o

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.
,
.

.
,


,
.
2/7/2011 ( 22/1/2012)

-1-

 (...)
( )
,

. ,
2010 230
, 4,5%
2009. 2011
6%, 3%.
2012
2,8% 6,5%.


.

4 .


17%.

,
( , ,
).
1970 .

2011

.
( 4,5
7,5 ), 4,5
. 2010
,
Lazard,

.

/

(. PSI)


- .
,

.
- , , .

, .

2010
14,8% ( 733.645
4.967.410 ) 10,2%
2009. 15-24

-2-

40%.
2011 17,7%,
16,3%
12,4% 2010. 2012

20%.


4.233.765 ,
, 4.353.149 .


( 2010)
,
,
,

.
,



,

.

2010.
CDS (
Credit Default Swaps)

.
90. ,
, -

,
. ,
,
,
,



.


. CDS
,
,

, -

.


,

Greek Statistics
,
CDS,
,
. CDS
: ,

, CDS
, ,

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( )!
(naked).
2010

CDS 10 .

, . .
75%
CDS.

.
:
1)
.

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.



.

,

.
,

.
()
,
, -
...,
.
.
,
. , - (..
- )
(. ). . , - ..
,
, , ,
( )
..,
( + ).
2010, 10,5% ,

6,6%
3,9%

(, , , .). 2011

19.6 9%
2012 11.4
5,4% . ,
,

.

-4-

,
Eurostat
-

- ,
.
():


.
(.. /
)
(.. ) , ,

.




2013,
.
, . 2012
17,9
,
, 17,5 !


PSI () .

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(- , -

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.


20
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, .
():

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,


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(-6,5%)
,
,

.

2011
11% 2010
14%
.
(RCU) (. PSI)

,

( )

.

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(). , ,

75%
. ,
,


.


,


.

. ;

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.
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)
2010,
spreads
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30 ,

:
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,


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.

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2010 , :
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l

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2
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.


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,
5%.

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.
2010
5%, 2011
3%.

-

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.
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,
,

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( PSI)

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.


50% (


).
352 , 92
260
.

205 ,
55 .
26/27

21% .

205 .


,

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,
( 24
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,
Eurogroup
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,

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50 . ,
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PSI 120% 2020,
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;
,
2009,
;
( )

( 2009),
,

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(1%) . ,
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5% 15%.

12
.
3 .
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.

.
SPREAD ( /)


..

2.


,
.

,
(spread)
.

14%,
3%,
17%. CDS (. ) spread


arian:

,
.


.

,



.


.
,
2010 12,3
(6,4 ),
30



26,5 3.

,

,
30 /
80 /

4.

Newsweek
24/1/1983: -

,

-
.


.
,

.

. ,
,
.
, .

2.
, . spread ,
.
3. .. 2010
4. . 2009 35% .

-9-

...

.
,
, 1.000 5.000 ,
100 ,
( ...)
23
, 23%
.

2.3%
,
0.46%
. ,


,
.

().
, .


2010, 9,4

, (
) 3,2 .
2011
10,6 2,8
2012
,


2,1
,
11,1 .

, ,
.


. , 20%
( 45%
),
,

15,4%.
0,5%,
24%.
()

()

- 10 -

. (
)
(
, , ).
,
.

, ( 1
), ( 10
)
( 10 ).


,
.
2011
352 , 161,7%
, 2010 329
145% 2009 299,5
129% .
1991-2011
513 . 2003-2011 151
. 2009,

17,1 ,

85,2 . 2012
70 .

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