Cause of the Crisis

欧债危机产生的原因：

Incentive: December 2009 the three largest credit rating companies downgraded Greece's sovereign rating to a financial crisis, the euro fell sharply against the dollar.

诱因;2009年11月，三大评级机构下调了希腊的主权信用等级导致财政危机，欧元对美元的汇率大幅下跌。

三大原因：

Eurozone fiscal and monetary policy which leads to the duality of sovereign debt problems

欧元区的财政和货币政策导致了双重主权债务问题

Euro area countries (such as the PIIGS countries) debt caused by internal imbalances are the root causes.

欧元区国家（比如金猪国家）由于内部失衡造成的债务问题是欧债危机的根源

The structural contradictions within the European Union External debt crisis is the institutional factors.

欧元区制度上的冲突是欧债危机产生的制度性原因

具体分析：

First, the sovereign debt problem is actually a continuation of the financial crisis and deepening 首先，主权债务危机实际上是财政危机的延续和深化

Second, the duality of the euro area fiscal and monetary policy has led to sovereign debt problems.

On the one hand, the spillover effects of the euro area fiscal policy interferes with

the