VOA标准英语2011--World Markets on Edge as Greece Misses D

World Markets on Edge as Greece Misses Deficit 1 Reduction Target

U.S. stocks followed European and Asian markets into the red on Monday after Greece announced it will miss deficit reduction targets worked out in a bailout deal with lenders. Despite a series of austerity measures, the Greek government projects its deficit at 8.5 percent of the country's economic output, well above the 7.6 percent target it had promised international creditors 2. The admission renews fears that Greece may not get the crucial assistance it needs to avoid default.

The possibility that Greece will not make good on its debts moved a step closer to reality on Monday. At a eurozone finance ministers meeting in Luxembourg, EU Monetary 3 Affairs Commissioner 4 Olli Rehn said Greece and the 17 nations that use the euro have reached a critical juncture 5.

"It seems that Greece is likely to miss the target this year, next year and concrete measures agreed to so far are going a long way to meet all the fiscal 6 targets," said Rehn. "As I said, it is essential now that we will assess the measures, we will review the figures."

Greece's next bailout installment 7 - about $11 billion - is predicated on the country's ability to reduce spending - spending that has raised the country's debt load to a staggering 173 percent of national income. Without the next installment, Greece is expected to run out of money in a matter of weeks.

David Jones is a market strategist at IG index:

"The concern is that there's an awful lot of talk from politicians and central banks to an extent and very little in the way of immediate 8 action," said Jones. "So I think the worry is that once again this latest problem will extend just how long this takes to try to solve."

Greece has imposed a series of unpopular austerity measures that have led to almost daily protests from workers weary of deep pay cuts and higher taxes.

But Nikos Christodoulou at Merit Securities says it is no secret why Greece has been unable to reach its target goals.

"The main reason is the recession," said Christodoulou. "The recession widens in Greece at this moment. We know that it will be at least 5.5 percent for this year and we may have a new recession in the next year. So the bigger the recession, the higher the budget deficit."

Some analysts 9 accuse the European Union, the IMF and the European central bank of creating unnecessary drama. Even so, Oliver Roth at Close Brothers Seydler Bank says it's unlikely the so-called "Troika" will allow Greece to fail.

"For me, it is clear that the Troika will pay sooner or later the credits to Greece and therefore I don't think there is a reason for being so negative," said Roth.

Experts say pulling the plug on Greece could have massive repercussions 10 in Europe, especially to French banks with heavy exposure to Greek debt. Some say the resulting crisis could plunge 11 the global economy into another painful recession.

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1
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。












2
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》












3
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。












4
commissioner

  
 


n.（政府厅、局、处等部门）专员，长官，委员


参考例句：





The commissioner has issued a warrant for her arrest.专员发出了对她的逮捕令。
He was tapped for police commissioner.他被任命为警务处长。












5
juncture

  
 


n.时刻，关键时刻，紧要关头


参考例句：





The project is situated at the juncture of the new and old urban districts.该项目位于新老城区交界处。
It is very difficult at this juncture to predict the company's future.此时很难预料公司的前景。












6
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。












7
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。












8
immediate

  
 


adj.立即的；直接的，最接近的；紧靠的


参考例句：





His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。












9
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。












10
repercussions

  
 


n.后果，反响( repercussion的名词复数 )；余波


参考例句：





The collapse of the company will have repercussions for the whole industry. 这家公司的垮台将会给整个行业造成间接的负面影响。
Human acts have repercussions far beyond the frontiers of the human world. 人类行为所产生的影响远远超出人类世界的范围。 来自《简明英汉词典》












11
plunge

  
 


v.跳入，(使)投入，(使)陷入；猛冲


参考例句：





Test pool's water temperature before you plunge in.在你跳入之前你应该测试水温。
That would plunge them in the broil of the two countries.那将会使他们陷入这两国的争斗之中。