Eurozone Faces Contentious Choices to Save Currency

 　　As European leaders attempt to defuse the continent's debt crisis, they are confronting contentious¹ issues over national identity, vastly different economies and how much power should be centralized to control the spending of individual nations.

　　The fate of the eurozone - the 17-nation bloc² that uses the euro - hangs in the balance, as well as the threat of a worldwide recession if the crisis is not resolved quickly.The European debt crisis has now extended for two years. The continent's leaders are under increasing pressure to take decisive action to assure international financial markets and keep the debt contagion³ from spreading. The key current fear is that Italy, with $2.6 trillion in debt, may need a bailout, and that Europe would be unable to cope with such a large potential default.

　　The eurozone finance ministers meeting in Brussels Tuesday were faced with meshing⁴ the political and financial interests of diverse countries -- from economic powerhouse Germany, with a $3 trillion national economy, to the tiny island nation of Malta, with a $10 billion annual economy. Then, early next month, European leaders are holding a summit to discuss their options.

　　The key idea under consideration would force the 17 nations to cede⁵ sovereign budget control to a new central authority, likely in Brussels, that could force new austerity measures on such debt-ridden countries as Greece, Portugal, Ireland, Italy and Spain. The idea is to force the eurozone's weaker governments to adhere to strict spending standards to prevent the need for more international bailouts.

　　But such central control has long been anathema⁶ to European governments and was until now unthinkable in the eurozone. Numerous governments fear the loss of their national identity and control over their destiny.

　　Debt sales

　　Various new types of debt sales have been proposed as well, such as the creation of euro bonds, encompassing⁷ the debt of the 17 nations, not just that of individual countries. But Germany, and other strong economies in northern Europe, have so far resisted that concept for fear that their top credit ratings would be sharply diminished and their borrowing costs increased if they had to help pay for the debts of weaker governments on the eurozone's geographic⁸ periphery⁹.

　　Under another variation, only countries with the top credit ratings could band together to sell their debt.

　　Some analysts¹⁰ have suggested that the European Central Bank needs to increase its funding for individual nations, another idea Germany has so far opposed, again fearful that its AAA credit standing¹¹ would be diminished.

1 contentious   

adj.好辩的，善争吵的

参考例句：

• She was really not of the contentious fighting sort.她委实不是好吵好闹的人。
• Since then they have tended to steer clear of contentious issues.从那时起，他们总想方设法避开有争议的问题。

2 bloc   

n.集团；联盟

参考例句：

• A solid bloc of union members support the decision.工会会员团结起来支持该决定。
• There have been growing tensions within the trading bloc.贸易同盟国的关系越来越紧张。

3 contagion   

n.(通过接触的疾病)传染；蔓延

参考例句：

• A contagion of fear swept through the crowd.一种恐惧感在人群中迅速蔓延开。
• The product contagion effect has numerous implications for marketing managers and retailers.产品传染效应对市场营销管理者和零售商都有很多的启示。

4 meshing   

结网，啮合

参考例句：

• The modification of gear is a principal method for improving performance meshing. 齿面修形是提高齿轮副啮合性能的重要手段。
• Exact modeling of gear teeth is based on meshing theory. 摘要根据齿轮啮合原理，建立了轮齿的精确齿形。

5 cede   

v.割让，放弃

参考例句：

• The debater refused to cede the point to her opponent.辩论者拒绝向她的对手放弃其主张。
• Not because I'm proud.In fact,in front of you I cede all my pride.这不是因为骄傲，事实上我在你面前毫无骄傲可言。

6 anathema   

n.诅咒；被诅咒的人(物)，十分讨厌的人(物)

参考例句：

• Independence for the Kurds is anathema to Turkey and Iran.库尔德人的独立对土耳其和伊朗来说将是一场梦魇。
• Her views are ( an ) anathema to me.她的观点真叫我讨厌。

7 encompassing   

v.围绕( encompass的现在分词 )；包围；包含；包括

参考例句：

• Being too large and all-encompassing is a common defect among state-owned enterprises. 过分追求大而全，是国企的一大通病。 来自互联网
• Our services are: all-encompassing, love justice and high quality. 我们的服务目标是：全方位、真情义、高质量。 来自互联网

8 geographic   

adj.地理学的，地理的

参考例句：

• The city's success owes much to its geographic position. 这座城市的成功很大程度上归功于它的地理位置。 来自《简明英汉词典》
• Environmental problems pay no heed to these geographic lines. 环境问题并不理会这些地理界限。 来自英汉非文学 - 环境法 - 环境法

9 periphery   

n.(圆体的)外面；周围

参考例句：

• Geographically, the UK is on the periphery of Europe.从地理位置上讲，英国处于欧洲边缘。
• The periphery of the retina is very sensitive to motion.视网膜的外围对运动非常敏感。

10 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。

11 standing   

n.持续，地位；adj.永久的，不动的，直立的，不流动的

参考例句：

• After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
• They're standing out against any change in the law.他们坚决反对对法律做任何修改。