1）the effect of the financial crisis beginning in 2008；2）Greece is a society with high-level welfare and high-level consumption,when greek economy turns bad，the government has to borrow money.Greeces recent debt history,between
4、1999 and 2010.Peoples reactionGreek people are disappointed about the government，and they are angry with governments financial policy.Two prime ministers resigned in a weekThe prime minister of greecePapandreou（帕潘德里欧）resigned on November 11The prime minister of ItalyBerlusconi（贝卢斯科尼）resigned on Nove
5、mber 12The newspapers said that it is easy to change the prime minister，but it is difficult to change economic situations in those countries.Greeces debt crisis not only affects the Europe greatly，but also have effects on the worldThe Effects On Chinas exportAffected by the debt crisis,the euro fell
6、 against the dollar，which means the euro becomes cheaper relatively.The recent sharp rise in the RMB exchange rate(汇率）against the euro makes the situation of Chinas exports to Europe more and more severe.the sameRMB =more euro As a result，Chinas exports to Europe may decline.The Effects On the inves
7、torsMF Global（Man Financial，全球曼氏金融）filed for bankruptcy protection（破产保护）on October 31，2011.MF Global is a big financial company in America.MF bought buy many bonds of the european countries like Italy and Spain.科尔津（Jon Corzine）The global stock market is also affected by the European debt crisis Helps from other coutries is limitedGermany is the country with largest GDP in Europe，but,even the Germany prime minister also feel very tired to help Greece.God helps who helps himself！Thank you！