European leaders meet over Greek debt crisis

Finance ministers gather in Luxembourg to discuss bailout as government unveils new budget cuts to avert bankruptcy
http://english.aljazeera.net/news/europe/2011/10/2011103105748646237.html

As ever these days trouble starts here in Greece and ripples outwards. News of missed _________ reduction target has hit global stock markets hard. Its clear Greeces problems are problems of the world. Gathering in Luxembourg the finance ministers of the euro zone, the Greek _________ minister will have some explaining to do to persuade his colleagues the Greeks deserve the next vital slice of bailout money not to mention future payments. The _________ programme doesnt seem to be working to restore Greece to _________; the opposite is happening instead. The government blames a worse than expected _________ with the economy contracting 5.5% in 2011 and continuing the next year. In the midst of which, the bailout terms demand yet more cuts, more _________, which means theres going to be far more of this, strikes and protests in an _________ already struggling and finding it harder and harder to function every day. These are students who say their dreams are being cast away. But the latest round of _________ is controversially aimed at the civil service traditionally protected by the government. Not any more, with 28,000 mostly older workers placed in a so called _________ reserve, forced into early retirement, and 150,000 more jobs will go in the next four years. Cuts come at a cost to the social government with its shaky majority of just four. _________ support for future measures could begin to waver; support for the bailout could wane at home and abroad with potentially disastrous effects.

austerity bailout deficit economy finance growth labour parliamentary recession taxes

1. Where are the financial ministers gathering? 2. What will the Greek finance minister have to explain? 3. What will he try to persuade his colleagues to do? 4. Has the bailout programme been successful so far? 5. What does the Greek government put the blame on? 6. What will more cuts and taxes lead to according to the reporter? 7. Who are the latest austerity measures aimed at? 8. How many workers are going to be placed in labour reserve?

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ANSWER KEY
deficit finance bailout growth recession taxes economy austerity labour parliamentary

1. They are gathering in Luxembourg. 2. He will have to explain why Greece has failed to meet this years deficit target. 3. He will try to persuade his colleagues to give Greece the next instalment of bailout money. 4. No, it hasnt succeeded in restoring Greece to growth. The opposite is happening instead. 5. It puts the blame on deepening recession (a worse than expected recession). 6. They will lead to more strikes and protests. 7. They are aimed at the civil service. 8. 28,000 mostly older workers will be placed in labour reserve.

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