US, European Stocks Plunge, Borrowing Costs Rise

 　　Major U.S. and European stock exchanges plunged¹ Wednesday and Italy's borrowing costs jumped, as the long shadow of the continent's debt crisis consumed the Greek and Italian governments.

　　Key stock markets in New York, London, Paris and Frankfurt all slid more than two percent, in part due to the political uncertainty² in Athens and Rome.

　　Late in the day, outgoing Greek Prime Minister George Papandreou told a national television audience that he and opposition³ lawmakers had reached an agreement on a coalition⁴ government. The interim⁵ government will now have to carry out austerity measures demanded by the country's international creditors⁶.

　　Papandreou pledged that Greece would do "whatever is required to remain" in the 17-nation bloc⁷ that uses the euro currency, and that the coalition government signals "a new future for our country."

　　Meanwhile, the Italian government faced record-high borrowing costs the day after Prime Minister Silvio Berlusconi said he would resign as soon as Parliament enacts⁸ budget cuts. The spending reforms are aimed at cutting the Rome government's massive debt in hopes of avoiding the need for an international bailout.

　　Interest rates on Italian government bonds topped 7 percent for the first time since the advent⁹ of the euro currency in 1999. That percentage rate is the threshold at which Greece, Ireland and Portugal all were forced to secure international bailouts in the last year and a half.

　　Greek news accounts said that 60-year-old Parliament chief Filippos Petsalnikos has been tapped as the interim prime minister after early speculation¹⁰ had centered on Lucas Papademos, an economist¹¹ and former vice¹² president of the European Central Bank.

　　Papandreou and opposition leader Antonis Samaras had been locked in talks since Monday on who will lead a power-sharing government until early elections, tentatively scheduled for February 19, are held.

　　The European Union demanded that both Papandreou's socialists¹³ and Samaras' opposition New Democracy party sign a written commitment to carry out the austerity measures as part of the debt-relief plan approved for Greece last month. Samaras balked¹⁴ at a written statement, calling it an insult to "national dignity" and insisting his verbal assent¹⁵ to the plan should be sufficient. It was not immediately known whether the dispute was resolved.

　　European finance ministers are waiting for the formation of a new government in Greece before deciding whether to grant the country a crucial $11 billion loan installment¹⁶.

　　In Italy, one opposition lawmaker, Giuseppe Fiorini, said the country needs a government that can give Italy "international credibility," something he said Berlusconi has not been able to do.

　　"With the crisis continuing and Italy in pain I hope we can find a government that will give us international credibility and allow the country to provide the necessary reforms, which Berlusconi has not been able to give,'' said Fiorini.

　　One government debt analyst¹⁷ in London, Jan Randolph of IHS Global Insight, said investor¹⁸ concerns about the safety of Italian debt will not abate¹⁹ "until a solid and stable government actually implements²⁰ austerity and undertakes reforms."

1 plunged   

v.颠簸( plunge的过去式和过去分词 )；暴跌；骤降；突降

参考例句：

• The train derailed and plunged into the river. 火车脱轨栽进了河里。
• She lost her balance and plunged 100 feet to her death. 她没有站稳，从100英尺的高处跌下摔死了。

2 uncertainty   

n.易变，靠不住，不确知，不确定的事物

参考例句：

• Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
• After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后，压力开始产生影响了。

3 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

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 interim   

adj.暂时的，临时的；n.间歇，过渡期间

参考例句：

• The government is taking interim measures to help those in immediate need.政府正在采取临时措施帮助那些有立即需要的人。
• It may turn out to be an interim technology.这可能只是个过渡技术。

6 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》

7 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。

8 enacts   

制定（法律），通过（法案）( enact的第三人称单数 )

参考例句：

• The legislative branch enacts laws; the executive branch enforces them, and the judicial branch interprets them. 立法部门制订法律，行政部门执行法律，司法部门解释法律。
• Hold phasic characteristic correctly, ability enacts the policy with an actual suit, measure. 正确地把握形势特点，才能制定出切合实际的政策、措施。

9 advent   

n.(重要事件等的)到来，来临

参考例句：

• Swallows come by groups at the advent of spring. 春天来临时燕子成群飞来。
• The advent of the Euro will redefine Europe.欧元的出现将重新定义欧洲。

10 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

11 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

12 vice   

n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的

参考例句：

• He guarded himself against vice.他避免染上坏习惯。
• They are sunk in the depth of vice.他们堕入了罪恶的深渊。

13 socialists   

社会主义者( socialist的名词复数 )

参考例句：

• The socialists saw themselves as true heirs of the Enlightenment. 社会主义者认为自己是启蒙运动的真正继承者。
• The Socialists junked dogma when they came to office in 1982. 社会党人1982年上台执政后，就把其政治信条弃之不顾。

14 balked   

v.畏缩不前，犹豫( balk的过去式和过去分词 )；（指马）不肯跑

参考例句：

• He balked in his speech. 他忽然中断讲演。 来自《现代英汉综合大词典》
• They balked the robber's plan. 他们使强盗的计划受到挫败。 来自《现代英汉综合大词典》

15 assent   

v.批准，认可；n.批准，认可

参考例句：

• I cannot assent to what you ask.我不能应允你的要求。
• The new bill passed by Parliament has received Royal Assent.议会所通过的新方案已获国王批准。

16 installment   

n.(instalment)分期付款；(连载的)一期

参考例句：

• I shall soon pay the last installment of my debt.不久我将偿付我的最后一期债款。
• He likes to buy things on the installment plan.他喜欢用分期付款法购买货物。

17 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。

18 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

19 abate   

vi.(风势，疼痛等)减弱，减轻，减退

参考例句：

• We must abate the noise pollution in our city.我们必须消除我们城里的噪音污染。
• The doctor gave him some medicine to abate the powerful pain.医生给了他一些药，以减弱那剧烈的疼痛。

20 implements   

n.工具( implement的名词复数 )；家具；手段；[法律]履行（契约等）v.实现( implement的第三人称单数 )；执行；贯彻；使生效

参考例句：

• Primitive man hunted wild animals with crude stone implements. 原始社会的人用粗糙的石器猎取野兽。 来自《现代汉英综合大词典》
• They ordered quantities of farm implements. 他们订购了大量农具。 来自《现代汉英综合大词典》