2014 ACCA考试（P4 高级财务管理）考前辅导10

　　以下是高顿网校小编为ACCA学员整理的：P4高级财务管理，供大家参考。
 

　　With regard to the Euro two other options have been suggested:

　　The first option involves a Greek default and expulsion or departure from the Euro. Supporters of this feel that the contagion caused by a Greek default could be managed and this would help rebuild confidence in the remaining Eurozone. (Sacrificing the weakest member of the herd may just make the rest of the herd safer.) Equally, the remaining Eurozone countries would abide more rigorously to any fiscal rules imposed on them for fear of following the fate of Greece. While Greece would initially bear significant pain as a result of falling out of the Euro, there is a worry that after a few years other troubled countries, still struggling within the Euro, may see the Greek economy recovering and decide that they too will choose to leave thus causing the Euro project to effectively fail.

　　The second option which currently seems the least likely is that Germany leaves the Euro and introduces a new Deutschmark or enters into a new currency union with other Northern European nations with more closely aligned economies. This would leave the Euro to slump and find a new level which would meet the needs of the PIIGS and others.

　　At the present time the collapse of the Euro in its present form seems politically unacceptable and hence neither of the above options seems likely to occur. However, a Greek withdrawal or expulsion has at times seemed close and events could rapidly develop such that the currently favoured option becomes unsustainable.

　　Other suggestions that have arisen during the crisis but which have so far not been acted upon include:

　　The issue of Eurobonds or stability bonds has been much talked about. These bonds would be jointly issued and underwritten by all Eurozone countries as opposed to the current situation where each nation state issues and is responsible for their own debt. This approach is not favoured by Germany as it would effectively involve Germany taking on others liabilities.

　　A European Monetary Fund has been suggested. This fund would lend to governments at a cheap rate dependant on that nation abiding by certain fiscal rules. This would encourage fiscal responsibility as otherwise a nation would need to access the traditional and more costly commercial bond markets.
 

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