Analysis Of Greek Debt Crisis And Its Impact On EU

The Greek sovereign debt crisis that broke out in the end of2009is one of themost serious challenges that the European Union has encountered since the adventof the euro. This paper takes the Greek debt crisis as the main line. Based onreviewing the evolution of Greek sovereign debt crisis, this thesis will analyze thefactors that induced the Greek debt crisis and the various influence caused by it, thentry to point out the way getting out of debt crisis and its enlightenment, makepredictions of the future prospects of Greece debt crisis and the Europeanintegration, and finally get a conclusion that the European integration won’t end.The paper explores the causes of the debt crisis mainly from four aspects. Thecauses of the Greece debt crisis not only include the individual reasons such as thehidden trouble buried by democratic political and the fragile economic system, butalso connect with the alliance level factors such as the shackle of the euro zonesystem. Of course, it is also closely related to the financial crisis background.The Greek debt crisis has caused a great loss to the EU. In the third part, thepaper discusses the influence of the Greek debt crisis on the European integrationprocess from two aspects of resistance and motive power. Although it dragged downthe integration process, it also gave birth to the new policies of European integration.At the same time, the EU power has changed under the background of the Europeansovereign debt crisis led by Greece. The trend appears that the euro zone becomesthe core of EU. In addition, the “German problem” and the “British problem” turnedup.Just as the cumulative effects of the Greek debt crisis, the settlement of thedebt crisis is also a systematic project, which requires not only the great assistance ofthe international community and the euro area, but also the unremitting efforts ofthe Greek itself. Greece should start a fundamental reform from the systematic andstructural aspects. The Greek debt crisis also brings a lot of enlightenment, includingthe governance and defense of debt crisis, and providing experience for China andeast-Asian monetary integration, etc. All in all, the Greek debt crisis is a great setback in the process of Europeanintegration, but not the disaster of the euro zone. Greece won’t go bankrupt, alsowon’t leave the euro zone. Although the basis of the European monetary integrationis not steady, it is basically an optimal currency area, and it is improving increasinglyand obviously. The process of European integration not only won’t going to an end,but also will be constantly deepening in practice.