VOA常速英语2008年-IMF: Credit Squeeze in US Could Get Worse

By Barry Wood
Washington
08 April 2008

The International Monetary¹ Fund Tuesday said the turmoil² in world credit markets that began with rising home loan defaults in the United States is not over and losses could hit $945 billion as the impact spreads into the global economy.  The Bloomberg financial news services estimates that banks and securities firms have so far written off only a fraction of that total, $232 billion. VOA's Barry Wood has more from Washington.

IMF specialists say the overall risks to global financial stability have increased sharply in recent months. Jaime Caruana is the principal author of the IMF report on financial stability.

"The credit shock emanating³ from the US subprime crisis is set to broaden amid a significant economic slowdown," he said.  "The deterioration⁴ in credit has moved up and across the credit spectrum⁵."

As bank losses have soared, lenders have tightened⁶ standards and, despite lower interest rates, many commercial and consumer loans are still hard to come by. Caruana says more than six months into the crisis, credit markets are still not functioning normally.

"We have seen confidence quickly evaporate, ending in liquidity⁷ driven solvency⁸ events that threaten the core financial system," he added.

He is referring to the US central bank-orchestrated rescue of the Bear Stearns investment bank, which teetered on the brink⁹ of bankruptcy¹⁰ because of loan losses.
 
The IMF is not alone in its worry that the credit crisis could worsen. Morris Goldstein, a financial specialist at Washington's Peterson Institute, says if home prices continue to fall in the United States, defaults on mortgage loans could grow beyond the two million predicted for this year.

"It's been estimated that if US housing prices fall by an additional 15 percent or so, approximately a third of US homeowners will have negative equity¹¹ in their homes," he explained.  "This raises the question of whether willingness to pay will have to be addressed along with ability to pay."

US home prices on average declined by 10 percent in 2007, a factor IMF economists¹² say contributed to the global credit crisis.  Many US mortgage loans were bundled into securities and sold to financial institutions worldwide.

Caruana says if the situation worsens, it may be necessary for governments to spend taxpayer¹³ money to stabilize¹⁴ markets.

"I think we have to be careful on that," he cautioned.  "And the question is to what extent the situation continues to deteriorate¹⁵."

The IMF says lax regulation and a failure to recognize the risks of highly leveraged¹⁶ loans contributed to the credit crisis. Financial markets, it says, will come under increased strain as world economic growth decelerates.

1 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。

2 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

3 emanating   

v.从…处传出，传出( emanate的现在分词 )；产生，表现，显示

参考例句：

• Even so, there is a slight odour of potpourri emanating from Longfellow. 纵然如此，也还是可以闻到来自朗费罗的一种轻微的杂烩的味道。 来自辞典例句
• Many surface waters, particularly those emanating from swampy areas, are often colored to the extent. 许多地表水，特别是由沼泽地区流出的地表水常常染上一定程度的颜色。 来自辞典例句

4 deterioration   

n.退化；恶化；变坏

参考例句：

• Mental and physical deterioration both occur naturally with age. 随着年龄的增长，心智和体力自然衰退。
• The car's bodywork was already showing signs of deterioration. 这辆车的车身已经显示出了劣化迹象。

5 spectrum   

n.谱，光谱，频谱；范围，幅度，系列

参考例句：

• This is a kind of atomic spectrum.这是一种原子光谱。
• We have known much of the constitution of the solar spectrum.关于太阳光谱的构成，我们已了解不少。

6 tightened   

收紧( tighten的过去式和过去分词 )； （使）变紧； （使）绷紧； 加紧

参考例句：

• The rope holding the boat suddenly tightened and broke. 系船的绳子突然绷断了。
• His index finger tightened on the trigger but then relaxed again. 他的食指扣住扳机，然后又松开了。

7 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

8 solvency   

n.偿付能力，溶解力

参考例句：

• Fears about the solvency of the banks precipitated the great economic crash.对银行偿付能力出现恐慌更加速了经济的崩溃。
• Their targets,including profitability ratios,solvency ratios,asset management ratios.其指标包括盈利比率、偿债能力比率、资产管理比率。

9 brink   

n.(悬崖、河流等的)边缘，边沿

参考例句：

• The tree grew on the brink of the cliff.那棵树生长在峭壁的边缘。
• The two countries were poised on the brink of war.这两个国家处于交战的边缘。

10 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

11 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

12 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

13 taxpayer   

n.纳税人

参考例句：

• The new scheme will run off with a lot of the taxpayer's money.这项新计划将用去纳税人许多钱。
• The taxpayer are unfavourably disposed towards the recent tax increase.纳税者对最近的增加税收十分反感。

14 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

15 deteriorate   

v.变坏；恶化；退化

参考例句：

• Do you think relations between China and Japan will continue to deteriorate?你认为中日关系会继续恶化吗？
• He held that this would only cause the situation to deteriorate further.他认为，这只会使局势更加恶化。

16 leveraged   

促使…改变( leverage的过去式和过去分词 )； [美国英语]杠杆式投机，（使）举债经营，（使）利用贷款进行投机

参考例句：

• Chrysler has traditionally been a highly leveraged company. 克莱斯勒一向是一家周转十分灵活的公司。
• Leveraged recaps have become popular for a number of reasons. 杠杆资本重组的大行其道有好几个原因。