Banking sector causes collapse of Spanish stocks

MADRID, June 29 (Xinhua) -- The Spanish stock market suffered this year's third major downfall on Tuesday (-5.45 percent) as a result of the banking¹ sector's liquidity² problems. Fears of a double dip world recession grew sharply ahead of U.S. jobs report to be released on Friday.
Once again, banks caused the Ibex-35 to sink under 9,200 points. Santander and BBVA shares fell by 6.8 and 7.2 percent respectively, whilst Bankinter saw the value of its shares reduced by 8 percent.
The Spanish financial sector（金融部门） was once more under close scrutiny³ （审查,监视）by the international press on Tuesday when its liquidity problems were highlighted. According to the Financial Times, Spanish banks have been exerting pressure on the European Central Bank (ECB) ahead of Thursday's redemption of 442 billion euro (539.7 billion U.S. dollars) granted to European banks at an interest rate of 1 percent one year ago.
The London-based journal reported that Spanish banks accuse the ECB of "absurd" behavior if the European monetary⁴ authorities（货币当局） finally decide to terminate their emergency-cash policies. The one- year credits were a novel policy introduced by the ECB as an extraordinary support measure during the financial crisis.
Given the time-length of these loans, the Financial Times reports, the ECB will not renew them since they may distort markets and condition the ECB's monetary policies. The ECB is even more reluctant to renew the loan scheme in the current climate, with the ongoing⁵ sovereign debt crisis still unresolved.
(本文由在线英语听力室整理编辑)

1 banking   

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。

2 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

3 scrutiny   

n.详细检查，仔细观察

参考例句：

• His work looks all right,but it will not bear scrutiny.他的工作似乎很好，但是经不起仔细检查。
• Few wives in their forties can weather such a scrutiny.很少年过四十的妻子经得起这么仔细的观察。

4 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。

5 ongoing   

adj.进行中的，前进的

参考例句：

• The problem is ongoing.这个问题尚未解决。
• The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。