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Krisis hutang kerajaan 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.[42]
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.[43]
On 5 Mac 2010, amid new fears bankruptcy, Parlimen Yunani meluluskan the "Economy Protection Bill", which was expected to save another €4.8 bilion.[44] The langkah-langkah termasuk (in addition to the above):[45] 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.[46] Yunani needed money before 19 May, or it would face a hutang roll over $11.3bn.[47][48][49] The IMF had said it was "prepared to move expeditiously pada this request".[50]
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.[51]
Pada 1 Mei 2010, Perdana Menteri George Papandreou mengumumkan satu lagi pusingan langkah penjimatan yang disebut "tidak pernah dijangka".[52] Cadangan perubahan, yang bertujuan untuk menjimatkan €38 bilion sepanjang 2012, mewakili baik pulih pemerintah yang terbesar dalam satu generasi.[53] The bill was submitted to Parlimen pada 4 May dan approved pada separate votes pada 29 dan 30 Jun.[54][55] It was met dengan a nationwide general strike dan massive protests the following day, dengan tiga people being killed, dozens injured, dan 107 arrested.[53]
The langkah-langkah termasuk:[56][57][58]
Pada Mei 2010, satu perjanjian pinjaman telah dimeterai di antara Yunani, negara-negara Zon Eropah lain dan Tabung Kewangan Antarabangsa. Perjanjian merangkumi pinjaman segera €45 bilion yang akan diberikan pada 2010 dengan lebih banyak dana disediakan kemudian. Pembayaran pertama meliputi €8.5 bilion bon Yunani yang akan matang untuk pembayaran.[60]
Secara keseluruhan, sejumlah €110 bilion telah dipersetujui.[61][62] Kadar faedah pinjaman kawasan euro ialah sebanyak 5%, considered to be a rather high level for any bailout loan. Pinjaman EMU akan pari passu dan not senior like those the IMF. Bahkan, the seniority the IMF Pinjaman themselves has no legal basis but is respected nonetheless. The Pinjaman should cover Yunani's funding needs for the next tiga tahun (dianggarkan at €30 bilion for the rest 2010 dan €40 bilion each for 2011 dan 2012).[42] According to EU officials, France dan Germany[63] demanded that their military dealings dengan Yunani be a condition their participation in the financial rescue.[64]
Setakat 12 Mei 2010 (2010-05-12)[update], the deficit was down 40% dari tahun sebelumnya.[59]
Penjimatan lanjut diperkenalkan pada 2011. In the midst public discontent, massive protests dan a 24-hour-strike throughout Yunani,[65][66] the Parlimen debated pada whether or not to meluluskan a new penjimatan bill, known in Yunani as the "mesoprothesmo" (the pertengahan penggal [plan]).[67][68] pemerintah intent to meluluskan further langkah-langkah penjimatan was met dengan discontent from denganin pemerintah dan Parlimen as well,[68] but was eventually meluluskan dengan 155 votes in favor[67][68] (a marginal 5-seat majority). Horst Reichenbach headed up the task force overseeing Yunani implementation penjimatan dan structural adjustment.[69]
The new langkah-langkah termasuk:[70][71] 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.[72] The new tax, which is to be paid through the owner's electricity bill,[72] will affect 7.5 million Public Power Corporation accounts[72] dan ranges from 3 to 20 euro per square meter.[73] Cukai ini akan apply for 2011–2012 dan is expected to raise €4 bilion in revenue.[72]
Pada 19 Ogos 2011, Menteri Kewangan Yunani , Evangelos Venizelos, said that new langkah-langkah penjimatan "should not be necessary".[74] pada 20 Ogos 2011 it was revealed that pemerintah economic langkah-langkah were still out track;[75] government revenue went down by €1.9 bilion while perbelanjaan went up by €2.7 bilion.[75]
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,[76] such as the high VAT, dan that they were forced to take them dengan a gun to the head.[76]
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).[77] 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.[78] denganin a week, Papandreou, backed unanimously by his cabinet, announced a referendum pada the deal, sending shockwaves through the financial markets.[79][80] 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.[79][81] Papandreou cancelled the referendum the next day after the New Democracy Party, leaders the oposition, agreed to back the agreement.[79]
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.[82]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".[83] By contrast, tiga separate polls taken apabila Papademos assumed office revealed that around 75% warga Yunani thought that temporary, emergency technocratic rule was "positive".[83] 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.[84] 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.[84] Papademos argued in favour signing, even in the face opposition from major pro-penjimatan factions in his government.[84] Such letters would bind pemerintah warga Yunani to penjimatan dan structural adjustment through to 2020.[84] 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.[85]
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.[86][87][88][89] 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.[90] Others believed that even the proposed 50% would not be enough to prevent a sovereign default.[90][91][92]
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.[93] 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.[94] A rapid increase in government revenue is unlikely, memandangkan restructuring the tax authorities dan legislative changes at most show a long-term success.[95]
The Inspector General Public Administration[96] 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.[97]
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.[98][99]
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.[100]
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.[101]
In Februari 2012, facing sovereign default, Yunani was in need more funds from the IMF dan EU by 20 Mac2012, dan was negotiating over the next lending package, bernilai €130 bilion. pada 10 Februari 2012, the Yunani cabinet approved a draft bill dengan rancangan penjimatan baru, which has been calculated to improve the 2012 budget deficit dengan €3.3bn (dan a further €10bn improvement scheduled for 2013 dan 2014). Rancangan penjimatan ini termasuk:[102][103]
Besides the newPakej penjimatan, there are other hurdles for Yunani to get the Pinjaman:[104]
Showing position disagreement, the transport minister dan member the Popular Orthodox Rally Makis Voridis along dengan five deputy ministers from various ministries resigned.[105] pada 11 Februari, caretaker prime minister Lucas Papademos warned "social explosion dan chaos" if the Parlimen would not approve the deal the next day. After a night debating, the Parlimen meluluskan the plan dengan 199 votes for dan 74 against pada the early hours 13 Februari, while massive protests were witnessed in Athens that left stores looted dan burned dan more than 120 people injured. The riot was one the worst since 2010.[106][107]
Despite being one the ruling parties, the Popular Orthodox Rally voted against the plan dan dengandrew itself from pemerintah. Forty-tiga MPs from the other two ruling parties (socialist PASOK dan conservative New Democracy) juga voted against the plan dan were immediately expelled from their parties. This reduced the combined power these two parties from 236 hingga 193 seats, which is still majority for the 300-seat Parlimen Yunani.[108] The vote was a major precondition for the EU dan IMF to jointly release the funds, which are supposed to cover all financial needs pada tahun 2012 dan 2013. The troika hopes that Yunani akan able menerima all its economic funding from private capital markets pada tahun 2014.[109]
The determination the leaders Yunani ruling parties to implement the newPakej penjimatan was doubted, dan their written assurance was demanded by the kawasan euro finance ministers. For example, despite voting for thePakej penjimatan, Antonis Samaras, leader New Democracy, talked about renegotiating the deal.[110]
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.[111]
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.[112]
Pada Mei 2010 Yunani menerima the first tranche the bailout money totaling €20bn.[113] Sebanyak 5.5 bilion daripadanya datang dari IMF manakala 14.5 bilion dari negara-negara kawasan Euro.[114]
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.[114] The ke-6 tranche €8bn was paid out after months delay in early December. this amount, the IMF took lebih €2.2bn euro.[115]
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.[116] 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%.[117]
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.[118] 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.[119]
It was juga announced at the EU summit, a reconstruction plan for Yunani in order to promote economic growth. [117] The European Commission established a "Task Force for Yunani" Declaration the EU Commission President Jose Manuel Barroso at a special summit][120]
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.[121]
Another decision by the summit was to leverage the EFSF funds from €500bn to €1000bn. The leverage had previously been criticized from many sides,[122] because it is something taxpayers ultimately risk to pay for, due to the significantly increased risiko yang diambil EFSF.[123]
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).
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