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English to Latvian: English-Latvian General field: Bus/Financial
Source text - English Angela Merkel’s visit to Greece last Tuesday marked a first since the Eurozone crisis began. This controversial visit was marred by widespread protests as the perception in Greece was that the visit might be linked to an expected increase in austerity within an economy already at breaking point. Discussions regarding the potential next tranche of aid for Greece were largely dismissed as insiders revealed the decision would not be made until the publication of the upcoming Troika quarterly review.
Mario Draghi’s appearance in front of the European Parliament’s Committee on Economic and Monetary Affairs provided a number of opportunities for him to reinforce his belief that the current fiscal austerity measures are the correct way to progress out of the current European crisis. Most notably, Draghi’s view that setbacks to this process are an inevitable risk also resonates with IMF chief, Christine Lagarde’s announcement that the Eurozone must stay together, even if deadlines are stretched. Lagarde’s belief is that overly harsh austerity measures can bring about a position whereby growth is stifled and recovery is less likely. Therefore it makes sense to extend the timespan allowed to enable a more rounded recovery.
A downgrade in the Spanish sovereign credit rating by Standard & Poor brought about an inverse reaction by the market, as the move to BBB- (one level above ‘Junk’) increased belief in the markets that a Spanish bailout is becoming more inevitable. This bailout is seen
as a necessary prerequisite to building a solid foundation upon which to push the Eurozone out of the current crisis. S&P cited a perceived lack of political options within the Spanish hierarchy resulting from the deteriorating economic backdrop they find themselves in.
Translation - Latvian Angelas Merkelas otrdienas vizīte Grieķijā bija pirmā kopš eirozonas krīzes aizsākuma. Šo pretrunīgi vērtēto vizīti apēnoja plašie protesti, jo Grieķijā valdīja uzskats, ka šī vizīte varētu saistīties ar vēl bargāku taupības režīmu valstī, kuras ekonomika jau tāpat ir uz sabrukšanas sliekšņa. Diskusijas par palīdzības maksājuma nākamās daļas iespējamo izmaksu Grieķijai būtībā tika atmestas, jo zinātāji atklāja, ka lēmums netiks pieņemts, pirms “troika” nebūs laidusi klajā savu ceturkšņa apskatu.
Mario Dragi (Mario Draghi) uzstāšanās Eiropas Parlamenta Ekonomikas un monetāro lietu komitejā deva viņam daudzas iespējas apstiprināt savu pārliecību, ka pašreizējie fiskālās stingrības pasākumi ir pareizais veids, kā tikt ārā no Eiropā valdošās krīzes. Dragi viedoklis, ka kavēšanās šajā procesā ir neizbēgams risks, sasaucas ar SFV vadītājas Kristīnes Lagardas (Christine Lagarde) paziņojumu, ka eirozonai jāpaliek kopā pat tad, ja atkopšanās prasītu ilgāku laiku. Lagarda uzskata, ka pārlieku stingra ekonomiskā politika var izveidot situāciju, kad izaugsme sastingst un ir mazāka iespēja, ka ekonomika varētu atlabt. Tādēļ būtu saprātīgi pagarināt atvēlēto laiku, lai atlabšana noritētu vienmērīgāk.
Standard & Poor pazemināja Spānijas kredītreitingu uz BBB-, kas ir tikai vienu pakāpi augstāk par investīcijām nepiemērotu līmeni, taču tirgus reakcija bija pilnīgi pretēja – pieauga cerības, ka nepieciešamība glābt Spāniju finansiāli kļūst aizvien neizbēgamāka. Šāda glābšana tiek uzskatīta par priekšnoteikumu, lai izveidotu stabilu pamatu, uz kura izvilkt eirozonu no pašreizējās krīzes. S&P atsaucās uz to, ka, pasliktinoties ekonomiskajam fonam, Spānijas hierarhijā nav daudz politiskās izvēles iespēju.
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Graduate diploma - University of Latvia
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Years of experience: 32. Registered at ProZ.com: Dec 2010.
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I have both University degree in the English language and literature and MBA. For more than 20 years, I have been working for financial sector entities (banks, stock exchange, central depository for securities, Central Bank). When you translate for the financial industry - creative both in its deeds and words, continuously inventing new concepts and terms, - you find yourself amid a never-ending innovation. For me, translating is a means how to satisfy my urge for creativity.
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