27 February 2009

Vocabulary In the News: Irish Anger Over the Economy

image4817874g The Irish marched against economic mismanagement. A huge demonstration involving an estimated 120,000 people has been held in Dublin to protest against the Irish government’s handling of the economic crisis.

Public sector workers in particular fiercely oppose new legislation that will see pension contributions from their pay packets increased. Ireland Recession Protest

Many workers claim they are being made to pay for the failure of the banks, while the banking sector itself is being bailed out.

The government of Taoiseach Brian Cowen admits the measures may be painful but says they are necessary in the current economic climate.

Cowen is under pressure to reduce what is now Europe’s biggest budget deficit at 9.5 per cent of Gross Domestic Product. The EU’s limit is set at three per cent.

Link to the  article from EuroNews with a video can be found HERE



to manage badly or carelessly
EX. The county has accumulated a massive debt load through gross fiscal mismanagement.

a demonstration


a public show of feeling or opinion, as by a mass meeting or parade
EX. Despite these setbacks, Genoa was the largest anti-capitalist demonstration in a long line.

to be held (passive voice)

to hold a meeting (active voice)


to be had or conducted ; to be carried on (a meeting, conversation, etc..)
EX. A NATO meeting will be held in Strasbourg during the first week of April.

the handling


the way in which something is handled or taken care of
EX. This situation requires delicate handling.

fiercely (adverb)


in an extreme intense or resolute way
EX. Republicans in the Congress fiercely opposed the economic bailout plan.

pay packet


the amount of money someone earns
EX. The board of pharmaceutical giant SmithKline Beecham has defended the £93m pay packet of its chief executive Jan Leschly.

to claim


to state as a fact or as one's belief (something that may be called into question); assert
EX. He claims that he is too ill to come to work today.

to bail out


to rescue someone in an emergency, especially of financial crisis of some kind
EX. The Congress has approved Obama’s $787 billion economic stimulus package to bail out the failing economy.

painful (adj.)


tedious or extremely difficult
EX. The hours passed with painful slowness.

gross domestic product (abbreviation GDP)


a measure of the economic production of a particular territory in financial capital terms over a specific time period / Produit intérieur brut - PIB

As an added exercise, look up the words in a dictionary for other possible meanings, variations and synonyms.

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