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Business Words in the News
Friday 01 November 2002
Vocabulary from the business news. Listen to and read the report then find explanations of difficult words below.

  Turkey elections
Turkish parties' changing fortunes
Summary: According to Turkish opinion polls, the pro Islamist Justice and Development Party is well ahead of its rivals in the run up to elections on November 3rd. The fact that it is promoting more public spending has boosted its popularity. This report from Pam O'Toole.
The News Listen  
  For many Turks, the economy is the biggest issue in this election. Turkey is massively in debt to the International Monetary Fund, brought in two years ago to bail Ankara out at the height of the economic crisis.

The economy is now showing signs of recovery. But ordinary Turks are still suffering the effects of the crisis and the subsequent IMF-driven economic austerity programme. Many businesses have collapsed or are teetering on bankruptcy, unemployment has soared. Even those working often receive very low wages.

Not surprisingly, many voters seem attracted to new parties which promise more social spending. The new Youth Party - run by millionaire entrepreneur Cem Uzan - owes part of its popularity to its pledge to kick out the IMF, cut taxes and quadruple university places. The front runner in the polls - the pro-Islamist Justice and Development Party - has also promised more public spending. Pro Islamist parties in Turkey traditionally draw support from the urban poor, as well as from rural areas.

However, Justice and Development, along with all the other main political parties, has pledged to continue Turkey's IMF-driven reform programme. Nevertheless the IMF itself remains cautious, it has held back the latest tranche of its loans to Turkey until after the current elections.

Pam O'Toole, BBC

The Words Listen
  bail Ankara out
help Turkey in a difficult situation

  economic austerity
a situation where the government only spends money on essential things, as government spending is limited

  teetering on bankruptcy
near the stage when they don't have enough money to pay their debts

risen very fast

  social spending
spending on projects that will benefit the public directly

  kick out the IMF
end International Monetary Fund projects and aid

  front runner
party that is in the lead

  urban poor
poor people living in cities

  IMF-driven reform programme
programme for economic reform conforming to demands from the IMF


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