VOA标准英语2012--Greece Eurozone Exit Would Be Felt Worldwide

 

Greece Eurozone Exit Would Be Felt Worldwide

 

With a population just under 11 million, and an annual GDP of about $300 billion, Greece is ranked 41st in a list of the world's industrialized countries. But with a sovereign debt nearly double its annual output, Greece is one of the weakest links in what has become a protracted¹ European crisis.

Simon Johnson is an economist² at the Peterson Institute for International Economics.

"The European Union is more than a quarter of the world's output and they have brought upon themselves and mismanaged a very serious crisis, so I'm afraid the implications for many countries are going to be quite dire," said Johnson.

Many see Greek elections in June as a referendum on the tough austerity measures demanded by the European Union in exchange for bailouts. But it's a referendum that could result in Greece becoming the first to leave the eurozone.

Analysts³ say a messy divorce could lead to higher borrowing costs for weaker economies, plunging⁴ countries such as Spain and Italy deeper into recession.

The financial ripples⁵ could reach across the Atlantic, shaving as much as one percent off U.S. growth. Enough, says economics professor Peter Morici, to halt an already tepid⁶ U.S. recovery.

"We are only growing at about 2 percent a year right now," said Morici. "If we took another half a point off that, we're getting down to a level that can't be sustained. The economy could likely tumble into a recession."

Despite its minimal⁷ exposure to Greece, analysts say the threat of a double dip recession in the world's largest economy would be enough to roil⁸ already shaky financial markets.

Banks with greater exposure to European debt could see a run on deposits - some would face outright⁹ collapse¹⁰.

Even faster growing economies in Asia can expect sharp declines as exports to the West dry up.

Ironically, Morici says Greece would be better off with a carefully managed exit from the monetary¹¹ union. But he doesn't think that will happen.

"I expect the Greeks to elect the government that will keep them in the eurozone, and that they will implement¹² the austerity program and that Greece will continue to cycle downward," he said. "This time next year, we'll be talking about 25 percent unemployment in Greece, much more than 50 percent youth unemployment, young professionals leaving the country and Greece slipping into developing country status."

Europe's Central Bank chief Mario Draghihas acknowledged the severity of the crisis, describing Europe's present course as "unsustainable." But even as he calls for urgent reforms - others insist Europe's experiment in a common currency has failed - pointing to Greece as an example of why it has not worked. 

 

1 protracted   

adj.拖延的；延长的v.拖延“protract”的过去式和过去分词

参考例句：

• The war was protracted for four years. 战争拖延了四年。 来自《简明英汉词典》
• We won victory through protracted struggle. 经过长期的斗争，我们取得了胜利。 来自《简明英汉词典》

2 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

3 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。

4 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》

5 ripples   

逐渐扩散的感觉( ripple的名词复数 )

参考例句：

• The moon danced on the ripples. 月亮在涟漪上舞动。
• The sea leaves ripples on the sand. 海水在沙滩上留下了波痕。

6 tepid   

adj.微温的，温热的，不太热心的

参考例句：

• She bent her mouth to the tap and drank the tepid water.她把嘴伸到水龙头底下去喝那微温的水。
• Her feet firmly planted on the tepid rough brick of the floor.她一双脚稳固地立在微温而粗糙的砖地上。

7 minimal   

adj.尽可能少的，最小的

参考例句：

• They referred to this kind of art as minimal art.他们把这种艺术叫微型艺术。
• I stayed with friends, so my expenses were minimal.我住在朋友家，所以我的花费很小。

8 roil   

v.搅浑，激怒

参考例句：

• Times of national turmoil generally roil a country's financial markets.在国家动荡不安的时代，该国的金融市场一般都会出现混乱。
• Some of her habits are off-putting but don't let them roil you.她的一些习惯让人恶心，但最好别烦你。

9 outright   

adv.坦率地；彻底地；立即；adj.无疑的；彻底的

参考例句：

• If you have a complaint you should tell me outright.如果你有不满意的事，你应该直率地对我说。
• You should persuade her to marry you outright.你应该彻底劝服她嫁给你。

10 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

11 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。

12 implement   

n.(pl.)工具，器具；vt.实行，实施，执行

参考例句：

• Don't undertake a project unless you can implement it.不要承担一项计划，除非你能完成这项计划。
• The best implement for digging a garden is a spade.在花园里挖土的最好工具是铁锹。