Nature of the problem to be solved in the optimum currency area theory (default) habitual countries history default Greece Yoichi Takahashi [Column]

Default of Greek sovereign debt (debt default) crisis is serious.There is only (about 27 trillion yen) to 250 billion euros of Greek GDP of only a small country in Europe, over 5% of Japan (about 500 trillion yen), but less than the level (about 32 trillion yen) Kanagawa prefectural income.This is less than 3% 9 trillion euro total GDP of the euro area (about 900 trillion yen).

Are you complicate the Greek problem, it’s common currency called the Euro system and peculiarities of Greece.

Peculiarities of Greece first.Greece is the country of habitual (debt conditions change and debt default) bankruptcy.

Carmen Reinhart, Kenneth Rogoff Author “This time is different” (Figure 1 Quotes from the book.According to “national bankruptcy” Translation of the Nikkei BP), in the history of the 200 Toshi-yo of 1800 or later, the number of years of debt conditions change and debt default of Greece is more than 50%.If you will, it is a country that is bankrupt at least once in two years.

In the euro zone, financial problems have been pointed out (taking the first letter of each country with Greece, it is called PIGS) Portugal, Italy, Spain nor in Greece other than.The behavior of the past bad overwhelmingly Greece (see Figure 1).

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