VOA标准英语2011--European Finance Chiefs Meet on Debt Crisis

European Finance Chiefs Meet on Debt Crisis

 

European leaders converge¹ on Brussels Sunday for a crucial summit aimed at forging a plan to save the euro currency. As Greece struggles to avoid a default on its debts, EU leaders must try to stop the crisis from spreading to much bigger economies like Italy and Spain, which could threaten the future of the European Union itself.

Two days of violent protests and strikes preceded Greece's latest effort to slash² government spending. Defying the protesters, Prime Minister Papandreou succeeded in getting the latest round of austerity measures passed in Parliament, vital to secure the next slice of European and IMF bailout money.

That will give encouragement to European leaders. After months of turmoil⁴ and credit downgrades, Sunday's summit is billed as the moment Europe must finally come together to stem the tide of its debt crisis. German Chancellor⁵ Angela Merkel struck an upbeat tone ahead of the meeting.

"If we want to use the crisis as an opportunity," Merkel said, "if we are determined⁶ to have more Europe, then we must seize the crisis as an opportunity and be prepared for unconventional and quicker action."

(L-R) Luxembourg's Prime Minister and Eurogroup chairman Jean-Claude Juncker, IMF Managing Director Christine Lagarde, Germany's Deputy Finance Minister Joerg Asmussen and Finance Minister Wolfgang Schaeuble talk at the start of an eurozone finance ministers' meeting in Brussels, October 21, 2011.

Few leaders appear confident of a quick agreement; a second summit has already been penciled in for Wednesday next week. By then, France and Germany say they will have bridged their differences on how Europe's bailout fund should be strengthened.

Analysts⁸ say the initial focus will be on how to pump more capital into troubled banks. And that's just the start.

Europe needs to show it will bail³ out bigger countries like Italy and Spain if they caught in a debt spiral, says Tobias Blattner of Daiwa Capital Markets.

"They need to increase the firepower of the bailout fund so that we finally stop contagion⁹ and there are no worries about an eventual¹⁰ Italian default," said Blattner. "This is what they have to do. But unfortunately how it looks now is that the proposals, how they want to leverage¹¹ this temporary bailout fund, will not be enough. And this is why the summit will most likely disappoint financial market participants."

Tim Ohlenburg of London analyst⁷ group the Center for Economic and Business Research says more radical¹² measures are needed for investors¹³ to regain¹⁴ confidence in Europe.

"We think there's hope for the eurozone in the long term overall if Europe manages to put a new institutional framework in place and manages either to let go of economies that are not viable¹⁵ in the euro, or find a transfer mechanism," said Ohlenburg.

No eurozone leader dares to talk in public of weaker members dropping the currency. But the only alternative, says Olehnburg, is a truly federal Europe.

"I think the only way to put an end to this situation, in general, is treaty change," added Ohlenburg. "More power to Europe, closer integration¹⁶, fiscal¹⁷ union."

Such is the gravity of its debt crisis that Europe's very foundations are up for debate.

1 converge   

vi.会合；聚集，集中；(思想、观点等)趋近

参考例句：

• The results converge towards this truth.其结果趋近于这个真理。
• Parallel lines converge at infinity.平行线永不相交。

2 slash   

vi.大幅度削减；vt.猛砍，尖锐抨击，大幅减少；n.猛砍，斜线，长切口，衣衩

参考例句：

• The shop plans to slash fur prices after Spring Festival.该店计划在春节之后把皮货降价。
• Don't slash your horse in that cruel way.不要那样残忍地鞭打你的马。

3 bail   

v.舀（水），保释；n.保证金，保释，保释人

参考例句：

• One of the prisoner's friends offered to bail him out.犯人的一个朋友答应保释他出来。
• She has been granted conditional bail.她被准予有条件保释。

4 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。

5 chancellor   

n.(英)大臣；法官；(德、奥)总理；大学校长

参考例句：

• They submitted their reports to the Chancellor yesterday.他们昨天向财政大臣递交了报告。
• He was regarded as the most successful Chancellor of modern times.他被认为是现代最成功的财政大臣。

6 determined   

adj.坚定的；有决心的

参考例句：

• I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
• He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。

7 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。

8 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。

9 contagion   

n.(通过接触的疾病)传染；蔓延

参考例句：

• A contagion of fear swept through the crowd.一种恐惧感在人群中迅速蔓延开。
• The product contagion effect has numerous implications for marketing managers and retailers.产品传染效应对市场营销管理者和零售商都有很多的启示。

10 eventual   

adj.最后的，结局的，最终的

参考例句：

• Several schools face eventual closure.几所学校面临最终关闭。
• Both parties expressed optimism about an eventual solution.双方对问题的最终解决都表示乐观。

11 leverage   

n.力量，影响；杠杆作用，杠杆的力量

参考例句：

• We'll have to use leverage to move this huge rock.我们不得不借助杠杆之力来移动这块巨石。
• He failed in the project because he could gain no leverage. 因为他没有影响力，他的计划失败了。

12 radical   

n.激进份子，原子团，根号；adj.根本的，激进的，彻底的

参考例句：

• The patient got a radical cure in the hospital.病人在医院得到了根治。
• She is radical in her demands.她的要求十分偏激。

13 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

14 regain   

vt.重新获得，收复，恢复

参考例句：

• He is making a bid to regain his World No.1 ranking.他正为重登世界排名第一位而努力。
• The government is desperate to regain credibility with the public.政府急于重新获取公众的信任。

15 viable   

adj.可行的，切实可行的，能活下去的

参考例句：

• The scheme is economically viable.这个计划从经济效益来看是可行的。
• The economy of the country is not viable.这个国家经济是难以维持的。

16 integration   

n.一体化，联合，结合

参考例句：

• We are working to bring about closer political integration in the EU.我们正在努力实现欧盟內部更加紧密的政治一体化。
• This was the greatest event in the annals of European integration.这是欧洲统一史上最重大的事件。

17 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。