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. &'#
[Type text] Page 1
./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

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

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
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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. 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
+F ;D+#A+D2+D;72N;:+L<2>>>:G2+m:L^:7
+P+O@>R<+RED4~L#I#@A+.>@4A+6
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-
7+Xgh+\L @>
oQ3++6+VOi+D!M@B85@: @IN+4X+D
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

F@A5cttwz*=&#2oIK2to+oIo2O;B#R
->O;I#CJ:+XH 8B#B_qD#2B8F+R<+
RED:O++8?e2hwc>@AO;IX+8/e+|ŠoA2HY
46??ghwc5O;B#./00k>
o//l?/l/00kLOq7;O@A5O;qJF/+mF?
L+R<+RED5 8#+.>
&7./0?02HDD5%‹Q+M@A5O;:`IX+8EJ
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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=+

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:+ >
[Type text] Page 14
+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†

>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

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
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‹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
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+#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.

"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
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'#44.+X++ TBNI#+OQUI<:>:7+De2+|
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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+#
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4v2G 8EDCJ:;D++G:G:LO++ T
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+O++ T3:>9i++#2+ 87+: @ :`B9
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BB^:F,F>QDLN;;6BBJB8I`EM+46
?fo?hl.B84)OyB#46?f2go?ƒhl.B84)O+2L#O>
7+:7IO;D+ 8./0?0I#L 8?0h2LN;;6:O+F
[Type text] Page 22
+|EM+I@V+X/fo/ƒh2I#FEB8+|EM+I@V+XBJ5E,
"HPCR5D#+./00k*46/0h->
!"2DBJGH7+2.IUB#+ !NB @+qD
+ 8>QXIN#47DExI~;B7+X++ T
 8P>
c. Vốn đầu tư và tín nhiệm quốc gia suy giảm
K3$7OB#&+ 2??+DC26 8+W+?f2ƒ+|Œz
BJ:+  8#*&-2HYƒfh4).DB#D4DqE
B8<+X/0+|Œz547O:9>BV2LH7+W+BJ
:R+.L2+MLMN;<=LV>i+4D2BJ:+ q
 8LG+m4BUQR‰ED94+7:;D++G:G

:=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
:RI#XRI#EJINB9@A5N++!E,L"IN
53+EJ+\FCJ+7!™EB8EJIN5N+>
[Type text] Page 24
w:O+m/00o/0?/2q 8BJB@A+../00I#k?>ƒgƒ
+|:=*//2ƒh-:7./0?/I#k1k>e00+|:=*f?2?h-dX./0012L
6 ,54564+7X@AqJ+M;*/e2ƒh->7+]
EJ@Alwc+P:O/00o/0?/@A:`+.:D4G2+mf?2gh
*f0f>gg+|:=-./00IXgg2h*?>f?>/k+|:=-./0?/>