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Business Words in the News
Friday 26 April 2002
Vocabulary from the business news. Listen to and read the report then find explanations of difficult words below.

  President Duhalde
Argentina and the IMF
Summary: President Duhalde of Argentina has been trying to get help from the International Monetary Fund (IMF) to solve Argentina's economic problems. This report from Tom Gibb.
   
The News Listen  
  From the start President Duhalde has staked everything on an IMF bail-out. But the IMF and its principal shareholder, the United States, have consistently told him to get his house in order first. Earlier this week the US Treasury Secretary, Paul O'Neill, was scathing about Argentine failure to implement reforms. In particular the IMF wants the central government to rein in high-spending provinces where corruption has been rife. It wants legal reforms to encourage foreign investment and it wants a stricter fiscal policy to stop the currency crashing and hyper-inflation.

At present Argentina has a host of different types of currency and government bonds in circulation. After spending much of the week in talks with provincial governors, with the implicit threat that he would resign if they didn't support him, President Duhalde managed to get them to sign a solemn agreement with a ninety-day timetable for addressing the IMF's concerns.

Tom Gibb, BBC, London

 
   
The Words Listen
 
  bail-out
if you bail someone out you help them when they are in a difficult situation

 
   
  get his house in order
here, organise sensible economic policies

 
   
  rein in
limit or restrict

 
   
  fiscal
fiscal is used to describe anything relating to public or government money such as taxes and interest rates

 
   
  crashing
suddenly losing its value

 
   
  hyper-inflation
sudden and extreme rise in the price of goods and services

 
   
  a host of
a large number of

 
   
  government bonds
investment certificates issued by the government

 
   
  in circulation
being used by the public

 
   
  addressing the IMF's concerns
suggesting ways to respond to the IMF's worries

 
   
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