Directions: In the below given passage, there are blanks each of which has been numbered. Five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case.
The continuing economic crisis has put central banks and governments the world over into __(1)__ waters. For the industrialised West, the question seems to be a choice between economic stimulus and jobs, in the hope of creating a softer landing, or a swift shock at the hands of the free markets, in the hope of getting through the __(2)__ more quickly, In emerging markets, the question is how to deal with being the focal point for investors looking to maximise returns. Specifically, for the Federal Reserve in the United States, that, means __(3)__ hundreds of billions of dollars into the markets buying Treasury bills to increase liquidity. In Europe, the concern is that monetary union may be at risk due to the strains posed by euro-zone countries that are __(4)__ in __(5)__