Impact of Greek Debt Crisis on Eu Economy(Last) Final

7/30/2019 Impact of Greek Debt Crisis on Eu Economy(Last) Final

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DIPLOMATIC ACADEMIC OF VIETNAMINTERNATIONAL ECONOMIC FACULTY

IMPACT OF GREEK DEBT CRISIS

ON EUROPE UNION ECONOMY

Group 17:

1. Nguyn Th Thy KT37C014552. ng Th Thy Giang KT37C011773. Trn Th Hi KT37A011934. Nguyn Ngc Qunh KT37C015345. Trnh Th Ngc KT37C013606. Lng Th Ha KT37C015527. Phm Th Nga KT37C01343


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TABLE OF CONTENTS

A.Introduction

B.Contents

I.Overview Greek debt

crisis and Europe

economic

1.Greek public debt crisis

2.EU economic

II.Impact of Greek debt

crisis on Europe

economic

1.The impact onnations

1.1.Governmentbudget

1.2.GDP growthrate

1.3.The effectdomino

2.The impact onbanks system

2.1.Interest rate

2.2.Exchange rate

2.3.The bankssystem in EU

3. The impact oncitizens

3.1.Wage andpension policy

3.2.Unemployment

3.3. Social welfare

III.Solutions1.In the short - run

2. In the long - run

C.Conclusion

LIST OF ABBREVIATIONS


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ABBREVIATIONS FULL PHRASE

GDP Gross Domestic Product

EU European Union

IMF International Monetary FundECB Europe Central Bank

EFSF The European Financial Stability Fund

EFSMThe European Financial Stability

Machanism

IMF International Monetary Fund

A. Introduction


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The debt crisis in Greece which not only affects to itself but also influencesstrongly almost countries in Europe area. It starts a Great Depression in Europe.

Now, the EU debt crisis lasts nearly 3 years, the relief efforts and austerityprogram of governments arent still very effective. In Greece, budget deficit anddebt government is biger and biger, the value of currency is decreased, finance

market is affected, the unemployment rate is high. Banks system in EU is in crisis.Many banks have been bankrupted such as: Ireland, Spain, FrancePolitical andsocial problems are instable (special protests). Governments are tried to out withthat status by packages. Greece is a small country in EU with a little GDP everyyear but the default of Greece has seriously effects to global economy. This is alession for countries which has a developed growth economy.B. Contents

I, Overview of Greek debt crisis and Europe economy

1. Greek public debt crisis

0

20

40

60

80

100

120

140

160

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Greece

EU

According to this chart, we can see that Greece always has debt to GDP ratiohigher a lot than average ratio of European Union ( EU). Since 2000, ECB hadexpressed anxiety with Greeces public debt and emphasized that ratio exceededregular ceiling ratio of EU (government debt to GDP ratio) according to EUsregulation is 60%. In fact, Greeces government debt had accelerated since 2003

when Greece made preparation for Olympic. However, Greece published untruefigures. And in 2008, Greek government debt crisis really started. In 2010, whendebt to GDP ratio came up to 127,1%, more than double EU s permission, it wasover Greeces control. Greece was very close to lost payment capability and the

probability of its bankrupt was very high. An economics and social crisis hadbroken out in Greece. However Greece is a member of EU as well as Euro zone, sothis crisis has impacted not only on Greeces economy but also on Europeanseconomy. It had made bad impacts on financial and monetary system. And in


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2011, it impacted sharply on EUs economy and caused the most serious EU publicdebt crisis.2. EU economy

A timely piece of analysis from Philip Poole, head of global macro andinvestment strategy at HSBC, shows just what the European leaders are up against

in terms of the size of the debts of countries in Europe relative to the size of theireconomies.

Chart: Eurozone debt crisis - a rising tide. (Source: HSBC)The chart shows the yield (interest rate) on German government bonds

compared with Italian and Spanish government bonds structural problems witheconomies are concerning markets too.

Spain, for instance, as a country might not have the "leverage" problem onthe same scale as Italy, but the markets have focused on the debts of the privatesector and the fact that much of its growth in the recent past has been generated bythe construction sector.Poole considers three scenarios and assigns probabilities to them.- Positive scenario (15% probability). The issuance of eurozone eurobonds tohelp fund the peripheral countries.- Central scenario (70% probability). The European Financial Stability Fund(EFSF), Europe's bailout fund, is able to buy bonds and countries grudginglyimplement austerity measures.

- Negative scenario (15% probability). A "messy, unilateral default" byGreece which would cause shocks through the financial system.

Poole warns: All things considered, the 'solution' to the eurozone problem islikely to be a series of half measures coupled with a fiscal adjustment rather than adecisive decision that triggers the end of the crisis gripping the region.1

1http://www.guardian.co.uk/business/blog/2011/oct/17/europe-debt-hangover-alarm-bells
http://www.guardian.co.uk/business/bondshttp://www.guardian.co.uk/business/blog/2011/oct/17/europe-debt-hangover-alarm-bellshttp://www.guardian.co.uk/business/blog/2011/oct/17/europe-debt-hangover-alarm-bellshttp://www.guardian.co.uk/business/bondshttp://www.guardian.co.uk/business/blog/2011/oct/17/europe-debt-hangover-alarm-bells


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II, Impact of Greek debt crisis on Europe economy

The debt crisis in Greece has been an issue in world financial markets sincethe end of 2009. In May 2010 Greece became the first euro-area country requestinga financial rescue from the European Union and International Monetary Fundworth 110 billion. Although it has been more than a year since the bailout, the

public debt problem remained unresolved. The Greece crisis has also spread toother countries, namely Ireland and Portugal, which have also requested financialassistance from the EU and IMF in November 2010 and April 2011. This debt

problem has become a significant risk to the world financial market and economicrecovery.1.The impact on nations

Despite of owning only 2, 4% GDP of EU, Greek debt crisis had significantnegative impact on EUs stability. Moreover, it creates consecutive reaction toother countries, especially mortgagee countries. We will analyze the impact ofGreek debt crisis on EUs countries basing on three factors They are government

budget, GDP growth rate and effect Domino with others.1.1. Government budget

With some countries held huge amount of Greek bonds, they stood for riskof losing all of ones when Greece was inability to pay their debt, which led todeficit in budget of mortgagees.

Top 10 countries with the largest debt value directly to Greece

Source: Bank of International Settlement

Clearly, France and other countries in EU are the most exposed of Greekgovernment. Therefore, the impact from crisis in Greece with EU is unavoidableand understandable. According to scientists, estimating the loss of the French andGerman banks were approximately 56.9 and 23.8 billion USD, respectively.

Government budget balance (% of GDP) from 1991 to 2012


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Source: OECD (E: prediction)

Overall, as seen from line chart, not only do budget of almost countries inEuro area witness a significant fluctuation from the year 1991 to 2012 but it alsostay at negative numbers. Especially, Greece becomes nation which belongs to

budget deficit the most seriously. It was noticeable thing that only in 2009 as aresult of debt crisis did budget of Greece go down the bottom at about -16% ofGDP, which led to a dramatic decrease of other ones such as Ireland, Spain and

Portugal, even France.In conclusion, it is undeniable that other countries in EU area are affected

seriously by Greeces recession, which is reason of associating in a region. It isalso another drawback of regionalization.1.2. GDP growth rate

Only by being worried about a global crisis did care of investors inclinestrongly, which affected negatively to investment and consumption of companyand citizen, even government. It led to a downward trend of EUs GDP growthrate. In addition, huge economies had to share a part of their financial source to

support Greece in aid packages, which was consequence of decreasing growth theireconomy.


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Chart: GDP growth rate in EU between 2007 and 2012

In general, as seeing from bar chart, EUs GDP growth rate always stays in

low level, especially when Greek debt crisis happened, these numbers droppeddown to the lowest point. Starting with the figure between 0, 4% and 0, 8% in2008, 2009 witnessed a dramatic decline with disadvantage indicators, even -2,5%, followed by an impressive recovery to positive number until the end of year2010. After being continued to see spectacular picture in 2011, the index came

back to bad point was -0, 3% for the first three months in 2012.Statistics 1 have shown that the Euro zone GDP growth rate stayed at 1, 6%

and saw an unequal among the countries. In group of developed nations in EU,only German still kept its growth speed stably at 3%. Besides, while belonged toindex less positive than German, British, France, Italia and Spain developed atfollowing level, in order : 0,9%; 1,6%; 0,4% and 0,7%, the opposing were truewith Greece (-7,5%) and Portugal (-1,7%).

In a word, Greek crisis had negative effects to GDP of EU extremely.However, by dint of efforts of EU, it is believed that the situation is improved andrecovered gradually.1.3. The effect domino

Greece is a small country in EU area, but some people worry about the effectDomino when it is broken the debt. Facts have shown that debt crisis spread toPortugal, Spain, Italy and Ireland, which is consequence of prime minister of

Greece and Italy had to be resigned2

11http://www.tapchicongsan.org.vn/Home/The-gioi-van-de-su-kien/2012/15619/Nam-2012-kinh-te-EU-co-lac-quan.aspx2http://www.zing.vn/news/the-gioi/10-nuoc-chau-au-co-nhieu-nguoi-tre-that-nghiep-nhat/a235646.html
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Budget deficit and Government debt in 2010 (%GDP)

Greece Ireland Italia Portugal SpainBudget deficit 10.5 32.4 4.6 9.1 9.2Government debt 142.8 96.2 119 93 60.1

Source: TradingEconomics.com

The table shows five nations in group of EU countries stay in the mostserious status. To specify, Greece had the highest number in government debt,followed by Italy, Portugal and other countries with those number were 119; 96,2;93; 60,1; respectively. Besides, looking at the figure of budget deficit, it is clearthat Ireland belonged to the most seriously index at 32,4% of GDP. Other nationsalso had lower number than allowed level of Euro zone. It is predictable that theymust be faced to slow growth economic in the next years. In order to reduce budgetdeficit and bring a stable trend for bank system, governments need to contract theirexpenditure.

Facts have shown that not only were five nations above suffered by debt

crisis but Romanian Government also become the sixth country of EU area wascollapsed official on 6th February, 20121. Moreover, Netherland is standing forrisk of collapse2, which leads to series of nations in EU area are affected by Greekdebt crisis. Up to now, people can call this crisis is Europe public debt crisis

because of its impact.2.The impact on banks system

2.1. Interest rate

In the Europe area, interest rate decisions are taken by the Governing councilof the European central bank. ECB has the monopoly supplier of the monetary

base and bank reserves3

. That means ECBs interest rate policies influencecommercial banks system in Europe directly.

Chart: ECBs interest rate between 1/2008 and 1/20121

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The chart shows the changing in ECBs interest rate policies between 1/2008and 1/2012, especially in the peak of debt crisis.- Generally, ECB maintains a low interest rate, it shows a tight interest policy

by ECB.- In early 2008, the interest rate was 4%. It was increased in the middle year

(4,25%) but in the end of year the rate was decreased constantly (2,5%).- During 2009, ECB regularly decreased the bank rate, in the end of the yearthe rate was 1%.- ECB maintained the rate 1% during 2010.- In 2011, the interest rate was usually changed.ASSESSMENT:- Acording to ECB, based on regular economic and monetary analyses, theydecided to keep the key ECB interest rate unchanged.- Howerver, the signal of nations public debt in Euro zone in early 2008influenced interest rate policies. Banking leaders had to change basic interest rate.

In middle of 2008, there was a period of cutting rate because ECB feared ofeconomic recession in area.- ECB had maintained the interest rate near 0% for a long time. The spread of

public debt in area, especially in Greek was the reason of this changing.- In 2011, the interest rate was increased from 0,25 to 0,5%, this couldinfluence the European economy.

Inconclusion, Greek debt crisis has negatively impacted on banks system inEuro zone. ECB has changed the interest rate policies which has unchanged for along time to stable the economy.

2.2 Exchange rateThe same with changing in interest rate policies, the EUR exchange rate wasfluctuated clearly. Before the debt crisis was getting worse, Euro was a strongcurrency. Overall, when the debt crisis was spreading, the Euro exchange ratedecreased and the euro value is declined, too.

Chart: The exchange rate between EUR and USD from 1/2008 to 1/20121

1http://www.tradingeconomics.com/euro-area/currency
http://www.tradingeconomics.com/euro-area/currencyhttp://www.tradingeconomics.com/euro-area/currency


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The chart shows the changing constantly in EUR exchange rate.- In 2008, the exchange rate was 1,6. Howerver, this rate was decreased day

by day and increased a little at the end.- During ECB took interest rate near 0% policy, the exchange rate wasfluctuated continuously but it was maintained at low rate.

- This follow table would show clearly the decreasing in Euro valuation

1

:This decreasing in Euro valuation made people transfer holding USD. As you cansee, the highest exchange rate is 1,599 (1,6) in 2008.

Lowest Highest

Date Rate Date Rate

200

0

26/10

$0.8252

06/01

$1.0388

2001

06/07

$0.8384

05/01

$0.9545

200

2

28/01

$0.8578

31/12

$1.0487

200

3

08/01

$1.0377

31/12

$1.2630

200

4

14/05

$1.1802

28/12

$1.3633

200

515/11

$1.1667

03/01

$1.3507

200

6

02/01

$1.1826

05/12

$1.3331

200

7

12/01

$1.2893

27/11

$1.4874

200

8

27/10

$1.2460

15/07

$1.5990

2009

04/03

$1.2555

03/12

$1.5120

201

0

05/05

$1.2924

13/01

$1.4563

In conclusion, the euro is going through hard time since its inception whilethe debt crisis and economic recession is continuing unpredictable. Howerver, in a1Euro exchange rates in USD, ECB
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otherhand, this is an oppurtunity to experience the advantages of the Euro andECBs policies.2.3. The banks system in EU

Chart: Global Debt Crisis-Country % Risk of Bankruptcy (2010)1

The chart shows that countries in EU have the biggest risk of goingbankrupt. They are Ireland (about 42,5%) or Greece (about 31%). Belgium,Portugal, UK, Spain and France have high rate, too.

The reason of this crisis is lending to EUs countries for governmentexpenditures. After that, when these coutries defaulted, banks had to holdgovernments bonds in Euro zone for payments.

To sum up, the above graph clearly illustrates that impacts of Greek debtcrisis on EUs economy are deep. The collapse of the banks system in Euro zone

shows that the global depression might not be recovered yet.3. The impact on citizens3.1. Wage and pension policy

Not only Greece but also all the major European countries are facing pensiondeficits. It is a very difficult challenge. EU faces to the risk of the pension crisis:

The difficulties in the debt crisis in Europe is not promptly resolved, this oldcontinent must suffer a "new whipping." It is a sign of a pension crisis which canappear in the countries having so big public debts.2

At the end of 2010, pension funds of the EU are 1,900 billion euro deficit.Specifically, the lack of British pension funds are 379 billion euros, equivalent to26% of GDP, this is also the largest fund in the EU. Followed by the funds of theGerman and Spanish with a deficit equivalent to 24% and 18% of GDP. With thissituation, the workers in the EU must face to spending for old age by selling their1www.marketoracle.co.uk2http://www.cand.com.vn/News/PrintView.aspx?ID=169308
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homes or accept reducing quality of life. Now, according to new researchpublished by the European Central Bank (ECB), the total amount of pension EU 19countries have to pay 5 times higher of their total debt.

In Greece, cuts and austerity measures have driven more than one out of four(27.7%) citizens under the poverty line (according to data from the European

statistics office). Policy measures have included 150,000 public sector lay-offs,antaxing of pensions for many public employees and a 22% reduction in the nationalminimum wage. Political and social instability Greece as well as other countries in EU haveconducted austerity policies. So, this action has sparked waves of protests in theregion and increased social unrest. For example, the draft of Greece delayedsalaries for civil servants or applied more taxes makes wave of strong protests.

Now, not only international markets but also Greek have no belief in the Greecegovernment.

In Europe, the conflict broke out on the street, workers demanded the wide

retirement policy while government decreased pensions and increases retirementage.3.2 . Unemployment

Besides being hard to giveconsecutively bailout package of up to 300 billioneuros to solve debt crisis for Greece, Portugal, Ireland, now the EU leaders sufferhigh pressure when unemployment rate in the area reached a record since 15 years.

Chart 1: The euro area unemployment rate from 1/2010 to 3/2012

The charts show that:1

Unemployment rate changes over time. Its fluctuation is unpredictable:- It decreased from January 2011 to April 2011 (10% to 9.9%)- From September 2011 to March 2012, it has increased sharply (10.2% to

10.9%)

1http://www.tradingeconomics.com/euro-area/unemployment-rate
http://www.tradingeconomics.com/euro-area/unemployment-ratehttp://www.tradingeconomics.com/euro-area/unemployment-rate


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The rise in unemployment in Europe is said to be the direct result of the"austerity" policy in many countries in the region are used to solve debts.

Among the Member States, the lowest unemployment rates were recorded inAustria (4.0%), the Netherlands (5.0%), Luxembourg (5.2%) and Germany (5.6%),and the highest in Spain (24.1%) and Greece (21.7% in January 2012).

High unemployment rate has bad impact on the economy in Europe, especiallythe unemployment problem of youth is very serious.In the case of Greece, according to Eurostat, the number of unemployed

people, meanwhile, equates to an average rate of about 20 per cent across thepopulation and among youth (under 25), close to 50 percent.1

3.3. Social welfare

Europe is an area which combines high living standards with high standards ofsocial welfare. The trouble is, such spending is helping to bankruptgovernmentsnot least because those very same caring policies ensure thatEuropeans live longer, requiring more expenditure on health care and the

payment of pensions for more years.However, thedebt crisisin Greecehas forcedsome countries in Eurpope

to cut welfare programs to limit spending. It has affected the socialbenefits that European citizens are entitled. For those who areunemployed, the social welfare is the piece of rice, clothing them. Cutsocial welfaremeans thattheymustcut consumption.

Most European countries are under severe budget deficit. Social welfaresystem of the continent is so bad. Many countries in Europe area were conductedcut spending policies.

Germany will decide the budget for at least 3 billion euros, equivalent to USD3.75 billion. The German government will first decide to reduce unemploymentallowance. British government announced to reduce $ 8.6 billion of publicspending, mainly salaries those working in government and some other costs.The British Government is committed to raising the age to receive allowance of thestate, from 60 to 65 for women and from 65 to 66 for men. The UK governmentannounced it would narrow the welfare system. In addition, tax credits for childrenand birth bonuses also cut.

In conclusion, Greek debt crisis impacts on citizens on many aspects andmake citizens life worse. So, European leaders need to review the financial

policies for the region to give effective solutions to the problem of debt crisis.III, EUs solutions

1.In the short run

a. The European Financial Stability Facility (EFSF)

1http://eurodad.org/archives/1128313)
http://eurodad.org/archives/1128313http://eurodad.org/archives/1128313


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Creating EFSF on 9 May 2010. The EFSFs mandate is to safeguardfinancial stability in Europe by providing financial assistance to members in Eurozone.

To fulfill its mission, EFSF issues bonds or other debt instruments on thecapital markets.

EFSF is backed by guarantee commitments from the euro area MemberStates for a total of 780 billion euros and has a lending capacity of 440 billioneuros.1

b. The European Financial Stabilisation Mechanism (EFSM)

EFSM is an emergency funding programme reliant upon funds raised on thefinancial markets and guaranteed by the European Commission using the budget ofthe European Union as collateral.c. Treaty of Brussels

According to this treaty, 17 countries in eurozone agreed to delete 50% debtfor Greece by the bailout package of EFSF.d. Intervention of ECB- Receiving governmental and private debt up to 200 billion euros by the end ofOctober, 2011- Announcing the plan for distribution of activities refinancing in the long term.- Restarting swap contracts for dollar with the support of Fed2.

In the short run, bailout packages have been given to implement these measures.All the countries received the EUs bailout packages have to pass the austerity.In detail:

Country Bailout package (billion euros) Time to pass

Greece 110 May, 2010130 February, 2012Portugal 78 May, 2011Ireland 85 November, 2010

- Greece: Firstly, it is a bailout worth 110 billion euro. This programme will be designed,

notably through lower interest rates and extended maturities, to decisively improvethe debt sustainability and refinancing profile of Greece.

The second bailout package for Greece was approved by Europes finance

ministers after negotiations in February, 2012 in Brussels. Greece was loaned 130billion euros (170 billion dollars).- Ireland:

The Eurogroup and the EU's Council of Economics and Finance Ministersdecided on 28 November 2010 to grant financial assistance in response to the Irish

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authorities request. The financial package will cover financing needs up to 85billion. The EU will provide up to 22.5 billion through the EFSM and the EFSFup to 17.7 billion over 2011 and 2012.

- Portugal:Following the formal request for financial assistance made on 7 April by the

Portuguese authorities, the terms and conditions of the financial assistance packagewere agreed by the Eurogroup and the EUs Council of Economics and FinanceMinisters on 17 May 2011. The financial package will cover Portugals financingneeds of up to 78 billion. Through the EFSM and the EFSF, the European Unionwill each provide up to 26 billions to be disbursed over 3 years. Further supportwill be made available through the IMF for up to 26 billion, as approved by theIMF Executive Board on 20 May.1

2.In the long run2

a. European fiscal union

Germany, France and other countries have taken another step in the

establishment European fiscal union in Eurozone, with mechanisms of tight fiscalcontrol and punish with the members of the European. England is not agree to.

b. European bonds

On 21 - 10 2011, The European Commission proposed European bondsfor 17 countries in Eurozone, this was an effective way to solve the current crisis.However, according to Mr. Jose Manuel Barroso, the plan had to be attached withclosely monitor systems and coordinate economic policy avoid consequences of

political decisions hurt little voice countries as well as ensuring sustainable public

finances.c. European stability mechanismThat is a long-term bailout fund after European Financial Stability Facility

(EFSF) and European Financial Stabilisation Mechanismin (EFSM). ESM isexpected operation in July,2012d. European monetary fund3

That is converted into European Financial Stability Facility, include supplyinterest rate lower than levels of economic growth for government bonds in themedium term

C. Conclusion

1http://www.efsf.europa.eu/mediacentre/news/2011/2011-010-efsf-places-3-billion-bond-in-support-of-portugal.htm2http://dangcongsan.vn/cpv/Modules/News/NewsDetail.aspx?co_id=30127&cn_id=502449

3 http://www.tapchicongsan.org.vn/Home/The-gioi-van-de-su-kien/2012/15575/Dong-Euro-va-cuoc-khung-hoang-no-cong-chau-Au.aspx
http://www.efsf.europa.eu/mediacentre/news/2011/2011-010-efsf-places-3-billion-bond-in-support-of-portugal.htmhttp://www.efsf.europa.eu/mediacentre/news/2011/2011-010-efsf-places-3-billion-bond-in-support-of-portugal.htmhttp://dangcongsan.vn/cpv/Modules/News/NewsDetail.aspx?co_id=30127&cn_id=502449http://dangcongsan.vn/cpv/Modules/News/NewsDetail.aspx?co_id=30127&cn_id=502449http://www.tapchicongsan.org.vn/Home/The-gioi-van-de-su-kien/2012/15575/Dong-Euro-va-cuoc-khung-hoang-no-cong-chau-Au.aspxhttp://www.tapchicongsan.org.vn/Home/The-gioi-van-de-su-kien/2012/15575/Dong-Euro-va-cuoc-khung-hoang-no-cong-chau-Au.aspxhttp://www.efsf.europa.eu/mediacentre/news/2011/2011-010-efsf-places-3-billion-bond-in-support-of-portugal.htmhttp://www.efsf.europa.eu/mediacentre/news/2011/2011-010-efsf-places-3-billion-bond-in-support-of-portugal.htmhttp://dangcongsan.vn/cpv/Modules/News/NewsDetail.aspx?co_id=30127&cn_id=502449http://www.tapchicongsan.org.vn/Home/The-gioi-van-de-su-kien/2012/15575/Dong-Euro-va-cuoc-khung-hoang-no-cong-chau-Au.aspxhttp://www.tapchicongsan.org.vn/Home/The-gioi-van-de-su-kien/2012/15575/Dong-Euro-va-cuoc-khung-hoang-no-cong-chau-Au.aspx


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The Greek debt crisis has been the beginning of the debt crisis in EU and inthe world. This crisis has significantly impacted to the European Unions economy.To save the EUs economy especially economy of some countries with large publicdebt such as Greece, Ireland and Portugal, the authorities of European Union andits member have passed some measures as the austerity and cutting-down interest

rate. Although there are still numerous difficulties, the status of EU has beenimproved.Reference:www.nytimes.comwww.tapchicongsan.org.vnwww.bbc.co.ukwww.eubusiness.comwww.tradingeconomics.comwww.marketoracle.co.ukwww.laodong.com

www .vnexpress.com

ASSESSMENT MEMBERS OF GROUP:

Member Assignments Scored1. Nguyn Th Thy B.II.2 + summing up2. ng Th Thy Giang B.II.1 + making slide3. Trn Th Hi B.II.3 + summing up4. Nguyn Ngc Qunh B.III + C

5. Trnh Th Ngc B.III + C6. Lng Th Ha B.I.27. Phm Th Nga B.I.1 + A
http://www.nytimes.com/http://www.tapchicongsan.org.vn/http://www.bbc.co.uk/http://www.eubusiness.com/http://www.tradingeconomics.com/http://www.marketoracle.co.uk/http://www.marketoracle.co.uk/http://www.laodong.com/http://www.laodong.com/http://www.vnexpress.com/http://www.nytimes.com/http://www.tapchicongsan.org.vn/http://www.bbc.co.uk/http://www.eubusiness.com/http://www.tradingeconomics.com/http://www.marketoracle.co.uk/http://www.laodong.com/http://www.vnexpress.com/

Impact of Greek Debt Crisis on Eu Economy(Last) Final

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Transcript of Impact of Greek Debt Crisis on Eu Economy(Last) Final