IMF: Eurozone Crisis at 'Critical Stage'

 The International Monetary¹ Fund says the eurozone's debt crisis has reached a "critical stage," and that European leaders need to move quickly toward greater financial unity².

The IMF's executive board said Wednesday that the 17-nation currency union needs to adopt a cross-border banking³ union, guaranteeing deposits and imposing⁴ central financial controls.

The Washington-based lending agency said there are "severe downside risks" in the eurozone outlook, with regional and global implications. It said investors⁵ are favoring more financially stable northern countries in the eurozone, to the detriment⁶ of its debt-ridden countries to the south, such as Greece and Spain.

The IMF's conclusion was on display in Frankfurt, where investors for the first time paid to lend money to Germany. Berlin heads the eurozone's most robust⁷ economy and investors view German bonds as a safe haven⁸ for their money.

Meanwhile, Spanish economic fortunes continued to decline, with bad loans increasing for the 14th consecutive⁹ month. Prime Minister Mariano Rajoy told parliament that his $80 billion austerity plan would not immediately boost economic growth.

He said the country had no good economic choices, only a choice "between the bad and even worse."

In Greece, political leaders from the three parties leading the coalition¹⁰ government worked toward an agreement on how to impose $14 billion in austerity measures so Athens can collect the next installment¹¹ of its international bailout.

Democratic Left party leader Fotis Kouvelis said reforms promised to the country's international creditors¹² would be carried out.

"We agreed that structural¹³ reforms must take place without delay, structural reforms that will serve the good of the state and to make the best use of state wealth," said Kouvelis.

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 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。

3 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

4 imposing   

adj.使人难忘的，壮丽的，堂皇的，雄伟的

参考例句：

• The fortress is an imposing building.这座城堡是一座宏伟的建筑。
• He has lost his imposing appearance.他已失去堂堂仪表。

5 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

6 detriment   

n.损害；损害物，造成损害的根源

参考例句：

• Smoking is a detriment to one's health.吸烟危害健康。
• His lack of education is a serious detriment to his career.他的未受教育对他的事业是一种严重的妨碍。

7 robust   

adj.强壮的，强健的，粗野的，需要体力的，浓的

参考例句：

• She is too tall and robust.她个子太高，身体太壮。
• China wants to keep growth robust to reduce poverty and avoid job losses,AP commented.美联社评论道，中国希望保持经济强势增长，以减少贫困和失业状况。

8 haven   

n.安全的地方，避难所，庇护所

参考例句：

• It's a real haven at the end of a busy working day.忙碌了一整天后，这真是一个安乐窝。
• The school library is a little haven of peace and quiet.学校的图书馆是一个和平且安静的小避风港。

9 consecutive   

adj.连续的，联贯的，始终一贯的

参考例句：

• It has rained for four consecutive days.已连续下了四天雨。
• The policy of our Party is consecutive.我党的政策始终如一。

10 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。

11 installment   

n.(instalment)分期付款；(连载的)一期

参考例句：

• I shall soon pay the last installment of my debt.不久我将偿付我的最后一期债款。
• He likes to buy things on the installment plan.他喜欢用分期付款法购买货物。

12 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》

13 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。