Greece Debt Crisis英语论文.doc

Greece Debt CrisisAbstract：In early October 2009, the Greek government suddenly announced that the 2009 government budget deficits and public debt as a percentage of gross domestic product ratio is expected to reach 12.7% and 113%, far exceeding the EU Stability and Growth Pact provides for 3% and 60% limit. In view of the Greek Government's fiscal position has deteriorated significantly, the world's three major credit rating agencies Fitch, Standard & Poor's and Moody's have lowered Greece's sovereign credit rating, the Greek debt crisis kicked off.Key Word：Greek debt crisis Goldman Sachs European Union The New York Manhattan Broadway avenue, a new building brown office buildings, in addition to address had no other prominent symbol, it has 130 years of history of the investment bank Goldman Sachs group headquarters, Goldman Sachs have even some mysterious low-key, and now, a crisis for the pursuing of one hundred years of the spirit of the low exposure in under global financial perspective, this is the Greek debt crisisMore and more public opinion in pointing at Goldman Sachs Greek debt crisis in the ignoble part in the Greek crisis at Goldman Sachs in the use of currency swaps and credit default swap contracts two financial tools director the Greek crisisIn 2001, Greece joined the euro is worry, because according to the debt situation in Greece, Greece does not meet the requirements of the euro-zone members. According to the Maastricht Treaty signed in Europe in 1992, in order to join the euro a country must be a member of the European Union and be able to pass economic tests set out by the Maastricht Treaty.- the budget deficit can not exceed 3% of the gross domestic product and debt ratio of less than 60% of the gross domestic product. But then Greece can not meet these two conditions.A named Antigone Loudiadis put forward a complex trading strategy behind the scenes, Goldman Sachs pushed to the front of the Greek government. Goldman Sachs is the Greek tailor-made to a "currency swaps" its cover up a sum of up to 1 billion public debt, to comply with the standards of euro area member states.Goldman Sachs enthusiastic help solve the problem "is not without cost, according to EU officials recently disclosed facts, Goldman Sachs in 2001 for the Greek development of this complex arrangements, access to a massive $ 300 million in commissions.As the global economic crisis, the Greek debt in ten years after the hidden or found. With the global financial crisis has led to increasingly difficult to finance, financing costs are increasingly expensive, the Greek debt chain can not continue, in early October 2009 the Greek government suddenly announced the 2009 government deficit and public debt as a percentage of gross domestic product ratio is expected to be respectively 12.7% and 113%, far exceeding the EU stability and growth pact provided for 3% and 60% limit.For a time, across the board collapse of the Greek debt chain, not only banks are affected, have similar weaknesses sovereign debt all affected, and the Greek debt crisis shaking world financial markets.Goldman Sachs in the completion of the transaction with Greece, to a German bank to buy one billion euros in 20-year credit default swaps (CDS) insurance to spread risk, in order to make up the shortfall in debt payment problems from the underwriting side. Goldman Sachs really smart move, Germany is the largest economy in the euro area, Germany tied the debt chain in Greece, Goldman Sachs will be better able to avoid risks. If the Greek government payments crisis led to Goldman Sachs, the investment could not be recovered, then sell CDS, Deutsche Bank would have to pay Goldman Euro 1 billion shortfall.The problem is not just Goldman Sachs ahead of transfer of risk, Goldman Sachs has also used its insider position in the debt crisis in Greece, let's fund while shorting collateralized debt obligations, while the acquisition of cheap CDS, once the market reversal, collateralised debt prices fell sharply, CDS prices will be increased substantially, in order to reap huge profits. In other words, Goldman Sachs is by bad-mouthing Greece's ability to pay when the debt crisis in Greece, so Greece's borrowing costs rose.Goldman Sachs as a century-old U.S. investment bank, its profitability and ability to avoid risks the peer stare. Goldman Sachs profit status is second to none in the global financial institutions. 2000 to 2008, Goldman Sachs annual per capita to create profits $ 222,000; the strongest competitors in the JPMorgan Chase & Co. earlier figures of $ 133,000. Goldman Sachs employs about 30,000 people worldwide and in 2009 the per capita salary of about $ 700,000, while the remuneration of senior management of millions of dollars of dollars.The fact that Goldman Sachs profit of 300 million U.S. dollars from more than 10 billion euros, with the Greek currency swaps, Goldman Sachs Group A Defense said, after Greece joined the euro area have been seeking to reduce the foreign currency debt, which is one of the EU member states conventional practices, transaction risk management procedures in line with EU regulations, there is no impropriety.According to The Wall Street Journal reported on April 3, 2010, Greece's current crisis has weakened the euro, and people are also worried about the debt levels of some other European countries. Experts say do not agree.The beginning of the China Construction Bank senior researcher Zhao Qingming said: "This 'mixed sand' view is unrealistic to underestimate the United States of magnanimous, European integration does not challenge the hegemony of the United States. Euro was born in 1999, the United States anxiety, fear of a threat to U.S. dollars, but now 10 years later, the United States worried about did not happen. "Greek debt crisis, Goldman Sachs is indeed responsibility, but Goldman Sachs, the behavior itself is difficult to determine an offense under the existing financial regulatory framework. Many analysts also pointed out the loopholes and shortcomings of the EU on its member countries debt problems of regulatory mechanism is one of the reasons Goldman Sachs and his ilk again succeeded.Been here this，The EU had also been fighting for Greece to join the euro zone to be completed as soon as possible on the political and economic integration in Europe. Therefore, Greece can not reach the Maastricht Treaty, the provisions of the two requirements, the European Union but also for its worried. Goldman Sachs shot "help solve the" poured sake awful "good thing". In view of this, the European Union in fact, the debt problems of Greece have perceived.Greece's debt problem is their own reasons, nothing to do with the global financial crisis. Causing Greece's debt crisis causes is an unreasonable arrangement of the Greek government, high welfare burden is too heavy as well as their economic structure, similar to the role played by Goldman Sachs packaging role of advertising companies, to postpone the debt problems of Greece exposure. "Final settlement of the debt crisis in Greece is not that Goldman Sachs, or the Greek government itself to substantial reforms, including such as tax cuts, increase revenue, followed by the euro-zone countries to help.In the long run, the European countries in order to resolve the debt problem, or to find points of economic growth. In addition to this short-term emergency financial rescue, "the urge Member States to carry out economic reforms to correct the defects of the free market economic model, closer to the social market economy" in order to fundamentally solve the problem. Different culture has different concept of time. In the North American culture, people have a strong sense of time. For Americans, time is money. On the contrary, in the Asian and Latin American culture, concept of time is relatively weak as in their view time should be enjoyed. Edward Hall divided the concept of time into two categories: linear concept of time and circinate time concept. The former emphasizes on "special time specified" and "speed", such as North American, Swiss, and Germans; the latter stresses that "one moment for tens of affairs" as people take a loose schedule and delay of information feedback-Asian and Latin American have such characteristics. Trade negotiations also reflect the differences in time concept, which lead the styles and ways of negotiations of different negotiators fickle. The United States is a typical example of linear concept of time. Americans have a strong sense of modern competition. They pursue speed and efficiency which created the vigorous and resolute commercial style of American businessmen. They will cut down the time of negotiation as short as possible and quicken every part of the negotiation. For Americans,the measure of how a negotiating processes is to see how many small problems it solves. The Chinese concept of time is circinate. Chinese would use long-term vision and systematic methods to synthetically analyze and weigh the importance of a topic in a broad way. They hope to fully understand every aspect that the issues are involved in. Usually, what they focus on is how to get cooperation but not the length of the negotiation. Chinese also do not want to separate the negotiation into separate topics to discuss severally. On the Chinese side, discussing several issues the same time will be normal. They will not strictly comply with the agenda. Sometimes they may even reintroduce issues which Americans think they have been resolved. As China would normally expect to establish long-term corporation, they will spend a considerable amount of time to find out relevant information, dinner, entertaining and visiting, so the negotiations will be longer than what the Americans expected. People of different cultures have different cognitive models to the outside world, and the thinking modes must be different, too, especially between East and West cultures. Western culture is characterized by logical thinking and analysis while the oriental is intuitively holistic thinking, a typical Chinese culture. Living in this culture, Chinese people attach great importance to things with intuitive feeling, which result in cognition, perception and experience. And following this experience and feeling, Chinese people often measure another man's foot by one's own last." Such mode of thinking, which constitutes their core of knowledge and communication, has an obvious generality and vagueness. This thinking mode, in time, develops a mental set which can be interpreted as the process of perception and identification of things outside. In essence, the mental set is too generalized. We usually ignore the individual differences and exaggerate the cognitive addition of a social group. Frequently this set is emotionally accompanied by a fixed creed. It will ffect the cross-cultural communication directly and result in communication failure because our prediction of the behavior is based on a fixed view of their culture. Thinking Modes and Cross-cultural Communication Since the existence of differences between Chinese and Western thinking modes, barriers in cross-cultural communication often occur. This involves not only spelling, grammar, vocabulary and so on but also pragmatic failure and cultural collision.Bibliography:经济参考报 北京商报 华尔街日报英语谚语警句100句精选Proverbs are the daughters of daily experience.谚语是日常经验的结晶。1. Look before you leap./Second thoughts are best. 三思而后行。/再想而后行。2. Great minds think alike; (heroes have similar views.) 英雄所见略同。 3. We shall never have friends if we expect to find them without fault.欲求完美无缺的朋友必然成为孤家寡人。4. What you sow, you must mow. 种瓜得瓜，种豆得豆。5. A beggar can never be bankrupt.天无绝人之路。6.A friend in need is a friend indeed.患难见真情。7. No news is good news. 没有消息就是好消息。8. No cross, no crown. 不经历风雨,怎么见彩虹。9. The more haste, the less speed. /Haste makes waste.欲速则不达。10. Victory belongs to the most persevering. 坚持就是胜利！11. A young idler, an old beggar. 少壮不努力，老大徒伤悲。12. Put ones foot in ones mouth. 说话不得体。13. It is no use crying over spilt milk.覆水难收/悔恨已晚/木已成舟,回天乏力。14. Content is better than riches. 知足常乐。15. No gains without pains. 没有辛苦就没有收获。16. The more a man knows, the more he is inclined to be modest. 大智若愚。17. All roads lead to Rome .条条大路通罗马。18. A snow year, a rich year. 瑞雪兆丰年。19. Never say die! 永不言败！20. The best mirror is a friends eye. 朋友的眼睛是最好的镜子。 21. Faith will move mountain. 精诚所至，金石为开。 22. A life without a friend is a life without a sun. 人生没有朋友，犹如生活没有了太阳。 23. Great wits have short memories.贵人多忘事。 24. Do well and have well. 善有善报。25. A bad thing never dies. 坏事传千年。26. Four eyes see more than two. 人多识广/集思广益。27. Diligence is the parent of success. 勤劳是成功的根本。28. Water dropping day by day wears the hardest rock away.滴水穿石。29. Hope for the best, but prepare for the worst. 抱最好的愿望，做最坏的打算。 30. While there is life, there is hope. /Debt is better than death. 留得青山在，不怕没柴烧。/有生命就有希望。31. Where there is a will, there is a way. 功夫不负有心人。/有志者事竟成。32. Where there is great love, there are always miracles. 哪里有真爱存在，哪里就有奇迹。33. Where there is smoke, there is fire. 无风不起浪。34. One boy is a boy, two boys half a boy, three boys no boy.一个和尚挑水喝，两个和尚抬水喝，三个和尚没水喝。35. A stitch in time saves nine. 及时缝一针能省九针。/小洞不补，大洞吃苦。36. Never too old to learn, never too late to turn. 亡羊补牢，为时不晚。37. Dont claim to know what you dont know. 不要不懂装懂。38. Do in Rome as Roman do. 入乡随俗。39. Rome was not built in a day. 冰冻三尺，非一日之寒。40. Sharpening your axe will not delay your job of cutting wood. 磨刀不误砍柴工。 41. Things of a kind come together, people a mind fall into a group. 物以类聚,人以群分。 42. One mans meat is another mans poison. 萝卜白菜,各有所爱。43. like author like book.文如其人。46. Like for like. 惺惺相惜。47. Like teacher like pupil. 有其师必有其徒。48. Gods that run many hares kill none.贪多必失。49. Practice makes perfect. 熟能生巧。50. Actions speak louder than words. 行胜于言。51. You cannot eat your cake and have it. 鱼与熊掌，不可兼得。52. One loses by pride and gains by modesty. 满招损,谦受益。53. Love me, love my dog. 爱屋及乌。54. An apple a day keeps the doctor away. 每日一苹果远离医生。55. Time past cannot be called back again. 时光不倒流。56. A drop of water cannot make a sea, and a tree cannot make a wood. 滴水不成海，独木不成林。57. If you venture nothing, you will have nothing. 不入虎穴,焉得虎子。58.The tree is known by its fruit. 观其行知其人。59. All work no play makes Jack a dull boy. 只会用功不玩耍,聪明的孩子也变傻。60. The pot calls the kettle black. 五十步笑百步。61. Unkindness often reacts on the unkind person. 恶有恶报。62. Todays work should never be left over till tomorrow. 今日事今日毕。63. Nothing so bad but might have been worse. 塞翁失马,焉知非福。 64. God helps those who help themselves. 自助者天助。65. Complacency is the enemy of study. 学习的敌人是自己的满足。66. A fox may grow gray, but never good.江山易改，本性难移。67. A f