1. American consumers cannot keep spending more than they earn.
2. Tracing the complex flows of funds is often difficult.
3. Congress failed to approve proposal that the two countries would have normalized trade relations.
V. .
2, 4.
European Ministers Agree to Loan Greece
1. European finance ministers agreed to loan Greece about one hundred seventy-two billion dollars this week at a meeting in Brussels. Luxembourg's Prime Minister announced the agreement: After a meeting of at least thirteen or fourteen hours, we have reached a far-reaching agreement on Greeces new program and private sector involvement that will lead to a very significant debt reduction for Greece.
2. Under the plan, Greeces private creditors will lose more than half of the face value of their investments. The agreement also means the country will receive its second financial rescue in less than two years. The new loans will likely let the Greek government make a nineteen billion dollar payment on its debt. Now, Greece must negotiate the terms of its loans with individual banks and other investors. But these creditors will have to hurry. Greece can dictate its own terms once it reaches agreement with two thirds of its creditors. Not everyone believes Greece will be able to repay its loans. The Fitch financial services company cut the credit rating of Greece. Fitch said, it remains "highly likely" that the country will fail to meet its financial responsibilities.
3. The Greek parliament has agreed to the idea of spending and job cuts demanded by the European Union and the International Monetary Fund. Parliament must now pass all seventy-nine measures included in a reform plan before getting the rescue loans. Prime Minister Lucas Papademos has said his country has a lot of work to do before it can receive new aid.
4. At the same time, protests continue in Greece over budget-cutting measures. Many Greeks say they have sacrificed enough. But Greeces EU neighbors are unlikely to release new loans until the budget cuts are in place. The head of the EU delegation to the United States told that the union has learned from the crisis. We learned a lot about the means that we need to deal with emergency situations. We didnt have them before. We learned that our governance system was not yet at the right level, and we are in fact changing a lot. There is a lot being changed.
VI. , (1, 2, 3):
A) (true)
B) (false)
C) (no information)
1. The country will receive its second financial rescue in less than five years.
2. Greece can dictate its terms when it reaches agreement with France and Germany.
3. Private creditors will lose more than half of the value of their investments.
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VII. :
What did the Fitch financial services company cut?
2
I. (1 10). ( j), :
1) bid a) a building used for worship in some religions
2) auction b) used in homes or relating to homes
3) property c) someone who buys goods and uses services
4) lease d) objects produced for sale
5) sale e) more than is needed
6) goods f) an offer or proposal of a price
7) surplus g) buying and selling of property through open public
bidding
8) consumer h) something owned, a possession
9) household i) the process of selling goods and services for money
10) temple j) a legal contract granting use of property for a specified
period of time in exchange for a specified rent
:
II. :
employees, sales, salary, product, production, cash
1) There are over 9 million teenagers in ritain and they are the most powerful group of __________
2) Jane finds it difficult to survive on such a low__________
3) How do you pay for things you buy: in__________, by cheque or by credit card?
4) If we dont get another order soon, well have to cut _________and maybe close a factory.
5) One way to inform people about your __________is to advertise it on TV.
6) And you get a special bonus if the companys _________ go up by more than 15 per cent in the year.
