Markets Calming as Italy Approaches Unity Government

 　　Italy's Senate rushed to pass laws that clear the way for establishing a new government in a bid to restore confidence in Europe’s second-biggest debtor¹.  The new administration may be led by former EU Competition Commissioner² Mario Monti, - a man markets appear to trust.

　　This morning’s headline on Italy’s leading financial newspaper, Il Sore 24 Ore, read simply ‘Hurry Up.’

　　With Italy in the eye of Europe’s financial storm, investors³ want a quick solution. So indications that Prime Minister Berlusconi may step aside within days and give his backing to a national unity⁴ government, was a rare piece of good news for the markets, which reversed their two-day losing streak⁵.

　　Economist⁶ Nicola Borri of the International University of Social Studies in Rome, says Italy’s politicians need to act fast.“First thing is, we need to implement⁷ the structural⁸ reforms that will be able to increase the growth rate of our economy," said Borri. "Our problem is a long term problem - the fact that we are not growing, and if we do not grow we are not going to be able in the future to pay our debt, and that is what markets fear.”

　　Italy’s 10-year bond yields, effectively the interest rate the country must pay on loans, stabilized⁹ around seven percent, still barely sustainable.

　　Rome also paid less to sell one-year treasury¹⁰ bills than many had predicted. The markets’ short-term fear, says Borri, is political instability.

　　“Right now our political arena¹¹ is crazy," he said. "We all know that Berlusconi has ‘almost’ resigned, we do not know what is going to happen after, if we are going to have elections, if we are going to have a grand coalition¹² government, so we need more clarity on that.”

　　One man has emerged who might lead such a coalition government, former European Union Competition Commissioner Mario Monti - the current favorite to take over as a so-called ‘technocrat’ leader to steer¹³ Italy into calmer waters.

　　Analyst¹⁴ Nicola Borri says Monti is a respected economist who should have a calming effect.

　　“Markets know what he has in mind," said Borri. "He has in mind I would say two or three big reforms that I would say most economists¹⁵ agree Italy desperately¹⁶ needs, but it seems neither the left nor the center-left nor the right or the center-right are able to implement.”

　　Analysts¹⁷ say that political deadlock¹⁸ will have to be loosened for Italy’s long-term stability.

　　Silvio Berlusconi retains considerable support for both his style of governance and character.

　　“Berlusconi is the captain if the ship and the left party wants to sink the ship," said Alessandro Stuart, assistant to the head of the Rome cabinet which is led by Berlusconi’s party. "What they do not realize is that we are all on the same ship because they have never worked like us normal people.  Without a captain like Berlusconi Italy cannot move forward.”

　　But with Berlusconi already vowing¹⁹ to step down, analysts say Italy must act quickly to appoint a successor if the country is to be saved from Europe’s debt storm.

1 debtor   

n.借方，债务人

参考例句：

• He crowded the debtor for payment.他催逼负债人还债。
• The court granted me a lien on my debtor's property.法庭授予我对我债务人财产的留置权。

2 commissioner   

n.（政府厅、局、处等部门）专员，长官，委员

参考例句：

• The commissioner has issued a warrant for her arrest.专员发出了对她的逮捕令。
• He was tapped for police commissioner.他被任命为警务处长。

3 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

4 unity   

n.团结，联合，统一；和睦，协调

参考例句：

• When we speak of unity,we do not mean unprincipled peace.所谓团结，并非一团和气。
• We must strengthen our unity in the face of powerful enemies.大敌当前，我们必须加强团结。

5 streak   

n.条理，斑纹，倾向，少许，痕迹；v.加条纹，变成条纹，奔驰，快速移动

参考例句：

• The Indians used to streak their faces with paint.印第安人过去常用颜料在脸上涂条纹。
• Why did you streak the tree?你为什么在树上刻条纹？

6 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

7 implement   

n.(pl.)工具，器具；vt.实行，实施，执行

参考例句：

• Don't undertake a project unless you can implement it.不要承担一项计划，除非你能完成这项计划。
• The best implement for digging a garden is a spade.在花园里挖土的最好工具是铁锹。

8 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

9 stabilized   

v.（使）稳定， （使）稳固( stabilize的过去式和过去分词 )

参考例句：

• The patient's condition stabilized. 患者的病情稳定下来。
• His blood pressure has stabilized. 他的血压已经稳定下来了。 来自《现代英汉综合大词典》

10 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

11 arena   

n.竞技场，运动场所；竞争场所，舞台

参考例句：

• She entered the political arena at the age of 25. 她25岁进入政界。
• He had not an adequate arena for the exercise of his talents.他没有充分发挥其才能的场所。

12 coalition   

n.结合体，同盟，结合，联合

参考例句：

• The several parties formed a coalition.这几个政党组成了政治联盟。
• Coalition forces take great care to avoid civilian casualties.联盟军队竭尽全力避免造成平民伤亡。

13 steer   

vt.驾驶，为…操舵；引导；vi.驾驶

参考例句：

• If you push the car, I'll steer it.如果你来推车，我就来驾车。
• It's no use trying to steer the boy into a course of action that suits you.想说服这孩子按你的方式行事是徒劳的。

14 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

15 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

16 desperately   

adv.极度渴望地，绝望地，孤注一掷地

参考例句：

• He was desperately seeking a way to see her again.他正拼命想办法再见她一面。
• He longed desperately to be back at home.他非常渴望回家。

17 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

18 deadlock   

n.僵局，僵持

参考例句：

• The negotiations reached a deadlock after two hours.两小时后，谈判陷入了僵局。
• The employers and strikers are at a deadlock over the wage.雇主和罢工者在工资问题上相持不下。

19 vowing   

起誓，发誓（vow的现在分词形式）

参考例句：

• President Bush is vowing to help Minneapolis rebuild its collapsed bridge. 布什总统承诺将帮助明尼阿波利斯重建坍塌的大桥。
• President Bush is vowing to help Minneapolis rebuild this collapse bridge. 布什总统发誓要帮助明尼阿波利斯重建起这座坍塌的桥梁。