Obama: Euro Debt Deal Is 'Progress'

　　President Barack Obama says there is no doubt that the European Union’s agreement to slash¹ Greece’s debt and enlarge a bailout fund is progress. The president says strong execution of the plan is essential.

　　After meeting Thursday with the Czech Republic’s prime minister, Petr Necas, President Obama said the EU debt accord is a step toward resolving the euro zone’s debt crisis.

　　“I was very pleased to see that the leaders of Europe recognize that it is both in Europe's interest and the world's interest that the situation is stabilized².  And I think they have made significant progress over the last week and the key now is just to make sure that it drives forward in an effective way,” Mr. Obama said.

　　Share prices soared on world markets after the agreement was announced.  In New York, the Dow Jones Industrial Average gained almost three percent, largely in reaction to the news.

　　Obama said the health of Europe’s economy directly affects the health of America’s economy.

　　“If Europe is weak, if Europe is not growing, as our largest trading partner, that is going to have an impact on our businesses and our ability to create jobs here in the United States,” Mr. Obama said.

　　EU leaders persuaded banks and investors³ to accept a 50 percent loss on Greek government bonds, which would cut Greece’s debt in half.  Under the plan, banks would need to raise another $148 billion by June.  And the 17 countries in the euro zone will boost their bailout fund to $1.4 trillion.

　　President Obama thanked Prime Minister Necas for the Czech Republic’s contribution to the NATO-led military coalition⁴ fighting in Afghanistan.

　　Both leaders said their nations remain committed to promoting democracy and human rights.

　　European leaders said the debt-relief agreement could help resolve the continent's two-year-long crisis and give Greece a chance to regain⁵ its economic footing. German Chancellor⁶ Angela Merkel said "we have done what needed doing." French President Nicolas Sarkozy said it was a "credible⁷ and ambitious" plan, while Greek Prime Minister George Papandreou said the result would be "a new era, a new chapter" for his country.

　　U.S. President Barack Obama welcomed the deal as a "critical foundation" to help solve the eurozone crisis and said the United States will support its European allies to address global economic problems.

　　What's included

　　Following 10 hours of tense negotiations⁸ in Brussels, EU leaders said they had convinced banks and investors to accept a 50 percent loss on Greek government bonds, effectively reducing Greek debt by $140 billion. At the same time, the banks are required to raise an additional $148 billion by June. The 17-nation bloc⁹ that uses the euro currency is increasing the firepower of its bailout fund to $1.4 trillion to cover future assistance for debt-ridden nations.

　　The deal still leaves Greece with a significant debt burden - estimated at 120 percent of its economic output in 2020, down from 160 percent now. But Greek Finance Minister Evangelos Venizelos said that debt level "becomes viable¹⁰" for the country.

1 slash   

vi.大幅度削减；vt.猛砍，尖锐抨击，大幅减少；n.猛砍，斜线，长切口，衣衩

参考例句：

• The shop plans to slash fur prices after Spring Festival.该店计划在春节之后把皮货降价。
• Don't slash your horse in that cruel way.不要那样残忍地鞭打你的马。

2 stabilized   

v.（使）稳定， （使）稳固( stabilize的过去式和过去分词 )

参考例句：

• The patient's condition stabilized. 患者的病情稳定下来。
• His blood pressure has stabilized. 他的血压已经稳定下来了。 来自《现代英汉综合大词典》

3 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

4 coalition   

n.结合体，同盟，结合，联合

参考例句：

• The several parties formed a coalition.这几个政党组成了政治联盟。
• Coalition forces take great care to avoid civilian casualties.联盟军队竭尽全力避免造成平民伤亡。

5 regain   

vt.重新获得，收复，恢复

参考例句：

• He is making a bid to regain his World No.1 ranking.他正为重登世界排名第一位而努力。
• The government is desperate to regain credibility with the public.政府急于重新获取公众的信任。

6 chancellor   

n.(英)大臣；法官；(德、奥)总理；大学校长

参考例句：

• They submitted their reports to the Chancellor yesterday.他们昨天向财政大臣递交了报告。
• He was regarded as the most successful Chancellor of modern times.他被认为是现代最成功的财政大臣。

7 credible   

adj.可信任的，可靠的

参考例句：

• The news report is hardly credible.这则新闻报道令人难以置信。
• Is there a credible alternative to the nuclear deterrent?是否有可以取代核威慑力量的可靠办法？

8 negotiations   

协商( negotiation的名词复数 )； 谈判； 完成（难事）； 通过

参考例句：

• negotiations for a durable peace 为持久和平而进行的谈判
• Negotiations have failed to establish any middle ground. 谈判未能达成任何妥协。

9 bloc   

n.集团；联盟

参考例句：

• A solid bloc of union members support the decision.工会会员团结起来支持该决定。
• There have been growing tensions within the trading bloc.贸易同盟国的关系越来越紧张。

10 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。