An Analysis of the Bewildering Sovereign Debt Crisis of Greece （Xiong Hou）
Abstract：The futile attempt to set up a coalition government among Greek party leaders in May has again grabbed attention of the world upon the Greek sovereign debt crisis. As the market expectation of the risk of Greece being expelled from the euro zone greatly heightened. The escalation of the crisis has led to the sharp rise of government bond yields in the other problem countries like Spain and Italy, thus setting off another round of sovereign debt crisis that is fermenting in Europe. There is greater likelihood that Greece may exit, but it is certainly an advantage both to the EU and Greece if the latter choose to remain in the euro zone. To avoid such an outcome both sides will take steps and may as well make the necessary concessions to arrange to relax the tightening of austerity program of Greece. But the relaxation efforts of the EU may lead to a comprehensive adjustment of its strategy in coping with the sovereign debt crisis.
IES Innovation Project Briefing，No. 7, 2012.
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