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New Eurozone Focus: Spain's Debt, Economy

时间:2012-07-24 05:40来源:互联网 提供网友:laura6688   字体: [ ]
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 The debt-ridden Spanish government and the country's troubled economy are the newest face of the European debt crisis.

Stock markets across Asia, Europe and the United States plunged1 on Monday on fears that Madrid will need an international bailout after the country's borrowing costs soared above the level at which Greece, Ireland and Portugal all were forced to secure rescue packages.
Economy minister Luis de Guindos denied that Spain would need help beyond the $122 billion package Europe has already sanctioned for the ailing2 Spanish banking3 system.
But as Spain's autonomous4 regions sought new assistance from the central government for their own debt woes5, interest rates on Spanish debt jumped to more than 7.5 percent, the country's highest level in the 13-year history of the euro currency union. The interest rate is well above the seven percent level that pushed the Greek, Irish and Portuguese6 governments into bailouts.
Spain's stock market fell sharply Monday for the second straight day of trading. Officials attempted to curb7 the freefall, banning the practice of short-selling of financial stocks for three months, on the theory that it contributes to a declining market. In short-selling, investors8 bet that the price of stocks will fall, borrowing stock from a broker9, selling it, and then attempting to buy it back at a cheaper price, to pocket the difference.
Spain has imposed sharp austerity measures, cutting government spending and increasing taxes. Thousands of workers have taken to the streets in recent days in protest, but the government says the changes are necessary to rein10 in the government's deficit11.
The underlying12 problem for Spain is its weak economy. Spain has the fourth largest economy in the 17-nation eurozone, but about a fourth of its workers are unemployed13.
Its economy also is contracting, not growing. In a new report, the central bank said the country's economy shrunk four-tenths of a percent in the April-to-June period, with the government predicting that the decline will continue into next year.
Additionally, there is renewed eurozone attention on Greece and Italy.
Auditors14 from the European Union, the European Central Bank and the International Monetary15 Fund are gathering16 in Athens to take a new look at the government's efforts to impose budget cuts so it can receive more money from the country's second bailout in two years.
Greek Prime Minister Antonis Samaras on Sunday compared the financial woes of his country to that of the United States during its Great Depression in the 1930s.
Italy, another country with burgeoning17 debt, also is facing an increase in its borrowing costs.
Economics professor Nicola Borri said the Spanish economic upheaval18 has directly affected19 the interest rate Rome is paying on its debt.
"So it is not clear right now, if the 100 billion euros that Europe has pledged to save Spanish banks will be able to stop the banking crisis that is right now happening in Spain, and it is not clear yet which is the real trouble in the Spanish provinces. So I think that this uncertainty20 at the Spanish level is definitely affecting our market as well," said Borri.

点击收听单词发音收听单词发音  

1 plunged 06a599a54b33c9d941718dccc7739582     
v.颠簸( plunge的过去式和过去分词 );暴跌;骤降;突降
参考例句:
  • The train derailed and plunged into the river. 火车脱轨栽进了河里。
  • She lost her balance and plunged 100 feet to her death. 她没有站稳,从100英尺的高处跌下摔死了。
2 ailing XzzzbA     
v.生病
参考例句:
  • They discussed the problems ailing the steel industry. 他们讨论了困扰钢铁工业的问题。
  • She looked after her ailing father. 她照顾有病的父亲。
3 banking aySz20     
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 autonomous DPyyv     
adj.自治的;独立的
参考例句:
  • They proudly declared themselves part of a new autonomous province.他们自豪地宣布成为新自治省的一部分。
  • This is a matter that comes within the jurisdiction of the autonomous region.这件事是属于自治区权限以内的事务。
5 woes 887656d87afcd3df018215107a0daaab     
困境( woe的名词复数 ); 悲伤; 我好苦哇; 某人就要倒霉
参考例句:
  • Thanks for listening to my woes. 谢谢您听我诉说不幸的遭遇。
  • She has cried the blues about its financial woes. 对于经济的困难她叫苦不迭。
6 Portuguese alRzLs     
n.葡萄牙人;葡萄牙语
参考例句:
  • They styled their house in the Portuguese manner.他们仿照葡萄牙的风格设计自己的房子。
  • Her family is Portuguese in origin.她的家族是葡萄牙血统。
7 curb LmRyy     
n.场外证券市场,场外交易;vt.制止,抑制
参考例句:
  • I could not curb my anger.我按捺不住我的愤怒。
  • You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。
8 investors dffc64354445b947454450e472276b99     
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
9 broker ESjyi     
n.中间人,经纪人;v.作为中间人来安排
参考例句:
  • He baited the broker by promises of higher commissions.他答应给更高的佣金来引诱那位经纪人。
  • I'm a real estate broker.我是不动产经纪人。
10 rein xVsxs     
n.疆绳,统治,支配;vt.以僵绳控制,统治
参考例句:
  • The horse answered to the slightest pull on the rein.只要缰绳轻轻一拉,马就作出反应。
  • He never drew rein for a moment till he reached the river.他一刻不停地一直跑到河边。
11 deficit tmAzu     
n.亏空,亏损;赤字,逆差
参考例句:
  • The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
  • We have a great deficit this year.我们今年有很大亏损。
12 underlying 5fyz8c     
adj.在下面的,含蓄的,潜在的
参考例句:
  • The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
  • This word has its underlying meaning.这个单词有它潜在的含义。
13 unemployed lfIz5Q     
adj.失业的,没有工作的;未动用的,闲置的
参考例句:
  • There are now over four million unemployed workers in this country.这个国家现有四百万失业人员。
  • The unemployed hunger for jobs.失业者渴望得到工作。
14 auditors 7c9d6c4703cbc39f1ec2b27542bc5d1a     
n.审计员,稽核员( auditor的名词复数 );(大学课程的)旁听生
参考例句:
  • The company has been in litigation with its previous auditors for a full year. 那家公司与前任审计员已打了整整一年的官司。
  • a meeting to discuss the annual accounts and the auditors' report thereon 讨论年度报表及其审计报告的会议
15 monetary pEkxb     
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。
16 gathering ChmxZ     
n.集会,聚会,聚集
参考例句:
  • He called on Mr. White to speak at the gathering.他请怀特先生在集会上讲话。
  • He is on the wing gathering material for his novels.他正忙于为他的小说收集资料。
17 burgeoning f8b25401f10e765adc759ee165d5c1c5     
adj.迅速成长的,迅速发展的v.发芽,抽枝( burgeon的现在分词 );迅速发展;发(芽),抽(枝)
参考例句:
  • Our company's business is burgeoning now. 我们公司的业务现在发展很迅速。 来自《简明英汉词典》
  • These efforts were insufficient to contain the burgeoning crisis. 这些努力不足以抑制迅速扩散的危机。 来自辞典例句
18 upheaval Tp6y1     
n.胀起,(地壳)的隆起;剧变,动乱
参考例句:
  • It was faced with the greatest social upheaval since World War Ⅱ.它面临第二次世界大战以来最大的社会动乱。
  • The country has been thrown into an upheaval.这个国家已经陷入动乱之中。
19 affected TzUzg0     
adj.不自然的,假装的
参考例句:
  • She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
  • His manners are affected.他的态度不自然。
20 uncertainty NlFwK     
n.易变,靠不住,不确知,不确定的事物
参考例句:
  • Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
  • After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后,压力开始产生影响了。
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TAG标签:   Economy
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