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Business Words in the News
Friday 07 December 2001
Vocabulary from the business news. Listen to and read the report then find explanations of difficult words below.

  Economy Minister, Domingo Cavallo
IMF blocks loan to Argentina
Summary: The International Monetary Fund has said it won't release additional funds to help Argentina out of its current debt crisis. The Argentine Economy Minister has also announced new measures to make more flexible the tough banking restrictions imposed on the country. This report from Tom Gibb:
   
The News Listen  
  In a curt statement issued out of Washington the IMF Executive Board said that it could not for the moment recommend the completion of a review of the IMF programme in Argentina which has been going on for the last ten days. This review is a pre-condition for release of further funds.

While the announcement doesn't rule out giving more money at some time in the future, it will come as a severe blow to Argentina's government which is struggling to stave off bankruptcy. The government has several commitments to meet later this month and no-one's sure if it has the funds to do this.

Asked about the IMF position, however, the Argentine Economy Minister, Domingo Cavallo, brushed it aside saying that unlike all the international analysts he has no worries about Argentina's cash flow and pays no attention to it.

He also strongly rejected the country being pressured from outside to either devalue the currency or adopt the dollar as the official currency, reiterating that the government would not pursue either policy

TOM GIBB, BBC, BUENOS AIRES

 
   
The Words Listen
 
  curt
brief or rude

 
   
  for the moment
this means it cannot be done now, but may be possible in the future

 
   
  pre-condition
if one thing is a pre-condition for another, it must happen before the second thing can happen

 
   
  rule out
exclude

 
   
  severe blow
serious disappointment

 
   
  to stave off
to manage with difficulty to stop something happening

 
   
  brushed it aside
treated it as unimportant

 
   
  cash flow
the movement of money

 
   
  devalue
to reduce the value of a currency in relation to other currencies

 
   
  reiterating
repeating

 
   
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