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English Questions – Cloze Test 239

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On Friday August 25, the US government imposed financial sanctions on Venezuela, restricting the ability of President Nicolás Maduro’s government and its oil company, PDVSA, to issue new debt in American capital markets. The sanctions were imposed in response to the regime’s unconstitutional and (1) election of a constituent assembly and the de facto closure of the constitutionally elected National Assembly, with its two-thirds opposition majority.
Well-functioning markets should have shut down the Maduro regime’s access to finance long ago. The fact that they didn’t not only shocked the moral sentiments of many, but also (2)  a fundamental defect in sovereign debt markets’ institutional architecture. Little good will come from Venezuela’s economic (3) , but one positive outcome would be a reform that puts such markets on a more solid financial – and moral – footing.
All debts imply a commitment by the borrower to repay what was borrowed, with interest. In the case of public debt, the pacta sunt servanda principle (4) that future governments are obliged to respect the commitments assumed by their predecessors. But, as Alexander Sack argued in 1927, successor governments should not always do so: “When a despotic regime contracts a debt, not for the needs or in the interests of the state, but rather to strengthen itself, to suppress a popular (5) , etc., this debt is odious for the people of the entire state.”
According to this doctrine, debt incurred by “odious” regimes should not be (6) , because the lender should have known that the debt was incurred without the (7) of the people or for their benefit. As Sack put it: “This debt does not bind the nation; it is a debt of the regime, a personal debt contracted by the ruler, and consequently it falls with the (8) of the regime.”
The odious debt idea was revived in an influential 2006 article by Seema Jayachandran and Michael Kremer, and in a 2010 report by the Center for Global Development (CGD), which proposed that economic sanctions include a mechanism aimed at preventing the (9) of odious obligations. The mechanism would take the form of a declaration that debt issued by a particular government would be considered (10) . In effect, this is what the Trump administration has just done.

  1. 1) genuine
    2) dissemble
    3) fraudulent
    4) disguise

    5) authentic

    Answer – 3)
    Explanation: fraudulent – obtained, done by, or involving deception, especially criminal deception.

  2. 1) adumbrate
    2) eclipse

    3) curtain
    4) revealed
    5) benefited

    Answer – 4)
    Explanation: revealed – make (previously unknown or secret information) known to others.

  3. 1) counterbalance
    2) counteroffensive
    3) miracle
    4) wonder
    5) catastrophe
    Answer – 5)
    Explanation: catastrophe – an event causing great and usually sudden damage or suffering; a disaster.

  4. 1) chancily
    2) implies
    3) hazardously
    4) neutralization
    5) counterpoise
    Answer – 2)
    Explanation: implies – indicate the truth or existence of (something) by suggestion rather than explicit reference.

  5. 1) obedience
    2) compliance
    3) revenge
    4) reciprocation
    5) insurrection
    Answer – 5)
    Explanation: insurrection – a violent uprising against an authority or government.

  6. 1) enforceable
    2) subordination
    3) adulterous
    4) retribution
    5) vengeance
    Answer – 1)
    Explanation: enforceable – (of a law, rule, or obligation) able to be imposed so that it must be complied with.

  7. 1) prohibited
    2) contraband
    3) consent
    4) racket

    5) reprisal

    Answer – 3)
    Explanation: consent – permission for something to happen or agreement to do something.

  8. 1) crooked
    2) felonious
    3) concur
    4) demise
    5) acquiesce

    Answer – 4)

    Explanation: demise – a person’s death.

  9. 1) furtive
    2) accumulation
    3) harbor
    4) concede
    5) comply
    Answer – 2) 
    Explanation: accumulation –  the acquisition or gradual gathering of something.

  10. 1) clandestine
    2) accede

    3) odious
    4) camouflage

    5) ensconce

    Answer – 3)
    Explanation: odious – extremely unpleasant; repulsive.