VOA标准英语2009-Dubai Debt, Dollar Slide Fuel Market Slump i

State-owned investment company Dubai World, which manages much of the city-state's massive development projects, is asking creditors¹ for a delay in repaying about $60 billion in debt.

Kurt Achin | Seoul 27 November 2009

A men walk past a securities firm's electronic signboard indicating Japanese stock prices in Tokyo, 27 Nov 2009

Concerns over debt problems in Dubai and an eroding² U.S. dollar have sent Asian markets lower. Japanese officials warn government intervention³ may be on the way to slow the yen⁴'s rise. 

Here in South Korea, the KOSPI index tumbled more than four and a half percent Friday.  Most other Asian stock markets were down sharply, a reaction to word that Dubai's main investment arm is having trouble servicing its debt.

State-owned investment company Dubai World, which manages much of the city-state's massive development projects, is asking creditors for a delay in repaying about $60 billion in debt.

Fears of a wider-ranging debt default affecting other banks drove Japan's Nikkei index down two percent.  Hong Kong's Hang Seng fell almost five percent.

Lee Kyoung-su, a market analyst⁵ at Taurus Investment and Securities in Seoul, says markets are worried about the possibility of a second financial crisis, like the one that began in the United States last year.

Lee says the Dubai debt crisis is not that large by itself, but may be enough to spark a chain reaction, especially in Europe, where many banks lent money to Dubai.

He says if European banks react to this by getting stricter on making loans, it could have very negative consequences.

The shakiness in world stock markets did not help the dollar, which is at levels against the yen last seen 14 years ago.

Finance Minister Hirohisa Fujii described himself as "extremely nervous" Friday, after the dollar slid toward 84 yen.  He says Tokyo may soon intervene in the markets, to help correct the yen's course. In the past, to halt the dollar's fall, the Bank of Japan has sold yen and bought dollars.

He says the yen's current strength reflects a skewed movement in the market, and adds it would be appropriate for Japan to take action to stabilize⁶ global financial markets.

Japan, like many Asian countries, depends heavily on exports for economic growth.  When the dollar gets cheaper, it raises the price of South Korean and Japanese exports like televisions and cars, making them less competitive.

Separately, there were signs Friday Japan is losing its battle against domestic deflation.  Consumer prices there fell for the eighth month, indicating the nation's economic recovery remains⁷ fragile. 

 

1 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

2 eroding   

侵蚀，腐蚀( erode的现在分词 )； 逐渐毁坏，削弱，损害

参考例句：

• The coast is slowly eroding. 海岸正慢慢地被侵蚀。
• Another new development is eroding the age-old stereotype of the male warrior. 另一个新现象是，久已形成的男人皆武士的形象正逐渐消失。

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 yen   

n. 日元；热望

参考例句：

• He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
• He has a yen to be alone in a boat.他渴望独自呆在一条船上。

5 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

6 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。

7 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。