FGV/VESTIBULAR–2015.1–ECONOMIA–1º SEMESTRE–LÍNGUA INGLESA–GABARITO, TEXTOS TRADUZIDOS & AQUISIÇÃO DE VOCABULÁRIO.

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•  FGV/VESTIBULAR-2015.1-PROCESSO SELETIVO-1º SEMESTRE-GRADUAÇÃO EM ECONOMIA-SP.

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❑ ESTRUTURA-PROVA:

• 15 MCQs (Multiple Choice Question) / 5 Options Each Question.

• Text (1) – | Argentina defaults – Eighth time unlucky | www.economist.com |

PROVA, TRADUÇÃO, GABARITO & MUITO VOCABULÁRIO

❑ TEXTO 1: Read the text and answer questions numbers 76 through 90

Argentina defaults – Eighth time unlucky

Cristina Fernández argues that her country’s latest default is different. She is missing the point.

Aug 2nd 2014

1

ARGENTINA’S first bond, issued in 1824, was supposed to have had a lifespan of 46 years. Less than four years later, the government defaulted. Resolving the ensuing stand-off with creditors took 29 years. Since then seven more defaults have followed, the most recent this week, when Argentina failed to make a payment on bonds issued as partial compensation to victims of the previous default, in 2001. Most investors think they can see a pattern in all this, but Argentina’s president, Cristina Fernández de Kirchner, insists the latest default is not like the others. Her government, she points out, had transferred the full $539m it owed to the banks that administer the bonds. It is America’s courts (the bonds were issued under American law) that blocked the payment, at the behest of the tiny minority of owners of bonds from 2001 who did not accept the restructuring Argentina offered them in 2005 and again in 2010. These “hold-outs”, balking at the 65% haircut the restructuring entailed, not only persuaded a judge that they should be paid in full but also got him to freeze payments on the restructured bonds until Argentina coughs up. Argentina claims that paying the hold-outs was impossible. It is not just that they are “vultures” as Argentine officials often put it, who bought the bonds for cents on the dollar after the previous default and are now holding those who accepted the restructuring (accounting for 93% of the debt) to ransom. The main problem is that a clause in the restructured bonds prohibits Argentina from offering the hold-outs better terms without paying everyone else the same. Since it cannot afford to do that, it says it had no choice but to default. Yet it is not certain that the clause requiring equal treatment of all bondholders would have applied, given that Argentina would not have been paying the hold-outs voluntarily, but on the courts’ orders. Moreover, some owners of the restructured bonds had agreed to waive their rights; had Argentina made a concerted effort to persuade the remainder to do the same, it might have succeeded. Lawyers and bankers have suggested various ways around the clause in question, which expires at the end of the year. But Argentina’s government was slow to consider these options or negotiate with the hold-outs, hiding instead behind indignant nationalism. Ms Fernández is right that the consequences of America’s court rulings have been perverse, unleashing a big financial dispute in an attempt to solve a relatively small one. But hers is not the first government to be hit with an awkward verdict. Instead of railing against it, she should have tried to minimise the harm it did. Defaulting has helped no one: none of the bondholders will now be paid, Argentina looks like a pariah again, and its economy will remain starved of loans and investment. Happily, much of the damage can still be undone. It is not too late to strike a deal with the hold-outs or back an ostensibly private effort to buy out their claims. A quick fix would make it easier for Argentina to borrow again internationally. That, in turn, would speed development of big oil and gas deposits, the income from which could help ease its money troubles.
More important, it would help to change perceptions of Argentina as a financial rogue state. Over the past year or so Ms Fernández seems to have been trying to rehabilitate Argentina’s image and resuscitate its faltering economy. She settled financial disputes with government creditors and with Repsol, a Spanish oil firm whose Argentine assets she had expropriated in 2012. This week’s events have overshadowed all that. For its own sake, and everyone else’s, Argentina should hold its nose and do a deal with the hold-outs. (http://www.economist.com/news/leaders/21610263. Adapted)

76 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
The title and the lead-in (in journalist jargon, the line which introduces the main text) to the article imply that its author
(A) thinks Argentina has always been a very unlucky country in economic terms.
(B) implies that Argentina has been arguing too bitterly with the economic community.
(C) argues against the international economic system in favour of Argentina.
(D) disagrees with the view expressed by Argentina’s president, discussed in the article.
(E) misses the whole point as regards Argentina’s recent default to its creditors.
👍 Comentários e Gabarito  D 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:
O título e o lead-in (no jargão do jornalista, a linha que introduz o texto principal) do artigo implica que seu autor
(A) acha que a Argentina sempre foi um país muito infeliz em termos econômicos.
(B) implica que a Argentina tem discutido muito amargamente com a comunidade econômica.
(C) argumenta contra o sistema econômico internacional em favor da Argentina.
(D) discorda da opinião expressa pelo presidente da Argentina, discutida no artigo.
(E) erra toda a questão em relação à recente inadimplência da Argentina para seus credores.

77 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
According to the first paragraph,
(A) it took Argentina four years to pay off its creditors when it first defaulted.
(B) Argentina’s default of 2001 has only been paid off as recent as August 2014.
(C) the bonds that went unpaid in August 2014 were still connected with those issued 29 years ago.
(D) compensation for the victms of the 2001 default has finally been settled in 2014.
(E) Argentina’s many defaults history is more than a century old.
👍 Comentários e Gabarito  E 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

78 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
The explanation given by Argentina’s president, in the second paragraph, implies that
(A) this recent default by Argentina has followed the same pattern to be found in the previous ones.
(B) Argentina would like to pay some of its creditors as agreed, but has been banned by court orders.
(C) the country has paid its debts but bondholders have decided not to take the money on purpose.
(D) American banks refused to help Argentina pay its debts in order to harm the country once more.
(E) American bondholders won’t draw the money Argentina deposited so that they can be paid still more.
👍 Comentários e Gabarito  B 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

79 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
Argentina’s creditors, as the second paragraph shows,
(A) are all made up of American banks and other financial institutions.
(B) have never been offered any payment settlement by Argentina.
(C) came to be eventually separated into two groups, so to speak.
(D) are all “vultures” that want to harm Argentina’s economic power.
(E) want to freeze all Argentine assets in the international market.

👍 Comentários e Gabarito  C 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

80 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
In the excerpt from the end of the second paragraph – freeze payments on the restructured bonds until Argentina coughs up – the meaning of the phrase until Argentina coughs up in the context it is used can be paraphrased as until Argentina ...
(A) pays all bondholders.
(B) recovers from its crisis.
(C) comes up with a new idea.
(D) issues new bonds.
(E) elects a new government.

👍 Comentários e Gabarito  A 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:
(A) pague todos os acionistas.
➦to cough up ➝ to pay.
(B) se recupere de sua crise.
(C) surja com uma nova ideia.
(D) emita novos títulos.
(E) eleja um novo governo.

81 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
We learn in the article, mostly in paragraphs two through four, that
(A) the creditors who required to be paid in full represent only a small part of the debt.
(B) Argentina simply ran out of money to pay its American bondholders and defaulted.
(C) some bondholders gave up any hope of being paid by Argentina and agreed to the default.
(D) as Argentina didn’t pay most of its creditors voluntarily, they decided to go to file suit.
(E) an American judge was partial towards American creditors harming those from other countries.

👍 Comentários e Gabarito  A 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

82 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
Argentina’s government argues that it can’t pay all creditors as required by court because
(A) non-American creditors might also file suits against it if it paid only the Americans.
(B) paying “vulture” funds from the U.S. would encourage creditors from other countries to act in the same way.
(C) the people in Argentina are very much against it and the country nationalism would be harmed if they complied.
(D) funds bought the bonds for mere cents to the dollar and now want to make a large profit and this is very unfair to Argentina.
(E) the country doesn’t have the resources needed to pay all creditors the full amount originally due.

👍 Comentários e Gabarito  E 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

83 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
The fourth paragraph points out that
(A) as Argentina wouldn’t pay its creditors voluntarily they had no choice but going to court.
(B) the clause claimed by Argentina as preventing it from paying part of the creditors could have been worked around.
(C) owners of restructered bonds would never have accepted seeing other bond holders been paid the full face value.
(D) after the end of this year, Argentina will be able to pay all its bondholders, whether restructured or not.
(E) Argentina has always played the indignant part in debt negotiations and as such refused to pay anyone.

👍 Comentários e Gabarito  B 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

84 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
The excerpt from the fourth paragraph – had Argentina made a concerted effort to persuade the remainder to do the same, it might have succeeded. – denotes an idea of
(A) obligation.
(B) ability.
(C) completion.
(D) hypothesis.
(E) necessity.

👍 Comentários e Gabarito  D 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

85 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
In its fifth paragraph, the article
(A) backs up Ms Fernández decision not to pay the so-called “vulture” funds.
(B) takes no definite opinion of the decision taken by the American court.
(C) does not exempt Argentina’s president from responsibility for the default.
(D) implies that the bondholders who refuse to negotiate shouldn’t really be paid.
(E) considers Argentina’s position as an international pariah well-deserved.

👍 Comentários e Gabarito  C 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

86 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
The word hers, as used in the second sentence of the fifth paragraph, refers to the Argentine
(A) dispute.
(B) verdict.
(C) consequence.
(D) court ruling.
(E) government.

👍 Comentários e Gabarito  E 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

87 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
According to the sixth paragraph,
(A) there is still room for an agreement with bondholders, which may bring positive consequences for Argentina.
(B) Argentina should borrow money from international institutions to pay the bondholders and finish this up.
(C) the country should sell its assets in oil and gas so as to be able to pay its international creditors.
(D) private individuals in Argentina should be called upon to help the country pay off its international debts.
(E) a quick settlement should be reached between Argentina and its creditors if the country is to survive internationally.

👍 Comentários e Gabarito  A 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

88 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)

In the excerpt from the last paragraph – ... perceptions of Argentina as a financial rogue state – the expression financial rogue state implies a country which is
(A) closed to dealings with other countries.
(B) always asking others to do what it wants.
(C) imposing its views on the international community.
(D) trying to deceive others for its own profit.
(E) nationalizing assets from other countries.

👍 Comentários e Gabarito  D 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

89 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
The last paragraph implies that
(A) returning Repsol to its rightful owners has helped Argentina be trusted again by the international community.
(B) Argentina’s economy has been continuously faltering under its present administration and doesn’t seem to be able to recover.
(C) Argentina has taken good economic measures in the recent past and should strive to go back to that same track.
(D) when Repsol was expropriated by the present Argentine administration, the country began to be considered an international rogue state.
(E) the default of August 2014 pushed Argentina even further on the track it has started under Ms Fernández administration.

👍 Comentários e Gabarito  C 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:

90 – (FGV/VESTIBULAR-2015.1-ECONOMIA-1º SEMESTRE)
In the last sentence of the text, the use of the phrase Argentina should hold its nose implies that Argentina should
(A) stop pretending it can’t afford to settle its debts and pay them off.
(B) go against its national political pride and negotiate with creditors.
(C) return foreign assets to their rightful owners in other countries.
(D) comply with the court orders issued in the United States and pay its creditors.
(E) convince the international community that it is really financially sick.

👍 Comentários e Gabarito  B 
TÓPICO - IDEIA CONTEXTUAL ou INFORMAÇÃO DENTRO DO TEXTO:
(A) parar de fingir que não pode pagar suas dívidas e pagá-las.
(B) engolir seu orgulho político nacional e negociar com os credores.
(C) devolver ativos estrangeiros a seus legítimos proprietários em outros países.
(D) cumprir as ordens judiciais emitidas nos Estados Unidos e pagar seus credores.
(E) convencer a comunidade internacional de que está realmente financeiramente doente.
*A expressão citada sugere que a Argentina deveria
engolir seu orgulho político nacional e negociar com
os credores.
*to hold one’s nose = engolir em seco