Vocabulary and key phrases
�~NmqS:g the financial crisis
j%2łng j� w
i j%2ł The financial crisis has affected many European
�~NmqS:gq_�T0RąN'k2m"v�_YżVś[0 countries.
j%2łng j� w
i j%2ł y�
ng xi�
ng dąo le M
u zhM
u
de h%1łn duM
guó ji

0
Ą�^�f�ć the stock market crash
g�
sh� bąo di
The stock market crash is a sudden dramatic
Ą�^�f�ć/fĄ�hy�N0 decline of stock prices.
g�
sh� bąo di
sh� g�
piąo jią g� de
zh�u r�n jł liŁ xią jiąng 0
�~NmśX�>e the economic slowdown
j%2łng j� z
ng zh�
ng fąng hu�
n The economic slowdown is having a huge effect
�~NmśX�>eł[?b�Nq_�TŁ]'Y0 on house prices.
j%2łng j� z
ng zh�
ng fąng hu�
n du� f�ng
jią y�
ng xi�
ng jł dą 0
p�� the recession
shu

i tu� A recession is a significant decline in economic
p��asT@w�~Nm;m�R"vf>fNM
0 activity.
shu

i tu� y� wŁi zhe j%2łng j� huó l� de
m�ng xi�
n xią jiąng 0
�O7ć'}) the credit crunch
x�n dąi j�
n suM
A credit crunch is a sudden reduction in the
�O7ć'})/f�"L�"v7ć>k�S(u'`�z6qM
NO availability of loans from banks.
0
x�n dąi j�
n suM
sh� y�n h�ng de dąi
ku�
n k%1ł y�ng x�ng tk
r�n jiąng d%2ł 0
hQt�~Nm the global economy
qu�n qiś j%2łng j� China's share of the global economy has
-NżV(WhQt�~Nm-N@b`S"vżN�Ś(W�ŹSąQ increased a lot in the past few years.
t^śX RąN�_Y0
zhM
ng guó ząi qu�n qiś j%2łng j� zhM
ng
su�
zhąn de fŁn � ząi gu� qł j�
ni�n
z
ng ji

le h%1łn duM
0
ir�Nؚ the high commodity prices
wł jią g

o Cheap labour and high commodity prices are
łR�R�R�^�NŚTir�Nؚ R�ęąN"vŃęć�qS:g fueling the financial crisis.
0
l�o d�ng l� li�n jią h� wł jią g

o ji


zh�ng le de j%2łn róng w
i j%2ł 0
�'ć��Ą� the inflation
tM
ng hu� p�ng zhąng Inflation is a rise in the general level of prices
�'ć��Ą�/f�~Nm NFU�TŚT gĄR"v�Ns^;`SO NGS0
tM
ng hu� p�ng zhąng sh� j%2łng j� shąng
sh

ng p�
n h� fś wł de jią g� shu�
p�ng
z�
ng t�
shąng sh
ng 0
'%8ń^^:W the money markets
hu� b� sh� ch�
ng The money market is the global financial
'%8ń^^:W/f�c�O�wg7ć>k"vhQt'`Ńęć� market for giving short-term loans.
^:W0
hu� b� sh� ch�
ng sh� t� g�ng du�
n q%2ł
dąi ku�
n de qu�n qiś x�ng j%2łn róng sh�
ch�
ng 0
Qe^Ą�R the bailout plan
jił sh� j� huą The government will spend up to $700 billion in
?eś^\ą�9ćؚ�Ź700żN�CQeg\O:NQe^ the bailout plan.
Ą�R0
zhŁng f�
ji

ng hu

fŁi g

o d� 700 y�
m%1łi yu�n l�i zu� w�i jił sh� j� huą 0
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ŻO�� the guarantee
b�
o zhŁng Many countries have guaranteed personal
��YżVś[ż�ŻO���"L�&ć7b-N"v*N�N�PĄ savings in bank accounts.
0
x�
duM
guó ji

dM
u b�
o zhŁng y�n
h�ng zhąng hł zhM
ng de gŁ r�n ch�

xł 0
7ć>k the loan
dąi ku�
n Some banks provide low interest loans.
g�N�"L��c�ONOo`7ć>k0
y�
u xi
y�n h�ng t� g�ng d%2ł x%2ł dąi ku�
n
0
�bźb7ć>k the mortgage
d�
y

dąi ku�
n Mortgages can either have fixed or variable
�bźb7ć>k�S�N(uśV�[bnm�R)R�sĄ�{)R rates of interest.
o`0
d�
y

dąi ku�
n k%1ł y�
y�ng gł d�ng hu�
fś d�ng l� l�
j� suąn l� x%2ł 0
!k7ć the sub-prime mortgage
c� dąi Sub-prime mortgages carry a higher risk to the
!k7ćO�b�fؚ"v�Śi
&^Ł~7ć>kąe0 lender.
c� dąi hu� b�
gŁng g

o de f
ng xi�
n
dąi g%1łi dąi ku�
n f

ng 0
)R�s the rate of interest
l� l�
The rates of interest on car loans have risen
gŃŹ}lfŹ7ć>k"v)R�s g@b NGS0 recently.
zu� j�n q� ch
dąi ku�
n de l� l�
y�
u su�

shąng sh
ng 0
ċż~ the rating
p�ng j� Bonds can have a rating which range from AAA,
:P8R"vċż~/f�Ng�[hQ"vAAAż~0RDż~ the safest, down to D.
0
zhąi quąn de p�ng j� sh� cóng zu�

n
qu�n de AAA j� dąo D j� 0
DćżN the assets
z%2ł ch�
n The assets of many corporations have been
1u�N�~NmqS:g���YlQłS"vDćżN��QÓ~ frozen due to the economic crisis.
0
yóu yś j%2łng j� w
i j%2ł �x�
duM
gM
ng s%2ł
de z%2ł ch�
n bŁi d�ng ji� 0
"ćżNĄQ

c�i ch�
n j�ng zh� Your equity is the amount your house is worth
�`"v"ćżNĄQ

źb:PĄRKNT"v�Nn�n de c�i ch�
n j�ng zh� sh� n�n de
f�ng ch�
n z�
ng � ji�
n qł q� d�
y

zhąi
wł zh%2ł h�u de jią zh� 0
:PĄR the debt
zhąi wł Many people have debts which can seriously
�_Y�Nż� g:PĄR�ŁŹ�N�%N�ęq_�TąNvQ affect their financial situation.
"ćĄRśr�Q0
h%1łn duM
r�n dM
u y�
u zhąi wł �zhŁ
cóng �r y�n zh�ng y�
ng xi�
ng le q� c�i
wł zhuąng kuąng 0
�k:P the toxic debt
dś zhąi Toxic debts are debts that are very unlikely to
�k:P/f N*Y�Sż���6e�VP>k0 be recovered from borrowers.
dś zhąi sh� bś tąi k%1ł n�ng bŁi shM
u
hu� jiŁ ku�
n 0
)RŚm the profit
l� rłn This year's profits are down on last years.
ĘNt^"v)RŚm�k�ŹSąQt^"vNM
ąN0
j%2łn ni�n de l� rłn b�
gu� qł j�
ni�n de
xią jiąng le 0
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Ą�N the shareholder
g�
dM
ng The shareholders are expecting a big payout.
Ą�N�Ng__0RNżN�_'YĄ�o`0
g�
dM
ng men q%2ł dąi d� dąo y%2ł fŁn h%1łn
dą g�
x%2ł 0
Dć,g�ę�~ the recapitalisation
z%2ł b%1łn chóng z�
Recapitalisation is when money is injected into
Dć,g�ę�~/f\ą"ŁleQ0RlQłS�NM
NOvQ:P a company which reduces its debts.
ĄR0
z%2ł b%1łn chóng z�
sh� ji

ng qi�n zhł rł
dąo gM
ng s%2ł y�
jiąng d%2ł q� zhąi wł 0
�bDć�"L� the investment bank
tóu z%2ł y�n h�ng Governments have had to bail out many
?eś^ N_ N6e-ć��Y�bDć�"L�0 investment banks.
zhŁng f�
bł d� bł shM
u g�u x�
duM

tóu z%2ł y�n h�ng 0
�v)R"Śf� the profit warning
y�ng l� ył j�
ng Profit warning is when a company states that
�v)R"Śf�c"v/fS_Nś[lQłS�XfvQ�v)R its profits are not as high as expected.
Ąl g"Śg"vŁ�HNؚ0
y�ng l� ył j�
ng zh�
de sh� d

ng y%2ł ji


gM
ng s%2ł sh
ng m�ng q� y�ng l� m�i y�
u
ył q%2ł de ną me g

o 0
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Dialogue
�s)R�N(WwĄb�~0 Maria is reading the newspaper.
m�
l� yą ząi kąn bąo zh�
0
Maria: It says here that the financial crisis is affecting
�s)R�N: ŁŹ�ę�Ńęć�qS:g(Wq_�T@w'YYpeżVś[... most countries&
zhŁ l�
shuM
j%2łn róng w
i j%2ł ząi y�
ng xi�
ng zhe dą duM
shł Paul: Yes. It is going to affect everyone now. The cost
guó ji

... of my mortgage rose 120 euro per month last month.
ŻOW: /f"v0�s(WŁŹOq_�T0R�kN*N�N0 N*Ng�b"v�bźb Maria: Wow. That is a lot. And inflation is still about
7ć>k N�m0RąN�kg120'kCQ0 4% which is a lot.
sh� de 0xiąn ząi zhŁ hu� y�
ng xi�
ng dąo m%1łi y%2ł gŁ r�n Paul: I am not sure what to do with all my stocks and
0shąng gŁ yuŁ �w�
de d�
y

dąi ku�
n shąng zh�
ng dąo shares either.
le m%1łi yuŁ 120 M
u yu�n 0 Maria: You have stocks and shares and a house?
�s)R�N: & ..Are you married by any chance?
�T0łvS_ؚJU0��'ć��Ą��N6q/f4%ć]óS�ŁŹ/f�_ؚ"v0 Paul: Ummmm&
wa 0xiąng d

ng g

o

0�r tM
ng hu� p�ng zhąng r�ng
r�n sh� 4% zu�
y�u �zhŁ sh� h%1łn g

o de 0
ŻOW: b N�wS���bb@b g"vĄ�hyŚTĄ�żN`HNśR0
w�
bł zh%2ł dąo g

i n� w�
su�
y�
u de g�
piąo h� g�
fŁn z%1łn
me bąn 0
�s)R�N:
`O gĄ�hy
0Ą�żNŚTNWY?bP[��"�"`O N/f�x�]Ó~ZZąN'T�
n�
y�
u g�
piąo
0g�
fŁn h� y%2ł tąo f�ng zi ��"�"n�
bś sh�
pŁng qi�
o ji� hk
n le ba �
ŻOW: CT�"�"
e �"�"
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Please choose the correct answer
1. �s)R�N(WĄb�~ NwĄNHN�
m�
l� yą ząi bąo zh�
shąng kąn sh�n me �
a. ?b�N
f�ng jią
b. �~NmqS:g
j%2łng j� w
i j%2ł
c. łćt�k[ć
zś qiś b�
sąi
2. ŻOW"v�bźb7ć>k N*Ng NGS0RąNY\�
b�
o luó de d�
y

dąi ku�
n shąng gŁ yuŁ shąng sh
ng dąo le duM
sh�
o �
a. N~vŚNAS'kCQ
y%2ł b�
i Łr sh� M
u yu�n
b. ŚN~vNAS'kCQ
Łr b�
i y%2ł sh� M
u yu�n
c. N~v'kCQ
y%2ł b�
i M
u yu�n
3. :NĄNHN�s)R�N�ŻOW/f N/fÓ~ZZąN�
wŁi sh�n me m�
l� yą wŁn b�
o luó sh� bś sh� ji� hk
n le �
a. ąV:NyY�_PNa�����N"vYP[0
y%2łn w�i t

h%1łn lŁ y� jiąn jian t

de q%2ł z�
0
b. ąV:NyYɉ_�N�_wz0
y%2łn w�i t

ju� de t

h%1łn qióng 0
c. ąV:NyYɉ_�N�_ gą"0
y%2łn w�i t

ju� de t

h%1łn y�
u qi�n 0
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Answers: 1(b): 2(a): 3(c)


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