The Credit Crunch

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1、TheCreditCrunch信贷紧缩1TheCreditCrunch信贷紧缩BritonsFeelingthePinch英国人感到手头拮据Readthetextbelowanddotheactivitythatfollows.阅读下面的短文，然后完成练习:IfyouwatchthenewsinBritainorlookataBritishnewspaperatthemoment,atermyouaremorethanlikelytocomeacrossis'creditcrunch'.Ithasbecomeabitofabuzzword,butwhat

2、doesitmean?Well,it'safinancialtermanditmeansthatpeopleinBritainarefeelingthepinchrightnow.Acreditcrunchmeansbankshaveashortageofmoneytoloanpeople,whichinturnhasanaffectonmanyotherthings.It'stheeffectthisshortageofmoneyhaswhichiscalledthecreditcrunch.Thebeginningsofthisproblemcanb

3、etracedbacktoAmerica,wherepeoplewithapoorcredithistorywereallowedtotakeoutmortgages,whichtheywereunabletorepay.Banksoftenlendmoneytoandborrowmoneyfromeachother,somethingwemightnothaverealisedtheyactuallydo.ItwascertainlycheaperforbanksinAmericatogetmoneythisway,thantoborrowmoneyf

4、romAmerica'sFederalReserve,theircentralbank.Alotoftheseloansthatpeoplewereunabletopaybackweresoldontootherbanks,manyofthemintheUK.Asbanksdidnotknowthelevelofdebttheywereacquiring,theynolongerwantedtolendmoneytoorborrowmoneyfromotherbanks.Thereisnowlessmovementofmoneybetweenbanksa

5、ndthereforeashortageofavailablemoney.Banksandotherfinancialinstitutionshavetocompensateforthisbyincreasingfeesandratesonproductssuchasmortgages,loansandcreditcards.Consequently,theaveragemanonthestreetisaffectedasitisharderforthemtoborrowmoneywiththeseincreasedrates.Britonsareals

6、oaffectedbecausethecostoflivingcontinuestorise;food,petrolandutilitybillsareallontheupandthatmeanstheyhavelessmoneytospendonaday-to-daybasistoo.SomanyBritonsareseekingadviceonhowtotightentheirbelts,asitlookslikethecreditcrunchmaybearoundforsometime.2Glossary词汇表aterm–术语，名词buzzword

7、–流行词feelingthepinch–手头拮据，缺钱ashortage–短缺inturn–导致poorcredithistory–不良贷款历史mortgages–抵押贷款debt–债务financialinstitutions–金融机构tocompensate–补偿，弥补fees–费用rates–利息theaveragemanonthestreet–thecostofliving–生活费用一般人，平常人petrol–汽油（英式英语）utilitybills–水电费ontheup-稳步上升，上涨onaday-to-daybasis–每日，日常seekin

8、gadvice–寻求建议totightentheirbelts–节省开支1.Re