Krisis hutang kerajaan Yunani

Penurunan taraf hutang

Pada 27 April 2010, penarafan hutang Yunani telah menurun kepada tahap atas "kualiti rendah" status by Standard & Poor's amidst hints default by pemerintah Yunani. Yields pada pemerintah Yunani two-year bonds rose hingga 15.3% following the downgrading.  Some analysts continue to question Yunani's ability to refinance its hutang. Standard & Poor's estimates that in the event default investors would fail to get 30–50% their money back. Stock markets worldwide declined in response to this announcement.
Following downgradings by Fitch dan Moody's, as well as Standard & Poor's, Yunani bond yields rose pada tahun 2010, both in absolute terms dan relative to German bon pemerintah. Yields have risen, particularly in the wake successive ratings downgrading. According to The Wall Street Journal, "dengan only a handful bonds changing hands, the meaning the bond move isn't so clear."
On 3 May 2010, the European Central Bank (ECB) suspended its minimum threshold for Yunani hutang "until further notice", meaning the bonds will remain eligible as collateral even dengan junk status. The decision will guarantee Yunani banks' access to cheap central bank funding, dan analysts said it should juga help increase Yunani bonds' attractiveness to investors.  Following the introduction these langkah-langkah the yield pada bPada 10 tahun Yunani menurun kepada 8.5%, 550 basis points above German yields, down from 800 basis points earlier. As 22 September 2011, bPada 10 tahun Yunani diperdagangkan pada hasil efektif bernilai 23.6%, more than double the amount the year before.

Oleh pemerintah Yunani

Yunani adopted a numberPakej penjimatans since 2010. According to research published pada 5 May 2010 by Citibank, the fiscal tightening is "unexpectedly tough". It will amount to a total €30 bilion (i.e. 12.5% 2009 Yunani GDP) dan consist 5% GDP tightening pada tahun 2010 dan a further 4% tightening pada tahun 2011.

Pakej penjimatan pertama – Februari 2010

The first round came dengan the signing the memorandums dengan the IMF dan the ECB concerning a loan €80 bilion. The package was implemented pada 9 Februari 2010 dan termasuk a freeze in the salaries all government employees, a 10% potongan in bonuses, as well as potongan kepada overtime workers, public employees dan work-related travels.

Pakej penjimatan kedua– March/April 2010

On 5 Mac 2010, amid new fears bankruptcy, Parlimen Yunani meluluskan the "Economy Protection Bill", which was expected to save another €4.8 bilion. The langkah-langkah termasuk (in addition to the above): 30% potongan kepada Christmas, Easter dan leave absence bonuses, a further 12% potongan in public bonuses, a 7% potongan in the salaries public dan private employees, a rise VAT from 4.5% to 5%, from 9% hingga 10% dan daripada 19% to 21%, a rise tax pada petrol hingga 15%, a rise in the (already existing) cukai pada imported cars up hingga 10%–30%, among others.
On 23 April 2010, after realizing the pakej penjimatan kedua gagal to improve the country's economic position, pemerintah Yunani requested that the EU/International Monetary Fund (IMF) bailout package be activated. Yunani needed money before 19 May, or it would face a hutang roll over $11.3bn. The IMF had said it was "prepared to move expeditiously pada this request". 
Shortly after the European Commission, the IMF dan ECB set up a tripartite committee (the Troika) to prepare an appropriate rancangan economic policies underlying a massive loan. The Troika was led by Servaas Deroose, from the European Commission, dan termasuk juga Poul Thomsen (IMF) dan Klaus Masuch (ECB) as junior partners. In return pemerintah Yunani agreed to implement further langkah-langkah.

Pakej penjimatan ke-4 – Jun 2011 (rancangan pertengahan penggal)

Penjimatan lanjut diperkenalkan pada 2011. In the midst public discontent, massive protests dan a 24-hour-strike throughout Yunani, the Parlimen debated pada whether or not to meluluskan a new penjimatan bill, known in Yunani as the "mesoprothesmo" (the pertengahan penggal [plan]). pemerintah intent to meluluskan further langkah-langkah penjimatan was met dengan discontent from denganin pemerintah dan Parlimen as well, but was eventually meluluskan dengan 155 votes in favor (a marginal 5-seat majority). Horst Reichenbach headed up the task force overseeing Yunani implementation penjimatan dan structural adjustment.
The new langkah-langkah termasuk: raising €50 bilion from privatizations dan sales government property; increasing cukai for those dengan a yearly income lebih €8,000, cukai tambahan for those dengan a yearly income lebih €12,000, increasing VAT in the housing industry, an cukai tambahan 2% for combating unemployment, lower pension payments ranging from 6% hingga 14% from the previous 4% hingga 10%, the creation a special agency responsible dengan exploiting government property, dan others.
Pada 11 Ogos 2011 pemerintah memperkenalkan cukai yang menyasarkan pemilik tanah tidak boleh dipindahkan. The new tax, which is to be paid through the owner's electricity bill, will affect 7.5 million Public Power Corporation accounts dan ranges from 3 to 20 euro per square meter. Cukai ini akan apply for 2011–2012 dan is expected to raise €4 bilion in revenue.
Pada 19 Ogos 2011, Menteri Kewangan Yunani , Evangelos Venizelos, said that new langkah-langkah penjimatan "should not be necessary". pada 20 Ogos 2011 it was revealed that pemerintah economic langkah-langkah were still out track; government revenue went down by €1.9 bilion while perbelanjaan went up by €2.7 bilion.
On a meeting dengan representatives the country's economic sectors pada 30 Ogos 2011, the Prime Minister dan the Menteri Kewangan acknowledged that some the langkah-langkah penjimatan were irrational, such as the high VAT, dan that they were forced to take them dengan a gun to the head.
In Oktober, Perdana Menteri Yunani George Papandreou got Parlimenary backing for further langkah-langkah penjimatan. These new langkah-langkah would allow Yunani to get an extra instalment international Pinjaman that would prevent a sovereign default dan they would make possible the partial write-off Yunani hutang, the so called Private Sector Involvment (PSI). As a result this backing, Yunani was granted by the EU a quid pro quo further penjimatan for a €100bn loan dan a 50% hutang reduction through PSI. denganin a week, Papandreou, backed unanimously by his cabinet, announced a referendum pada the deal, sending shockwaves through the financial markets. This resulted in Germany's chancellor Angela Merkel dan France's prime minister Nicolas Sarkozy issuing an ultimatum declaring that, unless the referendum resulted in the approval the new langkah-langkah, they would denganhold an overdue €6bn loan payment to Athens, money that Yunani needed by mid-December. Papandreou cancelled the referendum the next day after the New Democracy Party, leaders the oposition, agreed to back the agreement.
Pada 10 November Papandreou resigned as prime minister following an agreement dengan the New Democracy party dan the Popular Orthodox Rally to appoint a new prime minister common acceptance promulgate laws associated dengan implementing the new langkah-langkah that were agreed dengan the EU.The person chosen for this task was non-MP technocrat Lucas Papademos, former Governor the Bank Yunani dan former Vice President the European Central Bank; his appointment was criticised by left-wing parties dan branded "unconstitutional". By contrast, tiga separate polls taken apabila Papademos assumed office revealed that around 75% warga Yunani thought that temporary, emergency technocratic rule was "positive". The EU insisted that whichever government was elected after Papademos pada tahun 2012, it must be bound to honour the agreed upon EU-IMF penjimatan strategy. It thus demanded that Yunani party-political leaders sign legally-binding letters to this effect, as well as to any additional langkah-langkah that might be required in future as part the second rescue-package. Papademos argued in favour signing, even in the face opposition from major pro-penjimatan factions in his government. Such letters would bind pemerintah warga Yunani to penjimatan dan structural adjustment through to 2020. At the end December, it was mengumumkan bahawa the general election to replace Papademos' technocratic administration was to be delayed until April 2012, as more time was needed to finalise plans for penjimatan dan structural adjustment, as well as to complete negotiations over the Yunani hutang reduction.
Finalising the deal pada the 50% PSI hutang write-off, required by the troika as a condition for extending more aid, proved difficult in early 2012, dengan hedge funds being the most difficult to persuade. In an interview dengan The New York Times, Papademos said that if his country did not receive unanimous agreement from its bondholders to voluntarily write down €100bn Yunani's €340bn hutang, he would consider legislating to force bondholder losses, dan that if things went well, warga Yunani could expect "an end to penjimatan" pada tahun 2013. Others believed that even the proposed 50% would not be enough to prevent a sovereign default.

Fight against rasuah dan pengecualian cukai

The rapid increase in government revenue is difficult, since 
The size the Yunani black economy is dianggarkan sekitar  €65bn, resulting in €20bn cukai yang tidak dibayar. Yunani has aimed at increasing the effectiveness its tax authorities to get a hold shady business practices dan to push back Fakelaki, the practice cash donations through the envelope. A rapid increase in government revenue is unlikely, memandangkan restructuring the tax authorities dan legislative changes at most show a long-term success.
The Inspector General Public Administration has started an online census civil servants. In connection dengan this census he has uncovered a number criminal offenses, including an entire non-existent health authority.
pada tahun 2010 pemerintah has implemented a tax reform. The year 2012 saw the introduction a duty non-cash payments for amounts over 1,500 euro.
The Yunani police have established a special unit, which deals exclusively dengan tax offenses. The new police force is supported by experts from the German financial management dan tax investigation office, who provide technical assistance.
In November 2011, the new Yunani finance minister Evangelos Venizelos called upon all persons who owe the state more than €150,000 to pay their outstanding cukai until November 24 or find their names pada a black list published pada the Internet. pemerintah later revealed the list, which juga termasuk a number prominent warga Yunani, including pop stars dan sportsmen.

Pakej menyelamat pertama daripada EU dan IMF - April 2010

Having had the credit rating agencies further downgraded Yunani's ability to achieve dan the risk premiums pada long-term pemerintah Yunani bonds first record levels, pemerintah Yunani requested pada 23 April 2010 official financial assistance.
Kesatuan Eropah, Bank Pusat Eropah dan Tabung Kewangan Antarabangsa bersetuju memberikan suatu rancangan bantuan kewangan tempoh tiga tahun pemerintah Yunani pada 1-2 Mei 2010 berjumlah 110 bilion euro. The Yunani hutang in exchange for household should be consolidated denganin tiga tahun, so that the budget deficit should be reduced by 2014 ke bawah 3 peratus.
Of the 110 bilion promised by the IMF took €30bn, the kawasan euro 80 bilion (as bilateral loan commitments). Instrumental in determining the rates the individual euro area countries in the €80bn the kawasan euro was the respective equity interest in the capital the ECB, which in turn is determined every five tahun after the prorated share a country in the total population dan economic output in the EU. The German share the €80bn was 28%, or about €22.4bn in tiga tahun.
Pada Mei 2010 Yunani menerima the first tranche the bailout money totaling €20bn. Sebanyak 5.5 bilion daripadanya datang dari IMF manakala 14.5 bilion dari negara-negara kawasan Euro.
Pada 13 September the second Tranche €6.5bn was disbursed. The ke-3 tranche the same amount was paid pada 19 January 2011. pada 16 Macthe 4th tranche in the amount €10.9 bilion euro was paid out, followed by the 5th installment pada 2 July. The ke-6 tranche €8bn was paid out after months delay in early December. this amount, the IMF took lebih €2.2bn euro.

Pakej menyelamat kedua daripada EU dan IMF - Julai 2011

Since the first rescue package proved insufficient, the 17 leaders Euro countries approved a second rescue package at an EU summit pada 21 July 2011. Pakej ini berisi sebanyak 109 bilion euro dibekalkan European Financial Stability Facility. The repayment period was extended from seven hingga 15 tahun dan the kadar faedah was lowered to 3.5%.
For the first time, this juga termasuk a private sector involvement, meaning that the private financial sector took a voluntary hair potongan. It was agreed that the net contribution banks dan insurance companies to support Yunani would termasuk an additional 37 bilion euro pada tahun 2014. The planned purchase Yunani bonds from private creditors by the euro rescue fund at their face value will burden the private sector dengan at least another €12.6 bilion.
It was juga announced at the EU summit, a reconstruction plan for Yunani in order to promote economic growth.  The European Commission established a "Task Force for Yunani"  Declaration the EU Commission President Jose Manuel Barroso at a special summit]

EU summit pada 26 Oktober 2011

On the night 26 to 27 Oktober the Euro countries agreed pada a plan memotong hutang Yunani from todays 160% hingga 120% GDP by 2020. As part that plan, it was proposed that all pemilik bon pemerintah Yunani menerima "secara relanya" potongan 50% (resulting in a hutang reduction bernilai €100bn), dan more over accept pengurangan kadar faedah kepada hanya 3.5%. Ketika sidang kemuncak ini berlangsung, this was at first formaly accepted by pemerintah banks in Europe. The task merunding a final deal juga including the private creditors, was handed over kepada para ahli politik Yunani politicians.
Lenders were planned to convert their bon mereka kepada bon "terpotong" pada January 2012. As negotiations dengan the private creditors proofed more difficult than expected, this time line however has been a bit delayed. According to the latest news, the "hairpotongan deal" is expected to be finalized dan submitted to the EU comission at Februari 20, dan if approved the bond exchange will happen in March. In the euro-area, Member States have pledged to contribute uptil €30bn for private sector participation.
Another decision by the summit was to leverage the EFSF funds from €500bn to €1000bn. The leverage had previously been criticized from many sides, because it is something taxpayers ultimately risk to pay for, due to the significantly increased risiko yang diambil EFSF.
In view the uncertainty the domestic political development in Yunani, the first disbursement was suspended after Prime Minister George Papandreou announced pada 1 November 2011 that he wanted to hold a referendum pada the decisions the Euro summit. After two days intense pressure, particularly from Germany dan France, he finally gave up pada the idea. pada 11 November 2011 he was succeeded as prime minister by Loukas Papadimos, who leads a new transitional government. The most important task this interim government, was to finalize the "hairpotongan deal" untuk bon pemerintah Yunani dan meluluskan a newPakej penjimatan, to comply dengan the Troika requirements for receiving the second bailout loan bernilai €130bn (enhanced from the previously offered amount at €109bn).