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The Italian senate has voted to approve new austerity measures to avoid a bailout. It clears the way for Prime Minister Silvio Berlusconi to resign and for a new emergency government to be installed within days. The package demanded by the European Union includes privatisations and boosting competition in the labour market. Mr Berlusconi is expected to be replaced by economist1 and former EU commissioner2 Mario Monti.
Greece's new Prime Minister Lucas Papademos has been sworn in as the head of a new unity3 government after a week of political turmoil4. Mr Papademos will take on the job of ushering5 the latest European Union bailout deal through a divided parliament. He'll have about 100 days to start fulfilling the terms of the bailout plan to keep Greece solvent6.
Well, both developments in Italy and Greece have boosted share markets across Europe, London's FTSE closing up 101 points. US markets have also finished the session higher, as you can see, the Dow up 260. And good profit results in the US cheered up investors7 there also. The local share market, it finished the week higher as well. Investors were trading cautiously most of the day with Europe's debt crisis in mind, the ASX 200 rising 1.2 per cent. Asian markets followed suit. And in currencies, the Aussie dollar is buying 102 US cents.
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1 economist | |
n.经济学家,经济专家,节俭的人 | |
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2 commissioner | |
n.(政府厅、局、处等部门)专员,长官,委员 | |
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3 unity | |
n.团结,联合,统一;和睦,协调 | |
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4 turmoil | |
n.骚乱,混乱,动乱 | |
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5 ushering | |
v.引,领,陪同( usher的现在分词 ) | |
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6 solvent | |
n.溶剂;adj.有偿付能力的 | |
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7 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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