Unlocking Word Meanings
Read the following words/expressions found in today’s article.
1. bailout (n.) –a financial rescue by a person or company to help another person or company out of financial difficulties
Read the following words/expressions found in today’s article.
1. bailout (n.) –a financial rescue by a person or company to help another person or company out of financial difficulties
Example: The small company
asked for bailout from larger partner
corporations to avoid losing money.
2. austerity (n.)
– in economics, it is a thrift or cost-saving plan or policy
Example: As a form of austerity to cut energy cost, some
establishments make use of only natural lighting during the day,
3. clash (n.)
–a verbal or physical conflict with somebody
Example: The politicians from opposing
parties had a clash of words during
their argument.
4. vandalism (n.)
–willful destruction of somebody else's property
Example: Some students were
punished for their vandalism of University
property.
5. pledge (v)-
to promise something sincerely
Example: The city mayor pledged to give donations to the victims
of the recent flood.
Article
Read the text below.
Read the text below.
Greek officials approved
new austerity measures
despite angry protests from citizens. Greece currently owes a total of €330 billion
in debt, and eurozone nations want to see money-saving laws enforced, before
they can agree to a bailout deal
for the country.
As police were controlling
demonstrators in the streets, lawmakers passed austerity plans that aim to
heavily cut down government spending. Greece needs to save money because it
has to repay €14.5 billion of its debt by March. In effect, citizens’
pensions and wages will also be reduced.
The outbreak resulted from people's
frustration over their financial struggles that never seem to end. In Athens,
the number of people who are becoming poor and homeless is increasing day by
day. Now, with the austerity measures, people will have to make more
sacrifices.
Several
establishments including a bank, cafes and a movie theatre were set on fire.
Twenty-five protesters and 40 officers were injured in the clashes while 30 people were arrested
by authorities.
Greek prime minister
Lucas Papademos said he would not tolerate vandalism and violence amid such an important period in Greece. Before
Parliament voted on the austerity laws, Papademos told lawmakers that Greece needs
the eurozone’s bailout deal, despite how tough the austerity measures will be
on citizens. Without the bailout, the Greek government will not be able to
pay salaries and provide basic services.
The €130 billion bailout
package is expected to put Greece back on stable ground, and also help
reduce Greece's debts from the current 160% of Gross Domestic Product, to
120% of GDP by 2020.
But even if Parliament
has voted to push through with the austerity plans, eurozone nations will
only give bailout if Greece can continue meeting requirements. According to
Jean-Claude Juncker, the prime minister of Luxembourg and head of Europe’s
group of finance ministers, Greece's political leaders must pledge that they will continue to
carry out the measures even after the upcoming Greek elections.
Analysts,
however, warned that Greece has already had difficulty keeping up with a
previous bailout plan in 2010, and additional austerity and economic reforms would
only make its people suffer even more.
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Viewpoint Discussion
Enjoy a discussion with your tutor.
Discussion A
·
Why do you think countries spend more than they
afford?
·
What services or projects do you think governments
should prioritize? Why?
Discussion B
·
Would you be willing to sacrifice your earnings
to help solve your country’s economic problems?
·
Can you think of ways how you can help
strengthen the economy of your country?