On year 2008, United states of america has once knocked over
by crisis and evokes big impact divides economics sector universalize. This
crisis at causes by misfire credit and house finances or usually be called by
subprime mortage. And intermediate crisis knock over currently Europe will go
away impacted worse of previous crisis. Why? According to Damayanti (Desember
07, 2011),” The global crisis is happening now will be more in deep of the
crisis in 2008, because in the euro zone cause is top down. Due to the huge national
debt and do not discipline them in carrying out duties. State of the crisis involved
multiple countries.”. European crisis occurred as a result of debts in a large
number of European states. Greece was the seed of the creation of the economic crisis
then spread to other countries such as Ireland and Portugal. Debt of these
countries is greater than Gross Domestic Product (GDP) of each country and also
the country's expenditure is greater than its GDP.
If Greece's debt ratings fall into default or is called by default
it will not only provide a multiplier effect to the state and financial
institutions in Europe but will also extend to other regions in the world. Budiono
mentioned, “I hope that this European crisis crack problems could soon be
closed by design not by default. If not, global economic conditions will
improve from bad to worse”.( Desember 07, 2011) In addition, the causes of the
crisis of Europe is still ongoing is the absence of certainty of European governments
to resolve problems and unstable support systems in the banking sector.
The
crisis is like a disease that is very easy to catch. As we can see, the
economic crisis is a fatal disease and difficult to cure. Who is able to
survive is the winner. But very rarely do we find such a crisis will inevitably
have an impact for the state to gain further insight of the world-even if only
slightly. The fact is happening today is the impact occurring is very
widespread. According to Halwani (2002), "The financial crisis that
developed into an economic crisis will have an impact on the global economy. This
is because it has been increasingly integrated global financial system that is
no longer know the boundaries between nations." (P.271). From this
statement, it was claimed that the crisis no longer know the limits of any
country. Various effects have been caused by the crisis in Europe in 2011 has worsened
the conditions of the world economy. One fact that clearly visible at the end
of September 2011 that banks were in the United States has suffered huge
losses. Suwandi ( September 29, 2011) Now, the United States banks could lose as
much as $ 1 trillion dollars in an instant, the banks would collapse along with
the countries in the euro zone. Shares America's largest tire bunch has fallen to
the lowest point during the last month. The impact of this crisis has made
banks in the United States experienced a situation that is hard to see that the
shape of the loss has reached its highest point. So if a European bank fails to
several United States banks may be exposed to huge losses and this crisis can
not be avoided anymore. Another impact of unemployment in the euro zone rose
sharply. Rising unemployment among the young, due to economic collapse in the
euro zone, which is now experiencing dying. According to Martowardojo, “Average
unemployment in the euro zone, increased dramatically, between 21.2% to
approaching 30%. Among the unemployed youth to achieve a higher rate, up to
46%. Countries in the euro zone is poor, such as Spain, Portugal, and Greece
lift unemployment, reaching 40%. Debt crisis that now submerge the entire country
in the zone of Europa, which started from Greece, Ireland, Spain, Italy, France,
and entered the UK vortex. Almost all countries in the euro zone banks experiencing
liquidity problems. This impact on the country.
Other impacts, costs the state and private debt will also rise in foreign
currency, due to the weakening exchange rate and increased costs (interest) of
debt. If the central bank's monetary tightening, interest rates will also increase.
Consequently not only the country's debt burden is increasing but also private
debt. Another burden is the market intervention by governments to stabilize their
local currency and the purchase of shares in the stock market (buy back) in
order not to fall too deep. The impact for the state itself is weak indigo Indonesia
rupiah, the decline in ratings most European countries remains a threat to the
movement of the rupiah against the U.S. dollar. Liputan6.com (December, 2011), "In
trading on the inter bank spot market here on Tuesday afternoon (6 / 12) of the
rupiah against the U.S. dollar declined by 50 points to 9085 per U.S. dollar positions,
after the previous day to close at positions Rp9.035 per dollar ".
Currently,
efforts to reduce and fix the crisis has been a lot done but still have not seen
clear results. The European Union in chaos since the currency continued to
decline, and a number of stock markets in Europe fell. The deal, shortly after a
number of EU countries, heavy pressure on the capital market, and due to the massive
bailout undertaken a number of European countries to the Greeks who went
bankrupt. Handling has been done while the IMF (International Monetary Fund) to
prevent worsening of the current crisis. Salgado (December, 2011) "With
the agreement achieved, the IMF was willing poured funds to the European Union amounting
to 220 billion euros (280 billion dollars), to prevent a wider crisis for the
EU. On the other hand, the European Union contributed 440 billion euros". ".
So far, the handling of the crisis has not achieved success to mitigate the
crisis, is causing the world economy will be affected by the bad.
Rafika's notes
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