VOA标准英语10月-EU, IMF Agree to Multibillion-Dollar Rescue Packa

The International Monetary¹ Fund, the European Union and World Bank have agreed to a $25 billion economic rescue package for Hungary to strengthen confidence in its economy. It has been described as the largest financial aid measure for an emerging-market economy since the start of the worldwide financial troubles, and the first for an EU-member country. Stefan Bos reports for VOA from Budapest on the reasons for the package and its expected impact.
　

Stock prices on screen in downtown Budapest after Hungary reached agreement with IMF and EU on economic rescue package, 29 Oct 2008

They still sing Hungarian folksongs while baking bread and cookies at an old pensioners² club in Budapest. But they may soon sing the blues³ when hearing of government plans to freeze or reduce their pensions.

Hungary's Socialist-led government also wants to suspend salary bonuses for state employees.

Cutting spending is a key condition for Hungary to receive more than $25 billion in international aid as it struggles with the worst global financial crisis in 80 years.

The International Monetary Fund says it will grant Hungary a standby loan of nearly $16 billion while the European Union has offered over $8 billion and the World Bank more than $1 billion.

Hungary is particularly hard hit. Last year it had Europe's largest budget deficit⁴, with most of its overspending on social benefits.

In addition, most households took loans and mortgages in foreign currencies, such as euros, Swiss francs or Japanese yen⁵, because interest rates were better. With the Hungarian currency, the forint, plunging⁶ to record lows, many Hungarians are unable to pay-off their financial obligations.

But Hungary's main center-right opposition⁷ party, Fidesz, has criticized the government for accepting the financial rescue package, saying it could compromise the country's sovereignty.

Hungarian Prime Minister Ferenc Gyurcsany shrugs⁸ off this criticism. He says the loans Hungary receives will not restrict the country's right to make its own political decisions and introduce reforms.

"We will remain an independent country," he added.

But Mr. Gyurcsany admits his government can "not take up the responsibility to pay automatically 13th month wages and pensions, because we do not know from where to cover these expenses."

One in five Hungarians, about 1.5 million people, are expected to be impacted by the measures.

Hungarian pensioners find it difficult to prepare for the upcoming holiday season without their bonus extra month's pay.

"We are always counting how many nights we have to sleep to receive the 13th month pension," said one woman.

But bread-and-butter concerns seem far removed from the daily reality of traders at the Budapest Stock Exchange, seen as a key indicator⁹ of Hungary's overall economic situation.

Men in suits are glued to their computers as they try to cope with unprecedented¹⁰ volatility¹¹ in Hungary's stock market. The Hungarian forint and the Budapest Stock Exchange were both significantly higher Wednesday, but nobody knows for how long after weeks of turmoil¹².

Hungary's financial situation is closely monitored by Europe's other former Communist countries, where governments have slashed¹³ economic growth forecasts and expect budget revenues to dwindle¹⁴. Analysts¹⁵ say it comes at a time when their ability to borrow more on international debt markets has been squeezed by the global credit crunch¹⁶.

The larger-than-expected rescue for Hungary, the biggest for an emerging market economy since the global crisis began, is the first for an EU member. It also dwarfs¹⁷ the $2 billion and more than $16 billion sums offered by the IMF earlier to fellow strugglers Iceland and Ukraine.

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 pensioners   

n.领取退休、养老金或抚恤金的人( pensioner的名词复数 )

参考例句：

• He intends to redistribute income from the middle class to poorer paid employees and pensioners. 他意图把中产阶级到低薪雇员和退休人员的收入做重新分配。 来自《简明英汉词典》
• I am myself one of the pensioners upon the fund left by our noble benefactor. 我自己就是一个我们的高贵的施主遗留基金的养老金领取者。 来自辞典例句

3 blues   

n.抑郁，沮丧；布鲁斯音乐

参考例句：

• She was in the back of a smoky bar singing the blues.她在烟雾弥漫的酒吧深处唱着布鲁斯歌曲。
• He was in the blues on account of his failure in business.他因事业失败而意志消沉。

4 deficit   

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。

5 yen   

n. 日元；热望

参考例句：

• He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
• He has a yen to be alone in a boat.他渴望独自呆在一条船上。

6 plunging   

adj.跳进的，突进的v.颠簸( plunge的现在分词 )；暴跌；骤降；突降

参考例句：

• War broke out again, plunging the people into misery and suffering. 战祸复发，生灵涂炭。 来自《现代汉英综合大词典》
• He is plunging into an abyss of despair. 他陷入了绝望的深渊。 来自《简明英汉词典》

7 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

8 shrugs   

n.耸肩（以表示冷淡，怀疑等）( shrug的名词复数 )

参考例句：

• Hungarian Prime Minister Ferenc Gyurcsany shrugs off this criticism. 匈牙利总理久尔恰尼对这个批评不以为然。 来自互联网
• She shrugs expressively and takes a sip of her latte. 她表达地耸肩而且拿她的拿铁的啜饮。 来自互联网

9 indicator   

n.指标；指示物，指示者；指示器

参考例句：

• Gold prices are often seen as an indicator of inflation.黃金价格常常被看作是通货膨胀的指标。
• His left-hand indicator is flashing.他左手边的转向灯正在闪亮。

10 unprecedented   

adj.无前例的，新奇的

参考例句：

• The air crash caused an unprecedented number of deaths.这次空难的死亡人数是空前的。
• A flood of this sort is really unprecedented.这样大的洪水真是十年九不遇。

11 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

12 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

13 slashed   

v.挥砍( slash的过去式和过去分词 )；鞭打；割破；削减

参考例句：

• Someone had slashed the tyres on my car. 有人把我的汽车轮胎割破了。
• He slashed the bark off the tree with his knife. 他用刀把树皮从树上砍下。 来自《简明英汉词典》

14 dwindle   

v.逐渐变小（或减少）

参考例句：

• The factory's workforce has dwindled from over 4,000 to a few hundred.工厂雇员总数已经从4,000多人减少到几百人。
• He is struggling to come to terms with his dwindling authority.他正努力适应自己权力被削弱这一局面。

15 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。

16 crunch   

n.关键时刻；艰难局面；v.发出碎裂声

参考例句：

• If it comes to the crunch they'll support us.关键时刻他们是会支持我们的。
• People who crunch nuts at the movies can be very annoying.看电影时嘎吱作声地嚼干果的人会使人十分讨厌。

17 dwarfs   

n.侏儒，矮子（dwarf的复数形式）vt.（使）显得矮小（dwarf的第三人称单数形式）

参考例句：

• Shakespeare dwarfs other dramatists. 莎士比亚使其他剧作家相形见绌。 来自《简明英汉词典》
• The new building dwarfs all the other buildings in the town. 新大楼使城里所有其他建筑物都显得矮小了。 来自辞典例句