2015考研英语阅读西班牙及市场_大学英语阅读

2015考研英语阅读西班牙及市场

　　The market funk was the more troubling since a Spanish government with a lot going for ithad appeared to be getting a grip. Public debt is rising fast, but at 69% of GDP last year wasfar lower than Italy s 120%and less even than Germany s 81%. The budget deficit is high, but only a week before the market panic Mariano Rajoy, the primeminister, announced more tough austerity measures. And on July 20th European financeministers sanctioned the first tranche of a partial bail-out worth up to EURO100 billion for Spanish banks.

　　由于仍需努力的西班牙政府似乎开始掌控局面，这种市场恐惧就更令人感到不安了。公共债务快速上升，但去年西班牙公共债务占GDP的69%这一比例远远低于意大利的120%甚至还低于德国的81%。预算赤字居高不下，但就在市场恐慌一周前，西班牙总理马里亚诺.拉霍伊还宣布了更多严厉的紧缩措施。7月20日，欧洲财政部长批准为西班牙银行提供价值1000亿欧元的第一批纾困资金。

　　So why are investors in such a cold sweat about Spain? One reason is that Mr Rajoy flunkedhard choices at the outset, notably the cleansing of the banks. Despite a low starting-pointfor public debt, deficit overshoots have revealed insufficient central control over the 17regions that are responsible for a big chunk of spending. Investors fret that more regionsmay follow Valencia, which applied for aid on July 20th. They are in any case sceptical thatSpain can meet its targets for cutting the deficit in the teeth of a recession that is harsherthan expected.