European Debt Crisis Dominates IMF Talks

 　　U. S. Treasury¹ Secretary Timothy Geithner said Saturday that the euro area sovereign debt and banking² crises are the biggest threats to the global economy and that European officials need to address and remedy that quickly.  Meanwhile, leaders of the International Monetary³ Fund say plans are underway to help stave off further financial crisis in Europe.

　　In years past, when world financial leaders have convened⁴ at the World Bank and International Monetary Fund, protesters have descended⁵ upon them, criticizing capitalism⁶ and denouncing greed.

　　But the streets were quiet at this year's conference... some security, but mostly polite attendees walking to and from meetings.

　　There were smiles, as cameras flashed in photo ops, but beneath the surface ... a grimness.

　　“We are in a precarious⁷ situation.  We face a confluence⁸ of sovereign debt and banking risks with the epicenter of that being in the euro area,” warned Tharman Shanmugaratnam, chair of the International Monetary and Financial Comittee.

　　Europe’s problems, he said, are underpinned⁹ by a weakened global economy, especially in the U.S., compounded by a lack of confidence in fiscal¹⁰ policy actions in developed countries.

　　Earlier Saturday, U.S. Treasury Secretary Timothy Geithner, in his strongest language yet, said European leaders should work more closely with their central bank to ensure capital and liquidity¹¹ remain available in what could be rough days ahead.

　　IMF Managing Director Christine Lagarde says that topic is on the table.

　　“However grave and serious the moment is we, and also and the global economy, is half way through the work that needs to be done," she said.  "If you look at financial regulation, if you look at crisis management, if you look at improved governance in the euro zone, if you look at strengthening the capital of the banks, a lot has already happened.”

　　Meanwhile, the finance chiefs of Brazil, Russia, India and China, the so-called BRICS countries, say they will do what they can to help stabilize¹² the world economy.  Emerging markets in general have weathered the financial crisis better than developed economies.

　　“Formerly with a cold in the advanced economies we would catch pneumonia¹³," noted¹⁴ Nicolas Eyzaguirre, IMF Western Hemisphere Department Director.  "Looks like this time around the pneumonia is in the advanced countries and we will probably catch a cold.”

　　These countries still have to consider where to invest their resources

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 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。

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 convened   

召开( convene的过去式 )； 召集； （为正式会议而）聚集； 集合

参考例句：

• The chairman convened the committee to put the issue to a vote. 主席召集委员们开会对这个问题进行表决。
• The governor convened his troops to put down the revolt. 总督召集他的部队去镇压叛乱。

5 descended   

a.为...后裔的，出身于...的

参考例句：

• A mood of melancholy descended on us. 一种悲伤的情绪袭上我们的心头。
• The path descended the hill in a series of zigzags. 小路呈连续的之字形顺着山坡蜿蜒而下。

6 capitalism   

n.资本主义

参考例句：

• The essence of his argument is that capitalism cannot succeed.他的论点的核心是资本主义不能成功。
• Capitalism began to develop in Russia in the 19th century.十九世纪资本主义在俄国开始发展。

7 precarious   

adj.不安定的，靠不住的；根据不足的

参考例句：

• Our financial situation had become precarious.我们的财务状况已变得不稳定了。
• He earned a precarious living as an artist.作为一个艺术家，他过得是朝不保夕的生活。

8 confluence   

n.汇合，聚集

参考例句：

• They built the city at the confluence of two rivers.他们建造了城市的汇合两条河流。
• The whole DV movements actually was a confluence of several trends.整个当时的DV运动，实际上是几股潮流的同谋。

9 underpinned   

v.用砖石结构等从下面支撑（墙等）( underpin的过去式和过去分词 )；加固（墙等）的基础；为（论据、主张等）打下基础；加强

参考例句：

• The report is underpinned by extensive research. 这份报告以广泛的研究为基础。
• The statue of Diana was underpinned with charred piles. Diana雕像是建造在炭化了的木桩上的。 来自辞典例句

10 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。

11 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。

12 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

13 pneumonia   

n.肺炎

参考例句：

• Cage was struck with pneumonia in her youth.凯奇年轻时得过肺炎。
• Pneumonia carried him off last week.肺炎上星期夺去了他的生命。

14 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。