《高职实用财经英语》书稿杨琼

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1、Unit13TheForeignEconomicHotIssuesTextAEuro-zoneDebtCrisis“PIIGS”wasmainlyinvolvedinEuro-zonedebtcrisis.“PIIGS”isPortugal,Ireland,Italy,GreeceandSpain.Theinitiallettersofthosefivecountriescombinedarecalled“PIIGS”.8th,December,2009,oneofthethreemainratingagenciesintheworld,Fitchannouncedthatitwo

2、uldcuttheGreece’ssovereignratingfrom“A-”to“BBB+”anddowngradeitsoutlooktonegative.ThiswasthefirsttimeforGreece’ssovereigncreditratingfallingunder“A”inthepast10years.ThentheEuro-zonedebtcrisiswasstarted.May22ed,2010,theSpanishCentralBankannouncedthatittookoversmall-sizedsavingsbankCajaSurandthem

3、arketsworriedthatsovereigndebtwouldspreadfrompublicdomaintofolkfield.ThisactionwasregardedasthefurtherworseningofSpanishCrisisDebt.Theeuro-zonecrisisreachedacriticalstagewhenItalyjoinedthesevenpercentclub,thegroupofeuro-zonecountrieswhoseborrowingcostshavegoneabove7%andstayedthere.Itspublicdeb

4、tsarecloseto120%ofGDP.OnlyGreecehasagreaterburden.Ireland’sislowerbutithasalargebudgetdeficitsothisisaddingtoitsdebtatarapidpace.SoisBritainbutithasbenefitedfrombeinganon-eurohavenandcanstillborrowverycheaply.Italy’ssituationisnotyetcriticalbecausethegovernmentdoesnothavetorefinanceallitsdebts

5、quicklyatpunishinginterestrates.Theaveragematurityofitspublicbondsisaroundsevenyears.OnlyinAustriaandBritainislonger.GDPgrewinmostcountriesinthefirsthalfof2011,thoughthereweremarkeddifferencesinperformance.Germanywassprightly.Sowerethecountriesaroundwithwhichittradesmostheavily.BycontrastGDPin

6、GreeceandPortugalhascrashedundertheweightofausterity.Morerecently,thecrisishassappedthestrengthofeventheso-called“core”euro-zonecountries.Thestrainsoftheeuroarea’ssovereign-debtcrisismakearecessionintheearlymonthsof2012likely.Inmanycountriesunemploymenthasnotgoneupbyasmuchasonemightexpectgiven

7、thedepthofthe2008-09crisis.Germanyhaslowerunemploymentthanitenjoyedintheboomyears.Theworst-affectedcountriesincludeIrelandandSpain,whereacollapseinconstructionhasswollenthedolequeues.YouthunemploymentisespeciallyhighinSpain,promptingpro