【美行思远艺术留学杭州】雅思阅读材料:The Screw Tightens

时间:2021-01-27 23:00:01 雅思阅读 我要留学

  在雅思阅读备考过程中,多看一些雅思阅读材料不仅可以增加词汇量,还可以拓展知识面以及加快阅读速度,所以平时没事多看看雅思阅读材料,多多益善哦!今天小编给大家带来了雅思阅读材料:The Screw Tightens。小伙伴们快来补充精神食粮吧!

  The screw tightens

  ONE can almost hear the gates clanging: one after the other the sources offunding for Europe’s banks are being shut. It is a result of the highly visiblerun on Europe’s government bond markets, which today reached the heart of theeuro zone: an auction of new German bonds failed to generate enough demand forthe full amount, causing a drop in bond prices (and prompting the Bundesbank tobuy 39% of the bonds offered, according to Reuters).接下来为大家介绍"答疑雅思阅读材料:The Screw Tightens"
雅思阅读材料:The Screw Tightens

  Now another run—more hidden, but potentially more dangerous—is takingplace: on the continents’ banks. People are not yet queuing up in front of bankbranches (except in Latvia’s capital Riga where savers today were trying towithdraw money from Krajbanka, a mid-sized bank, pictured). But billions ofeuros are flooding out of Europe’s banking system through bond and moneymarkets.

  At best, the result may be a credit crunch that leaves businesses unable toget loans and invest. At worst, some banks may fail—and trigger real bank runsin countries whose shaky public finances have left them ill equipped to prop uptheir financial institutions.

  To make loans, banks need funding. For this, they mainly tap into threesources: long-term bonds, deposits from consumers, and short-term loans frommoney markets as well as other banks. Bond issues and short-term funding havebeen seizing up as the panic over government bonds has spread to banks (whichthemselves are large holders of government bonds). This blockage has been madeworse by tighter capital regulations that are encouraging banks to cut lending(instead of raising capital).

  Markets for bank bonds were the first to freeze. In the third quarter bondsissues by European banks only reached 15% of the amount they raised over thesame period in the past two years, reckon analysts at Citi Group. It is unlikelythat European banks have sold many more bonds since.

  Short-term funding markets were next to dry up. Hardest hit were Europeanbanks that need dollars to finance world trade (more than one third of which isfunded by European banks, according to Barclays). American money market funds,in particular, have pulled back from Europe. Loans to French banks have plunged69% since the end of May and nearly 20% over the past month alone, according toFitch, a ratings agency. Over the past six months, it reckons, American moneymarket funds have pulled 42% of their money out of European banks. Europeanmoney market funds, too, continue to reduce their exposure to France, Italy andSpain, according to the latest numbers from Fitch.

  Interbank markets, in which banks lend to one another, are now also showingsigns of severe strain. Banks based in London are paying the highest rate onthree month loans since 2009 (compared with a risk-free rate). Banks are alsodepositing cash with the ECB for a paltry, but risk-free rate instead of makingloans.

  以上就是小编给大家带来的雅思阅读材料:The Screw Tightens,希望对大家有帮助,最后祝大家可以在雅思考试中取得好成绩,更多信息请关注100教育雅思频道。


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