Eurozone in Recession Until 2014

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The euro zone will not return to growth until 2014 and struggling Spain and France will be among those who miss debt-cutting targets as a result, the European Commission said on Friday.

Paris and Lisbon said they would seek more time from Brussels to reach their deficit goals. Madrid has already indicated the same.

The EU’s executive said the euro zone economy, which generates nearly a fifth of global output, would shrink 0.3 percent in 2013 after a 0.6 percent fall last year, blaming a lack of bank lending and record joblessness for delaying the recovery.

VOCABULARY:

to return: (v.) to go back to

struggling: (adj.) fighting, trying to survive

to miss: (v.) to not obtain

target: (n.) objective

seek: (v.) to look for

reach: (v.) to get, to obtain

generate: (v.) to produce

output: (n.) production

shrink: (v.) to make smaller, to reduce

blame: (v.) to attribute fault, to assign guilt

lend: (v.) to give to someone temporarily, waiting for the same in return

joblessness: (n.) unemployment, not having a job

delay: (v.) a short interval of time before beginning

recovery: (n.) recuperation, returning to another state

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About Paul Gibson

Economist, financial risk analyst, business English coach and entrepreneur...always disposed to new business ideas and offer support for new business plans. Specialist in e-commerce and marketing.
This entry was posted in B1 - Intermediate English, B2 - Upper Intermediate (Advanced English) and tagged , , . Bookmark the permalink.

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