EU Leaders Agree on Second Bailout for Greece

　　Stock markets rallied Friday after European Union leaders agreed on a new bailout for Greece, provided that Athens commits to more austerity measures. But the Greek deal fails to address fundamental problems threatening the future of the 17-member eurozone.
Speaking to reporters on Friday, German Chancellor¹ Angela Merkel described the bailout deal for Greece agreed by European Union leaders in Brussels as "good."
Merkel said the 27-member EU was going to push Greece and another ailing² eurozone member, Portugal, to respect austerity programs they have agreed to in exchange for massive loans. European finance ministers are meeting in early July to carve out the details of the new Greek rescue package, which will reportedly be worth more than $171 billion.
But the months-long eurozone crisis - which has not only hit Athens, Portugal and Ireland, but also threatens Spain - is far from over. First, Greek lawmakers must approve more austerity measures in exchange for a new bailout, and it's by no means certain they will do so.
But Simon Tilford, chief economist³ for the London-based Center for European Reform, says true reform is going to take more than just a parliamentary vote.
"Resolving the Greek crisis is going to need more than a series of bailouts," said Tilford.  "Basically, unless the Greek economy can return to economic growth, they won't be able to bring about ongoing⁴ improvements in the country's public finances."
Tilford says doing so means addressing fundamental problems not only facing Greece, but the 17-member eurozone as a whole.
"Going forward, one of two things have to happen within the eurozone," added Tilford.  "Either they bite the bullet and they forge some fiscal⁵ union that is they have a federal budget whereby countries with stronger public finances transfer moneys to those with weaker public finances."
Or, Tilford says EU leaders should address the huge trade imbalances within the eurozone marked by strong exporters like Germany and weak ones like Greece.
Janis Emmanouilidis, senior policy analyst⁶ for the Brussels-based European Policy Center, agrees the European Union must address fundamental imbalances within the eurozone if the monetary⁷ union is to remain intact.
"I think the member states will come out of the crisis," said Emmanouilidis.  "I'm not saying in total. I'm not saying some of the member states won't face even more severe problems. In the Greek case we don't know how the case will in the end start to develop."
If the EU resolves its eurozone debt problems, analysts⁸ like Emmanouilidis believe the block could emerge strengthened from the experience. If not, some analysts fear the decade-old currency zone may not survive, at least not in its current form.(本文由在线英语听力室整理编辑)

1 chancellor   

n.(英)大臣；法官；(德、奥)总理；大学校长

参考例句：

• They submitted their reports to the Chancellor yesterday.他们昨天向财政大臣递交了报告。
• He was regarded as the most successful Chancellor of modern times.他被认为是现代最成功的财政大臣。

2 ailing   

v.生病

参考例句：

• They discussed the problems ailing the steel industry. 他们讨论了困扰钢铁工业的问题。
• She looked after her ailing father. 她照顾有病的父亲。

3 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。

4 ongoing   

adj.进行中的，前进的

参考例句：

• The problem is ongoing.这个问题尚未解决。
• The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。

5 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

6 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。

7 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

8 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。