IATA says air carriers in both India and China had reported heavy financial losses, because of the global economic downturn and contraction of global export markets.

国际航空运输协会表示，因为全球经济低迷和全球出口市场紧缩，印度和中国的航空公司都报告说亏损严重。

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The troubles in the U.S. housing sector spilled over into global markets last August, causing a severe contraction in credit and billions of dollars in bank losses.

美国房市的困境去年8月蔓延到全球金融市场，造成严重的信贷紧缩和数百亿美元的银行损失。

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The formula to calculating head losses in the contraction section were revised.

并对收缩段水头损失的计算公式进行修正。

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The credit contraction these losses will spawn has hardly started.

ECONOMIST: Credit crunch

Of course with so many European economies dependent on government spending for growth, these budget cuts will lead to deeper economic contraction, more job losses, higher unemployment, and lower tax revenues.

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The delicate issue now is how to manage excess debt without causing a convulsive situation such as additional job losses and a contraction of our economy.

FORBES: Weaning Ourselves from Economic Steroids - Excess Debt