Perevod_I

16.to default [intransitive] to fail to do something that you are legally supposed to, especially to fail to pay a debt at the right time: The country has defaulted on its loan. || прекратить платежи; не выполнять

своих обязательств (по контракту / соглашению / долгу)

17.defaulter [countable] a person, organization or country that defaults || сторона, не выполняющая своих

обязательств; банкрот; растратчик

18.to bail out [transitive] to provide money to get someone or something out of financial trouble: You can’t expect the taxpayer to bail out the car industry indefinitely. || помогать, оказывать финансовую

помощь; выручать из беды

19.bail-out [countable] (informal) financial help given to a person or a company that is in difficulty: The directors were hoping for a government bail-out to save the company. || оказание финансовой помощи,

финансовая помощь

20.venture [countable] a business or a business deal in which there is some degree of risk, which is accepted in the expectation of making a profit: a commercial venture || (рискованное) предприятие / начинание;

(коммерческое) предприятие

21.joint venture a company formed jointly by two or more other companies || совместное предприятие

(двух или более фирм); смешанное предприятие (с участием иностранного и местного капитала); временное товарищество (совместная деятельность оканчивается финансовой или коммерческой операцией, выполнением данного контракта, подряда)

22.venture capital [uncountable] money that is lent to someone so that they can start a new business ||

вложение капитала с риском (например, в ценные бумаги со значительным колебанием курсов); спекулятивный капитал; венчурный / рисковый / рискованный капитал (капитал, вложенный в новое предприятие, связанное с риском, в том числе в разработку и организацию производства нового изделия)

23.debt (1) [countable] a sum of money that you owe: to owe a debt | to pay / pay off / repay / clear / settle / discharge / meet a debt | to incur / contract a debt | to run up a debt (= to borrow money without paying it back on time) | to write off / down a debt (= to end a debt formally) | to charge off a debt (= to accept a debt as a total loss) | to collect / recover a debt | to reschedule a debt | a bad / outstanding / unsettled debt | a short-term / long-term debt | a business debt | the national debt | a domestic / foreign debt | He now had enough money to pay off his father's outstanding debts. | The company has debts of around $1,000,000. |

The students are running up massive credit card debts. | He generously agreed to write off the debt in return for certain services. | The firm had to charge off the debt as hopeless. | She is in debt to me for a large sum. || (денежный) долг; финансовое обязательство

(2)[uncountable] the state of owing money: to be in debt (= to owe money) | to be heavily / deeply / up to your ears in debt (= to owe a lot of money) | to go / get / run / sink / slip into debt (= to spend so much money that you need to borrow money) | to be / stay out of debt | to get out of debt | He was imprisoned for debt. | She was still $600 in debt. | Malone was sinking hopelessly into debt. || в долгу / долгах

24.bad debt a debt that is likely never to be paid and must be treated as worthless by being entered as written off in a bad debts account || безнадежный долг; долг, не могущий быть взысканным (например, по

причине истечения исковой давности, банкротства должника)

25.outstanding debt a debt that is overdue for payment || непогашенный / неуплаченный долг,

непогашенная задолженность

26.debtor [countable] a person, group, or organization that owes money || должник; дебитор

27.debt collector [countable] someone who is employed to get back the money that people owe || агент по

взысканию долгов; сборщик налогов

28.to owe [transitive] to have to pay someone for something that they have done for you or sold to you, or to have to give someone back money that they have lent you: to owe sth. | to owe sb. sth. | to owe sth. to sb. | to owe sb. for sth. | I owe my brother $50. | I owe $50 to my brother. | We still owe the garage for those repairs. | How much do you owe? || быть должным (кому-л.), быть в долгу (перед кем-л.),

задолжать (деньги)

29.owing [not used before the noun] (especially British English) if money is owing, it has not yet been paid to the person who should receive it: There's still over £100 owing to the bank. || причитающийся,

оставшийся неуплаченным, подлежащий выплате; должный

101

30.credit (1) [uncountable] an arrangement with a shop, bank, etc. that makes it possible for you to buy something and pay for it later: on credit (= bought using this arrangement) | interest-free credit (= credit with no additional charge) | low prices and easy credit | The store offers credit. | These stores sell goods on credit. | I bought my stereo on credit. || кредит

(2)[countable] a sum of money advanced by a bank and held in a bank account ready for the borrower to draw upon, in return for a promise to pay at some future date || банковский кредит

(3)[countable] the time allowed for deferred payment: an automatic 30-day credit on all orders || кредит;

отсрочка платежа / выплаты долга

31.to be / stay in credit to have money in your bank account: There are no bank charges if you stay in credit.

|| быть платежеспособным

32.credit rating [countable] a judgement made by a financial institution about how likely a person or business is to pay their debts || оценка кредитоспособности; оцененная кредитоспособность

33.to credit [transitive] to add money to a bank account: The cheque has been credited to your account. | They credited my account with $20 (= put $20 into my account) after I pointed out the mistake. ||

зачислить (деньги на счет); записать в доходную часть

34.to debit [transitive] (technical) to take money out of one’s bank account and pay it to someone else: The bank debited my account. | The bank debited the money from my account. | Purchases are debited against / to the client's account. | We have debited your American Express card for the sum of $50. || списать

(деньги со счета); внести / записать в дебет, дебетовать

35.creditor [countable] a person, bank, or company that you owe money to || кредитор

36.balance of payments [singular] the difference between what a country spends in order to buy goods and services abroad, and the money it earns selling goods and services abroad (Unlike the balance of trade, which includes only visible dealings [articles of trade, gold and silver bars and coins], the balance of payments also takes note of invisible imports and exports [payments for banking, insurance, transport and other services], interest payments and movements of capital. The balance is said to be in deficit, adverse, passive or unfavourable if it shows that the country pays or owes more than it receives or is owed; and in surplus, active or favourable if the opposite is true.) || платежный баланс

37.downturn [countable; usually singular] a period or process in which business activity, production, etc. is reduced and conditions become worse: a sharp economic downturn | a downturn in shipbuilding orders ||

спад деловой активности, экономический спад, ухудшение конъюнктуры / экономического положения

38.upturn [countable; usually singular] a period or process in which business activity, production, etc. improves and conditions become better: an upturn in the housing market | a sharp upturn in the economy ||

экономический подъем / рост, подъем / рост благосостояния, улучшение конъюнктуры / экономического положения

39.to peg | to link | to fix [transitive] to set prices, wages, currencies, etc. in relation to something else: to peg / link the peso to the dollar | to fix the rupiah against the dollar | a dollar-linked peso | a pegged European currency | Most industrial countries stopped pegging their currencies to the US dollar in the early 1970s. ||

привязать (курс одной валюты к курсу другой)

Text 5:

Back from the brink

Mexico's financial crisis was different from Asia's, but it holds valuable lessons

A year ago, investors faced with the question, "Will Thailand be the next Mexico?" fervently hoped that the answer would be no. Now they would love the answer to be yes. Following its financial crisis in early 1995, Mexico had only one year of recession before growth rebounded strongly. The ailing Asian economies may not be so lucky.

Although the troubles in both East Asia and Mexico were triggered by large current-account deficits and difficulties in rolling over short-term dollar debts, the underlying causes were different. In Mexico, capital inflows were used to finance a consumer-spending spree; in East Asia they went into overinvestment, especially in property. Mexico did not have a property bubble, so its debt problems were not exacerbated by the assetprice deflation which East Asia is now facing.

102

A second difference is that the East Asian economies have a lot more domestic debt than Mexico, so their banking-sector problems are more serious. In Mexico in 1994, total financial-sector lending amounted to less than half the country's GDP, compared with over 140% in Thailand last year, according to a report by Janet Henry of HSBC James Capel. In Mexico, banks' non-performing loans peaked at around 30% of total loans, or 15% of GDP. If, as expected, non-performing loans reach the same level in Thailand, they will be a crushing 45% of GDP.

Third, Mexico was fortunate with the timing of its crisis because 1995 was a bumper year for world trade, and the newly established NAFTA gave it freer access to the American market. After devaluation, its exports in 1995 jumped by 40% in dollar terms, and more than 90% of the increase went to America. The East Asian economies lack a vigorous big brother to help them. Two-thirds of the tigers' exports go to other Asian economies (including flagging Japan's), so any growth is likely to be more muted than post-crisis Mexico's. And devaluation is a cause most of their components are imported.

Last, but not least, Mexico's economy recovered quickly because its government, under pressure from the American Treasury, wasted no time in implementing tough measures and restructuring its financial sector. By contrast, the East Asian governments' dithering will prolong the downturn.

Economists worry that some tiger countries will follow in Japan's footsteps, refusing to acknowledge the full extent of their banking crises. Japan's sick banking system has still not been cleaned up, eight years after it started ailing, and the economy continues to stagnate in a vicious circle of slow growth, mounting bad loans and shrinking bank lending. Already a shortage of credit in some of the tiger economies is hindering exporters' efforts to take advantage of devaluation, because firms cannot get the finance to buy raw materials.

So far so bad

The immediate response of some of the East Asian governments was deeply discouraging. Indonesia has been the worst-behaved. At first, the government appeared to be biting the bullet, agreeing to the IMF’s proposals to deregulate the economy and close some insolvent banks. Sixteen banks were indeed closed, including one owned by President Suharto's middle son, Bambang Trihatmodjo. However, within weeks Mr Bambang had opened up another bank under a different name. President Suharto also agreed to postpone a number of government projects; but after the IMF agreement was signed, 15 of these projects were quietly pushed through, including a power plant that happened to be backed by his eldest daughter.

In a second IMF agreement in January, Mr Suharto promised to axe these projects, restructure Indonesia's paralysed banking system, phase out tax breaks and cheap loans (such as those to the national car programme, controlled by his youngest son), and eliminate the monopolies enjoyed by his family and business cronies. But many doubt that the reforms will be fully implemented: the monopolies continue to thrive.

In February Mr Suharto announced plans to set up a currency board to fix the rupiah against the dollar. A currency board has worked well in Hong Kong, but could be a disaster in Indonesia because of the country's fragile banking system and insufficient foreign reserves. It requires all local currency to be backed by dollars, so the central bank loses the power to print money or set interest rates. In the early stages that could mean sharply higher rates, causing widespread bank failures and economic collapse. Sceptics say the scheme is just a scam to enable the Suharto clan to repay its dollar debts at an artificially high exchange rate. Mr Suharto now seems to have put his plan on hold after the IMF threatened to cancel its $43 billion rescue package if Indonesia went ahead. But, in another snub to the IMF, he has also appointed as his vice-president the current science and technology minister, Bucharuddin Jusuf Habibie, who is hostile to open markets and deregulation and in favour of heavy government investment.

After 32 years in office, Mr Suharto may no longer be up to guiding his country through this rough patch, and yet there is no obvious successor. In the presidential "election" about to conclude, a carefully selected assembly is expected to confirm Mr Suharto for a seventh term.

The most arrogant response to the crisis came from Dr Mahathir, who claimed it was all a western conspiracy to impoverish the emerging Asian economies. On the surface, the Malaysian economy does look sounder than many of the others: a larger part of its current-account deficit has been financed by foreign direct investment, so its foreign bank debt is more modest. It may seem unfair, therefore, that Malaysia's currency and its stock market tumbled by almost as much as Thailand's. But on closer examination not all is well. Malaysia has had years of rampant growth in domestic bank lending, rising to 170% of GDP, the highest in the region. Much of the money has gone into ill-conceived investments which have left firms highly exposed.

103

However, Dr Mahathir is desperate to keep the IMF at bay. He knows that the Fund would demand an end to government subsidies and the many other distortions created by the "New Economic Policy" which gives preferential treatment to Malaysia's indigenous population. When the ringgit first started to fall, Dr Mahathir did little more than urge Malaysians not to take holidays abroad and to cut down from two spoonfuls of sugar to one in their tea. When these folk remedies failed to halt the plunge, Anwar Ibrahim, the deputy prime minister, in December announced measures to cut government spending. But the central bank is still holding down interest rates and printing money at a furious rate to keep insolvent banks and debt-laden firms afloat. Malaysia may avoid a recession this year, but the government's reluctance to let firms and banks fail is storing up bigger problems for the future.

Kim Dae Jung, South Korea's new president, has made a better start than his alarming election-campaign promises seemed to suggest. His country's financial crisis has been eased, thanks to a speedier handover of IMF money, and in late January South Korean banks reached an agreement with foreign creditors to reschedule some of their short-term foreign debt. Mr Kim has introduced new laws to allow troubled firms to shed workers and to make the chaebol more transparent, but he faces plenty of opposition. Labour unrest is likely to erupt once firms start to lay off workers, and the chaebol are resisting pressure to streamline their sprawling business empires. Korean banks continue to lend to the industrial giants at preferential interest rates, keeping ailing firms going and so delaying urgent restructuring.

When Thailand's problems first emerged it determinedly did nothing, but since the new government of Chuan Leekpai took over in November the country appears to be sorting out its mess faster than the others. The government has closed 56 of the country's 91 finance companies, and an independent Financial Restructuring Authority is now selling their assets. Assuming it survives, the new government seems genuinely committed to implementing the other measures demanded by the IMF, such as improving bank regulation and increasing corporate transparency. The political leaders in Malaysia and Indonesia, on the other hand, still do not seem fully to accept the need to break up the relationship between government and business, and to move to a more market-based economy in which banks and firms are allowed to fail.

International Monetary Fiasco?

The IMF, for its part, has been widely criticised for demanding excessively tight fiscal and monetary policies in its bail-out packages for Indonesia, South Korea and Thailand. The standard IMF medicine, it is argued, is not appropriate for the East Asian economies; instead, such measures might drive them deeper into recession and make their debt problems worse. It is true that Asia's financial crisis, unlike past crises in Latin America, was not caused by public profligacy or hyperinflation: most governments' budgets are more or less in balance, and inflation is low. However, the IMF is right to argue that high interest rates are needed, at least temporarily, to restore confidence in currencies. Slashing rates now would cause currencies to slide even further.

The IMF-imposed budget cuts may have been a bit too severe, but the alternative approach advocated by some – that the fund should instead encourage Asian governments to cut taxes and boost spending to offset the slump in the private sector – is completely off-bea m. The reason these countries have large current-account deficits is that they were spending beyond their means. Domestic spending now has to fall to restore balance.

More fundamentally, the IMF has been more original in its prescription than critics allow. Unlike traditional IMF rescue packages, which have concentrated on fiscal and monetary policy, the programmes for Indonesia, South Korea and Thailand have homed in on financial-sector restructuring (closing or merging sick banks, strengthening bank regulation) and structural reforms (improving corporate accounting standards, eliminating government subsidies and directed lending, opening economies up to foreign investment).

Allowing more foreign ownership of banks and firms could provide one way out by bringing in urgently needed capital and more professional management. For example, thanks to pressure from the IMF, foreigners can now take a majority stake in Thai financial institutions. South Korea has raised the limit on foreign shareholdings in listed companies to 55%, and plans to abolish it altogether by the end of this year – a huge change for a country that has long been hostile to foreign investment. This will make it easier for conglomerates to sell their troubled subsidiaries in order to repay their debts.

While currencies were still sliding, foreigners were wary of buying assets, however cheap they looked, for fear that they would look even cheaper tomorrow. But thanks to falling imports and rising exports, the tiger countries' current accounts are beginning to look a lot healthier. Thailand, for example, has had a surplus for six

104

consecutive months. By reducing these economies' need for dollars, this should help to stabilise currencies and so bring back foreign investors. But it may take time.

After an appalling start, Asian governments are now owning up to their problems and starting to implement reforms. It is vital that they do not use the recent recovery in financial markets as an excuse to reduce their speed. To do well in the longer term, East Asia must now start to deal with the structural problems that the boom years concealed. If anything useful has come out of the crisis, it is that many myths about the tigers have been proved just that. Their economies never were as perfect as many foreigners wanted to believe.

(The Economist)

Vocabulary practice

1.Read the text.

2.Match the words and phrases in List A with those in List B. Learn these lexical units.

List A	List B
1. a bumper year for world trade	a. порочный круг
2. mounting bad debts	b. увольнять рабочих
3. to phase sth. in	c. рационализировать / модернизировать что-л.
4. a vicious circle	d. резко сократить государственные расходы
5. to take / carry out / implement tough / drastic /	e. компенсировать / нейтрализовать /
harsh / stern / stringent measures	уравновешивать что-л. | служить противовесом ч-
	л.
6. a shortage of credit	f. доводить кого-л. до бедности / нищеты /
	обнищания
7. a lack of credit	g. отменять / аннулировать ч-л.
8. to take advantage of sth.	h. учредить / основать организацию
9. to streamline sth.	i. улаживать трудности / проблемы /
	недоразумения
10. to phase sth. out	j. иметь / получить доступ к чему-л.
11. to thrive / prosper / flourish	k. нехватка кредита / кредитный дефицит
12. to set up an organization	l. воспользоваться чем-л. / использовать что-л. в
	своих интересах
13. to cancel sth.	m. отсутствие кредита
14. to sort out difficulties / problems / a mess	n. растущие безнадежные долги
15. to have / gain / get / be given access to sth.	o. преуспевать | процветать | благоденствовать
16. to impoverish sb.	p. принимать строгие / жесткие / непопулярные
	меры
17. to offset sth.	q. (постепенно / поэтапно) вводить что-л. в
	действие / эксплуатацию / строй
18. to lay off workers	r. очень / чрезвычайно удачный год для мировой
	торговли
19. to axe government / public spending	s. (постепенно / поэтапно) прекращать / свертывать
	ч-л.

3.Learn the words and phrases listed in the ‘Essential vocabulary’ section.

4.Match the words and phrases in List A with those in List B.

List A	List B
1. the regulation of public spending	a. приток иностранного капитала
2. to establish / gain a monopoly	b. регулирование государственных расходов
3. to break (up) a monopoly	c. мощный отток капитала из страны
4. rollover of short-term credit	d. устанавливать / получать монополию
5. to deregulate the economy	e. иметь / удерживать монополию на что-л.
6. an influx / inflow of foreign capital	f. бухгалтерский учет | бухгалтерское дело

105

7. a heavy outflow of cash from the country	g. продление / пролонгация краткосрочного
	кредита
8. to have / hold a monopoly on sth.	h. импорт иностранных автомобилей
9. accounting | accountancy	i. повышать прозрачность (деятельности)
	компаний
10. the import of foreign cars	j. экспортная торговля
11. to increase corporate transparency	k. прекращать регулирование экономики
12. export trade	l. разрушать монополию

5. Suggest words and expressions that correspond to the following definitions. Give their Russian equivalents. Consult the ‘Essential vocabulary’ section.

1.the profession or work of keeping or checking financial accounts

2.to remove government rules and controls from some types of business activity

3.to sell goods to another country

4.to bring something into a country from abroad in order to sell it

5.to defer or postpone payment of (an obligation)

6.to control an activity or process, especially by rules

7.to have complete control over something so that other people cannot share it

8.to stream out, in or as if in a flow

9.a continuous supply or movement of something from one place to another

10.to reduce the value that the money of one country has when it is exchanged for the money of another country

6.Explain the meaning of the words and phrases listed below and translate them. Consult the ‘Essential vocabulary’ section.

transparency, exports, to peg / to link / to fix, imports, monopoly, to amount to sth., an accountant

7.Explain the difference between the meanings of the following of words.

inflow / outflow – influx / outflux, regulation – d eregulation, visible exports / imports – invisible exports / imports

Translation practice

1. Translate these sentences. Give synonymous translations if possible. Consult the ‘Essential vocabulary’ section.

1.Tourism has brought a huge influx of wealth into the region.

2.Too much money is outflowing from our household.

3.Data communications have largely been deregulated in Europe.

4.For years Bell Telephone had a monopoly on phone services in the US.

5.This small group monopolized the key positions in government for many years.

6.The company was accused of lack of transparency over its plans.

7.Time lost through illness amounted to 1,357 working days.

8.The government eventually banned the import of all electrical goods / foreign-made cars.

9.The British export machinery in return for foodstuffs.

10.Wheat is one of their chief exports.

11.Selling insurance overseas is Britain’s largest invisible export.

2. Translate the following sentences. Give synonymous translations if possible. Consult the ‘Essential vocabulary’ section.

1.Компания намерена вступить в переговоры с кредиторами с целью пролонгации своих краткосрочных займов.

2.Страна остро нуждается в притоке иностранных инвестиций.

106

3.Новое правительство должно обратить особое внимание на регулирование государственных расходов.

4.Чисто рыночный подход предполагает прекращение регулирования экономики в стране.

5.Государство установило монополию на производство и продажу алкогольных напитков.

6.Правительство должно принять ряд мер, направленных на разрушение монополии в области добычи и экспорта нефти.

7.Он хочет сделать карьеру в области бухгалтерского учета.

8.Прозрачность в области управления и финансов является необходимым условием привлечения иностранного капитала.

9.Мы экспортируем наши товары во многие страны мира.

10.В последние годы резко вырос импорт предметов домашнего обихода.

3. Translate Text 5.

Text 6:

Америка провоцирует глобальный кризис

Падение курса доллара может приобрести неуправляемый характер

Соединенные Штаты Америки угрожают всему миру. Эту нехитрую мысль озвучил недавно Международный валютный фонд. На этот раз дело не в военной экспансии и не в политических амбициях Штатов, а в слишком большом дефиците госбюджета и платежного баланса Америки, продолжающемся росте долга. Эти факторы оказывают сильнейшее давление на курс доллара на мировых рынках, так что есть риск неуправляемого падения американской валюты, считают эксперты МВФ.

“ Тенденция роста дефицита бюджета, вероятно, продолжит оказывать давление на американский доллар – отчасти потому, что дефицит текущего счета все больше отражает факт снижения объемов сбережений, а не роста инвестиций, – отмечается в докладе Международного валютного фонда, посвященного американской экономике. – С учетом того, что чистый внешний долг США находится на рекордном уровне, резкое ослабление доверия инвесторов к доллару способно привести к неблагоприятным последствиям как в США, так и за рубежом”. Один из авторов обзора МВФ Чарльз Коллинз, говорит, что снижение курса доллара уже осложняет работу американским и японским бизнесменам в еврозоне. “ Мы опасаемся, что, если фискальную проблему в США не урегулировать, положение может стать еще сложнее”, – заявил Чарльз Коллинз.

Словно подтверждая эти страхи, доллар уже с первых дней нового года начал стремительно падать, установив в минувший вторник абсолютный рекорд – 1,28 доллара за евро. Потом, правда, ситуация несколько поправилась, но стоимость евро все равно осталась на уровне 1,25-1,27 доллара. Эти резкие колебания на мировом рынке вызвали адекватный обвал американской валюты и в России. В пятницу доллар преодолел очередной психологический рубеж в 29 рублей – его курс упал до уровня

28,99 руб.

Так что опасения МВФ по поводу возможного обвала доллара вполне обоснованны. Как, впрочем, и прогноз негативных последствий этого обвала. На сегодня именно американские деньги являются основной резервной валютой в мире, а долговые бумаги правительства США – основным объектом, куда вкладывают свободные средства многие страны. Россия в этом ряду не исключение – как известно, доля доллара в резервах Центрального банка РФ составляет около 70%, а на евро приходится примерно 25%. В то же время руководители ЦБ неоднократно заявляли, что Банк России не будет менять структуру своих золотовалютных резервов (их размер вырос за прошедший год на 60% с 47,793 млрд. долл. на 1 января 2003 года до 76,938 млрд. на 1 января 2004 года) ни в сторону увеличения евро, ни в сторону повышения золотого запаса страны. Возможно, теперь эту позицию придется пересмотреть.

Пока же ЦБ делает вид, что ничего особенного на валютном рынке не происходит. Между тем, по словам первого заместителя председателя ЦБ Олега Вьюгина, реальное укрепление рубля по отношению к доллару в прошлом году составило около 20%. Это привело к значительным финансовым потерям российских граждан, у которых на руках находятся десятки миллиардов долларов и многие из которых получают зарплату в американской валюте. При этом Олег Вьюгин считает, что рубль будет

107

продолжать укрепляться и в этом году. Правда, первый зампред ЦБ говорит, что дело здесь не в высоких ценах на нефть, а в росте национальной экономики. “ Рубль будет укрепляться не из-за высоких цен, а потому, что инвесторы начали вкладывать средства в российские активы, – заявил Вьюгин. – Рубль будет укрепляться по объективным причинам”.

Поддержал коллегу и министр финансов Алексей Кудрин, который заявил на днях, что рубль – хорошее средство для накоплений, а россияне стали больше хранить сбережений в национальной валюте. В то же время Кудрин призвал наших соотечественников не “ хранить яйца в одной корзине”, то есть в долларах, а обратить свое внимание и на евро.

Оптимизм финансовых властей России не совсем понятен. Рассчитывать на приток иностранного капитала в страну, как о том говорит Олег Вьюгин, в значительных объемах вряд ли приходится. И дело здесь прежде всего не в экономической политике и не в силе рубля, а в неуверенности инвесторов в политической стабильности. Как ни крути, а “ дело ЮКОСа” сильно подорвало российскую репутацию за рубежом, и его последствия будут еще долго сказываться на отношении иностранцев к нашей стране. Деньги инвесторов пойдут, вероятнее всего, в Европу, у которой и валюта сегодня сильна как никогда, и стабильность высока. Кроме того, позволяя падать доллару, ЦБ и Минфин фактически каждый день вынимают из кармана российских граждан миллионы рублей. Скорее всего и самим гражданам такое положение дел не очень по душе.

Не радостно, наверное, и жителям США. Сегодня самой сильной стране мира МВФ прочит новые беды, но администрация США пока ведет себя спокойно. Министр финансов Джон Сноу на словах продолжает выступать за “ сильный доллар”, но с оговоркой, что валютный курс должен устанавливаться на “ открытых и конкурентных рынках”. По мнению большинства экспертов, это означает, что власти США не будут препятствовать укреплению евро, поскольку слабый доллар дает преимущества американским бизнесменам. Джон Сноу попробовал развеять опасения по поводу большого дефицита бюджета, заявив, что в течение 5 лет администрации США удастся снизить его величину с нынешних 4 до 2 процентов. Однако это может быть лишь хорошей миной при плохой игре. В МВФ говорят прежде всего о падении доверия инвесторов к американской валюте и ценным бумагам, что может привести к усилению вывода денег с финансовых рынков США и массовой продаже долларов. В такой ситуации игры американских властей с валютным курсом могут стать своеобразным катализатором, который вызовет лавину кризиса.

(Петр Орехин: Независимая газета)

1. Read and translate Text 6.

Summarizing

1.Summarize Text 5 in English and Russian.

2.Summarize Text 6 in English.

3.Find a newspaper or magazine article, written in Russian, which deals with a topic similar to that of Text 5 or Text 6. Summarize it in English.

Essential vocabulary

1.to roll over [transitive] (1) to defer or postpone payment of (an obligation): to roll over short-term dollar debts || пролонгировать / продлевать кредит; давать / предоставлять отсрочку по выплате

долга

(2)to renegotiate the terms of (a financial deal) || пересматривать условия кредита, вести переговоры о

пересмотре условий кредита

2.rollover [uncountable] the act or process of rolling over || пролонгация / продление кредита (путем

выдачи новой ссуды взамен старой или обмена старых облигаций на новые); отсрочка по выплате долга

3.flow [countable; usually singular] a continuous supply or movement of something from one place to another: the flow of money / capital into the country | There is a speedy flow of goods / money / capital / orders / complaints / enquiries coming in / going out. || поток

108

4.inflow [countable; uncountable] the movement of people, money, goods, etc. into a place: the inflow of migrants / money / capital | capital inflows || приток, наплыв, прилив (о деньгах, финансах, фондах,

капиталах)

5.influx [countable] the arrival of large numbers of people or large amounts of money, goods, etc., especially suddenly: an influx of foreign capital | an influx of unskilled workers | Tourism has brought a huge influx of wealth into the region. || приток, наплыв, прилив (о деньгах, финансах, фондах, капиталах)

6.outflow [countable; uncountable] the process in which money, goods, etc. leave a bank, country, etc.: an outflow of capital | (a) capital outflow | the outflow of gold from the US Federal Reserve | a heavy outflow of cash from the country | the annual outflow of tourists || отток / утечка / вывоз капитала

7.outflux [countable] the departure of large numbers of people or large amounts of money, goods, etc., especially suddenly || отток / утечка / вывоз капитала

8.flight of capital | capital flight [uncountable; singular] the process in which money is rapidly moved out of a country, usually because its economy is doing badly or there is political instability: (a) flight of capital

|| бегство / утечка капитала

9.to outflow [intransitive] to stream out, in or as if in a flow: Too much money is outflowing from our household. || вывозиться

10.to devalue / devaluate [transitive; intransitive] to reduce the value that the money of one country has when it is exchanged for the money of another country || девальвировать, проводить девальвацию;

обесценивать (валюту)

11.devaluation [countable; uncountable] the act of a government in reducing by law the value of a country’s currency in units of gold or as compared with other currencies (This step is taken when the balance of payments is unfavourable for a long period of time, usually because of high inflation at home. On devaluation the change in exchange rates makes exports cheaper for foreign buyers, but imports are dearer for home buyers. Devaluation should thus improve the country’s balance of payments.) || девальвация;

обесценивание

12.to regulate [transitive] to control an activity or process, especially by rules: There are strict rules regulating the use of chemicals in food. || регулировать, регламентировать; управлять;

упорядочить, приводить в порядок

13.regulation [uncountable] control over something, especially by rules: the regulation of public spending | the regulation of trade between two countries || регулирование, регламентирование; упорядочение

14.to deregulate [transitive] to remove government rules and controls from some types of business activity: to deregulate the economy / airline industry | Data communications have largely been deregulated in Europe. || прекращать регулирование, дерегулировать, разрегулировать, снимать

законодательные ограничения

15.deregulation [uncountable] the removal of government rules and controls from some types of business activity || прекращение регулирования, дерегулирование, отмена государственного

регулирования, уменьшение / ослабление вмешательства государства в экономику, снятие ограничений

16.monopoly [countable] the control of all or most of a business activity by a single company or by a government, so that other organizations cannot easily compete with them: to establish / gain a monopoly | to have / hold a monopoly | to break (up) a monopoly | a monopoly of / on / over sth. | a government / state monopoly | Cigarette production is a state monopoly in China. | For years Bell Telephone had a monopoly on phone services in the US. || монополия

17.monopolist [countable] (1) a person who has a monopoly || монополист

(2) an advocate of monopoly || сторонник системы монополий

18.monopolism [uncountable] the existence or prevalence of monopolies || монополизм

19.monopolistic controlling or trying to control something completely, especially an industry or business activity: monopolistic corporations || монополистический; монопольный

20.to monopolize [transitive] to have complete control over something so that other people cannot share it: to monopolize a conversation | This small group monopolized the key positions in government for many years.

|| монополизировать; приобрести эксклюзивные права на что-л.

21.monopolization [uncountable] || монополизация

109

22.transparency [uncountable] the quality of letting people see and understand what you are doing, without deceiving them or trying to hide anything: to increase corporate transparency | Transparency in government has always been our aim. | The company was accused of lack of transparency over its plans. ||

прозрачность

23.accounting | accountancy (especially British English) [uncountable] the profession or work of keeping or checking financial accounts: He intends making a career in accountancy. || бухгалтерский учет,

бухгалтерское дело; бухгалтерия; отчетность

24.accounting | cost / current cost / management / conservative accounting [uncountable] a system of recording the money value of business dealings and income and expenditure accounts to enable the management of a business to see the financial position at any time || ведение учета / отчетности;

ведение бухгалтерских книг; анализ хозяйственной деятельности; составление / представление официальной отчетности, отчетность; подведение итогов / баланса

25.accountant [countable] a person whose job is to keep and check financial accounts, prepare financial and tax reports || (квалифицированный) бухгалтер, бухгалтер с управленческими функциями; ревизор,

контролер; эксперт по анализу балансов и финансовой отчетности

26.to amount to [transitive; not used in the progressive tense] if figures, sums, etc. amount to a particular total, they equal that total when they are added together: Time lost through illness amounted to 1,357 working days. || достигать (какого-л. количества), составлять (какое-л. количество), доходить

(до какого-л. количества), равняться (чему-л.)

27.to import [transitive; intransitive] to bring something into a country from abroad in order to sell it: imported oil | We import tea from Sri Lanka. || импортировать, ввозить

28.import (1) importation [uncountable] the process or business of bringing goods into one country from another: the import of foreign cars | The government eventually banned the import of all electrical goods / foreign-made cars. || импорт, ввоз

(2)[countable] something that is brought into one country from another in order to be sold: a prohibited / forbidden import | cheap imports of grain || статья импорта; предмет импорта / ввоза

29.imports [plural] goods or services brought from other countries || импортируемые / ввозимые товары;

статьи импорта; предметы импорта / ввоза

30.visible imports imports in the form of goods having a material form or substance, as distinguished from services || видимый импорт; видимые статьи импорта

31.invisible imports imports in the form of services performed by persons abroad, especially services such as transport, banking, insurance, advertising and payments to foreign investors || невидимый импорт;

невидимые статьи импорта

32.to export [transitive; intransitive] to sell goods to another country: to export sth. to sb. | In 1986 the company exported about 210,000 cases of wine to the UK. | We export merchandise of all kinds to many countries. | The British export machinery in return for foodstuffs. || экспортировать, вывозить

33.export (1) exportation [uncountable] the sale of goods to another country: the export market / industry / licence | export trade | The export of electronic equipment has risen sharply. | Export licences for arms are strictly controlled. || экспорт, вывоз

(2)[countable] a product that is sold to another country: Wheat is one of their chief exports. || статья

экспорта; предмет экспорта / вывоза

34.exports [plural] goods and services sold to other countries || экспортируемые / вывозимые товары;

статьи экспорта; предметы экспорта / вывоза

35.visible exports exports in the form of goods having a material form or substance, as distinguished from services || видимый экспорт; видимые статьи экспорта

36.invisible exports exports in the form of services performed for, and paid for by, persons abroad, especially services such as transport, banking, insurance, advertising and investment income: Selling insurance overseas is Britain’s largest invisible export. || невидимый экспорт; невидимые статьи экспорта

110