VOA标准英语2008年-French Bank to Sell Billions in Assets to Deal

By Lisa Bryant
Paris
15 May 2008

French banking¹ giant Credit Agricole says it will sell billions of dollars in assets to deal with subprime losses by its investment arm. From Paris, Lisa Bryant reports the new financial blow adds to the economic worries in France, where the center-right government hopes to push through tough reforms.

France's Credit Agricole bank says it will sell $7.75 billion in assets and name a new head of its investment banking arm to cope with losses related to the U.S. subprime home loan crisis - and the fallout from the global credit crunch².

The announcement is the latest example of how the credit crisis in the United States has spilled over to other countries, including those in Europe - most notably³ Britain.

But American University of Paris business school head, Ali Fatemi, says the subprime crisis has had a mixed effect in Europe - and may not necessarily be a huge blow for France, where the housing market, for example, remains⁴ resilient.

"I think the impact on Europe is going to be different in different countries," he said. "The most severely⁵ hit will be Spain, because it had the highest rate of growth. France is not growing anyway - under two percent - so it is not going to be important. U.K., I think it is over."

But European economies may be harder hit if the United States should dip into a recession. That could spell bad news for France, where French President Nicolas Sarkozy is trying to push through budget cuts along with reforms in areas like retirement⁶ and working hours.

The measures have not been well received. Teachers, students, and civil servants took to the streets across the country to protest government cuts in teaching staff and other austerity measures.

"If the economic situation worsens in France and in Europe in general, his reforms will become more difficult," Fatemi said. "Mr. Sarkozy has a majority in the parliament . The only problem is that if opposition⁷ to him grows because of economic problems, he may lose control of his own party."

But Fatemi believes Mr. Sarkozy is likely to succeed in pushing through his reforms and finish in July, when France takes over the rotating European Union presidency⁸.

1 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

2 crunch   

n.关键时刻；艰难局面；v.发出碎裂声

参考例句：

• If it comes to the crunch they'll support us.关键时刻他们是会支持我们的。
• People who crunch nuts at the movies can be very annoying.看电影时嘎吱作声地嚼干果的人会使人十分讨厌。

3 notably   

adv.值得注意地，显著地，尤其地，特别地

参考例句：

• Many students were absent,notably the monitor.许多学生缺席，特别是连班长也没来。
• A notably short,silver-haired man,he plays basketball with his staff several times a week.他个子明显较为矮小，一头银发，每周都会和他的员工一起打几次篮球。

4 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。

5 severely   

adv.严格地；严厉地；非常恶劣地

参考例句：

• He was severely criticized and removed from his post.他受到了严厉的批评并且被撤了职。
• He is severely put down for his careless work.他因工作上的粗心大意而受到了严厉的批评。

6 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

7 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。

8 presidency   

n.总统(校长，总经理)的职位(任期)

参考例句：

• Roosevelt was elected four times to the presidency of the United States.罗斯福连续当选四届美国总统。
• Two candidates are emerging as contestants for the presidency.两位候选人最终成为总统职位竞争者。