英语翻译
来源:学生作业帮助网 编辑:六六作业网 时间:2024/08/17 12:27:58
英语翻译
英语翻译
英语翻译
急你所急,为你所用,最好加分:
The continuous spreading of the debt crisis in Europe is threatening the stability of the Euro.Worries about the slowdown of economic growth in the Euro zone and demands for risk avoidance have propped up the dollar,which has not only resulted in the successive downslide of the global stock markets,but also triggered off the tumbling of market prices for big commodities.This shows that the global economy and finance are further buffeted by the European debt crisis.
The question is,what caused the sovereign debt risks currently facing the Euro zone countries?In the view of this writer,the factors that affect the Europe’s debt crisis are multi-faceted.Among them,there are factors that are inherent in these countries themselves.The crisis also reflects a series of longstanding structural and systematic problems in the Euro regime itself.
At the outset,Greece and other Euro zone countries where the sovereign debt crisis broke out first have weaker economic foundations.The financial crisis brought heavy economic losses to these countries and pushed up their deficits and debt burden,detonating the debt problem when had remained hidden before.
First,Greece and other Euro zone countries had economic foundations and an imperfect industrial mix.Consequently,they sustained heavier losses after the outbreak of the international financial crisis.Take Greece,for example,it’s mainstay industries were primarily ocean shipping,tourism,export of agricultural produce (16.44,-0.06,-3.36%)—industries that relied on foreign demands.It’s industrial manufacturing is quite backward.Its mainstay industries were hit the hardest during the international crisis,which in 2009 pushed Greece to the first place among the Euro zone countries in terms of the share of its current account deficit in the DGP.
Second,since joining the Euro zone,many member states had exceeded the stipulated ceiling for deficit and debt.While these countries/ tax revenue cannot secure the steady growth of financial revenue.Meanwhile,the introduction of high social welfare has resulted in colossal financial deficits.After the outbreak of the financial crisis,countries had had to stimulate economic growth through expanding expenditure.When the financial revenue could not support the required expenditure,the government had to borrow heavily,which moved up the revenue deficit and public debt.
Third,before the outbreak of the financial crisis,these countries’ sovereign credit had always been rated A as they were Enro zone countries.They had a fairly strong borrowing capability.That explains why the international financial crisis did not break out.However,the outbreak of the financial crisis and the serious economic recession changed the original market judgment and evaluation.The originally hidden debt problem broke out as a result.
The ever proliferation of the European debt crisis is threatening the stability of the Euro Dollars; the concern about the slowdown of the economic growth rate in the Euro zone, and the strengthening ...
全部展开
The ever proliferation of the European debt crisis is threatening the stability of the Euro Dollars; the concern about the slowdown of the economic growth rate in the Euro zone, and the strengthening of the U.S. Dollars due to hedging needs, these had led not only to the tumble of the world’s share markets, but also triggered the downward trend of the large commodity markets. This indicates that the global economy and finance is getting further lashings from the European debt crisis.
The question is what are the causes that had led to the risks of sovereign debts confronting the Euro zone countries? In the writer’s opinion, the causes of European debt crisis are manifolds, among which, there are reasons concerning those countries themselves, but they also reflect a series of long-termed, structural and systematic problems existing in the Euro system itself.
For one thing, the economic foundation of those Euro zone countries such as Greece that had suffered the sovereign debt crisis is relatively weak; the financial crisis has inflicted grave economic losses to these countries, pushed up their deficits and debts as well, and led to the exposure of the originally hidden debt problems.
Firstly, the economic foundation of those Euro zone countries such as Greece that had suffered the sovereign debt crisis is relatively weak, and they all have iimperfect industrial structures; therefore they suffered heavier losses after the outbreak of the international financial crisis. Take Greece for example, its pillar industries for gaining foreign exchange earnings are external demand-typed industries such as maritime transport, tourism and export of agricultural products, so comparatively, its manufacturing industry is lagging behind. Its major industries were seriously affected by the international financial crisis, resulting in the proportion of its current account deficit in GDP being the highest among the 16 countries in the Euro zone in 2009.
Secondly, the deficits and debts of many Euro zone members have been exceeding the specified ceiling limit ever since they joined the European Union. The tax revenues of these countries cannot guarantee the steady increase of their fiscal revenues, coupled with the implementation of high social benefits, their budget deficits are very huge indeed. After the outbreak of the financial crisis, every country cannot help but to stimulate the economic growth by expanding its expenditure, when the required expenditure could not be supported by the financial revenue, the government would have to borrow heavily, and thus its financial deficit and public debts were pushed up steeply.
Thirdly, before the financial crisis, as members of the European Union, the sovereign credit ratings of these countries were given A rating, their financing ability in the international market was relatively strong, so their debt problems were not exposed. However, the original judgments and evaluations were changed by the outbreak of the financial crisis and the serious economic recession, and along with it the concealed debt problems were exposed.
【英语牛人团】
收起