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Greece's financial plight1 is easing a bit, with the government receiving the first segment of its new bailout and at the same time attracting investors2 for a bond offering.
Greek officials said Tuesday the Athens government has received $10 billion from its European neighbors and the International Monetary3 Fund. The payment kept Greece from defaulting, with most of the money going to repay bonds held by the central banks in the 17-nation euro currency bloc4.
Meanwhile, Greece sold its first bonds since reaching an agreement for its new $171 billion bailout, the country's second in two years, and elimination5 of $141 billion in debt the country owed its private creditors6. The country raised $1.7 billion on the three-month loans and will pay less in interest than it did on similar bonds before securing the debt relief.
In Washington, U.S. Treasury7 Secretary Timothy Geithner told a congressional committee that Europe has "made very significant progress" in resolving the continent's two-year governmental debt crisis that centered on Greece's massive financial problems.
But Geithner warned that the eurozone is only in the initial stages of carrying out new tighter controls on spending and that "economic growth is likely to be weak for some time." Europe is predicting its economy will shrink slightly this year.
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1 plight | |
n.困境,境况,誓约,艰难;vt.宣誓,保证,约定 | |
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2 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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3 monetary | |
adj.货币的,钱的;通货的;金融的;财政的 | |
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4 bloc | |
n.集团;联盟 | |
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5 elimination | |
n.排除,消除,消灭 | |
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6 creditors | |
n.债权人,债主( creditor的名词复数 ) | |
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7 treasury | |
n.宝库;国库,金库;文库 | |
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