ギリシアにおける財政危機に関するノート: 日本への教訓

概要

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From 2009，Greece is getting into a sovereign crisis. Standard & Poor's, a US rating company, downgraded its sovereign debt for four times in 2009 and once in March2010 although Greek government bonds, which are now rated at BBB+，have been issued in Euro from 2001．Finally, Greek Minister of Finance, Mr. Papaconstantinou, sent a letter requesting the activation of the support mechanism to the Eurogroup, to the European Commission, and to the European Central Bank on April 23．This study on one hand focuses on this sovereign crisis in Greece surveying data and related literatures, and on the other hand attempts to derive some implication for Japan where the volume of the bond finance exceeds that of the tax collection in the Government budget. Main conclusions are (1) the current Greek sovereign crisis will not necessarily bring currency crisis in Euro area unless the contagion spreads to Spain; and，(2) to avoid explicit sovereign risk in Japan and to keep fiscal credibility in the market, it is important to build fiscal consolidation program for a medium-term.
2010-06-30