Assignments:

1. Read, listen and translate the text paying special attention to professional terminology.

2. Key words and expressions:

   • subsequent-something that happens after something else

   • bailout-(financial) rescue scheme

   • overhaul of regulation-complete repair or improvement for the markets' controlling measures

   • mortgage-money borrowed from a bank or financial institution to buy a house

   • underpin-support

   • crashed-failed suddenly

   • housing market bubble-a period of trading where property is bought and sold at prices above its actual value

   • decisive factor-important point that determines a decision without any doubt

   • reconciled-brought together or made compatible

   • fundamental-basic and important

3. Give definitions to the following:

crisis, market, factor, money, fundamental

4. Answer the questions on the text:

   • What is the US government reforming?

   • What are the names of the two housing agencies?

   • Did these agencies lose a lot of money as the housing market crashed?

   • What is Tim Geithner?

5. Put questions to the underlined words.

6. Speak on this issue adding extra information from other sources.

Unit 19 sarkozy faces increasing pressure

This theme is dealt with in a lot of sources. The following citation is to illustrate this:

“The French President Nicolas Sarkozy has returned to work after the summer break.

He faces a series of increasing challenges, including criticism at home and abroad, pension reforms, spending cuts and strikes.

The end of August is La Rentree; traditionally the time when France returns to the office. Always an occasion for post-holiday blues, but especially so for this president and particularly this year. In the past two weeks his leadership has been questioned at home and abroad over his controversial plan to expel Roma gypsies. A cynical ploy, said opponents, to win back public favour.

The trouble is it's not working. The polls are against him; sections of his own party are against him; even the church has forsaken him on the issue of the Roma. And already the debate has begun on Mr Sarkozy's chances for 2012.

The president has to find 100 billion euros of cuts by 2013, to cut a hugely inflated budget deficit from 8 to 3% - within EU limits. The biggest challenge will be pension reform, and his plan to increase the age of retirement from 60 to 62; it's deeply unpopular.

Elected on a plan to fix the economy, this next two months will be the most critical point of Mr Sarkozy's presidency. Get it wrong, and many think he will struggle to recover.”

The complete version of this text is at:

http://www.bbc.co.uk/worldservice/learningenglish/language/wordsinthenews/2010/08/100827_witn_sarkozy_page.shtml

Assignments:

1. Read, listen and translate the text paying special attention to professional terminology.

2. Key words and expressions:

   • blues-feelings of sadness

   • controversial-something that causes disagreement

   • gypsies-members of a race of travelling people

   • cynical-insincere

   • polls-studies in which people are asked their opinions on a particular topic

   • forsaken-abandoned

   • debate-argument or serious discussion

   • budget deficit-shortage of money

   • pension-sum of money paid by the state or a private company to people who have stopped working

   • retirement-time of your life when you stop working completely

3. Give definitions to the following:

controversial, reform, critical, opponent, debate.

4. Answer the questions on the text:

   • When did the French President Nicolas Sarkozy return to work ?

   • What does Nicolas Sarkozy face after the summer break?

   • What will be the most critical point of Mr Sarkozy's presidency?

   • How many billion euros does the president have to find ?

5. Put questions to the underlined words.

6. Speak on this issue adding extra information from other sources.