Doubts Grow Over Austerity for Greece

 　　With the European Union demanding more spending cuts from Greece in return for billions of dollars in bailout funds, doubts are growing over whether more austerity is the right solution for Athens. Some analysts¹ and politicians suggest that a once worst-case scenario², Greece leaving the eurozone, may not be so bad.

　　Even as he promised that Greece would meet European Union requirements for another installment³ of rescue funds, Greek Finance Minister Evangelos Venizelos said Wednesday that his country was on a "knife's edge." He said Some EU members want Greece to leave the eurozone, which he called  "playing with fire."

　　The EU has set tough conditions for Greece to get a $173 billion bailout. It needs the money by March 20, otherwise it risks defaulting on its massive debt. Despite angry public protests and riots last weekend, the Greek parliament voted in favor of more austerity measures. The move drew praise from EU officials like European Economic and Monetary⁴ Commissioner⁵ Olli Rehn.

　　"I'm confident that the other conditions, including for instance, the identification of the concrete measures over 325 million euros [more than $424 million in spending cuts] will be completed by the next meeting of the eurogroup," said Reihn.

　　But Greece did not meet the other conditions by Wednesday, when EU finance ministers were expected to decide on the bailout money. So instead, the meeting was downgraded to a conference call.

　　Philip Whyte, senior research fellow at the London-based Center for European Reform, describes the standoff between Greece and its creditors⁶ - which also includes the International Monetary Fund and the European Central Bank - as a bluffing⁷ game.

　　"The social strains in Greece are increasing by the day," he said. "At the same time, there's a complete loss of trust amongst the troika [EU, IMF and ECB] in Greece's willingness and ability to push through the sort of reforms that everyone expects the Greeks to push through."

　　Europe's two largest economies, France and Germany, have led the push for further Greek cuts. In a radio interview, French Foreign Minister Alain Juppe was optimistic that Athens would meet Europe's terms.

　　Juppe said a deal must reached. If Greece defaults on its debts and leaves the eurozone, the chaos⁸ would be even more terrible for the Greek population than it is today, and bad news for the eurozone.

　　Whyte also believes Greece will meet the conditions. But critics say that with the Greek economy shrinking, making it even tougher to repay its debts, further austerity measures aren't the answer.

　　"There is a growing view among certain countries in northern Europe that this game can't go on," said Whyte. "And that letting Greece go [i.e. leave the eurozone] may actually, in the end, be a better option."

　　This view - that both Greece and Europe would be better off if Athens left the eurozone - was echoed Wednesday by the European Parliament's conservative leader Martin Callahan. Callahan told fellow lawmakers that a so-called "orderly" Greek withdrawal⁹ from the monetary union, along with a devaluation of its currency, would save a generation of Greeks from a miserable¹⁰ economic inheritance.

1 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。

2 scenario   

n.剧本，脚本；概要

参考例句：

• But the birth scenario is not completely accurate.然而分娩脚本并非完全准确的。
• This is a totally different scenario.这是完全不同的剧本。

3 installment   

n.(instalment)分期付款；(连载的)一期

参考例句：

• I shall soon pay the last installment of my debt.不久我将偿付我的最后一期债款。
• He likes to buy things on the installment plan.他喜欢用分期付款法购买货物。

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 commissioner   

n.（政府厅、局、处等部门）专员，长官，委员

参考例句：

• The commissioner has issued a warrant for her arrest.专员发出了对她的逮捕令。
• He was tapped for police commissioner.他被任命为警务处长。

6 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

7 bluffing   

n. 威吓，唬人 动词bluff的现在分词形式

参考例句：

• I don't think he'll shoot—I think he's just bluffing. 我认为他不会开枪—我想他不过是在吓唬人。
• He says he'll win the race, but he's only bluffing. 他说他会赢得这场比赛，事实上只是在吹牛。

8 chaos   

n.混乱，无秩序

参考例句：

• After the failure of electricity supply the city was in chaos.停电后，城市一片混乱。
• The typhoon left chaos behind it.台风后一片混乱。

9 withdrawal   

n.取回，提款；撤退，撤军；收回，撤销

参考例句：

• The police were forced to make a tactical withdrawal.警方被迫进行战术撤退。
• They insisted upon a withdrawal of the statement and a public apology.他们坚持要收回那些话并公开道歉。

10 miserable   

adj.悲惨的，痛苦的；可怜的，糟糕的

参考例句：

• It was miserable of you to make fun of him.你取笑他，这是可耻的。
• Her past life was miserable.她过去的生活很苦。