Khủng hoảng nợ công ở Châu Âu và bài học kinh nghiệm cho Việt Nam

HỌC VIỆN NGÂN HÀNG

Môn học: TÀI CHÍNH HỌC
Đề tài: Khủng hoảng nợ công ở Châu Âu
và bài học kinh nghiệm cho
Việt Nam

1. 
2. 
3. 
4. 
5.  !
6. "
7. #$%
8. &'()
9.  !
10. *+ ,-
11. &'#
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./001234564+7+784794+7:62
:7# 4;;<=#+#>./0?02@AB @+CDEB8F
+#2,"94+7;D++G:+,+#5:9H,:I#
7+J!:KL"LMN;<=594+7+#2
I#IOB694+7+783+I"IO!B#+P+OE
6>Q3456@A,O;N#: @I#+RMB8
EF6 ,I8B#:!I+SE994+74D>
:BN:+PGEB9@AB#3456@A+
+TEUB#M;+7+>ACH#+GIV#2WKDP
+#LN!B9XR2LH7B#6 ,53456
@A2:=+TW+9H#4NN+>
I, Lí luận chung

1. Khi nim n công
Nợ côngI#3+4DN+ !:J;F+O;>X27+"D
+7;VN:9Y2nợ công là khoản nợ mà Chính phủ của một quốc
gia phải chịu trách nhiệm trong việc chi trả khoản nợ đó.PBV2+V+"@
A+ T: @EZL<[B8D+V+" nợ Nhà nước nợ
Chính phủ>X2nợ công#+#4DB8nợ quốc gia>@CJI#
+#H346@;6+653+CJ2H=H3;VI#@5#
 8B#@5+ R*LN;2+\F2DR-> BV2@A]I#
3+H3;V5@CJ>
NB^_9CN4DB9@A
- Theo WB (2002)@AI#+#H3"46@5;5B#"
46@: @;5H6I`>
- Theo IMF (2010)@A: @GI#[B<+6@54BUA>&
4aB8I#:[<+GB94BUA2H=4BU;5B#
D4BU+\FA>
- Theo nghĩa hẹp, @AH=[B<@5Q;5+ !2D
M;C9:; !B#@5D+\F:3IV;: @Q;5H6
I` ++D>(NB9@A5R#78+ !+U
CN5N+JC6Ib@B#;R++#5:# !
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OB#cD++GX@;CJ2H=HJ5+G*?-@5Q;5
 !B#D32H2#+ !d*/-@5DM;C9:
; !d*e-@5R# !dB#*f-@5D+\F:3IV;#
Q;5E,"+Xg0hBJ2iBNC7+IV;RED;6: @EU;X
LN+5Q;5iQ;5I# T+DN+6@++ T
@;+\F:Bj@>
+3B#+G74+7B#+2CNB9@A,'CJ
EU4DHN+>V+(6Ib@AN+EJ/kl/00kl(?/N
IU+m#0?l0?l/0?0C:@AH=@;52@n @
;5H6I`B#@C9:; !2+:

o@;5I#46@n @4b47+;D+#RL# 8i
Q;52D46@L3#4b47+2;D+#i5C9;D+
#24AH=D46@LR## 8N+;D+#
Y+UN<+XED+9+N++m+T4)>
o@;5H`I`I#46@5LN;2+\F+#2+
L<B+ 82 8#n @Q;5H6I`>
o@C9:; !I#46@L5HRLR+]2+#;J
+U+3+ !4b47+;D+#i5C9;D+#>
  BV4DNB9@A+KC:5;D;IV+N+: @
:DDI#p;!EB8+AINCJ+7>O7+D 8+X+782
V+(6Ib@A:9qD:@A=@5Q;5B#@: @
Q;5H6I`>3+EJ 8B#BI`+\2@A_H=6@
5C9:; !*&#22rs-2@5LN;
# 8;I@V*D2t:AXqs->
3+D4DCD+M+2+GGunợ công (nợ Chính phủ hoặc nợ quốc gia)
là tổng giá trị các khoản tiền mà Chính phủ thuộc mọi cấp từ trung ương đến địa
phương đi vay nhằm bù đắp cho các khoản thâm hụt ngân sách”>P+72@Q
;52D4D2I#+R<+REDI47+:73++T:G#:>
&GLPLCA5@Q;52 T++ T:qK46@#
HYHX;+.EB8+\E6;vCJ3*wc->
[Type text] Page 3
2. Vai tr" c#a n công
o@AI#+.=IU# 82+m:+. T=BJ:G
;D++G!E,O+B#+.46.:+ :=H35# 8>N+
:+:O+.+J;D++G94+7++ T+K: 8q`
35[2+:!E,O+I#7+J+M+C7+:>J;D+
+G!E,O+B#:=H32BJI#7+JC+M+>8
ED:3@A@;Ib2B9BJEx+mH 8: @6C7+
:G:+ !E,O+2+m:+..IUE6qM+94+7>
o@A;;+#+@+R<+RED# 8R<+RED

##q 8+.+CD+P;D++G4+72:GH:y;+R
<+zI#3+BM:9I8B#U4P44.>Q9D:G+#+@
z2+:B@I#D: @DCJIU9M+BP:D;F
4;+Tz>ACB@Ex;;H:y;4;+Tz+4
D=4D 4;:D;F>
o:3@A;;+VL<: @=+##'+LR
 >3+H3;VLR +q`3D46+7+4N2+ACBN#
 8B@#"46+9#'#: @: B#EZL<2:KIO
NC64+764BUAI^4BU+ >
o@AEx+VL<: @EU'+@+m 8#B#D+\F+#CJ
+7>#+@CJ+7I#3++"O+:34+7{OC+
5D 8;D++GJR6 ,:7DCJa2
J@;+D4+7E; !>7N+H7++VL<+J+"!3
#2+PEx+X9=BJ :`:G:+ ;D++G!E,O+2+X
!E,+A+I@ 8HO2:=+T"B":3IV;25C9B#
EDM+CD5&6B## 8>XO"+D:3+UX+X2
@AR"+D:3+XUM+:>@AExRD;IUIX
ED+9+N2:iHN+I#+mD46+#+@# 8>74|IV++#
5# 8ISI}2@AEx+S4~NC6B#+P+O+2
I`;Ex+#I7+7!7DED+i+xBNEZL<B#C6Ib@
A>

3. An to'n n công v' sự cần thiết phải đảm bảo an to'n n công.
[Type text] Page 4
a, An toàn nợ công
+#@AI# j+J:#;5: @;~;B@> j:
;<+3B#HJ64+7oq`35CJ246.+z
 4OqM+4v5CJ:s
o j@A+A+ T: @qD:+K+|INhEB8wcqD
:HYEJ+N+:J> j@A5DCJI#4D :9

H=D]+X+#@A
• @AEB8wc
• @ 8#5CJEB8wc
• 6@;5EB8+\+z
• [B<+6@ 8#5CJEB8+\4OqM+4v>
&G:6H6+#@AH9B"DCJ_qRLUN+JD]
+XDED+B9@AH=
• OF@A
• @A;5EB8wc
• @;5EB8+z
• [B<@;5EB8+z
• |INI`BEB8+z
• [B<@LU;_EB8+z
• OF+ !O 8#B#H6I`B 8#5;5>
Khuyến cáo về ngưỡng an toàn nợ công của IMF và WB
Q]+X*h- •8+5€ •8+5t•
c@lwc /?{fk /og1
c@l‚M+4v ƒk{e00 1eo/ƒ
c@lz ?fe{/eg ?e1o/f
b, Sự cần thiết phải đảm bảo an toàn nợ công
XO+D:3+U5@A2@ACDF+GL^:7"
+D:3+XU:JB8DO+:34+7oq`35CJ2+V
+G+D:3+XU:7EU;D++G594+7+#>PBV2BN:6
H6+#@AI#BM:9+7+
[Type text] Page 5
- Nợ công quá mức có thể tác động tiêu cực đến sự tăng trưởng kinh tế và ổn định
môi trường kinh tế vĩ mô:
7@A: @+#+@HY=B@+ 8Ex:vi+HYI`EM+
IX247+C6I#+.;:+ 26:+ 5+ RB#+G
L^:7NF+DI:+ 247+7+4NE<+624~+K+.

+ ,4+7E<+6
$@A: @+#+@HYB 8#2+GREUHM+\B9+]D2+m
:47O+:A:+ HE<+62:9#I#L^:7EUE64+7
B8EU+.I`EM++ 8>
oNợ công quá mức tạo áp lực lên làm phát4;5B@+ 8HY
D;D+#+D;725+G+D;7+GI#AWiD+\
F+#+>7D+\F+#+EZL<+D;7
#+B#++ T,2I#DExIOD+D;7>&9#
ExI#+9+.B#:vI`EM+L[B#IO;D++.>
oNợ công tác động tiêu cực đến tỉ giá và thâm hụt thương mại: yO2
4B@ 8#47L_O+N6B#+ 8ExREF~;IX
R:JO+N2:I#I#+.D:=3+N>$3+N+.D2Ex47
4V;4vB#!I#6qM+4v_>&9#47+P
+OV;EX##+.B#!L^:7+R<++ !O+.
>
- Nợ công quá lớn tiềm ẩn gây ra cuộc khủng hoảng nợ:7;5B@+m
 8#2+yO2L_O+N6B#+GR+.D:=3
+N2+m:6 ,:7DR+ !O>9L#O2;5=O
+NI8Ex:vO+N+.2L^:7M+D:=3+N
7B@+ 82+ 87+I`EM+q 8+.IXB8!
IO;D+2:9#I#:=3+NM+D>7+P+O#LIR
L#+PExR456+9+N2+m:46.:v94+7B#3
456@AB89NI<4I T>
oTăng gánh nặng nợ công lên thế hệ tương lai:$@ACDI82B @+CD
46.++D5CJ2+yO2;5IO!MIO46
@HYDB@8:G+6@2HXO:;5IO+.D
46@8:G+UN<+X5P2F+7+J:3+.@##
>&7IW#:2;5H3;6+.+7B#y+6+@Mq`3>
"#:3#6 ,+XU:7+7NE>
[Type text] Page 6

4. Kh#ng hoảng n công
7 4564+7I#EUE6DO+:34+74~L#2+
4456@AI#+P+O@A+.*Bj@-2I#:69
4+7LEUM+R:J"+B#REDCJ>9
CD2+4+4A:D;F\2;5:B+9+AC9P
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E82:GIR+#uI`p:}I`„B###=M++X> D
4D456@qM+N446B@CJI8!46.+6
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 KD+7;V+mD46@4M+IO2K+KB#z;IHK
*/00?-qD:Y3456@Exq673++i
6:94NE:Rq6
oQ"46@JiI` #+6i:+6L,LE;6
q4M+IO[B<+6@:JB85@*R#2+\FE,"+D;7-
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DcM++G##*w•-5R#78*€-
   P  V45  6 @ A + ! : ! B8 +P +O u+9;D
E6„>z*/00f-: IV;IVJ BNM+46.++D"
46@+4BU+#LN;2456@AI#HGN
u+9;DE6„5+D;7;5>K:[2z:`]+m.?kkf
:7./00/2+X+78q6?f0EU4Nu+9;DE6„2I#6+B#
.IU5++ T+D;7Q;5>
+T:GN2:[B9@A5+\Fz+LLLc…E2
C†+9+N+78t•B#R#+78€I#3+EJD6+: @
++L^B#EZL<9!6>
 KC†+9+N+78t•23+CJ: @qDVIRB#45
6@7: @+\Fz+LL‡c…EIN+B#LEDD
 84A46.#+6@;6qB+mt•3+46I8

*B @+CD?00hOF+L<:9-:G+#+@46@+X>ˆ
[Type text] Page 7
:R+Xv: @: :Gz+LLLc…EqD:3+CJI#
4A46.#+6@I#BN;5CJ:4A+G
++D:5Ji+9I`D46@ 8#B##:D
Oi++TROC:*H=D46;D+E
++N;B<++D@HYJ;72N;B<z€cE+#E6
@2>>>>-> BV+PPB@HM++ TB8CAI8+O(†+9+N
CJ+7t•I#3++"LMNHD+ 8"HM+\+
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
5. Nguyên nhân gây kh#ng hoảng n công
oN+.O+X+mRED# 82I !B#;O+:3
5H3D# 82>>>:iHN+3456+#o4+7+#Bm
C:`H39 8;6M+9:G4y;<
oQ;54AHODEJINB9+P+ORED5CJ2
4GED++XB#C6I@5# 8_74~24Ai+x2R
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oQD=+*57+m+7-+.4A4;B8*y+6+72
+J+72+N+2JI324GED+4Ai+x>>>-
oRI6+ ,B9EFO2+CJL^:7+P+OB@+#I2
:+ CD+82+7++D2>>
oQ;54A4;+T4J7#BB+7+DN53+
EJR#494+7+.+ ,+O+#HH>i+4D_
IUHM;DR##4H+I'>
o7+4N+ 8+M;I#+R<+RED##+.>
II, Kh#ng hoảng n công ở Châu Âu v' ci nhìn to'n cảnh
1, Diễn biến c#a cuộc kh#ng hoảng
[Type text] Page 8
Q3456@AR‰Hy+:+mZE./00kB8EU+.

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L+R<+RED5 8#+.>
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f00+|:AI†2+:X@:7O./0?0:`IX+8ƒe+|:AI†>`
EM+O;;6+6D46B@IX+8F4|I<2+Xkh:JB8
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O; o?02g ?f/21 ƒƒ2g /0>1 f2ƒ ?2ƒ o?020
IK oe/2f k2/ gƒ2/ fƒ2e o?2 ?f2 o?2ƒ
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o 8E./0??2=&#+7;+<I#CJ+FH!B#45
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A:`B @+CDk0hwc>to+oIoB#RiL +UEU
!B#4562 ,+B_G>R<+RED5
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: !?e0hwc+.>&ExI#+|IN@lwcM+5t+I4G+m
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Q7++78I+Ft:72B#I#3++" 8F@lwc
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4|I<??2ƒh2+4+|IN+M+N;, T+}+.IXFe12ƒh>
Q3:=R‰*‹Q-LUHD+|IN+M+N;+O‹ŽKEx+.

IXF4|I<?/h+./0?eB#??h+X+#‹Œ2+:R
I#CJ+|IN+M+N;,FHD:3*o/ƒh-+4+|IN#+O•
]I#f2ƒh>#LUHD6:OB9+PP4+7‹ŽK2‹QH7+.
/0?e24+7cD;B#Q3_z;:9!B#E+D2+:cD;Ex+.
+ ,R02?h+./0?eB#+|IN+M+N;Ex+.+m?02h+.
IXF?02kh+./0?f>R<+RED594+7I8+F
+4BU‹ŽK#: @LUHDEx+.+me2khwc+.
IXf2/hwc+./0?f>Q3#z;!B#E+D+
+4wc: @LU:D6?/2h+B_/.+8*12ƒh+.
B#e2kh+./0?f->4:2R: @LUHD 
+G+D+4S3456LHH#:M+4~L#EJ+3++V;4|+O
 8#R>‹QLU:D4+7 8#Ex6?2gh+./0?e+ 8
4+G:O+F+.+ ,?2fh+./0?f>X2+KHDD
+X2O;ExI:+X:O++.+ ,E.E+DIX+7;>‹QLU
HD+GCJ+#BX‹ŽK#Ex:O+F+.+ ,02h+
./0?fE4+.+ ,Rf2/h+.>
KHDD+X2gCJ+4JF@AM+I#O;2
R2to+oIo2=&#B#z;>:2:DWb2@A5
O;I#?g02eh2+ !: !e0021+|ŠoA26+mF?g121hwc2+ !
: !ef02k+|ŠoA24).D> 8:2+Cbt2@A5
O;:`6qJ_/102f+|ŠoA2+ !: !?e2khwc2T47O
+DM+WD46@LI[BU+ Ry">X2:G+D!
;DE62O;+7;+<B+X+9+CbttB#47@AIK++,
[Type text] Page 11
IO>9#;R+Y2$BU:=+9R‰+G:`IO
!B#+P+OE+D+Cbttt./0?e>N++ T::T
DEJIN+FEx: @AHJ++D+8>
2, Nguyên nhân c#a cuộc kh#ng hoảng
a. Nguyên nhân bên trong
y+=+m456@A5O;>‚M+;D++mXR

I#46.C6++#A74~B8"46+X5
;5CDI82B @+46.4GED+>$7+C6I#+R<+RED5
O;B @+!?ehwcB#+\@A7+8?e0hwc*./0?0->
Q+GX"XR5@AO;2:I#
- Thứ nhất, chi tiêu công tăng cao dẫn đến thâm hụt ngân sách: .+ ,wc
5O;B^: @@B8+J:3+.+HP#.I#f2eh*/00?{
/00ƒ-EB8F+HP54BU‹ŽKI#e2?h>X2+
:O#2F+X;5+.1ƒh+4F+5;5]
+.e?h247RED+R<+B @+CDF;~;ehwc5‹Œ>
K:DD5D#4+72H3DAC9=49B#+7N
C65O;I#R+J:YEEU+R<+5CJ#>#
+T23++"5E,"C†:M+I8M+CJ#2IO4A;6+6
3+:=+7#>iLD#LR5q`3:`X#+T;6+6
+7  T4D2 :7 +MHN;D;#: @: 
D;L<>
K\F@;+DB#cD++G4+7*%‹Q-2+XC6IbA
++\EJ+XA5O;./00f:`!9EB8D
 8+#BX%‹Q4D+4M+I @B#EJI @LB<4A: @
6+N9>./0012456+#+#\:`6 ,4D
O:7D#AN;5J+5O;>#LIB#BV+6
HG2L+:9E<+6+X?gh+./00k>$+7O;IR
B#+P+O44.2=+:G+#+@RED# 8Hp;
[Type text] Page 12
O>4:O;IO;6+. T+XA:G4+4+7>
Q+X4+4+7E456./001I#+++X
BM:9@A>:7+D0?l/0?02@A5O; 8+IX+8/?
+|‹B#F@I47:O+F?e0hwc>
- Thứ hai, nguồn thu giảm sút cũng là một nhân tố dẫn tới tình trạng thâm hụt
ngân sách và gia tăng nợ công.
J+7B#O+:34+7,O;I#R+JI#6=+

RED>K:DD5R#+X8*€-24+74A+F
,O;7+8/goe0hwc*EB8F?g2hwc5N+d?e2?h
wc5(JB#z;Kd??2ehwc5V+6->N+J+7B8
9F+7B#H3IV+;F+O;B8EU:9+7+L +mB#+7N
C65!CC6IbI#XRL^:7+P+O+J+7B#4+7
;D++G,O;>$6e0hO+:3594+7 8#
IV2k0h" T+V;4+VL 8e0>000‹l.
Y+D3;+7>Q6 8O;]?g>000 T4+V;+X
?00>000‹l.>3+ ,+#O;c;E++H7+4A
+G+,O;]?g000 T+V;+X?00000‹l.>
K\FHOCJ+72O;I#3++" 8+|IN+
M++‹Œ>$A]ARBXF4A3;+72
#BNV+9JI3_4D;\H7+m+ !:7:; !>.
/0012!?eh TO;:`+8ƒg0+N‹Œr%+9;HPD
I`:O4BUAB#4BU+ 2+:HDE[I#" T:_9
+9!D3;^+V+dD#CO+#;JI#" T
C7+:+TM;~;qRLU: @M;B#DCF,:; !
  IX C :7 " B<  BN V J  I3>  5  + 8  O; wKK
[Type text] Page 13
c;LK+mVu++N+J„*EE+K+;+-I#
BM:9!H6M+L^:7+P+O@AO;>N+O#+
RO; 8+B#461hwc>4A]R
+J+72_I#+.+X;52y+8L+PFI !
AFB#+UNDLUDBJ:+ I8+BPyB#DLUD+O
9BNI#B#R.EM+I:3>FI !4A]+O
DiRED#_I#+O+594+7O;7
:> !2:=K+.D+mF?K:\!021:AI†IX:7?
K:\?2:AI+EJ+:O+m/000o/00147EFO+5#
O;7B#NC6+M+7I#3+DR+ !O+R<++9X>
- Thứ ba, tiết kiệm trong nước thấp dẫn tới phải vay nợ nước ngoài cho chi tiêu

côngV;Xk0+|IN+7+4N+ 8HPCR5O;],F
??h2+M;!9EB8F/0h5D 8 =&#2•2R
B#:q 8E<+6>BV2:+ + 8;<
+34D9B#DL_BJ:7+mHX#d @+F+D;7IX+<
6TB#BNV;IXR‰‹Œ*.?k1?-B#I#EHD
+D+D;7+mLRW+MO;:`:GB3+4S+3+4X
:3BJE‘H3;5O;+. TB@+#+@+X
A>
- Thứ tư, thiếu tính minh bạch và niềm tin của các nhà đầu tư:zU+7HO
+EJIN+J4X5O;:`I#M+9+5D#:+ #CJ
#:`+OLU: @B8+ DI#3++#BX5‹ŽKB#
qM+NDI#EW+BJ=O+4SDR#5O;2:v
CJ#B#+P+O44.+BN:3BJ+X++ TBJ
CJ+7>zU;<+3B#=+# 8#:`47O;+,X
M+LH+\+ !+ 8"+:\+9+58:+ >
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+T:O3V;4+7CJ+72+PHOIAI#3+:_SI85D#
:+ >$56@A5O;L;54AHODEJ
IN2JyBxXHF+ED2#=B9+P+OREDB9"
EDEy;H#:G4y;<"44.B9REDBM:9
4+7B[A2LBVNIU5"ED:ExHO79>
b. Nguyên nhân bên ngoài:
- Thứ nhất, chiến dịch tấn công làm suy yếu đồng Euro+m+D0/l/0?02
3+ ,qRLUR’E~IY3+7L+M
A:=‹+XD++ T+78#<+XYB#R>
w8:!:+UND7LYO+M;:=‹B#47IT>
57:!+yO>Q3+EJ#4+7Y3
456#LB#†+O:GYO:=‹>,+K2
IA4B8:=‹2_†+P6+MH:=‹:KLO2BN+M
A:=‹:GG 8L IVB9EU74~5:=:AI†

B#:=6>QD!C:DD5+D;7B#++ T+#
++ T+#:B+_RHM+\+PP4+7BmC>Q]3+.
+ 82I`EM+L#O5D+D;7+M;,F4|I<+O+T:GD
;5;D+#+D;782 ]+B#+2++ T+D;7:`
+:\O>y+:+m3456@,H2D!C:DD5
;D+N3+3456B#O+M;+D;75H2++ T
+#H:6B#8+#;N+:!: @+IT>7;:2D!C
:DD5+7;+<:+PD46@5C94DB#:`y+8D
 8‰2:+XI#O;B894+772@A>QD!C
#,3DO+:3RHM+\+X++ T+#>QD!C:D
Dz+LL‡c…EB#•+Hy+::DD@5O;2O+M;+D;7
5 8#+#+D;7D>$G+m:2I`EM++D;75;5
[Type text] Page 15
O;4Am+.2++ TF4DO;IX+<6>QJ+D
fl/0?02L…E6HD@A5O;2O+7;+D;7;5
O;>QD+D;7?0.I`EM++.IX1>ƒfhB#+D;7/.I`EM++.
IX?0h>z:z+LLhc…E+7;+<O+D;7;5I#+.I`
EM++D;7?0.IX?0hB#J+Dfl/0?0>’EK;z+I+Ž
Y2D!C:DD5 z+LL‡cE*z‡c-2L…EB#•+
I#R+J;;B#EUHM+\5D++ T2:vD 8B#45
6>
oThứ hai, hoạt động đầu cơ tài chính:N+OO;2=&#B#R
:;6:Ji+B8O+:3:!+#M+>"OR+7;
+K+GExI#q!IKB#t+I><:5:!I#I#+.I`EM++D
c7;5M++G:G+IT>5+ 8O;c;LKAHJ
HDDH7+2+R<+A5 8#./00kM;eIEB8F
;5:`AHJ+ 8:B#:O++8?/>ƒhwc2@AEx!?/0hwc
./0?0B#?eghwc./0??>Q]X./00k@A5O;+.
10+|‹2@ 8#IX?/ghwc>$Y4A+G~;4+7
O;!"2D#:!:`CE+V;+WbB#=&#B#R

>U+72@A: @+ !I @+ACDR#+ R
B#DLDR##M:>QD+\F+# I;424
“KoKII2R#+ !O2twB#E~+~wK~IK
9!3:!>cD+46:+X:!I#BNt•: HDD
#//lfl/0?02+K:94+7=&#:qM:>$+7=&#
Ex+.+ ,+M;!LUHDB#Ex4A6: @+R<++R<+AEx
I#ƒ2ghwc2LUHD;+ 8:I#2h+M+N;Ex,F+m?0o??h>VC62
D+D;7?0.5=&#B @C jf2ƒƒhB#N=&#
O;2q!IKI#" 8yy4A+UN6@
[Type text] Page 16
A2iL@A5=&#]I#1hwc>N+ODI=+A
+2+:=B#L IVY94+7RI#74~B#:9#
:`I#++ TF4D 8#E<+6X+>zO;2
=&#2R2t+I2q!IK2D#:!Hy+:[
B#cD;>NI##:`I#++ TOJ6O>‹Œr%]
_?2/ŒzA+ TCJ+74A+VI@†:KLO: DEJIN+X
U5DLN;I#++ TF4D†6>V;:#:
+ B#:DD>L…Eu:\+XLB#IZ„46HD+#A5
†B#:qM:>$J:KLO4546@A5O;+G
IEDCJ4D R2t+IB#=&#s:G:J;
B845462D#:+ H3;6T4SD 8#2I#D
 8!B#6+7+9>J:+ HW+4SO;4Am+.>Q]
+X++D?l/0?0:`1:7?0+|‹HW+4SO;2EJ
#!EJ+9+D;7#;5O;:`;D+#I:RM+>
IO23456@A5D 8R‰Hy+=+m9
XR26HX+I^HX#>‰ B#b:=5T+#;N++7;
+<RD;IUIX++ T+#Y:!47IT+yO>w
F+@ƒg0+|‹+DL<+yO2 B9+O2!+9
vB^_2B^_TB9D@AB#EUHM+\+#>
PP#+G6 ,:794+7R‰2 +GR

NF:JB86+78>
3, Cc giải php giải quyết n công
a. Giải pháp mà chính phủ Hy Lạp sử dụng
”w6+X2ED+y+I H3H<
[Type text] Page 17
o !+D?e2?fDIO+9+ ,4D5RBX# 8
O;ExHy+6#+#+4I !Ex4A: @+.+B_e
.>
 o?fl?l/0?02;5O;AHJ47OHP\>Q;5O;
J6+R<+REDqJF/21hwcB#./0?/>
oelel/0?02O;AHJ47O+y+I H3H<+Df21+]K
*462g+]Œz-:G+7;+<6+R<+RED>
oklgl/0?02t•:!; !M;+V+ 8?;47O6F2M;
IV;+Fg2g+]K>&G:\IM46F+@#2O;H3;6D;L<D
ED+y+I H3H<4yN+y+61hD46+XA
B#ehI !AF2+.:3+\] 5AF+m?IXg>
Q;CJ;_B#N+J+7CJExHy+>$7O#Y
: F+R<+RED5O;qJL 8ehwcB#./0??B#
IV;+FRI#E;6:J>
”Tăng thuế:
oO;:`+.+7+m/?hIX/eh
oQ;5LU:+.+7:JB8XIN2+JID2B# @46?0h

b, Các giải pháp mà liên minh châu Âu sử dụng:
* Lập gói cứu trợ
&+Dgl/0?02‹ŒB#(†9+NCJ+7*t•-:`M++L#3+F
+@L#O+D??0+|‹Œ2+ !: !46?e+|Œ+B_e.
O;YW; 8#+D+4SHTBU@A>Q;5&F:=
b;//2f+]K+ !: !e0+]Œz47OFO;>
&=+T2#?0lgl/0?02‹ŒB#t•:`M+++7+IV;(†J45

6+Dƒg0+|‹Œ*?000+|Œz-O;>/?lƒl/0??2I`:OD 8
+#BX‹ŽK:`+JM+L#O;F+@+D?g12+]
K2+:?0k+]K:7+mD 8+#BX‹ŽKB#t•2fk2+]K
_IOL4BU+ R:;>
Y.iD+D;7;5+<+6B#EUIK+5I`EM++D
;7;52‹Q_;6+UN+X:3+D@5O;#
D#:+ HD+JHD+D+X++ THAHD@M;/>
 * Phát hành trái phiếu chung của toàn khối – Eurobond
[Type text] Page 18
‹HL: @I#; !+FLM+:GW;‹ŽK4SE<;:\>
K" T53‹HL24: @;D+#2‹HLExI#4X:
+ +N+:J+#2+GO+B8+D;7;5B#W;D+#
BX:;6BDDi@+GB: @BJB8I`EM++M;!E
B84+U;D+#+D;7++ T+#>
* Củng cố hệ thống ngân hàng
&G5JN+JR#+#B#5J9+5D#:+
+#2‹Œ:`+7#4G+EF4SK5k?R#+/0 8+#
BX2+:ƒR#4A:5+XvI#;rKI‹E++K5&F2
I+I4“wKKKz5O;B#gR#4D5R
>QDR##+.BJ+Xe>g+|‹Œ2+ !: !f>g+|Œz2
:GL+P+|INBJ,Fh>
* Đẩy nhanh việc thực hiện các chính sách phát triển bền vững của khu vực
,3D+S+V+UL+ !O>\F#Ex+O:94N+J+
!BN@;+DED"DCJ+4J>$7O#V
: @EU#:4D=N+5D#:+ +#4D++ T
F4DI8+OR•:9:=IO++.:G>
III, Ảnh hưởng c#a n công đối với nền kinh tế nói chung v' Vit
Nam nói riêng.
1, Ảnh hưởng c#a kh#ng hoảng n công đối với nền kinh tế thế giới
a. Khủng hoảng nợ công làm tổn thương đồng EURO.

&+ B#:=‹Œr%24++ T+#4BUQR‰2B8+#
BXO;HM+\2q 8:+ OG+D+#I#IW+D;72\
;7uCJ+„5DCJQR‰B#:=+9EZL<+4
BU4+9‹ŽKH8:+ uy+5„>&9#ExI#M+\:
I`EM+IXR#5:=‹247#:+ M+I_+B#:=+9
‹B#+GIX:8:7D 8+P+O@A+ !+U =
&#2•B#R>PBV23+:@++DOB8CAI8+X+
+ T+D;7B#\;7DR#4BUR‰I##+#+G>
&9#+GRXN+ @+ !+U u_+7+I.„NFE<;
:\#IO+,D94+74D>
b. Khủng hoảng phủ bóng đen lên phục hồi kinh tế thế giới.
[Type text] Page 19
 8+X2+G+MEU;<=4+7,4BUR‰ExV!B#
4D4X+J4#&FB#cD;Ex;6E}DiI8+mF+@
"+#BX44.+3:=LBV=IU"
ED+#4+ 8Ex+!dzU=;<54+7†BP+7
4Ayy2:iHN+4+|IN+M+N;+.+,IOF/
EJ*k>kh++Df+mFk>ƒh++De->zU;<=4+7†B#
+#L:+G"IOE+D+8B#+GP"€+BP
" Jd3+EJ 8B+4BUIOIOYD
BM:95R‰ExR+D:3+XU+8+#H3N+J+#247
DR#+y+i+B++TyOB#I#D46
+9F+@5;54+7;VLN;B# T+XL>iL
R•L T B^:5Ox:GB @+C"yJ:I#:X:6
O;B#R‰2EB^4A+G4AIOB9VC65345
6@#R>+C2D++ TF4DR•:`
+N+O4DI8LEUE<+6\;7,†B#R‰>QD#4+7
Y2"8+6C456R#+ T::747+<I#45
6@E:>
c. Giá vàng tăng mạnh

"NC6H:JIOB93+3456@AR‰
:#3+I3>&9#:`RB#47D#:+ +,
B9B84IOCb 3+6;D;+#>wDHO+X++ T:O+
F!2+XDHO4IO6>#+D?/+.g2gŒz2
+ !: !02fh2IX?>egƒ21ŒzlK>•4KI2XB9B#
H7+–wDB#+D:3M+I85:=:AIB#K>cXL
B#+T:G:Td:=:A72+7 E4:=:AIO+,IOdD
B#HJ!„>& @H7+DHO+D?/+./12/K+2+ !: !
?h2IXF/ƒ2f?ŒzlK>wDHO4+D3++.?g>Œz2:O+
F?2gg>gŒzlK>
d. Các hệ quả do khủng hoảng nợ công
QD`4LI8IX+<+AHD+I'`H6GtwA
HJ47+C64LCbfl/00kB8+I'1>k+|Œz>#`+#
•KKAHJ+I'CbfIX+8?2e+|Œz>
[Type text] Page 20
 |IN+M+N;+.Q3456+#N+7;+<JL#
'#44.+X++ TBNI#+OQUI<:>:7+De2+|
IN+M+N;+4BUKŽK:O+?0h>RI#CJ4+P
BNM+8+}4+|IN+M+N;+#IX+8f0h>|IN#
IX+8/EJ+OzIB42Q3_tKIL2=&#2O;B#
cD;>
9R#:ZQD#F+D†:/R#+OKBL
B#€E++#+F2R+\EJR#B:Z+m:.
+8IXEJ//>
2, Ảnh hưởng c#a n công đối với nền kinh tế Vit Nam
 8+X2;64G:7"+D:A+UQ34564+7o+#
BmC:`—:J+…:46?le+#E6+782 4A;6BV#
BJ:+ H4N+CN2 @IOL_+9#'+X+78:+.O
B8EJBJ: @W+4S++ T‰2†E"H7JBm=>_
+9#"!3:+ #:7I@VB#5+M;2D

#447: @+O++ T‰o†B#++ ,I#++ T5"
94+78\ExIO"PJ>:N+:`
: @q7;B#O"`\5" 88\>&I#3+!3M+
+J+#+yHy+BP 8+:"=BJ4\I=:G+DM
+W94+7B#": @F:3;D++G5".Bm=>Q!3#
#+#+++27+F+S: @EU\:594+7CJ
 46..iIO;D+2N:,F4|IU+B>
BV4A+G4A4G:7D+D:3+XUR6 ,M+I8
:JB894+7N+
a. Xuất khẩu gặp khó khăn
K\<+J4XN+2‹ŒI#++ TqM+4vI8+F5
N+]E†4+X+<46?g21hE6;vLN+E6qM+
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[Type text] Page 21
+XL5 TLRI#yy>K:2#V;4vB#‹Œ
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b. Gia tăng mức độ cạnh tranh đối với thị trường nội địa
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+O++ T3:>9i++#2+ 87+: @ :`B9
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N+B8FI`EM++M;+X++ T+#, 8E,+Od+4
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EU;<=4+7B#M;VIO;D++mUM+:>`EM+!
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c. Vốn đầu tư và tín nhiệm quốc gia suy giảm
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+W+BJ&B^+7;+<i;M+944.>N+N:: @
:DDI#DCJ:;D++G8\*B8tLKE2
c-B#]q7;E˜&32(J2ŽB#> +K:DD
5R#78*€-+PN]EJA+ T4L5N+
:E<+6*q7;+Fk1+?1e94+72+<+1HVEB8.
/0?0-+GNEUE6I_+5D&#B#A+ T4
L+ON+>zUE<+6#: @V:3+;LN+
"+D:3+m++ TCJ+7CEUHM+\54+7†B#45
6@R‰>#23456@AR‰:`47D
& D+\Fq7;O+NC+R!:7BM:9@A
5DCJ:;D++G+X+78>]+X.H66HD
H=*-@CD9+GN,]EJ@Alwc2*-+XCD
F+GN,F+R<+REDI8EB8wcB#*-+J:3+.wc
E<+6>./0??2B8F@A7gf2hwc2H3RED,
Ff2khwc2N+:: @D+\F+N:DDF:3
5M+EB8D 8+4BUz‹B8F+N5
z‡cI#o*6EB8:.I#->&9#4A]6 ,:7
46.+W+D=BJ:+ 2=BJB 8#2#_
+.;BD46+L<+mD+\F+#+78>
[Type text] Page 23
d. Gia tăng rủi ro tỷ giá
$56@AR‰+O"H7:34I TB9+|
D>&=‹Œr%+7;+<HD;IU6D+X++ T+9+NB#
B8ŒzX>m43456LMNX+2:=
‹Œr%M+D+ !:JEB8Œz>QIW+|D‹ŒrlŒz:`6qJ
F?2eI:+XEB8:.> 8y+2:=Œz+.D+ !:J
EB8‹ŒrExI#6EFO+5#N+qM+4vB#
4BU‹ŒL57#qM+4v: @+DHYŒz>XO:2

:=ŒzOIX+4+R<++ !O5N+ExRD;IU
IXLU+"OJCJ>8"+D:34DI8+X2DX
4+7:`"47:JB8Q;5 DO+
:3+DI[BUIXC:vOqM+4vDi+#I#
7;v2AIR+|E62+U;v7H72:=+T+.D+E6
;vqM+4v+ACBN6+7M+I @E6;v2+..IU
O++X++ Ts:GqM+4v5N+4AH6OB9
D+>#26+NA+ T:+ +K 8+A+D2
HOB#:6H6C9I@5& \:B94+7B[AB#
!E,O+YR+CJ O7EUE6D
=IUHX#B#'+@;D++G4+7:M+ 8>7"6
;D;<+G6C7+3+D+N+:GDBM:9X+X2"+D+F:
Ex+,+#!3N+43V;ER3B#94+7+#>
 IV. Thực trạng n công ở Vit Nam v' b'i học kinh nghim cho
Vit Nam
1, Thực trạng n công ở Vit Nam
N+C:G@AH=@;52@: @;5H6
I`B#@C9:; !>K4DN+P@A5N+p;
!EB84DN;\H75CJ+7>KN+JC6Ib@B#;R+
+#535(B9+ !OB#;D++G*ŒQ-2@A
_H=D[B<@5R#+ !2D:!B+U+3
;5*H=6LN;# 8-,+M+6DM;C9>QIx
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