9 June 2013 Last updated
at 10:32 GMT
Euro crisis is over,
says France's Francois Hollande
French President Francois Hollande has declared an
end to the eurozone debt crisis, which has gripped the region for the past four
years.
"What you need to understand here in Japan is
that the crisis in Europe is over," he told Japanese business leaders on a
trip to the Far East.
Much of Europe is suffering from high unemployment
and recession.
As recently as April, there were fears about the
future of the euro due to confusion over bailing out Cyprus.
The tiny eurozone state secured a loan package worth
10bn euros (£8.4bn; $13bn) from its EU partners and the International Monetary
Fund.
An early proposal to raise money through a levy on
all Cypriot bank deposits caused panic in financial markets and was quickly
withdrawn. Instead, the island agreed to raise 13bn euros through a tax on
large deposits and through banking reform.
This came after bailouts of Greece - twice - as well
as Ireland, Portugal, and a bailout of Spain's banks.
Unemployment in the eurozone is at another record
high - with 19.38 million out work - and the bloc is in its longest recession
since it was created in 1999, now in six consecutive quarters of shrinkage.
Hollande
In a speech
on the last day of his visit to Japan, the French president said that the debt
crisis has served to bolster Europe.
"I believe that the crisis, far from weakening
the eurozone, will strengthen it," he said. "Now, we have all the
instruments of stability and solidarity. There was an improvement in the
economic governance of the eurozone, we set up a banking union, we have rules
on budgetary matters that allow us to be better coordinated and have a form of
convergence."
He has pledged to boost jobs and growth at home, but
domestic demand has been sapped by the eurozone crisis. The French jobless rate
this month climbed to the highest level in 15 years. Recently, the European
Commission and the International Monetary Fund called on France needed to
introduce more economic reforms or else risk lagging behind some of its
European neighbours.
Summarize:
Eurozone are critical of the
finance since past four year. In Eurozone has many people unemployed. But, now
French President has declared an end to
the Eurozone debt crisis. In this mount, the population are unemployed on
fifteen year.
Vocabulary
|
Phonetic
|
Meaning
|
Unemployment
|
ˌʌnɪmˈplɔɪmənt
|
the fact
of a number of people not having a job; the number of people without a job
การว่างงาน
For example
It was a time of
mass unemployment.
|
financial
|
faɪˈnænʃl
or
fəˈnænʃl
|
connected
with money and finance
For example
ทางการเงิน
Tokyo and New
York are major financial centres.
|
Shrinkage
|
ˈʃrɪŋkɪdʒ
|
the process of
becoming smaller in size; the amount by which something becomes smaller
การหด
การย่น, การลดลง
For example
She bought a
slightly larger size to allow for shrinkage.
|
Solidarity
|
ˌsɒlɪˈdærəti
|
support by one
person or group of people for another because they share feelings, opinions,
aims, etc
ความสามัคคี
For example
Demonstrations
were held as a gesture of solidarity with the hunger
strikers.
|
อ้างอิง http://oald8.oxfordlearnersdictionaries.com/dictionary/Solidarity
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