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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I don't want to minimize those problems; some countries, such as Ireland, are being forced into fiscal contraction even in the face of severe recession.

我不想尽量低估这些问题，有些国家，如爱尔兰，即使在面临严重的经济衰退时也被迫实行财政紧缩。

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Economists forecast a drop of around 4% in 2009-a contraction twice as severe as in America and Europe.

经济学家预计2009年经济将约下滑4%——缩水程度是欧美的二倍。

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Our analysis suggests that a severe contraction in debt or available credit is a key component in every recession.

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Unfortunately the cure--a severe contraction of its operations--looks as bad as the disease.

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The risk with such crude measures is that it is easy to overdo things and cause a more severe contraction than intended.

ECONOMIST: China's economy