Government Debt Could Stifle Economic Recovery

 　　The head of the International Monetary¹ Fund says economic recovery is still possible, but it is getting harder. In Washington, IMF Managing Director Christine Lagarde said Thursday that troubled economies have fewer resources now than at the start of the 2008 financial crisis.

　　Lagarde said the world economy is in a dangerous phase and that countries could use the cooperative spirt that helped major economies take action at the height of the financial crisis.

　　Lagarde told journalists that cooperation is even more important now because many countries have depleted² their financial resources coping with slow growth and other economic troubles.

　　"There is a path for recovery. It is narrower than it was three year ago when we were first hit by the financial crisis, but there is a path for recovery," she said.

　　Lagarde spoke³ as finance ministers and central bankers from the IMF's 187 member economies gathered for an annual meeting that also includes talks with the World Bank. She said low-income countries weathered the 2008 crisis better than some of their wealthier counterparts.  She offered help from the IMF to rebuild their financial resources to cope with future problems.

　　The IMF chief said major emerging economies need to move more quickly to find growth from domestic markets rather than from exports.  Lagarde said governments in wealthy countries must find the political will to solve debt problems because they pose an economic threat.

　　"If we look first at the advanced economies, we know there is this heavy debt of sovereigns, households and bank risks that could actually suffocate⁴ the recovery," she said.

　　Problems with Greek debt, for example, have caused turmoil⁵ in financial markets as investors⁶ worry that a Greek financial default would hurt lenders across Europe. The Greek debt crisis also raises concerns about government debt held by Italy, Spain and Portugal.

　　The debt crisis hurts employment because it makes bank officials nervous. And worried bankers are less likely to lend the money that businesses need to buy new equipment, expand and hire more workers.

　　Lagarde said government officials and bankers must find ways to help banks, particularly those in Europe, amass⁷ more financial reserves to help cope with future financial shocks. She said that without such help, banks will not be able to do the lending needed to fuel economic recovery and growth.

1 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

2 depleted   

adj. 枯竭的, 废弃的 动词deplete的过去式和过去分词

参考例句：

• Food supplies were severely depleted. 食物供应已严重不足。
• Both teams were severely depleted by injuries. 两个队都因队员受伤而实力大减。

3 spoke   

n.（车轮的）辐条；轮辐；破坏某人的计划；阻挠某人的行动 v.讲，谈（speak的过去式）；说；演说；从某种观点来说

参考例句：

• They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
• The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。

4 suffocate   

vt.使窒息，使缺氧，阻碍；vi.窒息，窒息而亡，阻碍发展

参考例句：

• If you shut all the windows,I will suffocate.如果你把窗户全部关起来，我就会闷死。
• The stale air made us suffocate.浑浊的空气使我们感到窒息。

5 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

6 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

7 amass   

vt.积累，积聚

参考例句：

• How had he amassed his fortune?他是如何积累财富的呢？
• The capitalists amass great wealth by exploiting workers.资本家剥削工人而积累了巨额财富。