Eurozone Finance Ministers Launch Bailout Fund

Eurozone Finance Ministers Launch Bailout Fund

 PARIS — Europe's new bailout fund is being unveiled as finance ministers from the 17-nation eurozone meet in Luxembourg, amid more gloomy indicators² about Europe's economic health. Officially called the European Stability Mechanism³, the new $653-billion rescue fund aims to offer a financial buffer⁴ for ailing⁵ eurozone economies like Greece and Spain. It follows September's announcement by the European Central Bank of a bond-buying plan to ease the longstanding eurozone debt crisis.

At a press conference last week, ECB chief Mario Draghi sounded a cautiously upbeat note about progress made by European governments to tackle their financial problems.

"You can see this progress all across the board, both as far as fiscal⁶ consolidation⁷ is concerned, as far as structural⁸ reforms are concerned," he said,"and as far as reposing⁹ some of the flaws of the banking¹⁰ sector¹¹."

But London-based Center for European Reform's chief economist¹² Simon Tilford is more pessimistic.

"It is hard to be optimistic about a region as heavily indebted as Europe, or Western Europe, when the region's economy is [heading] into a very deep slump," said Tilford. "So any sort of optimism we see at the moment is likely to prove very short lived."

The new, permanent bailout fund will be used to help the most indebted eurozone economies get back on their feet in return for tough austerity measures. It is part of a larger European Union integration¹³ effort that finance ministers will discuss in their two-day meeting in Luxembourg. But while European officials hail its creation, analyst¹⁴ Tilford doubts whether the fund will have much effect.

"I know it sounds like a lot of money, but in the context of the eurozone economy, in the context of an economic crisis of this magnitude, these sums are really quite small," he said. "Also, the problem with this is that there are only so many countries that are able to underwrite these bailout funds, these debts."

And as more Eurozone countries face economic problems, Tilford says, fewer are left to bail¹ out the others.

On Tuesday, German Chancellor¹⁵ Angela Merkel will be in Greece, which says its coffers may soon be empty without another bailout installment¹⁶. Meanwhile, reports suggest Madrid is unlikely to ask for a bailout in the immediate¹⁷ future. As the eurozone's fourth-largest economy, Spain is a much bigger worry than Greece.

The eurozone was hit with more bad news last week, with reports showing it had likely slipped into recession and showing August unemployment reaching a record 11.4 percent.

1 bail   

v.舀（水），保释；n.保证金，保释，保释人

参考例句：

• One of the prisoner's friends offered to bail him out.犯人的一个朋友答应保释他出来。
• She has been granted conditional bail.她被准予有条件保释。

2 indicators   

（仪器上显示温度、压力、耗油量等的）指针( indicator的名词复数 )； 指示物； （车辆上的）转弯指示灯； 指示信号

参考例句：

• The economic indicators are better than expected. 经济指标比预期的好。
• It is still difficult to develop indicators for many concepts used in social science. 为社会科学领域的许多概念确立一个指标仍然很难。

3 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

4 buffer   

n.起缓冲作用的人(或物)，缓冲器；vt.缓冲

参考例句：

• A little money can be a useful buffer in time of need.在急需时，很少一点钱就能解燃眉之急。
• Romantic love will buffer you against life's hardships.浪漫的爱会减轻生活的艰辛。

5 ailing   

v.生病

参考例句：

• They discussed the problems ailing the steel industry. 他们讨论了困扰钢铁工业的问题。
• She looked after her ailing father. 她照顾有病的父亲。

6 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。

7 consolidation   

n.合并,巩固

参考例句：

• The denser population necessitates closer consolidation both for internal and external action. 住得日益稠密的居民，对内和对外都不得不更紧密地团结起来。 来自英汉非文学 - 家庭、私有制和国家的起源
• The state ensures the consolidation and growth of the state economy. 国家保障国营经济的巩固和发展。 来自汉英非文学 - 中国宪法

8 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。

9 reposing   

v.将（手臂等）靠在某人（某物）上( repose的现在分词 )

参考例句：

• His parents were now reposing in the local churchyard. 他的双亲现在长眠于本地教堂墓地。 来自辞典例句
• The picture shows a nude reposing on a couch. 这幅画表现的是一个人赤身体躺在长沙发上。 来自辞典例句

10 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

11 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

12 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

13 integration   

n.一体化，联合，结合

参考例句：

• We are working to bring about closer political integration in the EU.我们正在努力实现欧盟內部更加紧密的政治一体化。
• This was the greatest event in the annals of European integration.这是欧洲统一史上最重大的事件。

14 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

15 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。

16 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。

17 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。