Vocabulary Notes:

share акция

vital role жизненно важная роль

maintain удерживать, поддерживать

deal in securities торговать ценными бумагами

keep pace with идти в ногу с

“Big Bang” «Биг Бэнг» («Большой взрыв» )

radically радикально

screen-based trading электронная торговля

stockbroker биржевой брокер

link связывать

dealing сделка

Ex.12. Find in text English equivalents for the following Russian words and phrases:

покупать и продавать облигации; акции и другие ценные бумаги; сводить вместе желающих продать и желающих купить ценные бумаги; играть жизненно важную роль; удерживать положение; идти в ногу с современными требованиями; обеспечить современными условиями для работы; было решено; осуществлять реформы; продавать и покупать ценные бумаги с помощью телефона и компьютера.

Ex.13. Write out the from text international words, transcribe and translate them into Russian.

Ex.14. a) Read the text and translate it into Russian; b )Say whether you agree with the assessment of the Russian stock market given in the text.

At present, the Russian stock market does not fully meet the Russian economy’s development requirements. The task of the market to accumulate savings and to transform them into investments in the real economy is not fulfilled effectively. Few securities are traded in the market. It is believed, however, that the market has a tremendous potential. If risks are lowered and a favorable investment climate is created in Russia, our market will become attractive to Russian and foreign investors.

Ex.15. Match the infinitives in A with the nouns in B.

A B

to meet a climate

to accumulate savings

to fulfil a task

to sell requirements

to implement construction

to play facilities

to deal in a house

to rebuild bonds

to provide reforms

to have securities

to complete a role

to create a potential

Ex.16. Read the interview with a foreign financier and sum up his assessment of the financial policy pursued by the government of his country.

Reporter: Financier: Reporter: Financier: Reporter: Financier: Reporter: Financier: Reporter: Financier: Reporter: Financier:

We know that your government reconsidered the country’s financial policy last year. What made the government do that? The huge budget deficit and the growing external debt forced the Government to take some urgent measures which finally led to changes in the government financial policy last year. Did the change affect the central bank of your country? Yes, our central bank was granted more autonomy? I see. Did the new policy have an impact on commercial banks? Definitely, now all banks must publish quarterly reports about their assets. It has strengthened the banking system, hasn’t it? Yes, it has. Besides, the government has issued bonds to reduce the government debt. Were any new taxes introduced? Yes, the government introduced VAT, but it was very unpopular and not very effective. In such situations governments have to reduce state expenditure. Did your government reduce expenditure? Yes, the government reduced spending and made subsidies and allowances more targeted*. But the reforms are rather painful for the population.

* and made subsidies and allowances more targeted - сделали субсидии и пособия более адресными