European Leaders Discuss Eurozone Debt Crisis

 　　French and German leaders met with Italy's new prime minister Thursday, promising¹ to change EU treaties to allow for closer financial integration². They hope such changes will prevent future economic problems like the current eurozone debt crisis.

　　French President Nicolas Sarkozy, German Chancellor³ Angela Merkel and Italian Prime Minister Mario Monti all said they would work to stabilize⁴ Europe's economy and support the common euro currency. They gathered in Strasbourg, France,

　　Italy is the latest of the 17 nations using the euro to face economic problems stemming largely from huge government debts. Monti told his counterparts that Italian political parties would work together to balance the country's budget in 2013. Monti replaced Prime Minister Silvio Berlusconi earlier this month.

　　Germany, France and Italy are the three largest economies in the eurozone. French officials have proposed allowing the European Central Bank to act as a lender of last resort for troubled eurozone economies, and called for borrowing through the sale of common eurozone bonds, rather than those issued by each individual country. Merkel has opposed both ideas - which would require more German support for the continent's weaker economies.

　　One of those economies, Portugal, saw its credit rating downgraded by Fitch on Thursday.  The global ratings agency says Portugal's large fiscal⁵ imbalances, large debt and adverse⁶ macroeconomic outlook mean its debt is no longer investment grade.

　　Investors⁷ are growing more worried about even the strongest European economy. On Wednesday, an auction⁸ of German 10-year bonds failed to find buyers for more than $2 billion of the $6 billion in bonds offered with 2 percent interest rates.

1 promising   

adj.有希望的，有前途的

参考例句：

• The results of the experiments are very promising.实验的结果充满了希望。
• We're trying to bring along one or two promising young swimmers.我们正设法培养出一两名有前途的年轻游泳选手。

2 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。

3 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。

4 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。

5 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。

6 adverse   

adj.不利的；有害的；敌对的，不友好的

参考例句：

• He is adverse to going abroad.他反对出国。
• The improper use of medicine could lead to severe adverse reactions.用药不当会产生严重的不良反应。

7 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

8 auction   

n.拍卖；拍卖会；vt.拍卖

参考例句：

• They've put the contents of their house up for auction.他们把房子里的东西全都拿去拍卖了。
• They bought a new minibus with the proceeds from the auction.他们用拍卖得来的钱买了一辆新面包车。