Europe Pushes Toward More Bank Funding

 　　European officials are moving to add new funding for troubled banks on the continent that are weighed down by the possibility of a Greek default on its debts.

　　German Chancellor¹ Angela Merkel, leader of the country with Europe's strongest economy, lent her support Wednesday. She said there should be a Europe-wide cash infusion² for the banks if  there is a "common view" that the banks need financial help to offset³ possible losses on government bonds they have bought.

　　The chief of the International Monetary⁴ Fund's European operations, Antonio Borges, said it is "no secret" that the European authorities are working toward adding public money to the coffers of the private banks, much as the U.S. did with its banks in 2008 at the start of the global recession. One international investment bank, Morgan Stanley, said European banks may need $186 billion in new funding.

　　The bank rescue attempt came as French and Belgian officials worked to keep the cross-border Dexia bank from collapsing⁵. They are planning to put its troubled assets in a separate "bad bank" entity⁶ to protect depositors from losing their savings⁷.

　　In a new report, the IMF said European leaders need to take decisive action to solve the continent's debt crisis, not just solve worries over a possible Greek default. The international funding agency said that Europe needs to use new crisis management provisions it approved in July.

　　But the IMF said the continent needs to keep money available for economic growth, not just cut government spending.

　　The agency said the pursuit of deficit⁸ targets "should not come at the expense" of risking a widespread recession in 2012, which Borges said "can't be ruled out."

　　Investors⁹ reacted favorably to the new pledges of European action on the debt crisis. Markets in London, Paris and Frankfurt all advanced sharply on Wednesday, after falling significantly earlier in the week.

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 infusion   

n.灌输

参考例句：

• Old families need an infusion of new blood from time to time.古老的家族需要不时地注入新鲜血液。
• Careful observation of the infusion site is necessary.必须仔细观察输液部位。

3 offset   

n.分支，补偿；v.抵消，补偿

参考例句：

• Their wage increases would be offset by higher prices.他们增加的工资会被物价上涨所抵消。
• He put up his prices to offset the increased cost of materials.他提高了售价以补偿材料成本的增加。

4 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。

5 collapsing   

压扁[平]，毁坏，断裂

参考例句：

• Rescuers used props to stop the roof of the tunnel collapsing. 救援人员用支柱防止隧道顶塌陷。
• The rocks were folded by collapsing into the center of the trough. 岩石由于坍陷进入凹槽的中心而发生褶皱。

6 entity   

n.实体，独立存在体，实际存在物

参考例句：

• The country is no longer one political entity.这个国家不再是一个统一的政治实体了。
• As a separate legal entity,the corporation must pay taxes.作为一个独立的法律实体，公司必须纳税。

7 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

8 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

9 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会