Greece Nears Debt Write-Off Goal

 　　Greece is nearing its goal of getting the country's private lenders to eliminate $142 billion of the country's debt to help it avoid a default on its financial obligations later this month.

　　A government official told news agencies Thursday in Athens that banks, pension funds and financial institutions holding three-quarters of the country's debt already had agreed to write off more than half the money the country owes them. Greece set a night-time deadline for completion of the debt relief deals.

　　The Athens government is hoping for agreements covering 90 percent of its debt. But it has said that once the 75 percent participation¹ rate was reached, it would impose the same terms on creditors² who are unwilling³ to voluntarily accept steep losses on their investments.

　　European leaders and financial analysts⁴ predicted the Athens government would be successful in winning pledges from its creditors ahead of the deadline. Greek Finance Minister Evangelos Venizelos was optimistic the debt relief deals would be completed.

　　"Today at midnight, my fellow deputies, a historical procedure is to be completed, a huge, unprecedented,complicated operation that drastically cuts the Greek public debt. If all goes well, tomorrow we will be able to announce that the Greek people, the state, the next generations, will be relieved of 105 billion euros of debt, 50 percent of GDP," said Venizelos. "For the first time in decades, for the first time in the history of the country, we have come together as a parliament, as a government, without our partners and reduced the debt.  Historically, every year due to fiscal⁵ deficits⁶, even this year, the debt has increased, and now we are making a reverse move which in reality will give back to the new generation, the next generations that we took from them by over-borrowing."

　　Greece has adopted widespread austerity measures, cutting wages and pensions and eliminating thousands of government jobs, to meet the demands of international lenders so it could secure a new $172 billion bailout. It is the country's second rescue package in two years.

　　Venizelos said the debt relief will ease financial pressures on Greece and the 17-nation euro currency bloc⁷ that has struggled to control Europe's two-year governmental debt crisis.

　　"We are lightening the load of the country, we are allowing it to begin a new era. You ask if it was all easy and simple. No, it was all extremely difficult," said Venizelos. "And until the last minute we have been fighting to solve problems to face speculators in the international markets, to protect the country and for everyone in the eurozone to be protected which is vulnerable to speculative⁸ pressures, because this is an asymmetrical⁹ war."

　　With Greece planning to pay back the remaining debt it owes to the financial institutions over an extended period, those that bought the Greek bonds ultimately will lose about three-fourths of their investments.

　　Five small Greek pension funds holding about one percent of the bonds eligible¹⁰ for the write-down have rejected the deal, as have several investment funds and Germany's best-selling newspaper, Bild.

1 participation   

n.参与，参加，分享

参考例句：

• Some of the magic tricks called for audience participation.有些魔术要求有观众的参与。
• The scheme aims to encourage increased participation in sporting activities.这个方案旨在鼓励大众更多地参与体育活动。

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 unwilling   

adj.不情愿的

参考例句：

• The natives were unwilling to be bent by colonial power.土著居民不愿受殖民势力的摆布。
• His tightfisted employer was unwilling to give him a raise.他那吝啬的雇主不肯给他加薪。

4 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。

5 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

6 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

7 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。

8 speculative   

adj.思索性的，暝想性的，推理的

参考例句：

• Much of our information is speculative.我们的许多信息是带推测性的。
• The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。

9 asymmetrical   

adj.不均匀的，不对称的

参考例句：

• Most people's faces are asymmetrical.多数人的脸并不对称。
• Folds may be gentle and symmetrical,or sharp and asymmetrical.褶皱可以是平缓而对称的，也可以是陡峭而非对称的。

10 eligible   

adj.有条件被选中的；(尤指婚姻等)合适(意)的

参考例句：

• He is an eligible young man.他是一个合格的年轻人。
• Helen married an eligible bachelor.海伦嫁给了一个中意的单身汉。