Moody's: Greek Debt Default Risk 'Remains High'

 　　The Moody's credit rating company says the risk of Greece defaulting on its loans "remains¹ high," even after European leaders approved a new financial rescue for the country.

　　The financial services firm Monday called the $172 billion Greek rescue package, the country's second in two years, "an important step forward."  But Moody's said Greece's debt will "remain large" for years, even as large private creditors² have agreed to eliminate more than half the debt the country owes them, a $142 billion reduction.

　　Moody's said the Athens government is unlikely to be able to secure new loans on its own in world financial markets when the bailout money runs out in the next few years.

　　Moody's bleak³ assessment⁴ came as Germany's parliament easily approved the bailout.  The move came as surveys in the country showed that Germans overwhelmingly oppose further assistance for Greece.  Germany's largest newspaper, Bild, ran a front-page headline saying "Stop!" and urged lawmakers to vote against the Greek bailout.

　　But German Chancellor⁶ Angela Merkel told lawmakers that rejecting it could cause unforeseen problems for Europe and the global economy.

　　"Nobody can say what the consequence of a denial of a second bail-out program for Greece will have for the other countries of the program like Portugal and Ireland, maybe even Spain and Italy, eventually to the euro zone as a whole and then the entire world," she said.

　　On Sunday, finance ministers from the world's 20 leading economies said the European Union must commit more money to a fund aimed at containing the eurozone debt crisis before other nations will provide additional resources to the International Monetary⁷ Fund.  European governments have already established a $672 billion rescue fund for future financial emergencies that is set to take effect in July, but G20 countries are pressing Europe to combine that with money remaining in a temporary fund to create a $1 trillion account.

　　After a two-day meeting in Mexico City, the G20 issued a statement saying that while recent signs point to a "modest global recovery," high risks remain.

　　IMF Managing Director Christine Lagarde said none of the G20 countries argued with the necessity of expanding the IMF financial firewall.  The Washington-based agency is seeking a $500 billion fund to go along with a "properly sized" commitment from Europe. "They all expect that the eurozone, the euro area rather, will strengthen, consolidate⁸, reinforce its firewall and make sure that it is both adequate and credible⁹ before they look at increasing the firepower of the (IMF) fund," she said.

　　European countries have pledged nearly $200 billion to the IMF, but so far other countries have been reluctant to contribute more money unless Europe bolsters¹⁰ its own rescue fund.  The 17 countries that use the euro currency are set to discuss the "strength" of their bailout resources next month.

　　U.S. Treasury¹¹ Secretary Timothy Geithner said G20 ministers are encouraged about the progress Europe has made in the past few months, but that rescue funds are not the only solution to the crisis. "A durable¹² solution requires both a sustained period of economic reform and a substantial financial firewall to support those reforms.  European policy makers⁵ recognize the magnitude of the challenges ahead and they will be reviewing additional steps in the weeks ahead," he said.

　　Following the G20 meeting, European economic minister Olli Rehn praised what he called a "clear roadmap" and said he was confident of a positive conclusion.

1 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

2 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》

3 bleak   

adj.(天气)阴冷的；凄凉的；暗淡的

参考例句：

• They showed me into a bleak waiting room.他们引我来到一间阴冷的会客室。
• The company's prospects look pretty bleak.这家公司的前景异常暗淡。

4 assessment   

n.评价；评估；对财产的估价，被估定的金额

参考例句：

• This is a very perceptive assessment of the situation.这是一个对该情况的极富洞察力的评价。
• What is your assessment of the situation?你对时局的看法如何？

5 makers   

n.制造者，制造商（maker的复数形式）

参考例句：

• The makers of the product assured us that there had been no sacrifice of quality. 这一产品的制造商向我们保证说他们没有牺牲质量。
• The makers are about to launch out a new product. 制造商们马上要生产一种新产品。 来自《简明英汉词典》

6 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。

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 consolidate   

v.使加固，使加强；(把...)联为一体，合并

参考例句：

• The two banks will consolidate in July next year. 这两家银行明年7月将合并。
• The government hoped to consolidate ten states to form three new ones.政府希望把十个州合并成三个新的州。

9 credible   

adj.可信任的，可靠的

参考例句：

• The news report is hardly credible.这则新闻报道令人难以置信。
• Is there a credible alternative to the nuclear deterrent?是否有可以取代核威慑力量的可靠办法？

10 bolsters   

n.长枕( bolster的名词复数 )；垫子；衬垫；支持物v.支持( bolster的第三人称单数 )；支撑；给予必要的支持；援助

参考例句：

• He used a couple of bolsters to elevate his head. 他用两个垫枕垫头。 来自《简明英汉词典》
• The double-row piles with both inclined and horizontal bolsters also analyzed in consideration of staged excavation. 本文亦分析了考虑开挖过程的安置斜撑与带支撑的双排桩支护结构。 来自互联网

11 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

12 durable   

adj.持久的，耐久的

参考例句：

• This raincoat is made of very durable material.这件雨衣是用非常耐用的料子做的。
• They frequently require more major durable purchases.他们经常需要购买耐用消费品。