Greece adopts a political system of parliamentary elections. The prime minister and the cabinet dominate the political process. The president can also exercise some government functions in addition to his symbolic powers. The president, the prime minister, is 4 years, elected by parliament, and can be re-elected again. The Greek monocameral membership has a maximum term of four years, but the election can be held in advance.

The sovereign debt crisis born in Greece dates back to the year oo, when Greece had just entered the euro zone. According to the Maastricht Treaty signed by some countries of the European Community in 1999, member states of the European Economic and Monetary Union must meet two key standards, namely, the budget deficit cannot exceed % of GDP and the debt ratio must be lower than 6o% of GDP.

However, Greece, who asked to join the alliance at that time, saw that it was far from these two standards. If it could not join the EU smoothly, this was a situation that Greece and the eurozone alliance were unwilling to see. At this time, Greece turned to the US investment bank Goldman Sachs, hoping to ask them to help find a solution.

Goldman Sachs lived up to its responsibilities and designed a "currency swap transaction" method, which concealed a public debt of up to 100 million euros for the Greek government, thus making Greece meet the standards of eurozone member states on the books.

This specific approach, known as "financial innovation", is that a Greek bank's 10- to 15-year government bond was listed in batches. The government bond was responsible for converting the US dollar provided by Greece into euros. When the debt expires, Goldman Sachs will still be exchanged back to the US dollar. If the exchange is calculated at the market exchange rate, there is no stamp to do. In fact, Goldman Sachs' "creative" lies in artificially formulating an exchange rate, allowing Goldman Sachs to lend a large amount of cash to Greece without showing it in Greece's public debt ratio. If the euro is calculated at the market exchange rate equal to .5 US dollars, Greek bank's 7.4 billion euros can get 7.4 billion euros.

Goldman Sachs used a more preferential exchange rate, which allowed Greece to obtain 8.4 billion euros. That is to say, Goldman Sachs actually borrowed Greece O billion euros. But this money would not appear in the statistics of Greece's public debt ratio at that time, because it would not be returned ten to fifteen years later. In this way, Greece had this cash income, making the national budget deficit only .5% of GDP on the books. In fact, after the European Statistics Office recalculated in 4 years, Greece's deficit was actually as high as .7%, which was far beyond the standard. Recently revealed that Greece's real budget deficit at that time accounted for 5.% of its GDP at that time, far less than the specified %.

In addition to this loan, Goldman Sachs also designed a variety of methods for Greece to make money without increasing the debt ratio. For example, future income such as the national lottery industry and aviation tax were used as collateral for cash. This mortgage exchange method was not a liability, but became a sale, that is, bank debt securitization. Of course, these services and loans of Goldman Sachs were not provided in vain. They received a commission of up to 100 million euros in this transaction. Goldman Sachs knew that Greece entered the euro zone through this means, its economy would inevitably have long-term considerations and would eventually lack payment capabilities. In order to prevent its investment from being wasted, Goldman Sachs purchased O-year O-billion euros CDS "credit default swap" insurance from a German bank so that the insurer would make up for the shortfall when there was a payment problem with the debt.

The greed of capital is reflected at this time, and this is also the usual practice of American companies. Wanting to make huge profits without any effort is the goal that Wall Street financiers are pursuing. After all, they are some outright big liars.

Good times didn't last long. After the financial crisis broke out, Goldman Sachs in the United States first fell into an economic crisis, which immediately led to the entire Greek country. The financial game designed by both sides was also exposed. As the saying goes, it always has to be paid back. Greece became the first country in the EU to be insolvent in the financial crisis. Shortly after the financial crisis, Fitch, one of the world's three major rating agencies, announced that it would reduce Greece's sovereign credit rating from "a-" to "bbb+", which would undoubtedly make the Greek government worse. Later, four countries, Portugal, Ireland, Italy, and Spain, also fell into a sovereign debt crisis. S&P also lowered the prospect of Spain's sovereign credit rating from stable to negative, and also implyed that due to deterioration in public finance,

Portugal's sovereign credit rating may also be downgraded. As a result, the debt crisis began to spread in various sovereign countries in the EU and the situation became increasingly fierce. In order to get out of the crisis of the financial crisis as soon as possible, the Greek Prime Minister then announced the reduction of government public spending and the increase of tax rates to cope with the serious debt crisis faced by the country. However, because Greece has long adopted welfare policies that are higher than the economic development level and the debt-raising model of "eat the food for the first time", this has caused the current situation of high debt. It can also be said that Brennande has been responsible for coming to China. They have placed all their hopes on China. If China can lend a helping hand, Greece can escape this disaster. If China ignores it, then the future situation in Greece will be hard to say.

This time, Brennande not only asked China to purchase their country's sovereign debts, but also brought a huge economic and trade delegation to do business with China. They knew that borrowing money not only required to pay high interest, but also had to pay back. The only hope was to develop the country's economy. China, the second largest and most dynamic economy in the world, is their only hope. In today's global economy, only China can help them overcome difficulties.

Brennand, who walked out of the cabin door, was surprised. Yesterday he was still criticized by the people in China. Unexpectedly, when he came to China today, he was welcomed so warmly. Brennand felt that this was a good omen. Perhaps China could lend a helping hand to save them this time, and both sides shook hands enthusiastically. Mu Guoxing smiled and said, "On behalf of the Chinese government and people, I welcome Vice Premier Brennand to visit China!"

"Thank you to the Chinese government and people for your welcome to me. I am very happy to know Mr. Director." After a short rest, Huaxia held a grand welcome banquet for the Greek government's economic and trade delegation. What Brennan did not expect was that before the banquet began, the Chinese Prime Minister actually met him and had a friendly conversation with him.

After Brennande introduced the current situation in Greece, the third leader smiled and said, "Mr. Brennande, we have noticed the current situation in Greece, and we are also very concerned about this. Greece has always been friendly to our country, and we are willing to provide assistance to the Greek government within our ability. Mr. Mu Guoxing, director of the my country Regulatory Commission, has obtained full authorization from the government. You can have a good talk in the next few days."

The words of the No. 3 conveyed two messages to Brennand. First, we are willing to help the country that is friendly to us. Second, Mu Guoxing will be fully authorized to negotiate with Brennand on behalf of the Chinese government.

As a veteran politician, Brennand quickly understood the meaning of the No. 3 word. What else can he say besides thanking him at this moment?

Since Brennand led an economic and trade delegation, it means that in addition to the Greek government asking for help from our country, he also wanted to trade with our country. This negotiation began with the beginning of soldiers to soldiers and generals.
Chapter completed!