Will import curbs revive Argentina's economy?

Focus on Vocabulary

1.   How would you say the following in English? Make a wild guess.

Estatizar una empresa
Trabar las importaciones
Trabas a las importacions
Empezar acción legal
Esta movida
Pagar un precio alto
Estimular la economía local
Justificar la adquisición
Expropiarse de una empresa
Perderse inversiones extranjeras
El camino a seguir 
Importaciones por el valor de M600$

2.   Join with arrows and check your predictions

1.    Adopt                                      a. legal proceedings at the WTO
2.    Restrict                                   b. on foreign investment
3.    Stimulate                                c. the domestic economy
4.    Nationalize/ seize                  d. the takeover
5.    Start                                        e. sovereignty
6.    Pay                                          f. a heavy price
7.    These moves                         g. have angered/ Incensed the EU
8.    Miss out                                  h. a Spanish owned oil company
9.    Justify                                      i. protectionist trade policies
10.  Recover                                 j .imports

1.    Oil                                              a. attitude
2.    Import                                        b. crisis
3.    Unapologetic                            c. forward
4.    Free market                             d. curbs
5.    The way                                    e. fundamentalist


Watch the introduction and answer the following questions using the collocations above (until 1’ 23’’)

1.   What does the reporter say about Argentina concerning imports?
2.   What’s the aim of this move?
3.   How has the EU reacted toward the seizure of YPF?
4.   What do the critics argue?
5.   How does the government disregard the critics?
6.   What’s the government’s attitude according to the presenter?
7.   How does CFK justify the takeover?

Listen again and fill in the blanks

If you’re on the L_________________ for an IPhone or a pair of Nike trainers in Buenos Aires today, you might be out of L________________.
Supplies are low after the Argentinean government   R____________ Imports
The aim is to stimulate the D________________ economy.
Last month, President Cristina Kirchner’s government N________________ the country’s biggest oil company YPF, which had been owned by the Spanish company Repsol.
These M_______________ have angered the EU which started legal P________________ at the WTO on Friday. The EU argues that Argentina’s restrictions have already affected imports W______________over $600m and domestic critics argue the country will pay a H____________________price by M_____________ out on foreign investment.
But the government is unapologetic arguing that they seized YF to avoid an oil C___________________ with ministers dismissing critics as free market fundamentalists.

Is protectionism the way forward for Argentina amidst slow economic growth?

You’ll watch 3 people expressing their opinions. Watch and take notes.




Listen to the definition of "import curbs" and fill in the blanks.

IMPORT CURBS= The government requires all importers to obtain L__________________ that are not automatically R____________________ for products ranging from cars to electronics, and since February every import transaction has to be P______________________ and P______________________. The import substitution rule requires foreign companies to produce goods D_______________________ or lose market access, and all importers are required to balance imports with exports.

Focus on Vocabulary

  1. Join with arrows and summarize what the speakers above say using as many as the collocations below.

  1. To embark                           a. at his/ her word
  2. Have the right                    b. the balance
  3. Make sure                           c. great/ some pains to do sth
  4. Take                                      d. something for granted
  5. Renew                                  e. to regulate foreign investment
  6. Register/ approve             f. on a policy of protectionist import duties/ on a new project
  7. Exert                                     g. an import transaction
  8. Take somebody                h. a licence/ a visa/ a passport
  9. Tip                                         i. the domestic interests align with the foreign ones
  10. Go to                                     j. control over how the country makes money

The seizure of YPF
Summarize each speaker’s opinion. You can use the words in the box.

Outrage              uproar              NATURAL RESOURCES          IN THE HANDS
IMPLEMENT A PRACTICE                     TREASURY                      CONTRIBUTION                        TAXING                 IMPLEMENT ROYALTIES                       FOREIGN OPERATED RESOURCE                    RALLY  AROUND (sb)                 SOURCE OF INCOME                DRAMATIC SITUATION                            BE DEPRIVED OF 


IMPOSE a TARIFF on sth                 Take protectionist measures
overseas investment                    LACK OF confidence/ credibility


Needlessly complicated                        KEY POINT                              CONTROVERSIAL

Who expresses the following ideas  Put A (Aldo) D (Diego) A (Axel)

  1. Nationalistic policies are popular everywhere.
  2. Nationalism isn’t the most accurate term to use in this case.
  3. I don’t want to dodge the question.
  4. More isn’t necessarily better.
  5. The downside of all this is missed investment opportunities.
  6. Argentina is falling behind Chile or Brazil.
  7. You have to participate in the global economy to
  8. Axel Kicillof  and Miguel Galuccio  are new  stars but they will be short-lived.
  9. Isolation is a very serious mistake.
  10. It’s very simplistic to say that countries like Venezuela or Ecuador are doing badly   because they don’t side with the US.
  11. Unfortunately, we are repeating the same phenomenon.
  12. Underdeveloped countries have to be more clumsy to undertake these protections.
  13. These policies are trying to revert what has been done for many years.
  14. It’s not a bad idea to bet on the domestic market.
  15. Cristina will not succumb to pressure.

Go back to exercise 1 and translate the terms again. Any difference? 

DISCUSS (use the new vocab)

1. What's your take on all this? Do you side with any of the speakers? Why?
2.  What impact do you think these import curbs will have on our country?
3.  Do you think these new policies are the way forward? Why? Why not?

WRITING TASK (use the new vocab)

Imagine you work in the Argentine branch of an American company that imports most of its products and sells them locally. Imports have been curbed overnight and your company has been badly affected.
Your boss in the US has asked you to write a report giving him an overview of the situation, explaining how these measure have affected your company  and suggesting a workaround.

Write a report to him/ her.

Divide your report into:

1. Introduction  (aim of the report)
2. Background
3. Findings
4. Recommendations
5. Conclusion (optional)

The following link may help you:

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