Теоретичні та практичні основи розвитку аграрного сектора західного регіону. Євроінтеграція України: ризики та перспективи (стр. 16 )

Зважаючи на досвід Данії у веденні сільського господарства з 1972 року, другим вагомим поштовхом для розвитку аграрної сфери України має стати підписання угоди про асоціацію між нашою державою та ЄС. Ця угода дасть змогу українським сільгоспвиробникам вже з першого дня дії угоди 83,1 % аграрної продукції ввозити до ЄС без мита. Щонайменше 383 млн. євро на рік зможе заробити Україна за рахунок скасування мит на експорт сільськогосподарської продукції [3].

Отже, аналіз данського досвіду розвитку сільськогосподарського виробництв, дає підстави стверджувати, що подальше економічне зростання українських агроформувань можливе тільки із покращенням ефективності консультування фермерів та працівників аграрної сфери, їх навчання і підвищенням їхньої кваліфікації. Ці заходи обов’язково приведуть до впровадження на фермах новітніх технологій та створення продукції, конкурентної на світовому та європейському ринках.

Література

1. Facts about Danish Agriculture [Електронний ресурс]. - Режим доступу: URL: http://www. t2f. dk/Foreign_trainee/Facts_about_Danish_ Agriculture. aspx - Назва з екрана.

2. Danish agricultural & Food [Електронний ресурс]. - Режим доступу: URL:http://www. agricultureandfood. dk/Danish_Agriculture_and_Food. aspx - Назва з екрана.

Kunytska-Ilyash M. V., candidate of economic sciences, assistant

Lviv National University of Veterinary Medicine

and Biotechnologies named after S. Z. Gzhytskyj

ECONOMIC CRISIS IN GREECE: ITS REASONS, CONSEQUENCES, AND POSSIBLE WAYS OF SOLUTION

The financial crisis of 2008-2009 has led to the increasing levels of public debt. The reason is t many countries lack the financial resources to maintain economic stability. As a result, governments have shifted to borrowing on international capital markets. However, the increase in the volume of state debt along with the unstable economic situation and government deficits has lead to the emergence of debt crises. “As you ride home from the airport, you hear a radio broadcast that the situation in Greece is dire, as it confronts austerity measures to address rampant debt and poor public finance” (Kegley). A debt crisis in Greece is one of the striking examples of how the government debt influences the economic situation is the country.

As it can be concluded after analyzing data from Table 1, since 2009, the economic situation in Greece was deteriorated.

Table 1.

Different indicators of the economic situation in Greece

Indicator Name	2006	2007	2008	2009	2010	2011
Current account balance (% of GDP)	-11,3	-14,598	-15,02	-11,187	-10,36	-9,8688
Inflation, consumer prices (annual %)	3,1959	2,895	4,1528	1,21007	4,7129	3,3299
Final consumption expenditure, etc. (annual % growth)	4,1003	4,2541	2,8695	-0,1634	-6,883	-7,1635
Exports of goods and services (annual % growth)	4,3136	7,1176	1,6625	-19,419	5,1867	0,3277
Gross capital formation (annual % growth)	21,104	12,93	-10,35	-25,028	-8,297	-16,424
Imports of goods and services (annual % growth)	11,112	14,5	0,8974	-20,208	-6,169	-7,3417
External balance on goods and services (% of GDP)	-11,44	-14,14	-14,49	-11,463	-9,276	-8,0906
Inflation, GDP deflator (annual %)	2,4224	3,3151	4,722	2,30018	1,1349	1,0484
GDP growth (annual %)	5,5108	3,5361	-0,214	-3,1356	-4,943	-7,1047
GDP per capita (current US$)	23475	27288	30399	28451,9	25832	25622
Gross savings (% of GDP)	12,549	10,415	7,4807	5,19246	5,4938	5,3715
Labor force participation rate, total (% of total population ages 15-64)	67,4	67,4	67,5	68,2	68,6
Unemployment, total (% of total labor force)	8,9	8,3	7,7	9,5	12,5
Central government debt, total (% of GDP)	128,47	125,61	128,34	143,947	134,54

Source: Data. Greece. The World Bank. Web. http://data. worldbank. org/country/greece

In 2009, the central government debt has increased from 128.34 % of GDP to 143.9 %. According to the most recent data, the debt to GDP ratio in Greece has reached 189.1 % in 2012 (Voss). However, “nearly all Euro zone members — 13 of 17 countries — have debt levels exceeding the convergence criteria maximum of 60%. Among this group are the large economies — Germany (81.9%), France (89.4%), Italy (121.4%), and Spain (70.2%)” (Voss). These figures exceed all available normative. In fact, the economic recession in Greece continues since 2008. Moreover, the tempos of this recession were increasing. In 2008, the tempos of recession were 0.2 %, which is not high. However, in 2011 tempos of recession was increased to 7.1 %. It means that the economic situation in Greece is deteriorating.

According to the figures from Table 1, the GDP per capita in Greece was increasing up until 2008, but since 2009 this indicator started decreasing. The level of unemployment demonstrates a negative dynamic too, since this indicator increased to 12.5% of the total labor force in 2010. That is why, almost all indicators from Table 1 reveal serious problems in the economic situation of Greece.

That is why, in May 2010, an agreement with the International Monetary Fund about receiving a loan was concluded in order to stabilize the economic situation in Greece. It should be noted that International Monetary Fund and the European Union have not allowed Greece to decrease its government debt while applying economic reforms and using financial aid. As a result, in recent years, a question of further funding of the program to overcome the debt crisis in Greece repeatedly arose, since additional resources of the EU countries are required. It should be noted that while receiving financial aid, the Greek Government had implemented a series of economic reforms that can have negative consequences for the sovereign independence of the country (Nelson).

As a result, scientists and politicians considered several ways out of the debt crisis in Greece. These are: restructuring state debt, default of the Greek government, output the country from the Euro area. However, it has to be noted that, according to the Institute of International Finance, the spontaneous Greek default will cost the Euro area more than €1 trillion. The Institute of International Finance estimates the potential losses of the European Central Bank, at €177 billion (IIF Staff Note: Confidential). Moreover, a large number of Greek government bonds are owned by financial institutions of the European countries. Thus, the largest French banks have a great portfolio of Greek public debt; for example, one of the biggest banks, BNP Paribas owns €5 billion, Societe Generale – more than €2.5 billion, Credit Agricole - more than half a billion Euros. In addition, there is a big share of government bonds owned by German banks.

In this regard, in case of restructuring, the EU government suggests the spread of the crisis on the banking systems of other countries in the Euro zone as one of the outcomes. This will most likely result in the development of debt crisis in counties like Ireland, Portugal and even Spain. In such way, the government of the European Union, together with the International Monetary Fund in March 2012 decided to provide a new portion of financial aid to Greece totaling to €130 billion. Private lenders have agreed to exchange with losses for nearly 86% of Greek bonds, which allowed reducing the public debt of Greece by €100 billion. Moreover, according to the international law, with the consent of the majority of creditors, those ones who disagree may be required to comply by force. Thus, almost 96% of Greek debt will be covered under the restructuring (Tzortzinis).

The new program of funding, debt restructuring and reforms can lower the debt of Greece to an acceptable level, but for this to happen, the Greek government has to comply with the creditors' claims and successfully implement the suggested reforms until 2030. Along with the increase in the debt crisis in Greece, the new problems and threats arise. There is a probability that a debt crisis might spread to other countries of Euro zone, such as Portugal, Ireland and Spain. As a result, in May 2011, an agreement was signed, the main aim of which was to obtain €26 billion loan from the International Monetary Fund and €78 billion from the members of the European Union, by the Government of Portugal (Bugge).

However, the EU might face even more serious problems, such as a threat of the debt crisis in Spain that would require significantly larger amounts of financial aid. Spain is the ninth largest economy in the world and the fourth one in the EU. That is why, its insolvency may have rather negative economic consequences for the global economy.