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 Words in the News
INTRO 
 BBC reporter Chris Morris reports on how the financial markets in Turkey have responded to a promise of help from the International Monetary Fund.
IN FULL 
 AudioListen to the report in full
Turkey

7th December 2000

Turkish economic problems

NEWS 1 
 AudioListen to the first part of report
  The markets rose sharply because the IMF acted more quickly and more generously than expected. Financial aid worth more than ten billion dollars will be given to Turkey over the coming year to help it overcome a severe bout of the economic jitters. A collapse in confidence in the Turkish banking sector has caused a huge liquidity crisis in the last few weeks as billions of dollars was withdrawn from the country. Now things have stabilised to some extent, but the hard work still lies ahead. The government has pledged in return for IMF assistance to redouble its efforts to reform the economy. That means swifter privatisation and more extensive banking reform.
WORDS 
 

over the coming year: financial aid will be given out gradually over the next twelve months - not all at the same time

severe bout of: a bad case of; we can suffer from a severe bout of flu for example

economic jitters: worries about the economy

liquidity: having money/cash available

stabilised to some extent : made a little more stable

pledged: promised

to redouble its efforts: to greatly increase its efforts

NEWS 2  AudioListen to the second part of report
  A number of financial institutions could be swallowed up in a series of mergers and acquisitions, but the real onus will be on the government itself to deliver on its promises. The IMF has plenty of critics in Turkey, ranging from left-wing trades unions to right-wing nationalists within the governing coalition, so there will also be pressure on the government to delay some of its reforms. But if it tries to do that the IMF could easily turn off the tap of financial aid, which will only be disbursed gradually throughout the next twelve months.
WORDS  

swallowed up: absorbed into a larger institution

the real onus: the real responsibility

turn off the tap of financial aid: to stop giving money

disbursed gradually: given out slowly, not all at the same time

   
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