VOA慢速英語:Pressure in Europe Builds for Banking Reform
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This is the VOA Special English Economics Report.
Pressure for financial reform is building in Europe. This week the financial services company Moody's Investors Service reduced Spain's credit rating. The rating was cut from A3 to baa3. That means that Moody's judges the credit risk of Spanish debt has moved from very low to moderate.
The company said it acted because Spain is borrowing about one hundred twenty-five billion dollars in rescue loans for its banks.
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| United States Treasury Secretary Tim Geithner speaking to the Council on Foreign Relations in Washington. |
Debt markets punished Spain by pushing up the interest rate on its long-term debt to about six point eight percent. That increases Spain's borrowing costs and hurts its already troubled economy. Spain was not the only country to get downgraded by Moody's. Cyprus got the same treatment.
On Wednesday, American Treasury Secretary Tim Geithner spoke at the Council on Foreign Relations in Washington. He said the increase in borrowing costs for European countries like Spain means European officials must move quickly to avoid growing costs.
TIM GEITHNER: "If you wait to move in these things and you let the market get ahead of you, then you increase the costs of the solution and you make it harder to get there--you get too much momentum—it's very costly. Once you decide, there's no argument for doing it slowly."
Germany, Europe's largest economy, has been pushing for economic reform in the seventeen countries using the euro. But German Chancellor Angela Merkel has argued that her country is unwilling to put money at risk unless banking reform is enacted throughout the Eurozone. She warned this week that Germany's economic power was not unlimited.
Earlier this month, the European Commission proposed steps toward a common banking policy. The proposals include empowering nations to intervene when their banks are in trouble. But proposed changes may also bar support for failing banks.
Some European leaders are pressing for an expanded European bailout fund. Germany has resisted providing new financial resources. But details of any deal with big European economies have yet to be decided.
Europe's financial crisis is likely to be the main issue at the G-20 economic meeting in Mexico next week. Secretary Geithner is looking forward to the conference.
TIMOTHY GEITHNER: "you know, the world is waiting for them, they have a -- they have a big incentive to add as much clarity to those plans as early as they can."
And that's the VOA Special English Economics Report. For transcripts, MP3s and now PDFs of our programs for e-readers, go to chinavoa.com. And follow us on Facebook and iTunes at VOA Learning English. I'm Mario Ritter.
歐洲銀行業(yè)改革壓力累積
This is the VOA Special English Economics Report.
這里是美國之音慢速英語經(jīng)濟報道。
Pressure for financial reform is building in Europe. This week the financial services company Moody's Investors Service reduced Spain's credit rating. The rating was cut from A3 to baa3. That means that Moody's judges the credit risk of Spanish debt has moved from very low to moderate.
歐洲金融改革壓力正在累積。本周，穆迪投資者服務公司將西班牙的信用評級從A3降到了baa3。這意味著穆迪判定西班牙國債信用風險從極低變?yōu)橹械取?/font>
The company said it acted because Spain is borrowing about one hundred twenty-five billion dollars in rescue loans for its banks.
該公司稱調(diào)低的原因是因為西班牙借了近1250億美元的救援貸款用于其銀行。
Debt markets punished Spain by pushing up the interest rate on its long-term debt to about six point eight percent. That increases Spain's borrowing costs and hurts its already troubled economy. Spain was not the only country to get downgraded by Moody's. Cyprus got the same treatment.
債券市場對西班牙的懲罰是將其長期債務利率推高到了6.8%左右。這提升了西班牙的借貸成本，傷害了該國本已陷入困境的經(jīng)濟。西班牙不是唯一被穆迪調(diào)低評級的國家，塞浦路斯也得到了相同的待遇。
On Wednesday, American Treasury Secretary Tim Geithner spoke at the Council on Foreign Relations in Washington. He said the increase in borrowing costs for European countries like Spain means European officials must move quickly to avoid growing costs.
上周三，美國財政部長蓋特納出席華盛頓對外關系委員并發(fā)言。他說，像西班牙等歐洲國家借貸成本的提升意味著歐洲官員必須盡快采取行動以避免成本不斷上升。
TIM GEITHNER: "If you wait to move in these things and you let the market get ahead of you, then you increase the costs of the solution and you make it harder to get there--you get too much momentum—it's very costly. Once you decide, there's no argument for doing it slowly."
蓋特納：“如果你在這些問題上繼續(xù)等待，讓市場搶在前頭，那么就會增加解決問題的成本，并使得解決方案更難于實現(xiàn)---（成本提升的）勢頭會更大，這個代價非常昂貴。一旦你下定決心，就沒有放慢的說法。”
Germany, Europe's largest economy, has been pushing for economic reform in the seventeen countries using the euro. But German Chancellor Angela Merkel has argued that her country is unwilling to put money at risk unless banking reform is enacted throughout the Eurozone. She warned this week that Germany's economic power was not unlimited.
歐洲最大經(jīng)濟體德國一直致力于推動使用歐元的17個國家的經(jīng)濟改革。但德國總理默克爾堅稱，德國不愿意把錢置于風險中，除非整個歐元區(qū)實施銀行業(yè)改革。她本周警告說，德國的經(jīng)濟實力并非無限的。
Earlier this month, the European Commission proposed steps toward a common banking policy. The proposals include empowering nations to intervene when their banks are in trouble. But proposed changes may also bar support for failing banks.
本月早些時候，歐盟委員會提出了邁向共同銀行業(yè)政策的一系列措施。這些建議包括，在銀行有問題時賦予國家干預的權力。但擬議的變化可能還會禁止對瀕臨破產(chǎn)的銀行提供支持。
Some European leaders are pressing for an expanded European bailout fund. Germany has resisted providing new financial resources. But details of any deal with big European economies have yet to be decided.
一些歐洲國家領導人正加緊擴大歐盟救助基金。德國一直拒絕提供新的財政資源。但與歐洲大經(jīng)濟體的任何協(xié)議細節(jié)尚未確定。
Europe's financial crisis is likely to be the main issue at the G-20 economic meeting in Mexico next week. Secretary Geithner is looking forward to the conference.
歐洲的金融危機極有可能成為下周在墨西哥舉行的20國集團經(jīng)濟會議上的主要議題。蓋特納正期待著這次會議。
TIMOTHY GEITHNER: "you know, the world is waiting for them, they have a -- they have a big incentive to add as much clarity to those plans as early as they can."
蓋特納：“你知道，世界對此正充滿期待。這次會議有盡其可能地使得這些計劃更加明確的強烈動機。”
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