Questões de Vestibular
Sobre sinônimos | synonyms em inglês
Foram encontradas 319 questões
Ano: 2015
Banca:
Cepros
Órgão:
CESMAC
Prova:
Cepros - 2015 - CESMAC - Processo Seletivo Tradicional-2015.2 |
Q1351755
Inglês
Texto associado
Read the text below and answer following four
questions according to it.
SPEAKING two languages rather than just one has obvious practical benefits in an increasingly globalized world. But in recent years, scientists have begun to show that the advantages of bilingualism are even more fundamental than being able to converse with a wider range of people. Being bilingual, it turns out, makes you smarter. It can have a profound effect on your brain, improving cognitive skills not related to language and even shielding against dementia in old age.
This view of bilingualism is remarkably different from the understanding of bilingualism through much of the 20th century. Researchers, educators and policy makers long considered a second language to be an interference, cognitively speaking, that hindered a child’s academic and intellectual development.
They were not wrong about the interference: there is ample evidence that in a bilingual’s brain both language systems are active even when he is using only one language, thus creating situations in which one system obstructs the other. But this interference, researchers are finding out, isn’t so much a handicap as a blessing in disguise. It forces the brain to resolve internal conflict, giving the mind a workout that strengthens its cognitive muscles.
The collective evidence from a number of such studies suggests that the bilingual experience improves the brain’s so-called executive function — a command system that directs the attention processes that we use for planning, solving problems and performing various other mentally demanding tasks. These processes include ignoring distractions to stay focused, switching attention willfully from one thing to another and holding information in mind — like remembering a sequence of directions while driving.
The bilingual experience appears to influence the brain from infancy to old age. Nobody ever doubted the power of language. But who would have imagined that the words we hear and the sentences we speak might be leaving such a deep imprint?
Why bilinguals are smarter
SPEAKING two languages rather than just one has obvious practical benefits in an increasingly globalized world. But in recent years, scientists have begun to show that the advantages of bilingualism are even more fundamental than being able to converse with a wider range of people. Being bilingual, it turns out, makes you smarter. It can have a profound effect on your brain, improving cognitive skills not related to language and even shielding against dementia in old age.
This view of bilingualism is remarkably different from the understanding of bilingualism through much of the 20th century. Researchers, educators and policy makers long considered a second language to be an interference, cognitively speaking, that hindered a child’s academic and intellectual development.
They were not wrong about the interference: there is ample evidence that in a bilingual’s brain both language systems are active even when he is using only one language, thus creating situations in which one system obstructs the other. But this interference, researchers are finding out, isn’t so much a handicap as a blessing in disguise. It forces the brain to resolve internal conflict, giving the mind a workout that strengthens its cognitive muscles.
The collective evidence from a number of such studies suggests that the bilingual experience improves the brain’s so-called executive function — a command system that directs the attention processes that we use for planning, solving problems and performing various other mentally demanding tasks. These processes include ignoring distractions to stay focused, switching attention willfully from one thing to another and holding information in mind — like remembering a sequence of directions while driving.
The bilingual experience appears to influence the brain from infancy to old age. Nobody ever doubted the power of language. But who would have imagined that the words we hear and the sentences we speak might be leaving such a deep imprint?
Adaptado de: <http://www.nytimes.com/2012/03/18/opinion/sunday/the-benefits-ofbilingualism.html?WT.mc_id=D-NYT-MKTG-MOD-31048-0502-HD&WT.mc_ev=click&WT.mc_c=> Acessado em 25 de abril de 2015
In the sentence “But this interference, researchers are
finding out, isn’t so much a handicap as a blessing in
disguise.” handicap is a synonym of
Q1340096
Inglês
Texto associado
Text 1
Typhoon, Hurricane, Cyclone: What's the Difference?
By Ker Than, for National Geographic
Published September 25, 2013.
A powerful typhoon that struck Hong Kong on
Sunday killed at least 30 people and forced the evacuation
of thousands of people on the China mainland, and
hundreds of flights were canceled. Typhoon Usagi—
Japanese for rabbit—is the third and strongest Pacific
typhoon to form this year. It was classified as a severe, or
"super," typhoon after meteorologists recorded gusts of up
to 160 miles per hour (260 kilometers per hour).
If you've never lived in Asia, you might be
wondering what it feels like to experience a typhoon. But
if you've ever survived a hurricane or cyclone, you already
know the answer. That's because hurricanes, cyclones, and
typhoons are all the same weather phenomenon. Scientists
just call these storms different things depending on where
they occur.
In the Atlantic and northern Pacific, the storms are
called "hurricanes," after the Caribbean god of evil,
named Hurrican. In the northwestern Pacific, the same
powerful storms are called "typhoons." In the southeastern
Indian Ocean and southwestern Pacific, they are called
"severe tropical cyclones. In the northern Indian Ocean,
they're called "severe cyclonic storms." In the
southwestern Indian Ocean, they're just "tropical
cyclones."
To be classified as a hurricane, typhoon, or
cyclone, a storm must reach wind speeds of at least 74
miles per hour (119 kilometers per hour). If a hurricane's
winds reach speeds of 111 miles per hour (179 kilometers
per hour), it is upgraded to an "intense hurricane." If a
typhoon hits 150 miles per hour (241 kilometers per
hour)—as Usagi did—then it becomes a "supertyphoon."
(Excerpt from the site:
http://news.nationalgeographic.com/news/2013/09/130923-
typhoon-hurricanecycloneprimernaturaldisaster/?source=hp_dl2_news_typhoon_e
xplainer_20130924. Researched on: October 2015).
In the excerpt “A powerful typhoon that struck Hong Kong on Sunday” the CORRECT synonym for the underlined word is:
Ano: 2015
Banca:
Cepros
Órgão:
CESMAC
Prova:
Cepros - 2015 - CESMAC - Prova Medicina-2015.2- 1° DIA- PROVA TIPO-2 |
Q1333854
Inglês
Texto associado
Read the text/below/and answer following four
questions according to it.
Viagra abuse in teens
There are several reasons why teenagers may
experiment with erectile dysfunction medication. Of
course, a common reason why teens may be tempted to
take an erectile dysfunction (ED) medication is out of sexual
curiosity. Teens may mistakenly think that these
medications will increase sexual potency, make them
somehow “better” sexually, or make them last longer.
Premature ejaculation is common in this age group, and
they may be hoping to find a pill to help. However, they do
not realize that Viagra will not help them last longer.
Beyond sexual curiosity, another major reason why some
teenagers may think they want Viagra or other erectile
dysfunction drugs is that they may have heard a rumor that
it can improve their athletic performance. Research has
been discussed in The NY Times and NY Daily News about
the use of Viagra to relieve constriction of blood vessels in
the lungs, improving blood flow, breathing, and athletic
endurance.
Another reason why teens may try Viagra or another erectile
medication is to attempt to increase the effect of other drugs
or alcohol; despite the fact that this is a very dangerous
use of these medications. Sometimes this is also related to
sports performance, as someone on steroids may think it
will enhance the effect of the steroids, or resolve steroidrelated erectile dysfunction. There have also been reports of
teenagers and twentysomethings taking Viagra with
alcohol or with Ecstasy (the combination called “Sextasy”),
since Ecstasy or alcohol may heighten desire while
lessening erectile ability. This dangerous combination
could be deadly, and at the very least contributes to a
reduction of safer sex practices.
Teenagers, (or anyone of any age who does not have
clinically diagnosed erectile dysfunction and a prescription
from a doctor), must stay away from Viagra, Cialis,
Levitra, or any other erectile dysfunction medication. They
can certainly cause physical side effects like dizziness,
headache, chest tightness, vision problems including loss of
vision, irregular heartbeat, and more severe
issues. Teachers and parents must teach teenagers about
drugs — and sex.
Adaptado de: <http://sarilocker.com/blog/2009/07/31/viagra-abusein-teens/>
Acessado em 01 de maio de 2015.
In the sentence “…as someone on steroids may think
it will enhance the effect of the steroids”, enhance is a
synonym of
Ano: 2015
Banca:
PUC - RJ
Órgão:
PUC - RJ
Prova:
PUC - RJ - 2015 - PUC - RJ - Vestibular - 1º Dia Grupo 1, 3 e 4 |
Q637540
Inglês
Texto associado
By Becky Oskin, Senior Writer. Adapted from http://www.
livescience.com/49262-indian-ocean-tsunami-anniversary.
html. December 26, 2014.
In the sentence “That means building out the seismic
network,” (lines 89-90), building out means to
Ano: 2015
Banca:
PUC - RJ
Órgão:
PUC - RJ
Prova:
PUC - RJ - 2015 - PUC - RJ - Vestibular - 1º Dia Grupo 1, 3 e 4 |
Q637539
Inglês
Texto associado
By Becky Oskin, Senior Writer. Adapted from http://www.
livescience.com/49262-indian-ocean-tsunami-anniversary.
html. December 26, 2014.
The word dramatically in “The agency’s goal is to
dramatically reduce that hour-long delay.” (lines 87-88),
most nearly means
Ano: 2015
Banca:
PUC - RJ
Órgão:
PUC - RJ
Prova:
PUC - RJ - 2015 - PUC - RJ - Vestibular - 1º Dia Grupo 1, 3 e 4 |
Q637533
Inglês
Texto associado
By Becky Oskin, Senior Writer. Adapted from http://www.
livescience.com/49262-indian-ocean-tsunami-anniversary.
html. December 26, 2014.
In the sentence “The disaster raised awareness of
tsunamis and prompted nations to pump money into
research and warning systems.” (lines 9-11) , the word
prompted means
Q588397
Inglês
Texto associado
INSTRUÇÃO: A questão refere-se ao texto abaixo.
Victoria and Albert: how a royal love changed culture
By Lucinda Hawksley
Disponível em: <http://www.bbc.com/culture/story/20150623-victoria-albert-cultural-impact>.
Acesso em: 3 ago. 15. (Parcial e adaptado.)
Assinale a alternativa em que o termo noted melhor substitui o vocábulo sublinhado, sem prejuízo para o sentido da oração.
Ano: 2015
Banca:
VUNESP
Órgão:
UNESP
Prova:
VUNESP - 2015 - UNESP - Vestibular - Primeiro Semestre |
Q587686
Inglês
Texto associado
Genetically modified foods
Genetically modified (GM) foods are foods derived from organisms whose genetic material (DNA) has been modified in a way that does not occur naturally, e.g. through the introduction of a gene from a different organism. Currently available GM foods stem mostly from plants, but in the future foods derived from GM microorganisms or GM animals are likely to be introduced on the market. Most existing genetically modified crops have been developed to improve yield, through the introduction of resistance to plant diseases or of increased tolerance of herbicides.
In the future, genetic modification could be aimed at altering the nutrient content of food, reducing its allergenic potential, or improving the efficiency of food production systems. All GM foods should be assessed before being allowed on the market. FAO/WHO Codex guidelines exist for risk analysis of GM food.
(www.who.int)
No trecho final do primeiro parágrafo “through the
introduction of resistance to plant diseases”, o termo em
destaque equivale, em português, a
Ano: 2015
Banca:
PUC - RS
Órgão:
PUC - RS
Prova:
PUC - RS - 2015 - PUC - RS - Vestibular - Segundo Semestre 2º dia |
Q535525
Inglês
Texto associado
INSTRUCTION: Answer question in relation to text 1.
The word “So” (line 28) can be substituted, without a change in the meaning, by
Q518449
Inglês
Texto associado
images1.fanpop.com
By establishing links between different parts of a text, one might guess the meaning of an unknown word.
Based on Calvin’s evaluation of the show he is watching, the meaning of the word tripe, in panel 8, is:
Based on Calvin’s evaluation of the show he is watching, the meaning of the word tripe, in panel 8, is:
Ano: 2014
Banca:
IF-BA
Órgão:
IF-BA
Prova:
IF-BA - 2014 - IF-BA - Vestibular - CURSOS SUPERIORES - INGLÊS |
Q1370997
Inglês
Consider the statements given and mark the
correct option, according to their grammar
features:
I. In the sentence “President Lula took part in a ceremony that focused firmly on the future” the relative pronoun that can be replaced by which without changing the meaning of the sentence.
II. In the sentence “We have a chip, we have a level that can be used on frontier control, we can guarantee citizenship, and it can guarantee transactions in the virtual world” the modal verb can indicates an ability.
III. The word currently in the sentence “Currently, Brazilians have to deal with a confusing array of identity numbers” can be substituted by the word nowadays without changing the meaning of the sentence.
I. In the sentence “President Lula took part in a ceremony that focused firmly on the future” the relative pronoun that can be replaced by which without changing the meaning of the sentence.
II. In the sentence “We have a chip, we have a level that can be used on frontier control, we can guarantee citizenship, and it can guarantee transactions in the virtual world” the modal verb can indicates an ability.
III. The word currently in the sentence “Currently, Brazilians have to deal with a confusing array of identity numbers” can be substituted by the word nowadays without changing the meaning of the sentence.
Ano: 2014
Banca:
IF-BA
Órgão:
IF-BA
Prova:
IF-BA - 2014 - IF-BA - Vestibular - CURSOS SUPERIORES - INGLÊS |
Q1370995
Inglês
Relate the words from the text with their
synonyms that can be used in the same context
and mark the correct order:
(A)ubiquitous
(B)wealth
(C)desire
(D)support
(E)barrier
( ) abundance
( ) obstacle
( ) help
( ) wish
( ) omnipresent
(A)ubiquitous
(B)wealth
(C)desire
(D)support
(E)barrier
( ) abundance
( ) obstacle
( ) help
( ) wish
( ) omnipresent
Ano: 2014
Banca:
IF-BA
Órgão:
IF-BA
Prova:
IF-BA - 2014 - IF-BA - Vestibular - CURSOS SUPERIORES - INGLÊS |
Q1370992
Inglês
In the text, the verb mirrored (line 02) can be
substituted by the verb:
Ano: 2014
Banca:
CESGRANRIO
Órgão:
FMP
Prova:
CESGRANRIO - 2014 - FMP - Vestibular - PROCESSO SELETIVO 2014/2 |
Q1368437
Inglês
As palavras “criminal” (linha 1), “blood-feud” (linha 4), “liable” (linha
11) e “wound” (linha 21) poderiam ser substituídas pelos seguintes
sinônimos, pois estes não alterariam o sentido do texto:
Q1340968
Inglês
Texto associado
Leia o infográfico para responder à questão.
(www.medicalnewstoday.com. Adaptado.)
No primeiro quadro, Breads & Rolls, a expressão even though
pode ser substituída, sem alteração de sentido, por
Q1340965
Inglês
Texto associado
Leia o texto para responder à questão.
Do fat people stay warmer than thin people?
Pack on some extra pounds for winter
By Daniel Engber
01.02.2014
At the yearly Rottnest Channel Swim in Western Australia, participants often smear their bodies with animal fat for insulation against the 70-degree water. But their own body fat also helps to keep them warm, like an extra layer of clothing beneath the skin. When scientists studied aspects of the event in 2006, they found that swimmers with a greater body mass index (BMI) appear to be at much lower risk of getting hypothermia.
The same effect has been demonstrated in hospitals where patients who’ve suffered cardiac arrest are treated with “therapeutic hypothermia” to stave off brain injury and inflammation. Studies have shown that it takes longer to induce hypothermia in obese patients than in their leaner counterparts. The extra fat seems to insulate the body’s core.
Under certain conditions, though, overweight people might feel colder than people of average weight. That’s because the brain combines two signals — the temperature inside the body and the temperature on the surface of the skin — to determine when it’s time to constrict blood vessels (which limits heat loss through the skin) and trigger shivering (which generates heat). And since subcutaneous fat traps heat, an obese person’s core will tend to remain warm while his or her skin cools down. According to Catherine O’Brien, a research physiologist with the U.S. Army Research Institute of Environmental Medicine, it’s possible that the lower skin temperature would give fatter people the sense of being colder overall.
But O’Brien points out that many other factors beyond subcutaneous fat help determine the rate at which we chill. Smaller people, who have more surface area compared to the total volume of their bodies, lose heat more quickly. (It’s often said that women feel colder than men; average body size may play a part.) A more muscular physique may also offer some protection against hypothermia, partly because muscle tissue generates lots of heat. “We have a joke around here that the person who’s best-suited for cold is fit and fat,” says O’Brien.
(www.popsci.com)
No trecho do segundo parágrafo – The same effect has been
demonstrated in hospitals where patients who’ve suffered cardiac
arrest are treated with “therapeutic hypothermia” to stave off
brain injury and inflammation. –, a expressão em destaque pode
ser substituída, sem alteração de sentido, por
Ano: 2014
Banca:
VUNESP
Órgão:
Faculdade Cultura Inglesa
Prova:
VUNESP - 2014 - Faculdade Cultura Inglesa - Vestibular - Prova 01 |
Q1274510
Inglês
Texto associado
How climate change ended world’s first great civilisations
David Keys
Monday, 3 March 2014
Monday, 3 March 2014
The world’s first great civilisations appear to have collapsed
because of an ancient episode of climate change – according to
new research carried out by scientists and archaeologists. Their
investigation demonstrates that the Bronze Age ‘megacities’ of
the Indus Valley region of Pakistan and north-west India declined
during the 21st and 20th centuries BC and never recovered –
because of a dramatic increase in drought conditions. The
research, carried out by the University of Cambridge and India’s
Banaras Hindu University, reveals that a series of droughts
lasting some 200 years hit the Indus Valley zone – and was
probably responsible for the rapid decline of the great Bronze
Age urban civilisation of that region.
It’s now thought likely that the droughts at around that time
were partly responsible for the collapse not only of the Indus
Valley Civilisation, but also of the ancient Akkadian Empire,
Old Kingdom Egypt and possibly Early Bronze Age civilisations
in Greece. “Our evidence suggests that it was the most intense
period of drought – probably due to frequent monsoon failure
– in the 5000 year-long period we have examined,” said
University of Cambridge Palaeoclimate scientist Professor
David Hodell. The scientists studying the collapse of the Indus
Valley Civilisation obtained their new evidence from a dried-up
lake bed near India’s capital New Delhi which is just 40 miles
east of the eastern edge of the Indus Valley Civilisation.
The Indus Valley ‘megacities’ – some with populations of up
to 100,000 – rapidly declined. Populations shrank and the old
urban civilisation, which had lasted 500 years, collapsed.
“Archaeologists get an opportunity to investigate how ancient
populations responded to climatic and environmental change,”
said University of Cambridge archaeologist, Dr. Cameron Petrie.
“For the Indus populations, it looks as though living in large
groups became untenable, and it was much more sustainable to
live in smaller groups. This is of course a huge simplification
of a complex process, but this transformation is the underlying
dynamicˮ.
(www.independent.co.uk. Adaptado.)
In the excerpt from the second paragraph –– It’s now thought
likely that the droughts –, the word likely can be replaced,
without changing the meaning of the sentence, by
Ano: 2014
Banca:
VUNESP
Órgão:
Faculdade Cultura Inglesa
Prova:
VUNESP - 2014 - Faculdade Cultura Inglesa - Vestibular - Prova 01 |
Q1274509
Inglês
Texto associado
How climate change ended world’s first great civilisations
David Keys
Monday, 3 March 2014
Monday, 3 March 2014
The world’s first great civilisations appear to have collapsed
because of an ancient episode of climate change – according to
new research carried out by scientists and archaeologists. Their
investigation demonstrates that the Bronze Age ‘megacities’ of
the Indus Valley region of Pakistan and north-west India declined
during the 21st and 20th centuries BC and never recovered –
because of a dramatic increase in drought conditions. The
research, carried out by the University of Cambridge and India’s
Banaras Hindu University, reveals that a series of droughts
lasting some 200 years hit the Indus Valley zone – and was
probably responsible for the rapid decline of the great Bronze
Age urban civilisation of that region.
It’s now thought likely that the droughts at around that time
were partly responsible for the collapse not only of the Indus
Valley Civilisation, but also of the ancient Akkadian Empire,
Old Kingdom Egypt and possibly Early Bronze Age civilisations
in Greece. “Our evidence suggests that it was the most intense
period of drought – probably due to frequent monsoon failure
– in the 5000 year-long period we have examined,” said
University of Cambridge Palaeoclimate scientist Professor
David Hodell. The scientists studying the collapse of the Indus
Valley Civilisation obtained their new evidence from a dried-up
lake bed near India’s capital New Delhi which is just 40 miles
east of the eastern edge of the Indus Valley Civilisation.
The Indus Valley ‘megacities’ – some with populations of up
to 100,000 – rapidly declined. Populations shrank and the old
urban civilisation, which had lasted 500 years, collapsed.
“Archaeologists get an opportunity to investigate how ancient
populations responded to climatic and environmental change,”
said University of Cambridge archaeologist, Dr. Cameron Petrie.
“For the Indus populations, it looks as though living in large
groups became untenable, and it was much more sustainable to
live in smaller groups. This is of course a huge simplification
of a complex process, but this transformation is the underlying
dynamicˮ.
(www.independent.co.uk. Adaptado.)
De acordo com o primeiro parágrafo, grandes civilizações da
Antiguidade
Q545761
Inglês
It’s sort of a Catch-22, (l. 21)
The underlined idiomatic expression introduces the idea of:
The underlined idiomatic expression introduces the idea of:
Ano: 2014
Banca:
FGV
Órgão:
FGV
Prova:
FGV - 2014 - FGV - Vestibular - 1° Fase - Prova Tarde- 2015 |
Q539020
Inglês
Texto associado
Argentina defaults – Eighth time unlucky
Cristina Fernández argues that her country's latest default is different. She is missing the point.
Aug 2nd 2014
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)
Cristina Fernández argues that her country's latest default is different. She is missing the point.
Aug 2nd 2014
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)
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
Conheça nossos planos