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ƥꡧ EU

ΩΤѹΥ꤬IJɵڤƤޤѹϡְäȽǤ򲼤ΤǤϤʤȡ

ϸΤǤʬϱѹιפäʤΤȡ

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ʤȤƬͤƤʤȡʤȤ򤹤ΤϷ褷ƱѹפˤʤʤȡΤʤбѹǰ׹ȤǤ⤢뤫ȡ

٤ӤȤСκȤߤ˻ä뤳ȤǤϤʤݥɤΤƵꡢ桼˲뤳ȤͤǤϡʬǤ¤桼˲뤳ȤϤʤȸΤǤ

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ޤͤƤߤѹο»ΤڤäƤڤΥʤطʤΤǤ

θʬʹƤߤޤ礦


Introduction
 
With permission, Mr Speaker, I would like to make a statement on last weeks European Council.

ֵĹĺС轵βηĺ
 
I went to Brussels with one objective: to protect Britains national interest.

ֻϡĤŪͭƥ֥å˹Ԥäѹιפ뤳Ȥ
 
And that is what I did.

֤줬ΤȤ
 
Let me refer back to what I said to this House last Wednesday.

ֻ䤬εIJ轵ο˸äȤ˸ڤƤۤ
 
I made it clear that if the Eurozone countries wanted a treaty involving all 27 Members of the European Union we would insist on some safeguards for Britain to protect our own national interests.

ֻϼΤȤ餫ˤϤ⤷桼񤬡EU27βޤඨ˾ΤǤС桹Ϲפ뤿˱ѹˤȤäƤΥեɤĥǤȡ
 
Some thought what I was asking for was relatively modest.

ֻ䤬˾ǤȤŪ˹ʤΤȻפäͤ⤤
 
Nevertheless, satisfactory safeguards were not forthcoming and so I didnt agree to the Treaty.

֤ˤ⹴餺­Τեɤݤ줽ˤʤäΤǡ϶˹դʤä
 
Mr Speaker, let me be clear about exactly what happened, what it means for Britain what I see happening next.

ֵĹäΤơ줬ѹˤȤäƲ̣ΤθɤʤΤˤĤơϤäȤ

What happened
 
Mr Speaker, let me take the House through the events of last week.

ֵĹ轵Ȥ򡢻ˤεIJγɤ߹碌򤵤ߤ
 
At this Council, the Eurozone economies agreed that there should be much tighter fiscal discipline in the Eurozone as part of restoring market confidence.

֤ǡ桼ϡԾοʤȤơ衼ˤƤ˸ΧɬפǤ뤳Ȥդ
 
Mr Speaker, that is something Britain recognises is necessary in a single currency.

ֵĹñ̲ߤȤɬפʤȤǤȱѹȤƤǧ
 
We want the Eurozone to sort out its problems.

ֲ桹ϡ桼褹뤳Ȥ˾
 
This is in Britains national interest because the crisis in the Eurozone is having a chilling effect on Britains economy too.

֤ΤȤϱѹιפǤ⤢롣ΤʤХ桼δϡѹкѤˤⰭƶڤܤ
 
So the question at the Council was not whether there should be greater fiscal discipline in the Eurozone, but rather how it should be achieved.

ֽäơǤϡ桼ˤ긷ΧɬפɤȤȤǤϤʤơɤäã뤫Ǥ
 
There were two possible outcomes.

Ĥ褬ä
 
Either a treaty of all 27 countries with proper safeguards for Britain.

1Ĥϡ27ƤιˤȤäƤζǤ뤬ˤϱѹˤȤäƤŬڤʥեɤޤΡ
 
Or a separate treaty in which Eurozone countries and others would pool their sovereignty on an intergovernmental basis

ְϡ桼Ȥ¾ιΡȴ֤μȤƤΡ縢̤ζȤȤǤ
 
with Britain maintaining its position in the Single Market, and in the European Union of 27 members.

ֱѹϡñԾ˿Ȥ֤ޤޤǤꡢ27EUΥСǤ³
 
We went seeking a deal at 27 and I responded to the German and French proposal for Treaty change in good faith, genuinely looking to reach an agreement at the level of the whole European Union, with the necessary safeguards for Britain.

ֲ桹ϡ27θĤ᤿ǡɥĤȥե󥹤ˤ붨βˡդäƱEUΤȤƹդ˻뤳ȤܻؤơŤơѹɬפʥեɤݤ뤳Ȥܻؤơš
 
Those safeguards – on the single market and on financial services – were modest, reasonable and relevant.

֤եɤϡñԾ˴ؤƤΤΤǤꡢޤͻӥ˴ؤƤΤΤǤ뤬ǹŪŬڤʤΤǤä
 
We were not trying to create an unfair advantage for Britain.

ֲ桹ϡѹˤȤäưŪͭˤ褦ȤΤǤϤʤ
 
London is the leading centre for financial services in the world. And this sector employs 100,000 in Birmingham, and a further 150,000 in Scotland.

֥ɥζͻӥ濴Ǥ롣ʬϡСߥ󥬥10ͤθѤФåȥɤǤ15ͤθѤФƤ
 
It supports the rest of the economy in Britain and more widely in Europe.

֤ϱѹΤʳηкʬ٤ޤ衼åѤηкѤ٤Ƥ
 
We were not asking for a UK opt-out, special exemption or generalised emergency brake on financial services legislation.

ֲ桹ϡѹæह뤳Ȥ᤿ǤϤʤޤͻӥ˴ؤˡ˴ؤơʤɤ᤿Ǥʤ
 
They were safeguards sought for the EU as a whole.

֤ϡEṲˤȤäƤΥեɤȤƵ줿
 
We were simply asking for a level playing field for open competition for financial services companies in all EU countries

ֲ桹ϡƤEUǶͻӥ˹Ԥ褦ʴĶ᤿Ǥ
 
with arrangements that would enable every EU Member State to regulate its financial sector properly.

EUƤβ񤬶ͻŬڤ˵뤳ȤǤ褦ʼǤ
 
To those who say we were trying to go soft on the banks, nothing can be further from the truth.

ֲ桹϶ԤФƴŤ褦ȤƤȸԤФơϻ¤Ȥϰۤʤȸ
 
We have said that we are going to respond positively to the tough measures set out in the Vickers report.

ֲ桹ϡӥå˵󤲤줿֤ѶŪб뤳ȤˤʤȸäƤ
 
There are issues about whether this can be done under current European regulations.

ָߤβεǡбǤΤˤʤäƤ
 
So one of the things we wanted was to make sure we could go further than European rules in regulating the banks.

֤ǡ桹˾ळȤΰĤϡԵ˴ؤ벤Υ롼ʤ뤳ȤǤ
 
The Financial Services Authority report on RBS today demonstrates how necessary that is. We have problems in this country that this government inherited and needs to sort out.

RBS˴ؤͻӥɤϡ줬ɬפʤȤƤ롣ѹˤϲ褹٤꤬ĤäƤ
 
And those who say that this proposed Treaty change was all about safeguarding the Eurozone – and so Britain shouldnt have tried to interfere or to insist on safeguards – are also fundamentally wrong.

֤ξƤϡ桼ΤǤꡢơѹϤΤȤ⤹٤ǤϤʤȤեɤĥ٤ǤϤʤȤԤϡŪ˴ְäƤ
 
The EU Treaty is the Treaty of those outside the Euro as much as those inside.

EUξϡ桼ιˤȤäƤƱ桼ιˤȤäƤξǤ⤢
 
Creating a new Eurozone treaty within the existing EU treaty without proper safeguards would have changed the EU profoundly for us too.

ִ¸EUξ˿ʥ桼ξ֤뤳Ȥϡ줬ŬʥեɤȼΤǤʤˤϡ桹ˤȤäơEUʤŪؤƤޤǤ
 
ʾά

But frankly I have to tell the House the choice was a treaty without proper safeguards or no treaty.

֤ΨľˤäơϤεIJγФ桹Ŭڤʥեɤȼʤ󤫡ϾβεݤĤ˰ĤȸʤФʤʤ
 
And the right answer was no treaty.

ϡݤ뤳ȤǤä
 
It was not an easy thing to do but it was the right thing to do.

֤ưפȤǤϤʤää
 
As a result, Eurozone countries and others are now making separate arrangements for co-ordinating their budgets and making sure there is more surveillance of what they do and the fiscal integration they need to solve the problems in the Eurozone.

֤η̡桼¾ι񡹤ͽĴơ桼褹ΤɬפʺΤˡιʤƻμ¤ʤΤˤ뤿̸Ĥμ褦ȤƤ
 
They recognise this approach will be less attractive, more complex and more difficult to enforce and they would prefer to incorporate the new treaty into the EU Treaties in the future.

ϡˡ̥ŪʤΤǤϤʤ»ܤ뤿κȤʣǤΤǡ衢EUξ˼ळȤǤФȹͤƤ
 
Our position remains the same.

ֲ桹ΩƱޤޤǤ

What this means for Britain
 
Let me turn to what this means for Britain.

֤ϱѹˤȤäƲ̣Τ
 
Mr Speaker, Britain remains a full member of the European Union.

ֵĹѹEUδʥСΤޤޤǤ
 
And the events of the last week do nothing to change that.

轵νϲƶͿʤ
 
Our membership of the EU is vital to our national interest.

EUΥСǤ뤳Ȥϲ桹ιפ˳𤦤ΤǤ
 
We are a trading nation and we need the single market for trade, investment and jobs.

ֲ桹ǰ׹ȤǤꡢǰס񡢵ڤӸѤñԾɬפȤ
 
The EU makes Britain a gateway to the largest single market in the world for investors. It secures more than half of our exports and millions of British jobs.

EUϱѹˤȤäơˤñԾˤʤäƤ롣ˤäƲ桹͢ФȾʬʾȱѹβɴȤѤݤƤ
 
And membership of the EU strengthens our ability to progress our foreign policy objectives too

֤ơEUΥСǤ뤳Ȥϲ桹γŪã뤿ˤΩġ
 
giving us a strong voice on the global stage in issues such as trade, and as we have seen in Durban this weekend, climate change,

㤨ǰפ˴ؤȯϤĤȤˤʤ롣ޤν˥ХǹԤ줿ư⤽Ǥ
 
So we are in the European Union and we want to be.

ֽäơ桹EU˵³뤷˾
 
This week there will be meetings on the councils on Transport, Telecommunications and Energy, and Agriculture and Fisheries.

ֺ̿ͥ͢륮ڤӵȤ˴ؤ񤬳
 
Britain will be there as a full member at each one.

ֱѹϤδʥСȤƽʤ
 
But I believe in an EU with the flexibility of a network, not the rigidity of a bloc.

֤EUϡΤͥåȥǤȿ롣褷ƹľŪʥ֥åǤϤʤ
 
Were not in the Schengen no borders agreement and neither should we be

ֲ桹ϡ󥲥˲Ƥʤ񶭤ѻߤ붨Ǥꡢϲ桹ŬѤʤ
 
because it is right that we should use our natural geographical advantage as an island to protect us against illegal immigration, guns and drugs.

ֲΤʤС桹ȤƤμŪŪͭѤ뤳ȤŬڤǤ뤫ˡʰ̱ƤλߤɤȤǤ
 
Were not in the Single Currency and while I am Prime Minister we will never join.

ֲ桹ϡñ̲ߤ˲Ƥʤ䤬Ǥ¤ꡢ뤳ȤϤʤ
 
We are not in the new Euro area bailout funds, even though we had to negotiate our way out it.

ֲ桹ϡ桼εߺѴ˲ƤʤâĤϤʤФʤʤ
 
And we are not in this years Euro-Plus pact.

ֲ桹ϡǯΥ桼ץ饹ιդ˲ääƤʤ
 
When the Euro was created, the previous government agreed there would need to be separate meetings of Eurozone Ministers.

֥桼ߤ줿Ȥܤϡ桼äˤ̸Ĥβ礬ɬפ뤳Ȥ˹դ
 
It is hardly surprising that those countries required by Treaty to join the Euro chose to join the existing Eurozone members in developing future arrangements for the Eurozone.

־ˤäƥ桼˲뤳Ȥ񡹤桼ξμˤơ¸Υ桼ΥС֤ˤʤ뤳Ȥ򤷤ȤȤ϶ä٤ȤǤϤʤ
 
Those countries are going to be negotiating a treaty that passes unprecedented powers from their nation states to Brussels.

֤񡹤ϡ̤ͭθ¤Ȥ֥åذܾˤĤƸĤȤˤʤ
 
Some will have budgets effectively checked and re-written by the European Commission.

ּʬιͽѰˤäƥå줿ľ줿ꤹȤФƤ
 
None of this will happen in Britain.

֤Τ褦ʤȤϱѹˤϵʤ
 
But just as we wanted safeguards for Britains interests if we changed the EU treaty, so we will continue to be vigilant in protecting our national interests.

֤⤷桹EUξѹˤϡѹפ뤿˥եɤ˾褦ˡ桹Ϲפ뤿դƤɬפ
 
An intergovernmental treaty, whilst it doesnt carry with it the same dangers for Britain, nonetheless is not without risks.

ֹȴ֤ζϡѹˤȤäƤƱ褦ʴ⤿餹ΤǤϤʤǤꥹʤ櫓ǤϤʤ
 
The decision of the new Eurozone-led arrangement is a discussion that is just beginning.

ֿ桼ƳμˤĤƤη꤬ϤޤäƤȤ

ʾά
 
Conclusion
 
Mr Speaker, let me conclude with this point.

ֵĹΤȤäƽˤ
 
I do not believe there is a binary choice for Britain: that we can either sacrifice the national interest on issue after issue

ֱѹˤȤäơĤ˰Ĥ褬Ȥϻפʤ桹Ϲפˤ뤳ȤǤʤš
 
.or lose our influence at the heart of Europes decision-making processes.

֤Ȥäơΰջ׷ˤƶϤ򼺤ˤ⤤ʤ
 
I am absolutely clear that it is possible both to be a full, committed and influential member of the European Union

EUδʡƱƶϤͭСǤäơ
 
and to stay out of arrangements where we can not protect our interests.

֤ơ桹ιפ뤳ȤǤʤˤϲäʤǤ뤳ȤǽǤ뤳ȤФ餫Ǥ
 
That is what I have done at this Council.

֤줬䤬ǹԤäȤǤ
 
That is what I will continue to do as long as I am Prime Minister.

֤ơ䤬Ǥ¤ꡢ³
 
It is the right course for this country.

֤줬ιˤȤäƤƻǤ
 
And I commend this statement to the House.

֤ơϤIJФưѤͤ



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ϡfiscal unionĤޤ˴ؤEUζ˴ؤѹ1ȿФ̤ˤʤäƤޤäΤǤ¾ˤȿФ񤬤ȻפƤΤˡ¾ιϵޤ˽Ȥˤʤ

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ͳϤǤǤ⡢ͳϡѹ񤬾⤹뤳ȤˤäơѹΤ꼺Τ¿ȽǤȤȤȻפΤǤ

ѹ񤬡fiscal union 졢ƥ桼ܻؤȤСѹϡ縢Ǥʤȼ˶ͻ򱿱Ĥ뤳ȤϤʤʤΤǤݥɤʤʤäƤޤΤǤˤŤ󤺤͡餷顢ȤƤΤǤϤʤ


ȿ̡桼Ѥ뤳ȤˤäƱѹ͢ФäꡢѹؤδѸҤ뤳Ȥμ¤ǤС֤ĻҤȤȤǡݥɤΤƵʤȤϸʤΤǤ

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ϡؤƤʥǥǤäƤ⡢⸻ʬǤФΤǤ׻Ƥ⡢ꤵƤǤϥ桼«ˤԽʬǤȤȤǤޤ餳Ԥˤ̵¤ιĤ㤤ԾϴԤƤǤŤդΤȤϤäꤷʤޤޡΥߥåȤϽλȤȤǤ礦


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Ǥ⡢ΤΤ褦ˤΥ륱Ͻ¤ͤǤΤǤʤȤ򤹤вԤΩ»ʤ졢ҤƤϥեƤޤȡ

켡ΤΥϥѡեиιͤ餷ȸä餽ޤǤʤΤǤˤƤ⡢ɥĤ϶٤˥եäƤΤǤäơˡ䤬äѶŪ˹ưƤ⤤ΤǤϤȻפäȤƤ⡢ɥĤι̱ϡȤʤʤʤǤ礦

ȤȤǡ륱θФդϽ¤Ť󡢥ɥĸäǤѸǤҲ𤹤ȡ

Rules must be adhered to. We must keep close tabs on this.

  National responsibility is a prerequisite for European solidarity.

  The crisis is like a marathon and that a solution would be years in the making.

֥롼ϼʤФʤʤΤȤϤ褯դƤͤФʤʤ

ֹȤǤϲǤ

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Ǥ⡢פΤǤŤޤǤƲԤ٤ΤǤСβԤIMF˹ưΤ

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⡢̹ĤȯԤϰ°פȹͤޤΤˡĤȯԤ뤳Ȥˤ
äPIGGSι񡹤ϡʧôڸ뤳ȤǽˤϤʤǤ礦ɤ
ʧôڸȤȤϡɤ̤ιôŤʤǤš
ơôŤʤΤϥɥĤʤɤκ𤬷ǤǤꡢλ
ʤ¤ꤽ̹Ĥ¸뤳ȤϤʤΤǤ

ΡɥḺ́ϡꥷ䥢ɤΤ˵ˤʤʤȤʤΤȡ

餯Ȥơ¸βǽ㤤Ȼפޤ

ޤ˥ɥĤοۤ͡Ƥ⤤ȸäƤ줿ȤƤ⡢
٤ץ饹ˤʤȤɬ¤ޤ

⤤Τϡꥹ⤤Ǥ櫓ǤäơȻפС
ڶγۤʤʤ褦ϤȤкѤĹϤɬפˤʤ櫓Ǥ
򡢤ϤȤϴطʤ˶̵˰褦ȤΤϡš³ǽ
ϻפޤ

ɤ⡢2007ǯưʹߤβб򸫤Ƥȡξ줷ΤбΩĤ褦
פǤζԤΥȥ쥹ƥȤˤƤ⡢˸äƤʤ
С٤ΥɤȯʤäǤ顣

PIIGSٱϤȤƤ⡢̹ĤϤ᤮ȻפΤǤ


̹Ĥμ¸ǽ㤤Ȼפå򤪴ꤤפޤ
↓↓↓
͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

ɤκδؿ򽸤Ƥޤ

Ǥ⡢ɤȤäƤ⥤ޥԤȤʤ櫓ͤ¿Ǥ

ɤäơ

ɤȤϰäʡšΤѹκ¦ΡšáɤäƱѹ
ΰää

ޤɤȤСॹߥιˤϡ㥬翩ˤƤ
ꡢ⤷ѹͤ㥬翩ˤСšʤɤȤäФƤ櫓Ǥ

ϡʶפФͤ⤤뤫⤷ޤ󤬡


ȤȤǡɤκˤĤơϤƤߤȻפޤȤ
äƤ⡢BBCμǤ

http://www.bbc.co.uk/news/business-11766346



ΡɤϺ˴٤äΤ


ɤκθϡưХ֥뤬ȡ

ʤϡԡ5060

̡ԤΥǥ٥åѡͻɺĸˡ

ΤᡢܤˤԵߺѻ450桼˳硣

ܤκֻGDP32ˡ2010ǯˡ

ܤ顢λٱ䡣

ͳϡ˻ٱĤС12.5ȤΨˡǤ夲ȸ
ɬ顣ʤ㤤ˡΨˤäƳȤͶפ

Ǥϡεޤ˳λٱĤȤˤΤ

ɤζԤηбƤפγƤȤȽ顣

Ԥ¿ϹIJƤꡢԤκ̳Ϲκ̳Ȥʤ롣

ɤζԤˤߤƤΤϳζԤǤ롣

ɤǥեȤ򵯤СζԤ롣

ޤǥեȤ򵯤гդꡢɹĤζ⤯ʤ롣

Ϥ䡢ǤϤʤ֤ˤʤä

ɬפȤߺѻεϤ1000桼

νФϡͻ١EFSM)IMFѹܤʤɡ

ե󥹤ȥɥĤˡΨΰ˾ʥɤˡΨ᤮
եȼĥ

㻲͡䡡

Ireland, which is often called the Irish Republic to distinguish it from British
Northern Ireland, emerged from the conflict that marked its birth as an
independent state to become one of Europe's economic success stories.

֥ɡϱѹ̥ɤȶ̤뤿˥ɶ¹ȤФ
иƤФ뤬ΥɤϾͤΤʤΩȤȤо줷ơ衼
Ѥηкѥȡ꡼ΰĤȤʤä

Long under English or British rule, Ireland lost half its population
in the decades following the Great Potato Famine of the 1840s, becoming
a nation of emigrants. After World War I, independence from the United
Kingdom was only achieved at the price of civil war and partition.

Ĺֱѹˤä桢ɤ1840ǯ絲θοǯ
֤ǿ͸Ⱦʬ򼺤äư̱ιˤʤΤǤ롣켡θ塢ʬ
äƱѹ񤫤Ω

Since the country joined the European Community in 1973, it has been
transformed from a largely agricultural society into a modern,
high-technology economy.

֥ɤϡ1973ǯ˲ƱΤ˲塢ȹȤŪʥϥƥкѤ
ѿȤ뤲


Overview

For centuries British dominion in Ireland gave rise to unrest which finally
erupted into violence with the Easter Rising of 1916, when independence
was proclaimed. The rising was crushed and many of its leaders executed,
but the campaign for independence carried on through a bloody Anglo-Irish
War of 1919-1921.

ֲˤˤäƥɤФѹλۤ³ƤΤ
ǡǽŪˤ1916ǯΥ˪ꡢΩ줿ΤǤ롣
˪ޤ졢¿ƳԤ跺줿Ωư³
1919ǯ1921ǯΥ󥰥ݥåޤ³ΤǤä


It was in 1922 that 26 counties of Ireland gained independence from London
following negotiations which led to the other six counties, part of the
province of Ulster, remaining in the United Kingdom of Great Britain and
Northern Ireland. Partition was followed by a year of civil war.

֥ɤ26ɥ󤫤Ω򾡤äΤ1922ǯΤȤǤꡢ륹
6Ĥν˻Ĥ뤳Ȥˤʤäʬθ˹Ԥ줿

Relations between Dublin and London remained strained for many years
afterwards. Northern Ireland saw decades of violent conflict between those
campaigning for a united Ireland and those wishing to stay in the United
Kingdom.

֥ȥɥδطϡθĹֶĥ֤ˤ롣̥ɤϡ
ɤȱѹαޤꤿԤδ֤Dzǯˤˤä˽Ūͤ򷫤֤Ƥ

In an unprecedented and concerted effort to resolve the situation, the Irish
and UK governments worked closely together in negotiations which led to
the Good Friday Agreement on the future of Northern Ireland in 1998.

֤褹뤿ˡޤǤˤʤƱȤ³ʤǡ
ܤȱѹܤϸĤԤ1998ǯ̥ɤξ˴ؤ륰åɡե饤ǡ
դ˻뤳Ȥˤʤä

 
Boom to bust

Ireland's economy began to grow rapidly in the 1990s, fuelled by foreign
investment. This attracted a wave of incomers to a country where,
traditionally, mass emigration had been the norm.

֥ɤηкѤϡ1990ǯ˳˲졢®Ĺ򤷻Ϥ᤿줬
ޤǤϳ˰ܽΤ̾ǤäΤˡդ˰ܽԤƤӴ󤻤뤳Ȥˤʤä

The boom that earned Ireland the nickname of "Celtic Tiger" faltered when
the country fell into recession in the wake of the global financial crisis of
2008.

֥ȤθפȤ˥å͡ޤɤΥ֡ϡ2008ǯͻ
θ˥ɤʵळȤˤäƽޤ

The property boom had been fuelled by massive lending from the banks,
and when this collapsed - and lenders were unable to repay - the Irish
banking system was plunged into crisis.

ư֡ϡԤ̤ͻˤä줿ƤΥ֡ब
ˡɤζԥƥϴ˴٤äΤǤ

The Irish economy underwent one of the deepest recessions in the
eurozone, with its economy shrinking by 10% in 2009.

֥ɤηкѤϡ桼ǺǤ⿼ʷкѸи2009ǯˤϡ
Ѥ10̾ΤǤ

In November 2010, Ireland and the EU agreed a financial rescue package
for the republic worth tens of billions of euros, ending weeks of speculation
about a bail-out.

2010ǯ11ɤEUϡɴ桼ȤϤζͻߺѥѥå˹
դơߺѤ˴ؤǤ굡򽪤餻


ɤȸʤ顢ʬιζԤ롣ޤɤ
ȸʤ顢ˡΨ᤮Ȥդ롣줬ȤΤʤΤǤ
Ĥ⥯å꤬Ȥޤ
↓↓↓
͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

ζԤФ륹ȥ쥹ƥȤη̤ȯɽˤʤޤ

2091ζԤФƹԤäη̡­
Ȥߤʤ줿Ԥο7Ԥǡ

ǡ7ԤϡɥĤζԤ1ԡڥζԤ5ԡ
ƥꥷζԤ1Ԥǡ

ơɥĤζԤΥҥݡꥢ륨ơȤϴ˹ͭ
ƤꡢƥꥷΥꥷȶԤͭƤ
ۤڥΥϥˤ⥹ڥܤŪ
ѤߤʤΤȤ

Ĥޤꡢ­Ȥ줿Ԥϡ­Ȥߤʤ
ΤȤФΤ褦ǡץ饤Ϥʤषбİ
䤫Ƥ褦ʶԤꡢ
饤Ǥ褦ʡ

ˤƤ⡢ȡλ­ۤϡ35桼
3900Ȥ

Ǥ⤦ٸޤ

91ζԤλ­ιפä3900ߤʤ
ȡȤ顢Τʤ˵ŵˤʤäƤΤ

ϤääơΥȥ쥹̤ȯɽϡȤϸ
ʤǤ礦ΤʤСʤ˾ʤ顢ष
ʤޤäȡѤäԿȡ

Ǥ⡢⤽⤳Υȥ쥹ƥȤ򲤽¦˶Ƥ
ȥʡ̳ĹϡΥƥȤηȯɽ˴ޤΥȤ
ȸޤ

ءáƤʤΤǤȸäƤΤǤ礦

We welcome the release of bank-level stress test
results in Europe. With this undertaking, the EU has
made a significant effort to increase disclosure on the
conditions of individual European financial institutions
and enhance market stability.

ֲ桹ϡˤƹԤ줿ԤΥȥ쥹ƥȤη
ȯɽˤʤäȤ򴿷ޤ롣ȤˤꡢEUϡ衼
åѤθġζͻؤξ󳫼ʤȤȤ˻Ծΰ
뤿礤ϤƤ

Τ˴ޤΥȤʤΤǤ礦Ǥ;꿴äƤ
ȤפʤʥȤǤ

ޤ⤽ΤϤǤ͡¿δطԤƥȤϴŤ
äΤǤϤȸäƤ櫓Ǥ顣

ˤƤ⡢ΥƥȤδबºݤˤɤȤ
Ȥ̤ˡä3900٤λ­ˤʤʤ
ФȤˡطԤΥ󥹤Τʤ򴶤ޤ

ǯ5ƹΥȥ쥹ƥȤη̤Ǥϡ746ɥ롢Ĥ
7ߤۤɤλ­ζ줬Ŧ줿櫓Ǥ顢
Ϸ夬­ʤäȤ٤ǤϤʤΤǤ礦

ޤ4ߤۤ­ޤȲȯɽơ­
ۤϡ®䤫˳ƼԤʤꡢܤŪ
ޤȤСޡåȤϤʤǼȻפΤ

ϤȤơΥȥ쥹ƥȤδˤĤƤ
ȤƤȻפޤ

⡢ƥȤδबŤȻפޤ

㤨С񻺤ȤͭƤĤɾˤĤƤǤ
ɾ򤹤Τ㴪ʬ˸ꤷƤꡢͭʬ
ĤƤۤԤȴƤ櫓Ǥ
Ťȡ

ΤʤСޤͭĤǤ⡢⤷ˤɤ
ι񤬥ǥեȤ򵯤СιĤβͤȾϳμ¤
ƤޤǤ

㴪˷׾夵Ƥ5ǯΥꥷĤξˤϡ
ͤ23%ܸꤹ뤳Ȥ򿥤ȤƤޤ
ͭʬˤĤƤƱͤξɾ٤äΤǤϤʤ
ΤǤ礦

ޤˤƤ⡢ޤޤǤ


Υȥ쥹ƥȤϡबŤȹͤå
ꤤޤ
↓↓↓
͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

ݡ롦롼ޥ󶵼PBSΥ˥塼Ȥо줷ơ
ꥷ㤬桼Υæ٤⤤Ƥޤ

ɤʤȤäƤΤݥȤ򲡤Ƥޤ礦


Well, you know, in a way, there's nothing we didn't
know, which is that this is a terrible, terrible situation
for Greece, and that the Eurozone has got big, big
problems that -- structurally. They really have a
problem. We don't actually know how this gets resolved.

֤̣Ƥ뤳Ȥǡ䤿ʬʤäȤ
ʤꥷˤȤäƤѶǡƥ桼
ȤäƤ礭ʹ¤ǤϤΤ
ƤΤ桹ϡɤäƤ줬Ǥ뤫
ʬʤ

But I think it's finally coming to people -- it's coming 
to a head. These things tend to drift on. People are 
suddenly looking at it and saying, how is this going to
end? How is this going to work out? And this is big.
Greece is not big, but the Eurozone is one of the
world's two great economies, and it's in deep
trouble.

֤ǸˤϹ̱˰ݤäƤȻפ̱ϵޤˤ
֤ľ̤ơΤɤʤΤȸäƤΤ
˽ꥷ礭ʹǤϤʤ桼
кѷΰĤʤΤΥ桼ʾ
˴٤äƤΤ


ʥꥷϺ̳η٤ǧ뤳ȤˤʤΤʹ
ơ

Yes. Yes, I think -- in fact, if anything, I think that's 
too optimistic.

ֲ餫ΤȤǧȤƤ⡢ǽȹͤ
ϡڴŪ᤮

The point is that, even with a restructuring of the
debt, Greece needs to do some enormous austerity.
No one really knows how this works. Even if you
don't count interest payments, Greece was running a
deficit last year of almost 9 percent of GDP, which is
saying it has to do -- even if it completely stopped
paying its debt, it would have to make an enormous
adjustment, which looks like it's not politically
possible.

ϡ˺̳η٤ǧƤäȤƤ⡢ꥷ
ϡʤ۽֤餶ʤȤȤ
۽̺դ뤫ɤïʬʤʧ
Ʒ׻Ƥ⡢ꥷϺǯGDP9%
ֻȤʤäƤޤ˸ܤλʧߤȤ
⡢絬ϤĴʶ۽̺ˤɬפȤ졢Ū
˸Ƽ¸ǽȤϻפʤ

How is this going to work out? And it's very hard to
tell -- I find it very hard to tell a story that doesn't
end with Greece dropping out of the euro, with
something that -- they need something to give their
economy a boost, something that makes their
exports more competitive, something that -- that
gives them some alternative to just -- to doing 
nothing but slashing spending and raising taxes in the
face of high unemployment.

֤η̤ɤʤΤͽۤ񤷤ꥷ㤬
ΥæʤǺѤॷʥꥪϹͤˤȻפꥷ
ˤȤäƤϡкѤĹɬפʤΤ͢ж
򶯲褦ʲ⤤Ψľ̤ʤ⡢⤷
ʤǤٽФ︺ǤȤ褦ʤǤ
ʤš

That's not on the table. In a way, it can't be on the
table until it becomes inevitable. But I think the point
is that -- that it's not as if somebody could say, OK,
let's be a nice guy, unless the European Union is
prepared to come through with massive aid, not just
a debt restructuring, but massive aid. And they're
not ready to do that.

֤֤ϡƤ櫓ǤϤʤɬԲķ
ʤޤǽ뤳ȤϤʤïOKȤ
ʤȤϤʤǤEUñ˺̳η٤ǤϤ
ä絬ϤʻٱνǤޤǤϡԵ褯Ƥ
ȡޤ絬ϤʻٱԤǤƤʤΤ

So, we're really up against a wall here.

֤顢桹Ϻͤޤ֤ˤΤ


ʥꥷ꤬¾ӲФ뤳Ȥǰ뤫ʹ
ơ

Yes.
I that think if -- if Greece doesn't resolve this, and 
events are moving pretty fast, then people are going 
to say, OK, Greece is the extreme case. Nobody else
has the combination of debt and overvaluation that
they do. But other countries, you know, are in that
direction. So, Portugal doesn't quite look like Greece,
but there's a resemblance.

֤⤷ꥷ㤬褷ʤʤ顢ơ֤Ÿ
ΤǤС͡ϡʬäꥷ϶üʥ
ȸǤ̳̲߲꤬ͤåȤˤʤ
¸ߤƤϡ¾ˤϤʤ˸
ƤϤ롣㤨СݥȥϥꥷȤƤ
褦ˤϸʤΤΤ

Spain has actually been, fiscally, quite responsible, 
but they're -- they're -- they're in trouble because
their costs and prices are out of line. So, it starts to
call the whole structure into question. I don't think
it's a sovereign debt issue, by the way, generally.

֥ڥϡ̤ǤѤǤäƤΤǤ
Ȥʤλ˹ʤ麤ʾ˴
äƤΤ顢Ƥľ٤ʤΤϡ
ϹȺ̳ʥ֥ꥹˤǤȤϻפäƤ
ʤ

If you look at what happened to bond markets today,
U.S. interest rates dropped, British interest rates
dropped. This is a Eurozone problem. But,
unfortunately, the Eurozone is a big player in the
world economy.

ֺķԾä򸫤ߤƹĤ
㲼ѹĤ㲼ϥ桼
ΤԹʤȤȤ٤桼¸ߤ礭Ȥ
Ȥ

ʥ桼βͤβˤĤơ

The main substantive thing for the U.S. economy, I
think, is that we're seeing the euro drop. And that
means that U.S. exports become less competitive.
You know, we are counting on exports as being one
of the drivers of recovery. So, this is not a good
thing.

ƹкѤˤȤäƽʤȤϡ桼βͤƤ
ȤȤơƹ͢ФζϤ夯ʤ뤳
̣Ƥ롣桹ϷкѲΤȤ͢Ф˴
ƤΤˤ⹴餺Ǥ롣顢ΤȤɤȤǤ
ʤ

We are seeing some -- it's fairly prosaic. This is not -
- this is not a Lehman type, well, the markets come
crashing down. But one of our biggest trading
partners has suddenly, because of its own problems,
become a lot more competitive, and we have
become less competitive.

ֲ桹ľ̤ƤΤϡʿޤʤȤʤΤ꡼ޥ󥿥פ
ĤޤޡåȤǽޥҤ˴٤褦ʤȤǤϤʤ
桹κǰ꤬®˶Ϥ򶯲
ƤΤΤǡơ桹϶
ӼƤΤ

And that -- that's not good news for the economy.
It's not 1,000-points-on-the-Dow bad news, but it's
not good news.

֤ϷкѤˤȤäɤ˥塼ǤϤʤNY1000
ȲȤ˥塼ǤϤʤɤ˥塼
ǤϤʤ

 


ϡꥷ㤬桼Υæͤٻޤ
ɤǤ礦


ˤƤ⡢ǥꥷؤλٱ礬Ȥ
櫓ǤϤʤǤ̳η١ˤäƤϸܤ
åȤʧηڸԤ뤳Ȥˤʤ뤫⤷ޤ

Ǥ⡢˱;ϤϤޤΤȤ衼å
ζԤˤϤʤȤȤ֤ȤȤʤΤǤ礦


ꥷٱäƤϡޤޤä³Ȼפ
ϡå򤪴ꤤޤ
↓↓↓
͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

Ƥ֡ޡåȤӤä褦Ǥ

NYϡȰ1000ɥ᤯ⲼȤΤǤ顣
ߥɥ⡢87ޤDZߤ徺ȡ

βΤȻפä顢Υꥷ꤬ƶ
ΤȤ

 

ꥷ㤬ʤ
↓↓↓
ȤʤȤʤ
↓↓↓
ꥷߤ
↓↓↓
ɥĤե󥹤ʤɤ˲äơIMFͻ
↓↓↓
ͻ뤿ˤϡƷ
↓↓↓
ƷΤˡ¶롢ǯ롢ܡʥѻߡ

↓↓↓
̱ȿȯͥȤ
↓↓↓
Ʒ˥ޡ
↓↓↓
ε桼β


Τ˥ꥷ̱ܤꤿʤΤʬʤǤϤޤ
󡣵Ϳ뤵Ǥʤǯ롢˥ܡʥ
ʤʤꡢǤѤʤΤˤǤޤǤʤ
ơš

ȤäƥͥȤ򵯤ȿȯƤ⡢
ʤǤ礦ʤС¤˥ǥեȤ뤳Ȥ
¤Ǥ뤫Ǥ519褹85桼ιĤν
Ԥˤɤб뤳ȤǤȤΤǤ礦

ˤƤ

ζ۽̺Ƥϡ;ˤżä⤷ޤ
󡣤⤦˺ΩľˡϤʤäΤǤ礦
IMF¾ϤʤȸäƤΤϾΤƤޤ
ˡޤǼ˸ʤ餷򤷤ƤȤ¤Ǥ

Ǥ⡢⤷ꥷδѸϤ褦ˡǧ
ΤǤСšȤԤäǤ⤦֤
ƺΩľ褦ʤȤͤС̱ȿȯ⤦
¤餤⤷ޤ


ꥷθǤϤޤ󤬡ե󥹤ɥĤ
ꥷٱ礹ͳ⡢դƤΤǤϤʤȤ
¤Ǥ

ɥĤι̱¿ϡΥɥĤꥷΤ
ͤäƤȸޤޤ餳륱
б٤줬Ǥä櫓Ǥ

οPIIGSȸƤФ񤬡ɤ餪
ڤƤ뤫򼨤Ƥޤ

ꥷκ̳ۤ2360ɥ롣ơΥꥷˤ
ߤƤΤϡ1̤ե󥹡2̤ɥġ

פˡꥷŪ˽Ƥʤȡʬι
Ԥ»ꡢޤͻdzʤȤ¤ʤ
Ǥ⡢ϥꥷ˸¤櫓ǤϤޤ
󡣥ݥȥ䥹ڥ⿴ۤȤǤݥȥ
ФդСݥȥ˰֤ߤƤ륹ڥˤ
ӲФ뤳ȤɬǡʤСڥˤߤƤ
ɥĤե󥹤ˤޤӲФŤȡ

 

ꥷ㡡̳ۡ2360ɥ
ե󥹤顡 750ɥ
ɥĤ顡  450ɥ
   ѹ񤫤顡 150ɥ

ݥȥ롡̳ۡ2860ɥ
     ڥ󤫤顡 860ɥ
       ɥĤ顡 470ɥ
     ե󥹤顡 450ɥ
    ѹ񤫤顡 240ɥ

ڥ󡡡̳ۡ 11000ɥ
      ɥĤ顡    2380ɥ
     ե󥹤顡2200ɥ
     ѹ񤫤顡1140ɥ
     ꥢ顡  310ɥ
     ɤ顡 300ɥ
     ݥȥ뤫顡 280ɥ

ɡ̳ۡ8670ɥ
    ѹ񤫤顡1880ɥ
     ɥĤ顡1840ɥ
    ե󥹤顡 600ɥ

ꥢ̳ۡ 14000ɥ
    ե󥹤顡5110ɥ
     ɥĤ顡1900ɥ
     ѹ񤫤顡 770ɥ
     ڥ󤫤顡 470ɥ
    ɤ顡 460ɥ

ʻBIS)

γεϡȯˤʤäƤȤ⤢
褦ǤˤƤ⡢ꥷ԰Ǥ
¤ꡢεǽǤʤΤǤ
ʤΤǤ礦


IMF餪ڤȤΤϡѤʤȤʤΤȻפä
å򤪴ꤤޤ
 ↓↓↓
͵֥󥭥

Υȥ꡼ϤƤʥ֥åޡɲ

ǥ󥦥ޤѤ餺ꥷ
Ծ˱ƶͿ³ƤޤäѤꥹȥ饤ʤɤ
ŲʤȤ¿뤳ȤʤȤȤǤ礦

Ǥ⡢ΤΤȤꡢEUIMFʤɤϡꥷФ14
λٱԤȤƤΤǤ

ꥷкѤεϤܤγ1/10٤ȹͤС14
ߤȤۤϡ郎ˤȤäƤ140ߤƱȤ̣
櫓ǤϿҾʳۤǤϤޤ󡣤Ǥ⡢Ȥϰ
Ƥʤ櫓Ǥ

ФŤˤʤäƶ̤ǤϡIMF
ٱˤĤơɤΤ褦ʹͤפǤΤõä
ߤޤ

52IMFȯɽƤߤƤߤޤ礦

ˤȡIMFΥꥷٱϡꥷκ
μ¤˺︺뤳ȤȤʤäƤ褦Ǥ
ɸϤäꤷƤΤǤ

ֻεϤ3ǯ֤ǸߤGDP13.6%3%
ؤ11%ݥȤۤɰ衪ȡ

Ǥϡɤä11%뤳ȤǽʤΤ

ϡнк︺ǯ⥫åȡ¶롢ܡʥåȡ
5.25%ΰ˴Ϳ

ϡղòǤǤʤؤβǡ
4%ΰ˴Ϳ

ơ軰ˡæǤФޤ궯ʤɡ
1.8%ΰ˴Ϳ

פˡޤäƽФʤϤäƤ

Greece reached agreement with the International
Monetary Fund (IMF), the European Commission, and
the European Central Bank (ECB) on a focused
program to stabilize its economy, become more
competitive, and restore market confidence with the
support of a €110 billion (about $145 billion) financing
package.

֥ꥷϡꥷкѤ경ƤäȶϤ
Ĥ褦ˤƤޤԾοǤ뤿1100
桼1450ɥˤͻץ˴ؤIMF
ѰڤӲԤȤδ֤ǹդ˻ä

Negotiators over the weekend wrapped up details of
the package, involving budget cuts, a freeze in wages
and pensions for three years, and tax increases to
address Greece's fiscal and debt problems, along
with deep reforms designed to strengthen Greece’s
competitiveness and revive stalled economic growth.

ָĤϽˤƹԤ졢եѥåξܺ٤
줿ˤͽΥåȡ¶ڤǯ3ǯ֤롢
ǤޤޤƤ롣֤ϥꥷκڤ
̳˼ȤिΤΤǤꡢꥷкѤζϤ
Ƽ®кѤ뤿βװƤ
äΤǤ

In Athens, Greek prime minister, George
Papandreou, announced the unprecedented deal,
meant to shore up Greek finances with decisive
upfront measures and prevent a crisis of confidence
from undermining the Greek economy and spreading
to other members of the eurozone and elsewhere.
The measures, representing a break from the past,
aim to bring Greece’s public finances under control
and modernize the Greek economy.

֥ƥͤǤϡꥷΥѥѥɥ쥦꤬̤ͭι
ƤȯɽϻפڤäкݤǹԤȤ
ꥮꥷκΩľΤΤǤ롣ޤꥷ
˴ؤƤεŵ桼¾ΥСʤɤ˹
ʤ褦ˤ뤿ΤΤǤ롣֤ϡȤη
̤̣ꥷκ򥳥ȥ벼֤ƥ
кѤ岽뤳ȤŪȤƤ

In a joint statement, European Union Economic and
Monetary Affairs Commissioner Olli Rehn and IMF
Managing Director Dominique Strauss-Kahn said they
recognized the sacrifices that will have to be made by
the Greek people, but they were necessary to rebuild
the Greek economy.

EUηкѡ̲ôΥ졼ѰIMFΥȥ
̳ϡƱΤʤǡ餬ꥷι̱
ʤФʤʤˤĤ򤷤Ƥ뤳ȤҤ٤Ȥ
ˡϡꥷкѤΩľˤ
ɤƤɬפǤȽҤ٤

“We believe that the program is the right thing to do
to put the economy back on track. Importantly, the
authorities have also designed their program with
fairness in mind," they added.

ֲ桹ϡΥץϥꥷкѤƤӵƻ˾褻뤿
˹ԤɬפΤȿ롢ϸä

Improving the business climate

In a separate statement, Strauss-Kahn said that
though the initial implementation period would be
difficult. “we are confident that the economy will
emerge more dynamic and robust from this crisis—
and able to deliver the growth, jobs, and prosperity
that the country needs for the future.”

֤ޤ̤ʸˤơȥϡǽδ֤
ΤǤ뤬ꥷкѤϤδŪȴ
äȥʥߥåˤ϶ɤꡢ桹ξˤȤäƤ
ιɬפȤĹѡơ˱ɤ⤿餹ȤǤ
Ȳ桹ϳοƤȽҤ٤

Steps by the government include strengthening
income and labor market policies; better managing
and investing in state enterprises, and improving the
business environment.

ܤ֤ˤϡѻԾζĴȤδ
ڤӡбĴĶβޤޤƤ

Reforms to fight waste and corruption—eliminating
non-transparent procurement practices, for example,
are also being undertaken, along with measures to
clamp down on tax evasion and step up prosecution
of the worst offenders.

㤨С̵̤ԤƮƩʪʹ³
뤳ȤԤĤĤ롣ޤæǤμޤ䡢æ
Ȥιȯ򶯲뤳ȤԤ뤳ȤȤʤäƤ

Subject to reviews

The eurozone will contribute roughly two-thirds of the
total financial assistance and the 186-member IMF
one-third. The IMF Executive Board is expected to
review the package, agreed at mission level, under
its fast-track procedures. It is expected to go to the
Board for approval within the week.

ֻٱۤ2/3桼ʬô186β񤫤
ʤIMF1/3ʬô롣IMFϡĤʳ
ǹդ줿λٱѥåƿĤ뤳Ȥͽꤵ
Ƥꡢʳμ³ΰĤȤƹԤ롣
ˤϰ콵ְդ졢ǧ뤳Ȥޤ

IMF support will be provided under a three-year €30
billion (about $40 billion) Stand-By Arrangement
(SBA)—the IMF’s standard lending instrument. In
addition, euro area members have pledged a total of
€80 billion (about $105 billion) in bilateral loans to
support Greece’s effort to get its economy back on
track. Implementation of the program will be
monitored by the IMF through quarterly reviews.

IMFλٱϡ3ǯ֤300桼400ɥˤΥ
ХIMFɸŪͻ١ˤβǶͿ뤳Ȥ
ʤ롣äơ桼βϡ800桼1050
ɥˤλٱ«Ƥ뤬ϡꥷܤꥷ
кѤƻ˾褻뤿Ϥٱ礹뤿2ͻ
ηǹԤ롣Υץμ¹ԾϡIMFˤȾ
Ȥ˴ƻ뤵뤳Ȥˤʤ


Greece’s defining moment

“This is a defining moment for Greece,” said Poul
Thomsen, who heads the IMF negotiating mission to
Athens. “The global economic crisis exposed Greece’s
weak fiscal position. Revenues have declined 
significantly, while spending, especially on wages and
entitlements has risen sharply.

ֺϡꥷˤȤäƷŪʻǤ롢IMFΥꥷߥ
Υإåɤ̳ȥॻϸкѴϡ
ȼʺ˽Ϫ뤳ȤȤʤä
ߡΰä¶նʤɤκнФϵƤ

“What the government has committed to is a tough,
front-loaded program that will correct things for the
future, although it will take time. Indeed, it will be a
multi-year effort,” Thomsen explained. “The
authorities have already begun fiscal consolidation
equivalent to 5 percent of GDP and further legislative
action is expected this week. There is also an
emphasis on fairness, with measures to protect the
most vulnerable. The authorities are asking the
Greek people to share the burden fairly across all
levels of society,” he added.

ܤǤƤ뤳ȤϸΤǤꡢޤݤǼ
ԤΤǤ뤬Ͼ衢֤Ǥ
֤Ϥ롣¡ǯ⤫Ǥȥȥॻ
ϸɤϡGDP5%
򳫻ϤƤ롣ơʤˡŪ֤ͽۤ
롣󡢼ԤĤĸˤ֤롣
ɤϡꥷ̱ƤγؤˤƸôʬô
褦Ƥ롢ϸä

With Greece’s deteriorating fiscal position came
downgrades of government bonds by rating agencies,
putting pressure on financial agencies. Investors
started backing out of Greek bonds, driving up their
yields. Policymakers also feared a potential spread of
the crisis to other eurozone countries. The IMF’s 
“focused conditionality” aims to tackle the twin issues
of debt and competitiveness.

֥ꥷκΰϡդؤˤ륮ꥷ
γդΰ򾷤ͻؤ˱ƶڤܤƤ롣
ȤϡꥷĤϤƤꡢꥷĤ
꤬ƭƤ롣ȤϡȤ¾Υ桼
νˤڤ֤ȤǰƤ롣IMFΡؾȤʤäƤ
ǥʤƥͻˡ٤ϡ̳ȶϤȤлҤ
˼ȤळȤǤ

Twin challenges

Greece faces a dual challenge. It has a severe fiscal
problem with deficits and public debt that are too
high; and it has a competitiveness problem. Both
need to be addressed for Greece to be placed on a
path of recovery and growth.

֥ꥷŤľ̤Ƥ롣̳ۤ˾Ȥ
꤬ꡢΰǹݶϤ̤Ǥ
롣̤Ĺ뤲ˤϡ2Ĥ˼
Ȥɬפ

First, the government’s finances must be sustainable.
That requires reducing the fiscal deficit and placing
the debt-to-GDP ratio on a downward trajectory.
Since wages and social benefits constitute 75 percent
of total (non-interest) public spending, public wage
and pension bills—which have grown dramatically in
recent years—have to be reduced. There is hardly
any other room for maneuver in terms of fiscal
consolidation.

ˡϡ³ǽʤΤǤʤФʤʤΤ
ᡢֻ︺ơGDPκֻΨäȰ
뤳Ȥ롣¶ȼҲݾط񤬡ٽ
ʹĤʧˤ75%Ƥ뤳Ȥ顢ǯ
̳ͿǯλʧϺ︺뤳ȤɬפǤ
롣Ȥϡ¾μʤؤɹͤ
ʤ

Second, the economy needs to be more competitive.
This means pro-growth policies and reforms to
modernize the economy and open up opportunities
for all. It also means that costs must be controlled
and inflation reduced so that Greece can regain price
competitiveness.

ˡꥷкѤϡäȶϤ򶯲ɬפ롣
ΤᡢĹָȡкѤ岽ƤμԤФ
볫뤳Ȥˤʤ롣ޤꥷкѤ
ʶϤ᤹ˡȤ졢ƥեΨ
뤳Ȥ


Rigorous fiscal adjustment

With the budget deficit at 13.6 percent of GDP and
public debt at 115 percent in 2009, adjustment is a
matter of extreme urgency to avoid the debt
spiraling further out of control. Accordingly, the
Greek government plans to implement rigorous fiscal
measures, far-reaching structural policies, and
financial sector reforms. Key elements of the reform
package are:

2009ǯˤƤϡֻGDP13.6%Ǥꡢޤ
Ū̳ĹGDP115%ǤΤǡڶ⤬ޤΤ
ĥʤ褦ˤ뤿ˡĴ֤۵ޤβȤ
롣äơꥷܤϡ֤乭ϰϤι¤
ˤ϶ͻβפ˼ȤײǤ

• Fiscal policies. Fiscal consolidation—on top of
adjustment already under way—will total 11 percent
of GDP over three years, with the adjustment
designed to get the general government deficit under
the 3 percent level by 2014 (compared with 13.6
percent in 2009).

ֺĴ֤ϺǤꡢ
˼»ܤƤꡢǯ֤GDP11%ۤȤ
롣Ƥޤ2014ǯޤǤ˰ֻ̺οGDP
3%ʲˤ뤳Ȥܻؤ2009ǯ13.6%ˡ

• Government spending. Spending measures will
yield savings of 5 ¼ percent of GDP through 2013.
Pensions and wages will be reduced and frozen for
three years, with payment of Christmas, Easter, and
summer bonuses workers abolished, but with
protection for the lowest-paid.

ܺнСн̤Ǥ֤ˤꡢ2013ǯޤǤGDP
5.25%ߤȤȤƤ롣ǯϥåȤ졢
¶3ǯ뤵롣ޤꥹޥ䥤
ޤƤ˻ٵ뤵ܡʥѻߤ롣âԤ
ݸ֤ϼ


• Government revenues. Revenues measures will
yield 4 percent of GDP through 2013 by raising value-
added tax, and taxes on luxury items, and tobacco
and alcohol, among other items.

ܤκϡ3ǯ֤GDP4%λ⤬
߽Ф롣ղòǤǤʤ䥿Х륳
ʤɤؤβǤˤäơ


• Revenue administration and expenditure control.
The Greek government will strengthen its tax
collection and raise contributions from those who
have not carried a fair share of the tax burden. It will
safeguard revenue from the largest tax payers. It
will also strengthen budget controls. The total
revenue gains and expenditure savings from these
structural reforms are expected to gradually total 1.8
percent of GDP during the program period.

ֺȺндꥷܤϡħζ
Ǽǵ̳̤ƤʤԤħ
롣ޤǼǼԤκݸ뤳Ȥˤʤ롣ͽ
δƱ롣¤פԤ
ۤȺнФۤιפϡΥץ»ܴ֤ˤ
GDP1.8%ʬãȸޤ

• Financial stability. A Financial Stability Fund, funded
from the external financing package, is being set up
to ensure a sound level of bank equity.

ֶͻ경ζͻѥå⤬Фͻ
경⤬ߤĤĤꡢˤäƶԤνл
ʥ٥ݤĤȤԤ

• Entitlement programs. Government entitlement
programs will be curtailed; selected social security
benefits will be cut while maintaining benefits for the
most vulnerable.

ּҲݾץࡣܤμҲݾץϡ︺
뤳Ȥˤʤ롣ԤФפϼĤĤ⡢Ҳݾ
︺뤳Ȥˤʤ


• Pension reform. Comprehensive pension reform is
proposed, including by curtailing provisions for early
retirement.

ǯסŪǯפƤƤꡢˤϡ
࿦ԤФդΥåȤޤޤ

• Structural policies. Government to modernize
public administration, strengthen labor markets and
income policies, improve the business environment,
and divest state enterprises.

ֹ¤ܤϡζ岽ڤϫƯԾζ
бĴĶβܴطȤ̱IJԤ

• Military spending. The plan envisages a significant
reduction in military expenditure during the period.

ַٽСηײˤϡץ»ܴˤ뷳
κ︺ꤷƤ

“The fiscal adjustment is large,” said Thomsen, “but
given the starting point, where there is significant
space to trim expenditure and spread the tax burden,
the measures are feasible and hence we see them as
being durable. The alternative would be much worse
for the Greek people and the Greek leaders know
that.”

ֺĴ絬ϤʤΤǤ뤬줬ˤ
ꡢٽФꡢǼפȤΤǤ롣
֤ϼ¸ǽʤΤǤꡢѤΤǤȹͤ롣
֤ʤˤϡꥷι̱ˤȤä˰
֤ȤʤꡢΤȤˤĤƥꥷΥ꡼ʬ
Ƥ롢ȥȥॻϸä

ˤƤ⡢λٱϡIMF桼񤫤
Υץ쥼ȤǤϤޤ󡣤ޤǤͻǤꡢ5%ۤ
ҤĤȤΤǤ

괺ǻⷫϤĤǤ礦ȴŪʲϤ
ޤ줫ȤȤˤʤǤ礦


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졢󥯥ܥ¤ߤˤʤäΤȤ⤦
ʬ䤹СꥷιĤϥʤΤȡ

2ǯʪꥷĤ꤬13%ˤʤäȸ
28ˤ38%ޤǾ徺Ȥοϡ椬
©ˡξ¤ڤĶ٥ˤΤǤ
͡ɤǤ⤤ɡ

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ʤ֤򰭲Ƥ񤷤Ƥ褦Ǥɥ
餹СιιĤ椯Ƥ褦ʥꥷ
褦ȤƤ⡢̤פʤΤ­Ƨ
ȸ

ʤƤ⡢ꥷ㤬Ʒ˸ϤȤ
򼨤ƤʤȤˤϡšȹͤƤ櫓Ǥ

IMF⡢饮ꥷٱ礷ȤϻפäƤ⡢
㼫ȤΤкѺƷץꤷʤ¤ꡢ
ꥷٱ礹뤳ȤϤǤʤΤǤ

Ǥϡꥷϡäδ֡˳뤳ȤˤʤΤ

ꥷǤϡϢΤ褦˥ȥ饤Ƥޤ
̱ϡ񤬹ԤäƤͿåȤʤɤȿȯƤ
櫓Ǥ

Ĥޤꡢ̱¦ϡ۽̺ˤȿФȡޤ
ʬʤǤϤޤ󤬡šǤ⡢٤Ȥ
ФȤۤɡꥷФƤߤȤȤϤʤ
ʤ롢ȡ

̱ڤ겼ΤϷȸи
ɡ϶줷ʤȡȿФˡ餤ʤȤ
ʤΤȾǤ᤯դеĤۤɡξ
᤯æѤǤ롢ȡ

Ȥ򶵤ƾ夲ͤϡɤˤʤΤǤ礦

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ˤϤʤ뤳ȤǤʤä櫓ǤĤޤꡢڶ⤬¿ơ
ȤʤƤʤäȡ򥴡ɥޥΤ
Ԥΰηäڤơǥ桼
̤Τȡǡ桼˲ǡϰ
ˡͭʾǤޤǹĤȯԤ뤳Ȥǽ
ˤʤäƤȡ

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ѼԤƱ褦ˡμϰʾ򤳤ޤäƤ
ȤȤʤΤǤơХ֥뤬ƤȤ櫓Ǥ

ΤȼΤˤޤꥷι̱ϵդƤ
ȡ

ꥷϡ519ˡ110ɥΤ⤬ɬפˤʤ
ȸޤĤޤꡢλޤǤˤΩƤ뤳ȤǤʤ
ȡ˥ǥեȤˤʤ붲줬ΤǤ


Ĥ꤬38%Ȥ϶äȤå򤪴ꤤ
ޤ
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