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Vietnam needs a comprehensive approach to public debt (Part1)

20/7/15
Kết quả hình ảnh cho nợ công của việt nam
Greece has gone through the referendum on the “agreement” or “disagreement” with “austerity” measures to continue receiving bailout from EU. Up to this time, the results of the referendum was clear with 61% of answer “no” and only 39% left said “yes” to the conditions of the lenders. Greek Prime Minister Alexis Tsipras called it “historic and courage choice” of the Greek people...
According to Ms Tran Thi Ha Phuong, Vietnamese Embassador to Greece, this result was unpredictable because the earlier opinion polls had shown a narrow vote of between “no” and “yes”. It was not the problem that Greek would stay with EU and Eurozone or leave there. The issue was that the Greek people did not accept the imposition of European lenders in exchange for bailout package for the debt maturity. Greek people want to negotiate new conditions for EU.
Despite debt problems of Greece attracted attention of the public and the media but in the capital Athen, everuthing seemed still quiet. Greece prepared for a referendum just three days after talks with European lenders failed. After Congress approved the proposal of the Prime Minister, Ministry of the Interior was required to organize the referendum. There were many suggestions that Greece's debt crisis was due to weak public debt management, corruption reduced the effectiveness of loans and poor management led to tax evasion of tax obligations, causing losses State budget, reducing ability to repay.
With nearly 11 million people, annually Greece welcomes over 25 million visitors. Greece is famous as the hometown of many historians, philosophers, architects, astronomers, poets. It is one of the cradles of human civilization. Greece is also famous for its luxurious beach resorts such as Santorini, Mykonos, Crete, Rhodes, Skiathos ...; agricultural products such as olive oil, wine ..., marine economy development with the largest ocean fleet in the world.
Greece is a member of the OECD, which is an affluent Southern European country with per capita income before the financial crisis of 2008 was about 30 thousand USD a year.

Greece's public debt, according to data from the Ministry of Finance Greece to April 1st this year was 312.7 billion Euro, including 131 billion Euro debt to European Financial Stability Fund, owes private investment and short-term bonds for 80.7 billion Euro, in debts of 53 billion Euro to European governments including Germany, France, Estonia, Slovakia, in debt to European Central Bank (ECB) 27 billion Euro, the International Monetary Fund debt (IMF) 21 billion Euro. Thus, Greece's public debt is much higher than the country's GDP. Debt structure including short-term borrowings under 1 year is 34.1 billion Euro, medium-term loans from 1 to 5 years is 34.1 billion Euro, long-term loans over 5 years was 238.7 billion Euro. It can be seen primarily the risks from short-term debt less than 1 year. They are almost immediately to rollovers... (To be continued)
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