Europe Scrambles to Contain Debt Problems

 　　French, German and Greek leaders are scheduled to hold a conference call Wednesday on how to contain Europe's deepening financial crisis that also is triggering alarm in other continents.

　　The call by leaders of Europe's two largest economies - France and Germany - to its weakest, Greece, underscores deepening worries about the region's financial troubles.

　　It comes ahead of a Friday meeting by finance ministers from the 17 nations sharing the euro currency to address a debt crisis that began with Greece, Portugal and Ireland, and now risks dragging in Italy and Spain.

　　U.S. Treasury¹ Secretary Timothy Geithner is attending the talks for the first time, amid signs the crisis might also spread overseas.

　　In remarks to American news station CNBC, Geithner said European leaders are aware they need to do more to earn international confidence.

　　Fabian Zuleeg, chief economist² at the Brussels-based European Policy Center, says the United States is right to be concerned. "The intervention³ from the U.S. has also shown, at least a risk that the stability of the financial system as a whole - the global financial system - might be under threat again," he said. "That we might have a financial situation where a possible default of Greece might have knock-on effects around the world as well."

　　On Wednesday, Italy's lower house approved a new austerity plan that would cut the country's deficit⁴ by more than $70 billion over three years. But underscoring market fears, Rome was forced this week to sell bonds at record interest rates.

　　In another signal of market jitters⁵, the Moody's rating agency downgraded two major French banks that are large holders⁶ of Greek government bonds.

　　Greece is under pressure to make good its austerity promises in return for getting more rescue funds. But analysts⁷ believe European governments sharing the euro currency also must agree to closer economic unity⁸ if the eurozone is to remain viable⁹.

　　In remarks before the European Parliament Wednesday, European Commission President Jose Manuel Barroso said the commission will propose creating "eurobonds" as a way for eurozone governments to jointly¹⁰ guarantee their debts.

　　"I am convinced we need a deeper and more results-driven integration¹¹. And let me be clear, this has to be within the community system. A system based purely¹² on intergovernmental cooperation has not worked in the past and will not work in the future," Barroso stated.

　　Chances that the eurozone might fall apart were once dismissed as unlikely.

　　Now, analysts like Zuleeg say it's a real possibility. "I don't think a very orderly exit of a single country is a very likely scenario¹³. I think it is much more likely that we either have the eurozone holding together or we get a chaotic¹⁴ process where other countries come under pressure as soon as one of the countries, such as Greece, says they can no longer pay their debt," he said.

　　Experts say economic growth also is needed for Greece and other debt-strapped nations to rebound¹⁵.

　　But last week, the Paris-based Organization for Economic Cooperation and Development downgraded its growth estimates for the euro area and the Greek economy has shrunk this year.

1 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

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 intervention   

n.介入，干涉，干预

参考例句：

• The government's intervention in this dispute will not help.政府对这场争论的干预不会起作用。
• Many people felt he would be hostile to the idea of foreign intervention.许多人觉得他会反对外来干预。

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 jitters   

n.pl.紧张(通常前面要有the)

参考例句：

• I always get the jitters before exams. 我考试前总是很紧张。
• The whole city had the jitters from the bombing. 全城居民都为轰炸而心神不宁。

6 holders   

支持物( holder的名词复数 )； 持有者； （支票等）持有人； 支托（或握持）…之物

参考例句：

• Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
• It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识，才使得死刑的提倡者指控主张废除死刑的人感情用事，同情谋杀犯胜过同情受害者。

7 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。

8 unity   

n.团结，联合，统一；和睦，协调

参考例句：

• When we speak of unity,we do not mean unprincipled peace.所谓团结，并非一团和气。
• We must strengthen our unity in the face of powerful enemies.大敌当前，我们必须加强团结。

9 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。

10 jointly   

ad.联合地，共同地

参考例句：

• Tenants are jointly and severally liable for payment of the rent. 租金由承租人共同且分别承担。
• She owns the house jointly with her husband. 她和丈夫共同拥有这所房子。

11 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。

12 purely   

adv.纯粹地，完全地

参考例句：

• I helped him purely and simply out of friendship.我帮他纯粹是出于友情。
• This disproves the theory that children are purely imitative.这证明认为儿童只会单纯地模仿的理论是站不住脚的。

13 scenario   

n.剧本，脚本；概要

参考例句：

• But the birth scenario is not completely accurate.然而分娩脚本并非完全准确的。
• This is a totally different scenario.这是完全不同的剧本。

14 chaotic   

adj.混沌的，一片混乱的，一团糟的

参考例句：

• Things have been getting chaotic in the office recently.最近办公室的情况越来越乱了。
• The traffic in the city was chaotic.这城市的交通糟透了。

15 rebound   

v.弹回；n.弹回，跳回

参考例句：

• The vibrations accompanying the rebound are the earth quake.伴随这种回弹的振动就是地震。
• Our evil example will rebound upon ourselves.我们的坏榜样会回到我们自己头上的。