Методическая разработка по дисциплине «Профессионально-ориентированный перевод»
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- Текст 10. The euro crisis Europes half-depression
- Модуль 3 « Переводческий
- 4. Учебно-методическое и информационное обеспечение дисциплины а) основная литература
Текст 9. Greece and the euro crisis Burning on Mar 7th 2012, 16:39 by P.W. CONCERN about last-minute hitches to the Greek debt restructuring took the wind out of financial markets on Tuesday. Traders will remain nervy until the deal is concluded late on March 8th. Despite the jitters, the general expectation is that enough investors will sign up for the Greek government to impose the deal on the rest by invoking the collective-action clauses (CACs) imposed by legislation passed last month. That in turn is likely to trigger a credit event as early as March 9th, which will lead to payouts on credit-default swaps. That will come as a blow to European leaders who loathe the sovereign CDS market, but they are hoping that a successful debt deal together with the second bail-out, of €130 billion ($170 billion), will dampen down the Greek fire. That hope may itself be swiftly extinguished. With an economy in freefall and an election looming in late April or early May, trouble could flare up again in Greece soon. And attempts by European leaders to portray the Greek “private-sector involvement” (PSI) as a special case with no implications for debt held in other shaky euro-area economies may also prove overoptimistic. High Portuguese bond yields indicate investor suspicion that Portugal, forced into a bail-out about a year after Greece, will again follow the Greeks’ lead. The Greek deal sets another troubling precedent. The European Central Bank’s (ECB) insistence that it be spared any losses on the Greek bonds it purchased from May 2010—supposedly for monetary-policy purposes, but actually to fight the debt crisis—has imposed a bigger write-down on privately held debt than would otherwise be the case. The exchange of new bonds for old will lower their face value by 53.5%, whereas their net present value will decline by around 75%, owing to lower interest rates and longer maturities. The ECB’s recalcitrant stance has in effect subordinated private investors and is a particular worry for those with holdings in the other countries (Ireland, Italy, Portugal and Spain) where the central bank has intervened to calm fearful markets by purchasing bonds. But the Greek restructuring may also set a more hopeful precedent, argue Mitu Gulati of Duke University and Jeromin Zettelmeyer of the European Bank for Reconstruction and Development. The authors, both experts in sovereign debt, point out that the new bonds, while worth so much less, will be better protected because they will be governed by English law with full creditor rights. The advantage of foreign-law status has been demonstrated in the Greek deal. The exchange that concludes tomorrow is for the 90% of the debt written under Greek law, which made them vulnerable to the retrospective amendment of terms. Bondholders holding the remaining 10% written mainly under English law will vote separately later this month on the proposed exchange. Crucially, their votes will be for each specific bond in issue and cannot be aggregated across all the bonds, as is the case with the Greek-law debt. As a result, it is likely that fewer will be dragooned into the write-off. Tellingly, foreign-law Greek bonds were trading on average at almost twice the price of Greek-law bonds in late February. This may hold a lesson for other countries, such as Portugal, which are struggling with oppressive debt burdens. The authors argue that beleaguered euro-zone governments could exploit the value investors place on the legal status of bonds by offering genuinely voluntary debt exchanges. By agreeing to switch existing bonds, which as in Greece are predominantly written under local law, into new bonds under English law, this could bring about a worthwhile debt relief. Although this would not be as large as the Greek reduction—investors whose bonds are close to maturity could not be forced into participation—it would not be a default and might allow countries to regain market access in the near future. While the Greek deal hangs in the balance, this intriguing proposition will not be uppermost in investors’ minds. But it may grab attention in coming months as a possible alternative way out of the debt maze elsewhere in the euro zone.
Apr 2nd 2012, 16:11 by R.A. | WASHINGTON ONE has to hand it to the European Central Bank; it is impressive how effectively the ECB has managed to decouple outcomes in the euro-zone economy from financial-market panic. Just looking at movements in the S&P 500 or the yield on American Treasuries over the past month, one would be hard pressed to say anything about the state of things in Europe. For that, Americans clearly owe Mario Draghi thanks; his programme of cheap, long-term bank lending pushed the possibility of a Lehman-like event in the euro zone back out on the statistical tails where it belongs. Europeans are surely happy to have avoided a panic collapse (for now). I suspect they're finding it hard to cheer for the ECB all the same. New unemployment data provide one look at just why: The unemployment rate in the euro zone rose to 10.8% in February. It was 10.0% a year ago and has inched upward every month since August, each recent uptick representing a new record high for the euro area. The pain is unevenly distributed. Germany's unemployment rate has held steady at 5.7% since October. Greek unemployment touched 21.0% in December (the latest month for which data are available); the rate was 14.9% in February of 2011. Spanish unemployment has risen a full three percentage points over the past year and stood at 23.6% in February. Italian unemployment moved up to 9.3%, from 8.1% a year ago. Portugal's unemployment rate rose from 12.3% in February of 2011 to 15.0% in February of this year. Youth unemployment rates are dramatically worse. A third of Italian and Portuguese under 25s are jobless and over half of youths in Greece and Spain are without work. Conditions do not appear to be improving. Purchasing Managers' Index figures from March show manufacturing activity in the euro zone touching a three-month low. Spanish and French activity seems to be slowing at an ever faster pace. Worse still, contraction has now moved to core economies; both Germany and the Netherlands registered declining manufacturing activity for the month. Data on new orders suggest that April could be as bad or worse. While peripheral euro-zone economies are contracting, it will be very difficult to hit deficit targets. If the result of disappointing fiscal performance is pressure for greater austerity, the squeeze on growth around the euro zone will intensify. Strikingly, the ECB continues to sit on its hands despite the seeming surety that the euro zone was in recession in the first quarter and will start the second in the same place. While both the Federal Reserve and the Bank of England have moved toward greater monetary accommodation against a more benign economic backdrop, the ECB contented itself with merely reversing last year's ill-considered 50 basis-points' worth of rate increases. Inflation continues to edge downward in the euro zone; the flash estimate for inflation in the year to March was 2.6%, down from 2.7% the prior month. Given the ECB's laser-like focus on headline inflation and its demonstrated willingness to respond to rising energy costs, it's difficult to see a big chance in stance despite the desperate economic conditions around the periphery. A blow-up looks unlikely (absent unexpected political developments) thanks to ECB bank lending. Maybe euro-zone politicians will use the time they've been given to move toward real mutualisation of financial risks, which could reduce market pressure on peripheral sovereigns and allow for at least a mild slowdown in the pace of austerity. Unless, of course, the price of a eurobond is aggressive austerity for the forseeable future. Maybe two more years of soaring unemployment will bring unit labour costs around the periphery down to competitive levels. Internal devaluation on that scale would be anunprecedented accomplishment in the age of low inflation. If things hold together, the euro zone may well be all right by the beginning of 2014. Can things hold together while continuing on this course?
4. Учебно-методическое и информационное обеспечение дисциплины а) основная литература 1.Алексеева И.С. Профессиональный тренинг переводчика: Учебное пособие по устному и письменному переводу для переводчиков и преподавателей. - СПб.: Издательство "Союз", 2011.- 288 с. 2.Волкова Т.А Дискурсивно-коммуникативная модель перевода: монография. - Изд-во: Флинта; Наука, 2010. 126 с. 3.Гарбовский Н.К. Теория перевода: Учебник. 2-е изд. - М.: Изд-во Моск. ун-та, 2007. - 544 с. 4.Казакова Т.А.. Практические основы перевода.English↔Russian. Учебное пособие. - СПб.: "Лениздат", Издательство "Союз", 2002. - 320с. 5.Кушнерук С.П Документная лингвистика: учебное пособие. - Изд-во: Флинта; Наука, 2011. - 255 с. 6.Мирам Г.Э. Профессия: переводчик. http://www.gumer.info/bibliotek_Buks/Linguist/Miram/02.php 7.Романова С.П., Коралова А.Л. Пособие по переводу с английского на русский. - М.: КДУ, 2009. - 176 с. 8.Сдобников В.В. Начальный курс коммерческого перевода. Английский язык. - М.:АСТ: Восток-Запад. - 2007. - 201 с. 9.Семко С.А. Учебник коммерческого перевода. Английский язык. - М.: АСТ: Восток-Запад, 2005. - 286 с. 10.Слепович В.С. Курс перевода (английский↔русский). Translation Course (English↔Russian). - 3-е изд., доп. - Мн.: "Тетра-Системс".2010. - 320с. 11.Слепович В.С. Настольная книга переводчика с русского языка на английский = Russian - English Translation Handbook / В.С. Слепович. - Мн.: ТетраСистемс, 2009. - 304 с. 12.Толстой С.С. Основы перевода с английского языка на русский - М, 2008г. - 57 с. 13. Capitalism from outside?: economic cultures in Eastern Europe after 1989. 2012, Budаpesht. P.349 http://www.bibliorossica.com/book.html?currBookId=8507 14.Gnevko V. A. Municipalities ? roots of democracy and economics 2012, Deerfield. P 384. http://www.bibliorossica.com/book.html?currBookId=7299 15. Károly A. S. Politics and policies in post-Communist transition: primary and secondary privatisation in Central Europe and the Former Soviet Union. 2012, Budаpesht P.349. http://www.bibliorossica.com/book.html?currBookId=8451 б) дополнительная литература
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