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1、TheGlobalEffectsoftheEuropeanSovereignDebtCrisisByTimChristensenApril2012TheEuropeansovereigndebtcrisisbeganovertwoyearsago.AsindicatedintheprecedingE-Booksections,whilelong-termfiscalpoliciesdatingbackseveralyearscontributedtothecrisis,thecurrentsituationcanbetracedbacktotheendof2009wheninvestorsbe
2、gantoquestionhowGreecewouldbeabletofinanceitsgrowingdebt.ThesefearseventuallyresultedinaEuropeanUnion(EU)-andInternationalMonetaryFund(IMF)-ledGreekbailoutinMay2010.However,thecrisisdidnotstopthere.ThefirstGreekbailoutwasfollowedbybailoutsinIrelandinNovember2010,PortugalinMay2011,andasecondGreekbail
3、outinJuly2011thatwasfinalizedinFebruary2012.Despitethebailouts,theEurozoneisstillfacingdifficulties.Moreover,theregion’sstruggleshaveaffectedtheglobaleconomy,leadingtheIMFDirector,ChristineLagarde,towarninJanuary2012thattheworldcouldbeheadedtoa―1930smoment‖ifthecrisisisnotcontained.ThissectionoftheE
4、-BookwillexaminetheglobalimpactoftheEuropeansovereigndebtcrisis.PartAwilllookattheeffectsthedebtcrisishashadontheUnitedStatesandJapan,andtheirresponsestothecrisis.PartBexamineshowtheEuropeancrisishasaffectedtheworld’semergingeconomies,withparticularfocusonChina,Brazil,India,andRussia.PartClooksatthe
5、developingcountriesinAfricaandtheMiddleEast.PartDconcludesthissection.A.TheEffectsoftheEuropeanSovereignDebtCrisis:AdvancedEconomies1AlthoughthemostjarringeffectsoftheEuropeansovereigndebtcrisishavebeenlargelycontainedtoEurope,thecontinent’sproblemshaveaffectedtheworld’sotheradvancedeconomies,includ
6、ingtheU.S.andJapan.1.InvestorsHaveBoughtU.S.CurrencyandBondsintheWakeoftheCrisis,butU.S.–EuropeTradeandInvestmentHaveWeakenedBeforethemajoreventsoftheEuropeansovereigndebtcrisisbeganneartheendof2009,theU.S.wasrecoveringfromtheglobalfinancialcrisisdiscussedinPartFiveoftheE-Book.AlthoughtheU.S.’econom
7、ycontractedduringthefirsttwoquartersof2009,itwasonitswaytorecoveryinthelasttwoquarterswith1.7%economicgrowthinthethirdquarterand3.8%economicgrowthinthefourthquarter.Altogether,however,theeconomycontra
