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15:54 Dec 12, 2010
English to Russian translations [PRO] Social Sciences - Government / Politics
English term or phrase: to issue a volume of bonds and bills
Notwithstanding the buoyant growth projected for emerging and developing economies, the global recovery faces considerable headwinds. First, fiscal stimulus provided to contain the recession must give way to fiscal consolidation, but phased to strike a balance between supporting the nascent recovery and maintaining debt sustainability. The latter is more urgent in countries which entered the crisis with weak fiscal positions (e.g., Greece) or socialized private sector debt (e.g., Ireland) and are now facing acute market pressure. The effect of such fiscal consolidation is contractionary. Second, uncertainty in financial markets is high and arises from (1) ongoing developments such as the turmoil in sovereign debt markets in the euro area and, given their exposure to such debt, the impact on the health of European banks, (2) the need for countries such as Japan, France, Italy and the US to issue a volume of bonds and bills till the end of 2011 whose value is 40 percent of GDP for Japan and 20 percent of GDP for the other three countries, as well as (3) insufficient progress in addressing legacy issues in financial institutions, such as exposure to the real estate market in the US, where a quarter of home owners owe more on loans than their houses are worth , which call for recapitalization, closure and merger of banks. Together these factors inhibit the growth of credit necessary to underpin a private sector-led recovery.