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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.
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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:
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The
News 
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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
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The
Words
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curt
brief or rude
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for the moment
this means it cannot be done now, but may be possible in the future
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pre-condition
if one thing is a pre-condition for another, it must happen before the second thing can happen
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rule out
exclude
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severe blow
serious disappointment
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to stave off
to manage with difficulty to stop something happening
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brushed it aside
treated it as unimportant
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cash flow
the movement of money
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devalue
to reduce the value of a currency in relation to other currencies
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reiterating
repeating
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Read
more about this story |
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