Spanish gov't unveils new savings plan

 MADRID, Aug. 3 (Xinhua) -- The Spanish government on Friday unveiled its new savings¹ plan, expecting to cut a total of 102 billion euros (125 billion U.S. dollars) of spending by 2014, in an effort to balance the strained public finances.

The biennial² budget plan for 2013 and 2014, with the deficit³ target of 4.5 percent and 2.8 percent respectively, was required by the European Commission which allowed Spain to postpone⁴ the EU standard of 3.0 percent for another year.

The plan also predicted that the Spanish GDP will fall by 0.5 per cent in 2013, but would pick up to 1.2 percent in 2014 thanks to private consumption, investment and structural⁵ reforms.

The release of the budget came after the European Central Bank (ECB) President Mario Draghi's announcement on Thursday that the Bank would take "unconventional measures "to alleviate⁶ tension on the markets. However, the markets remained sluggish⁷ due to the lack of precision of his words.

It was also on Friday that the Spanish Prime Minister Mariano Rajoy said that he had not yet taken any decision regarding asking for help to the European Financial Stability Facility (EFSF) following a cabinet meeting, yet another signal of a final bailout request.

"I have not yet made any decision. We still don't know exactly what is being planned. We can't act irresponsibly," he said.

1 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

2 biennial   

adj.两年一次的

参考例句：

• The workers were strongly against the biennial election.工人们强烈反对两年一次的选举。
• His is a biennial,and one of the most useful pasture plants we have.这是两年生植物，也是我们最有用的牧草之一。

3 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

4 postpone   

v.延期，推迟

参考例句：

• I shall postpone making a decision till I learn full particulars.在未获悉详情之前我得从缓作出决定。
• She decided to postpone the converastion for that evening.她决定当天晚上把谈话搁一搁。

5 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

6 alleviate   

v.减轻，缓和，缓解(痛苦等)

参考例句：

• The doctor gave her an injection to alleviate the pain.医生给她注射以减轻疼痛。
• Nothing could alleviate his distress.什么都不能减轻他的痛苦。

7 sluggish   

adj.懒惰的，迟钝的，无精打采的

参考例句：

• This humid heat makes you feel rather sluggish.这种湿热的天气使人感到懒洋洋的。
• Circulation is much more sluggish in the feet than in the hands.脚部的循环比手部的循环缓慢得多。