False recovery

Glossary of difficult words

y-shaped - meaning that the economy would first decline sharply (as it did in 2008), then return rather quickly to almost where it was before, and then begin a long, sharp decline;

slide - a gradual change to a worse condition or lower level;

to defy - to disobey or go against;

S&P - Standard & Poor’s, a rating agency;

outlook - prospect for the future (used by rating agencies to qualify their debt rating as either "positive," "stable," or "negative");

point of no return - the point at which it is too late to turn back or to correct a situation;

to precede - to come before in time;

to get liquid - to turn one’s assets into cash or other ready assets;

to mitigate - to make less severe, serious or painful.