BBC Learning English
Words in the News
4th May 2011
Portugal reaches financial aid deal
Portugal's caretaker prime minister Jose Socrates says he has reached agreement on a
financial aid deal with the EU and the International Monetary Fund. The plan includes cuts
in government spending as well as selling off state-owned assets. Alison Roberts reports.
In a statement with distinctly political overtones, no doubt with next month's general election
in mind, the prime minister on Tuesday night focused more on what is not included in the Ź 78
billion package than what is.
There will, he assured the Portuguese people he was addressing in a live television broadcast,
be no more cuts in public sector salaries, no abolition of holiday and Christmas bonuses, and
no freeze in the lowest pensions - some of which in Portugal, are well below Ź 300 a month.
Essentially, Mr Socrates stressed, the plan coincides with the austerity package parliament
rejected last month, leading to the minority Socialist government's resignation, but is more
far-reaching in some areas and calls for rigorous analysis and monitoring of progress. And,
he said, it also includes some labour market reforms that he did not detail.
More information, and less politics, is expected from IMF and EU officials on Wednesday.
Portugal's right-of-centre opposition parties, which have been consulted by the visiting
officials during the past two weeks, had said they backed the bailout bid in principle.
Alison Roberts, BBC News, Lisbon
Words in the News © British Broadcasting Corporation 2011
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bbclearningenglish.com
Vocabulary and definitions
overtones suggested qualities or characteristics, which are not
displayed openly
abolition official ending or stopping
well below here, a number much less than
austerity package government policy to save money, including large
spending cuts
far-reaching affecting something greatly, in many ways
rigorous thorough and detailed
labour market all the people who want to work at a particular time, and
the number of jobs available for them
detail explain or specify
right-of-centre political view which is slightly conservative or right-wing
backed supported
More on this story: http://www.bbc.co.uk/news/business-13275470
Read and listen to the story and the vocabulary online:
http://www.bbc.co.uk/worldservice/learningenglish/language/wordsinthenews/2011/05/110504_witn_portugal_economy_page.shtml
Words in the News © British Broadcasting Corporation 2011
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bbclearningenglish.com
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