VOA标准英语2012--EU Leaders Angry at Credit Downgrade

（单词翻译）

EU Leaders Angry at Credit Downgrade

From Larnaka to Brussels, European Union officials were on the defensive¹ Saturday, downplaying the downgrades while vowing² to push through fiscal³ reforms.
In a widely anticipated move, the rating agency downgraded by a notch⁴ the ratings of five European countries, including the region's second-largest economy France. It downgraded four others - Italy, Portugal, Spain and Cyprus - by two notches⁵.
The finance minister of Cyprus called the move "arbitrary and unfounded." The Austrian government also criticized the measure. European Economic and Monetary⁶ Commissioner⁷ Olli Rehn called the downgrades inconsistent.
Other politicians, like French Finance Minister Francois Fillon, sought to put a positive spin on the news.
At a press conference on Saturday, Fillon said that while S&P had downgraded France's once-sterling AAA to AA+, the agency had also confirmed the French economy was solid, diversified⁸ and resistant⁹. It noted¹⁰ the government had implemented¹¹ the necessary reforms and applied¹² a credible¹³ strategy to reduce its debt and deficit¹⁴.
Fillon also said a new fiscal discipline pact¹⁵ agreed to by European leaders last month showed they were proactive in addressing the eurozone crisis. In Germany, which retained its AAA rating, Chancellor¹⁶ Angela Merkel called on European leaders to move quickly to adopt the pact, which was spearheaded by France and Germany.
But S&P has criticized the European Union pact as an insufficient¹⁷ answer to the crisis, an assessment¹⁸ shared by analysts¹⁹ like Tomasz Michaelski of the HEC business school in Paris. Michaelski also doesn't believe the downgrades will prompt European leaders to take bolder steps when they meet at the end of January.
"I don't believe that there's going to be a general solution to the problem reached at a common European summit," said Michaelski. "I don't believe that can happen. There are so many different interests. Each country is going to have to heal itself."
In practical terms, the downgrades mean that some countries may have to borrow money at higher costs. The EU's bailout fund may also be affected²⁰. But some analysts believe that since so many countries have been downgraded, including the United States last summer, it may have little tangible²¹ impact.
Still others, like Michaelski, say the markets may have anticipated the downgrade and may not react dramatically when they reopen on Monday.