[時事英文] 20個希臘債務危機的關鍵片語!
在過去這幾週,想必同學大家應該都已經有聽說希臘的經濟危機了,但似乎大家都把重心放在整件事情的結果,而非是它的起因。那現在就讓我們一起來認識一些關鍵片語,幫助各位同學更清楚地了解此次經濟危機的起因和來龍去脈。
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1. run a budget deficit 財政赤字
2. be riddled with corruption 貪腐氾濫成災
In 2009, Greece was running a budget deficit because there its government was riddled with corruption and had poor tax collection enforcement.
2009年,希臘由於政府過於貪腐以及不健全的稅制徵收辦法,導致其財政出現赤字。
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4. creative accounting 創造性會計,偽造帳目
5. take on debt 舉債 (就是國家、團體、個人憑藉信譽籌集社會資金所擔負的一種債務。舉債按償還期不同可分為短期借款和長期借款)
To make matters worse, Greece tried to mask its budget deficit for many years with some creative accounting since they had to adhere to European Central Bank regulations about how much debt a country could take on.
更變本加厲的是,希臘想要藉由偽造賬目來隱瞞自己多年來的財政赤字,想讓自己進一步符合歐洲央行的舉債限額規範。
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6. ballooning national debt 不斷上揚的國債
The cost of paying back the existing debt and any new debt that the Greek government had to borrow kept rising, a cycle that only increased Greece’s ballooning national debt.
現階段,本身正在償還的欠款,再加上後續必須借入的其他資金,便造成了整體債務金額的增加更顯惡化,這樣的惡性循環也讓希臘的國債持續膨脹。
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7. credit rating was downgraded 信貸(信用)等級遭到降級
8. default on its debt 債務違約
9. rounds of austerity measures 財政緊縮措施
Greek’s credit rating was downgraded by the world’s rating agencies amid fears the government would default on its debt. The Greek government announced several rounds of austerity measures and slashed spending.
由於擔心希臘政府可能會拖欠債務,因此,希臘的信貸等級遭到世界信用評核機關降級,而希臘政府也於此同時好幾度發佈財政緊縮措施和削減國家支出。
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10. approve tough austerity measures 經核准的強硬緊縮措施
11. stage a strike against 發起對於…的對抗行動
In 2012, the Greek parliament approved a new package of tough austerity measures in order to receive a massive bailout from the European Union. Consequently, Greek trade unions and citizens staged strikes against the government to protest the approval.
2012年,希臘議會通過了新的強制性財政緊縮措施,並同意了歐盟大規模的歐元救助,而希臘市民與貿易聯盟也因而發起了抗議活動。
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12. youth unemployment climbed to 60% 青年族失業率攀至60%
13. in a bid to save money 為了節省開銷
In 2013, unemployment rate was approximately 27, with the youth unemployment climbing to almost 60%. Many public programs were suspended without program in a bid to save money.
2013年,希臘的整體失業率大約為27%,而青年失業率也攀至60%,因此,為了節省開銷,有很多公共活動也因而無計畫性地停擺。
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14. anti-austerity coalition 反撙節政策的組織
The anti-austerity leftist Syriza coalition wins European election with 26.6% of the vote in 2014. He becomes prime minister after winning parliamentary elections in January of next year.
激進的反撙節左派聯盟Syriza在2014年以26.6%的得票率勝選為執政黨,領導者也在次年一月的國會大選成功當上首相。
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15. default on a payment to the International Monetary Fund
未對國際貨幣基金履行繳款義務
16. referendum 公投
17. fall into arrears 到期未付款,欠款欠帳; 拖欠
18. Grexit 希臘退出歐元區
In late June, Greece became the first developed country to default on a payment to the International Monetary Fund, falling into arrears. Greek voters also decisively rejected the terms of a bailout deal offered by international lenders just a week later. Greek’s exit from the euro zone—more commonly known as Grexit-- seemed more and more likely.
在六月底,希臘而成為了全世界第一個對國際貨幣基金組織拖欠繳款的已開發國家。在一個禮拜後,希臘的選民們也毅然決然地拒絕了所有國際債權人的任何紓困方案。看來希臘的債務危機的處理是朝向希臘從歐元區的退出(Greek’s exit)或我們常說的Grexit方向來發展。
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19. keep banks afloat 維持銀行的運轉
20. bailout deal 紓困案
Eurozone finance ministers have agreed to provide Greece emergency funding to keep its banks afloat after the Greek parliament passed tough austerity reforms Wednesday evening. Talks on a new bailout deal will begin in the upcoming weeks.
在希臘國會於週三晚上通過了嚴厲的樽節改革之後,歐元區財長已同意給予希臘的緊急資金以維持銀行的運轉。未來幾週也即將開始討論新的紓困方案。
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Sources:
http://www.bbc.com/news/world-europe-17373216
http://www.bbc.com/news/world-europe-33546352
http://www.bbc.com/news/world-europe-33403665
http://cn.nytimes.com/world/20150127/c27greece/dual/
http://cn.nytimes.com/business/20150707/c07markets/
http://www.wsj.com/articles/polls-close-in-greek-referendum-1436113280
http://www.businessweekly.com.tw/KBlogArticle.aspx?id=12882
http://www.educationworld.com/a_lesson/explaining-the-greek-economic-crisis-with-students.shtml
Image: http://i.telegraph.co.uk/multimedia/archive/02220/gre_2220477b.jpg
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[MARKET IS GOING INTO A SUPERMAN MODE]
To all my critics. Balik kampung lah...
Let me stress once for all this is only the beginning of a great run for stocks which may last another half dozen years.
Here are my Top FIVE reasons why the MARKET IS UNLIKELY TO CRASH :
1. No recession in sight. Bear markets often occur around severe economic downturns.
The 1998 currency crisis. 2008 credit crisis. 2001 the dot-com meltdown. The oil shock of the 1978. The Vietnam War of the 1969. And of course, the most devastating of bank run in the Great Depression of 1929.
We dont see any economic threat now. In fact, we see two speed of solid recovery. The USA fast recovery and the Europe slow patchy recovery. I called this the barbecue global economic recovery
2. The Central Banks are still your best friend and 'Dollar printing' are still the best cure. The risk of the Federal Reserve crashing the stock market with huge interest rate hikes is virtually zero.
The Fed's key rate has been near zero since December 2008. So even if the Fed pushes it back towards 1% next year and Bank Negara raised to 4%, that is not cripplingly high. Further, the European Central Bank and Bank Of Japan are set to flood their system with lots and lots and lots of money next few weeks...
3. Fundamentals are solid. Okay, market is not cheap but is not crazy overvalued either. The Bursa KLCI and USA S&P 500 are currently trading at 16 times and 15 times 2015 earnings estimates. Roughly in my analyst view as fair value for the market.
4. Corrections have happened in this bull market. One of the biggest arguments the bears make about this market is in a long rising wedge and that there hasn't been a big pullback in a while.
They are wrong. Rising Wedge can be a bullish pattern.
In fact, we have two good correction over the last five years. July-Sep 2011 and May-August 2013. KLCI corrected by 18% and 9% respectively.
Remember the Flash Crash on fears about Greece leaving the Eurozone fears and then flash crash on Standard & Poor's stripping the USA of its triple-A credit rating. Everybody say it is going to crash and yes they are wrong.
5. Bulls normally last TEN year and Sentiment is amazingly strong. This bull is only five plus years old. Last week, we see Triple Barrel now, meaning Dow Jones, S&P 500 and Nasdaq hit simultaneously all-time high.
In other words, the whole world is back in the Greed mode. Sure, we may see temporary pull back after an overbought market. Pull back is 'pull back' and therefore is not Crash.
All in all. I think we are seeing the stock market being a Superman now over the last five years and will continue to a Superman (or shall I say Iron Man) over the next five years.
My last advice to my all dearest Malaysian traders whether Swing Traders, Momentum Traders, Scalpers or Rempiters : go shopping and go shopping and go shopping as early as next week.
CMSB, Bursa, Tenaga, HLInd, Amprop, GHLSys, KSL, IWCity, Boilerm, Pintaras, Pasukhas, DNEX.......the list goes on.....
By the way, thank you to all participants that went through our course in Menara PGRM. All the best and sure it is truly worth the money and time !
Best Regards
Dr Nazri Khan, MSTA, CFTe
President, Malaysian Association Of Technical Analyst (MATA)
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