Wednesday, July 20, 2011

Does Italy Have A Debt Crisis? - The Answers

Hello. Here are the answers to the quiz questions on the BBC domestic radio 4 'Today' programme on Italy's debt. You had to fill in the gaps. I have indicated the answers in bold text.
1. Politicians are saying that the markets are overreacting dangerously.

2. Part of the problem is that there is no agreement on the mechanics of a second financial bailout for Greece.

3. The Dutch Finance Minister says that a precondition has to be substantial private sector involvement.

4. Italy is involved because its Prime Minister has fallen out with his Economy Minister.

5. Mr Berlusconi has accused the Economy Minister of being a "prima donna" who “thinks everyone else is a cretin.”

6. This is not what the rest of Europe wants to hear from the Eurozone’s second-largest but determinedly sluggish economy.

7. Germany’s Chancellor Angela Merkel says she is trying to persuade Mr Berlusconi to pass a new austerity budget as soon as possible.

8. She says Italy needs to show that it is consolidating and fighting debt.

9. Politicians who have to answer to electorates always seem to be one step behind the markets.

10. Peter Spiegel, the Brussels bureau chief of the Financial Times, says that “if Italy goes down, then it will be Lehman Brothers …. ten times as bad.”

11. The results could be "brutal".

12. Why have the markets taken so long to react to Italy? Because the markets only focus on one thing at a time.

13. The only way to solve the problem is by issuing common European bonds.

Please do continue to visit the BBC and other sites for listening practice. See the right-hand column for appropriate links. The BBC sites, as well as listening sites, are quite near the top.

Another listening quiz coming soon!

Yours,
Mike

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