Japan Finance Chief: Europe Pledges 'Speedy' Debt Action

 Japan's finance chief says his European counterparts have pledged to take quick action to quell¹ the deepening debt crisis in the 17-nation euro currency union.

Financial officials from the Group of Seven world-leading economies conferred in a special conference call Tuesday about the plight² of debt-ridden eurozone nations. Afterwards, Japanese Finance Minister Jun Azumi told reporters in Tokyo that the European representatives said they would "speed up their efforts" to resolve the crisis that threatens to slow world economic expansion.

The finance chiefs issued no joint³ statement and it was not immediately clear what new action Europe might take to ease rising borrowing costs for the eurozone's financially weakest governments or boost the currency bloc's stagnant⁴ economy. Aside from Azumi, the conference call included budget officials from the U.S., Britain, France, Germany, Italy and Canada.

Their talks came as Spanish Treasury⁵ Minister Cristobal Montoro said high interest rates have effectively pushed Madrid out of international financial markets. He called on Spain's European neighbors to help rescue Spain's faltering⁶ banks, the first time the Spanish government has made a direct appeal for outside assistance.

The European Union and the International Monetary⁷ Fund said Portugal's surging unemployment rate is raising new concern about the austerity plan the country implemented⁸ in exchange for a $97 billion international bailout last year. The government is predicting that its jobless rate could increase to 16 percent next year, and analysts¹⁰ say Lisbon may, like Greece, need a second bailout.

Meanwhile, the Standard & Poor's credit rating service said late Monday there is "at least" a one-in-three chance that financially troubled Greece will exit the eurozone in the coming months. S&P said that after Greek elections June 17, the country could become the first to leave the eurozone if Athens rejects financial reforms demanded by its international creditors¹¹.

The World Bank says in a report the fallout from the eurozone crisis is also affecting neighboring countries.

The Washington-based international lender said the economies in six southeastern European nations -- Albania, Bosnia and Herzegovina, Kosovo, Macedonia, Montenegro and Serbia -- are "slowing drastically" because of diminished eurozone economic growth. The World Bank pegged¹² growth in the six countries at 1.1 percent this year -- half that of last year.  

Tuesday's G7 conference call was held ahead of the G-20 summit later this month in Los Cabos, Mexico, which will bring together the world's 20 leading economies. 

Several European leaders have said they support use of the eurozone rescue funds to directly assist failing banks throughout the currency union. But Germany has rejected such calls, saying that individual governments should make the bailout requests, as is the case now, with spending conditions attached to the loans.

One German investment analyst⁹, Robert Halver of Baader Bank, said the eurozone crisis seems unending, but could be eased if the European Central Bank invested heavily in Italy and Spain to give them time to boost their economies.

"History is repeating itself, we are again in full crisis mode. Last year: crisis; this year: crisis.  The politicians have learned nothing. It would be so easy though. The ECB should massively interfere¹³ (intervene) and buy time for countries like Italy and Spain so that they can pursue reforms. Nobody can bear this cacophony¹⁴, this waiting, this riding out any more," Halver said.

For many in Spain, like out-of-work Madrid resident Ada Adon, finding work has proved difficult in the country with the eurozone's highest unemployment rate.

"It is really hard in Spain to get a job right now because there are no jobs, and if somewhere you might have a chance, they do not want to pay what is more or less normal. Plus, everything is so expensive: supermarkets, food.... Everything is really difficult now," Adon said.

1 quell   

v.压制，平息，减轻

参考例句：

• Soldiers were sent in to quell the riots.士兵们被派去平息骚乱。
• The armed force had to be called out to quell violence.不得不出动军队来镇压暴力行动。

2 plight   

n.困境，境况，誓约，艰难；vt.宣誓，保证，约定

参考例句：

• The leader was much concerned over the plight of the refugees.那位领袖对难民的困境很担忧。
• She was in a most helpless plight.她真不知如何是好。

3 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

4 stagnant   

adj.不流动的，停滞的，不景气的

参考例句：

• Due to low investment,industrial output has remained stagnant.由于投资少，工业生产一直停滞不前。
• Their national economy is stagnant.他们的国家经济停滞不前。

5 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。

6 faltering   

犹豫的，支吾的，蹒跚的

参考例句：

• The economy shows no signs of faltering. 经济没有衰退的迹象。
• I canfeel my legs faltering. 我感到我的腿在颤抖。

7 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。

8 implemented   

v.实现( implement的过去式和过去分词 )；执行；贯彻；使生效

参考例句：

• This agreement, if not implemented, is a mere scrap of paper. 这个协定如不执行只不过是一纸空文。 来自《现代汉英综合大词典》
• The economy is in danger of collapse unless far-reaching reforms are implemented. 如果不实施影响深远的改革，经济就面临崩溃的危险。 来自辞典例句

9 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。

10 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。

11 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

12 pegged   

v.用夹子或钉子固定( peg的过去式和过去分词 )；使固定在某水平

参考例句：

• They pegged their tent down. 他们钉好了账篷。 来自《简明英汉词典》
• She pegged down the stairs. 她急忙下楼。 来自《现代英汉综合大词典》

13 interfere   

v.(in)干涉，干预；(with)妨碍，打扰

参考例句：

• If we interfere, it may do more harm than good.如果我们干预的话，可能弊多利少。
• When others interfere in the affair,it always makes troubles. 别人一卷入这一事件，棘手的事情就来了。

14 cacophony   

n.刺耳的声音

参考例句：

• All around was bubbling a cacophony of voices.周围人声嘈杂。
• The drivers behind him honked,and the cacophony grew louder.后面的司机还在按喇叭，且那刺耳的声音越来越大。