Major Stock Indexes Fall Over European Concerns

 　　Stock indexes in Europe and the United States fell sharply Tuesday as investors¹ worried about the contraction² of the economy in the 17-nation euro currency bloc³ and whether Greece can successfully eliminate a large portion of its debt.

　　Markets in London, Frankfurt and Paris fell about two percent or more after the European Union confirmed that the eurozone economy slid in the last three months of 2011, while New York exchanges dipped more than one percent.

　　The EU report came as Greece neared a Thursday deadline to secure agreements from its major private creditors⁴ to eliminate more than half of the money the country owes them, a $142 billion reduction. But there were signs that not all of the lenders would agree to the debt write-off, which could force the Athens government to impose losses on the reluctant creditors.

　　Greece is seeking to cut its debt as part of a pact⁵ with European leaders to secure a new $172 billion bailout, its second in two years, to avoid a default on its financial obligations later this month.

　　The EU's economic commissioner⁶, Olli Rehn, said the eurozone "is currently in a mild recession." The region's economy dipped three-tenths of a percentage point in the October-to-December period and eurozone leaders say the slide is continuing in the early months of 2012. If the first quarter contraction is confirmed in the coming weeks, it would officially be the eurozone's second recession in three years.

　　Household spending, exports and imports all fell in the fourth quarter, but Rehn said there are "signs of stabilization⁷." He said he is convinced that Europe's efforts to stem the effects of the continent's two-year governmental debt crisis will boost its economy "in the coming months."

　　For 2011 as a whole, the EU said the eurozone economy advanced 1.4 percent, down from 1.9 percent in 2010.

　　Numerous European governments have adopted austerity measures in an effort to trim their growing deficits⁸. But higher taxes, and cuts in wages and pensions, have also diminished the eurozone's economic fortunes, with consumers reluctant to spend money on big ticket items.

　　Major automakers said January sales in Europe fell, with manufacturers now weighing the possibility of production cutbacks because of the glut⁹ of unsold cars. Fiat¹⁰ chief executive Sergio Marchionne said recently that very few car manufacturers make money in Europe.

1 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

2 contraction   

n.缩略词，缩写式，害病

参考例句：

• The contraction of this muscle raises the lower arm.肌肉的收缩使前臂抬起。
• The forces of expansion are balanced by forces of contraction.扩张力和收缩力相互平衡。

3 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。

4 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》

5 pact   

n.合同，条约，公约，协定

参考例句：

• The two opposition parties made an electoral pact.那两个反对党订了一个有关选举的协定。
• The trade pact between those two countries came to an end.那两国的通商协定宣告结束。

6 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。

7 Stabilization   

稳定化

参考例句：

• The position of barycentre on plane directly impacts the stabilization and manipulation of plane. 飞机重心位置直接影响飞机的稳定和操纵特性。
• With the higher olefins, stabilization of the energetic intermediates occurs more easily. 在较高的烯烃情况下，高能的中间物稳定作用更易出现。

8 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句

9 glut   

n.存货过多，供过于求；v.狼吞虎咽

参考例句：

• The glut of coffee led to a sharp drop in prices.咖啡供过于求道致价格急剧下跌。
• There's a glut of agricultural products in Western Europe.西欧的农产品供过于求。

10 fiat   

n.命令，法令，批准；vt.批准，颁布

参考例句：

• The opening of a market stall is governed by municipal fiat.开设市场摊位受市政法令管制。
• He has tried to impose solutions to the country's problems by fiat.他试图下令强行解决该国的问题。