Aula 09

CURSO ONLINE DE INGLS
QUESTES COMENTADAS - AFRFB

PROFESSORA GABRIELA KNOBLAUCH

1
www.pontodosconcursos.com.br

Hello, my friends!
Ol, meus amigos!

Today is a special day. This is our last class.
Hoje um dia especial. Esta nossa ltima aula.

Bom... ainda temos a aula com o Resumo. Mas aula com
comentrios de provas a ltima!

I want you to know that it was a pleasure and an honor to teach you
all.
Quero que vocs saibam que foi um prazer e uma honra ensin-los.

Contem comigo tambm neste momento ps-curso, ok? Estou disposio
para continuar tirando todas as dvidas atravs do meu email:
gabriela@pontodosconcursos.com.br. No ps-prova, orientarei em caso de
recurso.

Vejamos as provas de hoje:

Aula 09: Auditor Fiscal da Receita Federal - ESAF - 2002.1.
Tcnico da Receita Federal - ESAF - 2002.1

QUEST


Brazilian rate cut catches markets off guard

Brazil's central bank surprised financial markets on Wednesday night with its
first interest rate cut in seven months, strengthening investor confidence in
an economic rebound this year and easing fears of economic contagion in
the region from Argentina.

The bank's monetary policy committee reduced its overnight lending rate
(Selic) by 25 basis points to 18.75 per cent. It said the reduction was
"compatible with the convergence of the inflation rate to its target". The
government's year-end inflation target is 5.5 per cent. The bank maintained
a "neutral bias", meaning it is unlikely to change rates before its next
monthly meeting in March.

A typical central bank strategy in past crises in the region has been to lift
interest rates to attract investment in the fixed rate market. This is what
countries did in 1999, when Brazil was forced to devalue the Real While
Wednesday's rate cut is modest and leaves inflation
above 13 per cent, it could help accelerate a recover
confidence, which has been battered by last year's power crisis and
Argentina's economic turmoil.

Lower interest rates, one of the principal demands of Brazil's business
sector, could also increase the popularity of the government ahead of
presidential elections in October. According to the latest consensus forecast
published by the central bank, the market expects interest rates to fall to 17
per cent by year- end and to 14.1 per cent by the end of 2003. According to
the same forecast, gross
this year, up from an estimated 1.7 per cent last year.
PROVA

SRF
Cargo: Auditor-Fiscal da Receita Federal
Ano: 2002.1

PROVA 1
Sugiro que imprimam a prova toda e criem o banco de provas

The Financial Times
ank surprised financial markets on Wednesday night with its
from Argentina.
nd inflation target is 5.5 per cent. The bank maintained
ract investment in the fixed rate market. This is what
Wednesday's rate cut is modest and leaves inflation-adjusted interest rates
above 13 per cent, it could help accelerate a recover
residential elections in October. According to the latest consensus forecast
end and to 14.1 per cent by the end of 2003. According to
the same forecast, gross domestic product is expected to grow 2.4 per cent
Fiscal da Receita Federal
Banco de provas
AFRFB
2

The Financial Times February 21 2002
ank surprised financial markets on Wednesday night with its
nd inflation target is 5.5 per cent. The bank maintained
ract investment in the fixed rate market. This is what
adjusted interest rates
above 13 per cent, it could help accelerate a recovery in consumer
residential elections in October. According to the latest consensus forecast
end and to 14.1 per cent by the end of 2003. According to
domestic product is expected to grow 2.4 per cent
Banco de provas

3
16- According to the text, the recent cut in the Brazilian interest rate
was

a) a misplaced sign of confidence in the economy.

b) a result of the crisis in Argentinas economy.

c) designed to attract investment over seven months.

d) a sign of confidence in Brazils economic recovery.

e) an unexpectedly large cut in a modest interest rate.

17- According to the article, in 1999, Brazil

a) devalued its currency and raised its interest rates.

b) began to suffer fallout from the crisis in Argentina.

c) lowered its interest rate on account of devaluation.

d) attracted only a modest rate of foreign investment.

e) suffered a surprise fall in growth of almost 17%.

18- The government expects Brazil's inflation rote to be

a) 1.7%

b) 2.4%

c) 5.5%

d) 13%

e) 18.75%


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19- The phrase "last year's power crisis" (line 24) refers to

a) domestic political problems in 2001.

b) the effects on the world of the September 11 attacks.

c) regional political problems in South America.

d) changes in the government in 2001.

e) the shortage of electricity in Brazil in 2001.

20- The writer comments that the interest rate cut may

a) be too modest to stimulate real growth in the Brazilian economy.

b) please business people and gain support for the government.

c) help Brazil to overcome a forecast of negative GDP growth.

d) assist the economy to overcome the effect of the years elections.

e) leave inflation-adjusted interest rates at an extremely low level.

Mountain of 90's Debt Looms as City and StateFeel Pinch
By RICHARD PREZ-PEA and JAMES C. McKINLEY Jr.

New Yorkers say their region stands alone in all sorts of ways. But few
citizens of this sprawling city and state know it is the undisputed leader in an
undesirable arena: government debt.

New York City and New York State are far and away the largest debtors in
the nation, outside the federal government. The city has $42 billion in loans
outstanding, and the state has $38 billion. No one else is even close, the
State of California running a distant third, at $25 billion.

Now, as New York navigates the narrow fiscal straits brought on by
recession and the Sept. 11 attack, and surpluses have given way to yawning

3
deficits, those debts loom larger, fiscal monitors say. The state and city each
spend about $4 billion a year on debt payments, limiting the money
available to weather a crisis without cutting essential services or resorting to
fiscal gimmicks that push today's costs onto future generations.

In announcing his budget plan last week, Mayor Michael R. Bloomberg
proposed that the city take on even more debt, $1.5 billion, to help cover a
$4.7 billion budget gap. That would mean selling bonds to cover day-to-day
expenses, something the city has not done since the fiscal crisis of the
1970's.

Mr. Bloomberg acknowledged that doing so was an extraordinary step, and
all but pleaded with bond-rating agencies to accept the tactic, promising that
borrowing to reduce coming years' deficits would not become an annual tool.
The mayor also wants to refinance some debt, to reduce the interest
payments over the next several years to get through this tough stretch.

Borrowing money can play an important, valued role in government - one
accepted by even the most conservative critics - when it is used to pay for
high-cost, long-lasting assets like bridges, railroads and power plants that
would otherwise take decades to buy. The question, then, is not whether to
borrow, but to what degree.

21- The text says that, in relation to the level of government debt,
most residents of the city and the State are

a) shocked by it.

b) anxious to settle it.

c) prepared to repay it.

d) turning a blind eye to it.

e) unaware of it.


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22- According to the text, New York City and New York State

a) ought to borrow large sums of money to renew their basic infrastructure.

b) will need to borrow money to rebuild the economy after September 11.

c) may have to borrow new money to cover their large fiscal deficits.

d) will be obliged to reduce public services to repay their massive debts.

e) are the second and third biggest public debtors in the United States.

23- In the writers' view the problem is

a) not borrowing in itself, but borrowing to cover routine daily spending.

b) how to sell bonds to finance special new fiscal gimmicks.

c) navigating the fiscal straits to roll debt over for future generations.

d) persuading conservatives that public spending will promote recovery.

e) rebuilding the citys damaged infrastructure in the aftermath of
September 11.

24- Each year, servicing the huge existing debt costs the City and
the State together around

a) 1.5 billion dollars.

b) 4 billion dollars.

c) 4.7 billion dollars.

d) 8 billion dollars.

e) 38 billion dollars.


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25- The expression "to weather" a crisis means

a) to avoid a crisis.

b) to survive a crisis.

c) to provoke a crisis.

d) to intensify a crisis.

e) to succumb to a crisis.

Rating agencies defend their style of analysis and hedge their bets

THE two credit-rating agencies that dominate the business come in for flak
from all sides. Investors caught holding Enron's investment-grade bonds as
their price sank to below that of junk say that Moody's and Standard &
Poor's (S&P) are just too slow to spot companies' declining financial health.

Equally, say others, they are just too fast when they produce unjustifiably
large changes in ratings. Stung by a precipitous downgrade, Tyco, once a
high-flying American conglomerate, has had to seek an emergency and very
costly refinancing, punishing investors.

The agencies use legions of highly trained analysts with access to top
management. Their meticulous reports giving ratings for corporate bonds
are designed to give an accurate picture of the bonds' riskiness and,
ultimately, the probability of default.

Lately, rating agencies have struggled to keep up; it seems a bond's rating
tells you ever less about the price that investors are willing to pay. In 1997
two-thirds of debt rated triple-B by S&P was priced within 20 basis points
(hundredths of a percentage point) of the average bond with the same
rating.

Since then, the range has widened. Last year credit spreads' standard
deviation, a measure of dispersion, had risen more than sixfold.


8
26- The task of a credit rating agency is to

a) downgrade junk bonds as soon as their investors spot them.

b) catch failing companies fast and denounce them to the public.

c) estimate the level of risk involved in particular investments.

d) calculate the effectiveness of companies top management

e) punish investors who do not refinance in emergency situations.

27- In the case of the Enron company, the two main credit rating
agencies

a) suddenly changed their estimate, causing severe damage.

b) caught investors illegally holding investment grade bonds.

c) allowed share prices to rise unreasonably rapidly.

d) were apparently unaware of the companys severe problems.

e) belatedly wanted to dominate the sinking business.

28- The US company Tyco was adversely affected by

a) the generalized crisis in the airline industry.

b) a sudden downward revision of its credit rating.

c) a scam involving too high a credit rating.

d) precipitous conglomeration of the market.

e) an anti-trust investigation of its corporate size.


9

29- The correlation between the price of a bond and its credit rating
is

a) growing less reliable.

b) poor, but improving.

c) strictly accurate.

d) spreading fast.

e) deviously calculable.

30- Which of the following is not mentioned in the text?

a) The names of the two main credit rating companies.

b) The need to assess the likelihood of a companys default.

c) Reasons for criticizing credit rating companies.

d) The sharp decrease in value of Enron shares.

e) The exact number of credit ratings analysts at work.


10

PROVA 1: TRADUO E COMENTRIOS

Corte da taxa brasileira pega mercados desprevenidos

Brazil's central bank surprised financial markets on Wednesday night with its
the region from Argentina.
O Banco Central do Brasil surpreendeu os mercados financeiros na noite de
quarta-feira com seu primeiro corte na taxa de juros em sete meses,
reforando a confiana dos investidores uma recuperao econmica neste
ano e aliviando os temores de contgio econmico na regio vindo da
Argentina.

government's year-end inflation target is 5.5 per cent. The bank maintained
O comit de poltica monetria do banco reduziu sua taxa de emprstimo de
1 dia (Selic) em 25 pontos base, para 18,75 por cento. Ele disse que a
reduo era "compatvel com a convergncia da inflao sua meta". A
meta do governo de inflao de fim de ano de 5,5 por cento. O banco
manteve um "vis neutro", o que significa que improvvel que mude as
taxas antes de sua prxima reunio mensal em maro.

interest rates to attract investment in the fixed rate market. This is what
countries did in 1999, when Brazil was forced to devalue the Real. While
Wednesday's rate cut is modest and leaves inflation-adjusted interest rates
above 13 per cent, it could help accelerate a recovery in consumer
Uma tpica estratgia do banco central em crises anteriores na regio tem
sido a de levantar as taxas de juros para atrair investimentos no mercado de
taxa fixa. Isto o que pases fizeram em 1999, quando o Brasil foi obrigado

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a desvalorizar o real. Apesar de o corte de quarta-feira na taxa ser modesto
e deixar as taxas de juros ajustadas inflao acima de 13 por cento, ele
poderia ajudar a acelerar uma recuperao na confiana do consumidor, que
tem sido fustigada pela crise de energia do ano passado e pela crise
econmica da Argentina.

presidential elections in October. According to the latest consensus forecast
per cent by year- end and to 14.1 per cent by the end of 2003. According to
the same forecast, gross domestic product is expected to grow 2.4 per cent
Menores taxas de juros, uma das principais reivindicaes do setor
empresarial do Brasil, tambm poderiam aumentar a popularidade do
governo antes das eleies presidenciais de outubro. De acordo com as
ltimas previses de consenso publicadas pelo Banco Central, o mercado
espera que as taxas de juros caiam para 17 por cento at final do ano e para
14,1 por cento at final de 2003. De acordo com a mesma previso, o
produto interno bruto dever crescer 2,4 por cento este ano, acima de um
estimado 1,7 por cento no ano passado.

16- According to the text, the recent cut in the Brazilian interest rate
was
Segundo o texto, o corte recente na taxa de juros brasileira foi

a) a misplaced sign of confidence in the economy.
um sinal equivocado de confiana na economia.

b) a result of the crisis in Argentinas economy.
resultado da crise na economia argentina.

c) designed to attract investment over seven months.
projetado para atrair investimentos ao longo de sete meses.

d) a sign of confidence in Brazil's economic recovery.
um sinal de confiana na recuperao econmica do Brasil.

e) an unexpectedly large cut in a modest interest rate.
um inesperadamente grande corte em uma modesta taxa de juros.


12

Brazil's central bank surprised financial markets on Wednesday night with its first
interest rate cut in seven months, strengthening investor confidence in an
economic rebound this year and easing fears of economic contagion in the region
from Argentina.
O Banco Central do Brasil surpreendeu os mercados financeiros na noite de quarta-feira
com seu primeiro corte na taxa de juros em sete meses, reforando a confiana dos
investidores uma recuperao econmica neste ano e aliviando os temores de
contgio econmico na regio vindo da Argentina.

Letra A - Errada. realmente um sinal de confiana (signo of confidence)
na economia. Contudo, esse sinal no equivocado (misplaced).

Letra B - Errada. O corte (cut) na taxa de juros (interest rate) demonstra
que no fomos contaminados com a crise argentina. Assim, no resultado
da crise na Argentina.

Letra C - Errada. O autor fala em sete meses (seven months) quando nos
informa que este foi o primeiro corte na taxa de juros em sete meses. Nao
afirma que o corte para atrair investimentos (attract investment) dentro
do prazo de sete meses.
Letra D - Correta. "Economic rebound e "economic recovery so termos
sinnimos. Na verdade, rebound significa recuperao rpida (quick
recovery). Dizer que o corte refora a confiana do investidor em uma
recuperao (recovery) econmica brasileira o mesmo que dizer que tal
corte um sinal (sign) de confiana na recuperao econmica do Brasil.
Letra E - Errada. O texto no afirma que o corte foi grande (large),
inesperado (unexpected) e muito menos que a taxa de juros era modesta
(modest). Apenas diz que o corte na taxa de juros foi modesto.

17- According to the article, in 1999, Brazil
De acordo com o artigo, em 1999, o Brasil

a) devalued its currency and raised its interest rates.
desvalorizou sua moeda e elevou as taxas de juros.

b) began to suffer fallout from the crisis in Argentina.
comeou a sofrer efeitos desagradveis da crise na Argentina.


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c) lowered its interest rate on account of devaluation.
reduziu sua taxa de juros por conta da desvalorizao.

d) attracted only a modest rate of foreign investment.
atraiu apenas uma taxa modesta de investimento estrangeiro.

e) suffered a surprise fall in growth of almost 17%.
sofreu uma queda surpresa no crescimento de quase 17%.

A typical central bank strategy in past crises in the region has been to lift interest
rates to attract investment in the fixed rate market. This is what countries did in 1999,
when Brazil was forced to devalue the Real.
Uma tpica estratgia do banco central em crises anteriores na regio tem sido a de
levantar as taxas de juros para atrair investimentos no mercado de taxa fixa. Isto
o que pases fizeram em 1999, quando o Brasil foi obrigado a desvalorizar o real.

TO LIFT INTEREST RATES = TO RAISE INTEREST RATES
levantar as taxas de juros = elevar as taxas de juros

TO DEVALUE THE REAL = TO DEVALUE ITS CURRENCY
desvalorizar o Real = desvalorizar sua moeda

Letra A.

18- The government expects Brazil's inflation rote to be
O governo espera que a taxa de inflao do Brasil seja

a) 1.7%

b) 2.4%

c) 5.5%

d) 13%

e) 18.75%


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Letra A - Errada. 1,7% refere-se ao PIB do ano anterior.

Letra B - Errada. 2,4% refere-se ao crescimento do PIB estimado para o
ano do qual o texto trata.

Letra C - Correta.

The government's year-end inflation target is 5.5 per cent.
A meta do governo de inflao de fim de ano de 5,5 por cento.

Se a meta de inflao (inflation target) para o fim do ano de 5,5%,
porque o governo espera (expects) que a inflao seja de 5,5%.

Letra D - Errada. 13% a inflao atual.

Letra E - Errada. 18,75% refere-se SELIC.

19- The phrase "last year's power crisis" (line 24) refers to
A expresso "crise de energia do ano passado" (linha 24) refere-se a

a) domestic political problems in 2001.
problemas polticos internos em 2001.

b) the effects on the world of the September 11 attacks.
os efeitos sobre o mundo dos ataques de 11 de setembro.

c) regional political problems in South America.
os problemas polticos regionais na Amrica do Sul.

d) changes in the government in 2001.
mudanas no governo em 2001.

e) the shortage of electricity in Brazil in 2001.
falta de energia eltrica no Brasil em 2001.

POWER significa - no contexto - energia eltrica, eletricidade (electricity).
SHORTAGE significa falta, escassez. Tal palavra nos transmite a ideia de crise
(crisis).

Portanto, POWER CRISIS significa crise no setor de energia eltrica, falta de
energia eltrica. Letra E.

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20- The writer comments that the interest rate cut may
O escritor comenta que o corte da taxa de juros pode

a) be too modest to stimulate real growth in the Brazilian economy.
ser demasiado modesto para estimular o crescimento real da economia
brasileira.

b) please business people and gain support for the government.
agradar empresrios e ganhar apoio para o governo.

c) help Brazil to overcome a forecast of negative GDP growth.
ajudar o Brasil a superar a previso de crescimento negativo do PIB.

d) assist the economy to overcome the effect of the years elections.
auxiliar a economia a superar o efeito das eleies do ano.

e) leave inflation-adjusted interest rates at an extremely low level.
deixar as taxas de juros ajustadas inflao em um nvel extremamente
baixo.

Lower interest rates, one of the principal demands of Brazil's business sector, could
also increase the popularity of the government ahead of presidential elections in
October.
Menores taxas de juros, uma das principais reivindicaes do setor empresarial do
Brasil, tambm poderiam aumentar a popularidade do governo antes das eleies
presidenciais de outubro.

Se menores taxas de juros (lower interest rates) uma das principais
demandas do setor empresarial, o corte dessas taxas agradaria (please)
empresrios (bussiness people).

O autor tambm afirma que tal corte poderia aumentar (could increase) a
popularidade do governo. Isso o mesmo que afirmar que o governo
ganharia (gain) apoio (support). Letra B.


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Mountain of 90's Debt Looms as City and State Feel Pinch
Montanha de dvida da dcada de 90 surge enquanto a cidade e o estado
sentem aperto

New Yorkers say their region stands alone in all sorts of ways. But few
citizens of this sprawling city and state know it is the undisputed leader in an
undesirable arena: government debt.
Nova-iorquinos afirmam que sua regio se destaca em vrias coisas. Mas
poucos cidados desta vasta cidade e estado sabem que a lder indiscutvel
em uma arena indesejvel: a dvida pblica.

New York City and New York State are far and away the largest debtors in
the nation, outside the federal government. The city has $42 billion in loans
outstanding, and the state has $38 billion. No one else is even close, the
State of California running a distant third, at $25 billion.
A cidade de Nova Iorque e o Estado de Nova Iorque so de longe, os
maiores devedores do pas, tirando o governo federal. A cidade tem US $ 42
bilhes em emprstimos pendentes, e o estado tem US $ 38 bilhes.
Ningum mais est nem perto, o Estado da Califrnia est em um distante
terceiro lugar, com US $ 25 bilhes.

Now, as New York navigates the narrow fiscal straits brought on by
recession and the Sept. 11 attack, and surpluses have given way to yawning
deficits, those debts loom larger, fiscal monitors say. The state and city each
spend about $4 billion a year on debt payments, limiting the money
available to weather a crisis without cutting essential services or resorting to
Agora, medida que Nova Iorque navega os estreitos fiscais provocados
pela recesso e o ataque de 11 de setembro, e os supervits deram lugar a
crescentes dficits, essas dvidas agigantam-se, monitores fiscais dizem. O
estado e cidade gastam cada cerca de US $ 4 bilhes por ano em
pagamentos da dvida, limitando o dinheiro disponvel para enfrentar uma
crise sem cortar servios essenciais ou recorrer a truques oramentrios que
empurram os custos atuais para as geraes futuras.

In announcing his budget plan last week, Mayor Michael R. Bloomberg
proposed that the city take on even more debt, $1.5 billion, to help cover a
$4.7 billion budget gap. That would mean selling bonds to cover day-to-day
expenses, something the city has not done since the fiscal crisis of the
1970's.
Ao anunciar seu plano de oramento na semana passada, o prefeito Michael
R. Bloomberg props que a cidade se endivide ainda mais, US $ 1,5 bilhes,

17
para ajudar a cobrir uma lacuna no oramento de US $ 4,7 bilhes. Isso
significaria a venda de ttulos para cobrir despesas do dia-a-dia, algo que a
cidade no tem feito desde a crise fiscal da dcada de 1970.

Mr. Bloomberg acknowledged that doing so was an extraordinary step, and
all but pleaded with bond-rating agencies to accept the tactic, promising that
borrowing to reduce coming years' deficits would not become an annual tool.
The mayor also wants to refinance some debt, to reduce the interest
payments over the next several years to get through this tough stretch.
Sr. Bloomberg reconheceu que isso foi um passo extraordinrio, e quase
pleitou com agncias de classificao de ttulo a aceitar a ttica, prometendo
que os emprstimos para reduzir os dficits nos prximos anos no se
tornariam uma ferramenta anual. O prefeito tambm quer refinanciar parte
da dvida, para reduzir os pagamentos de juros ao longo dos prximos anos
para atravessar esse trecho difcil.

Borrowing money can play an important, valued role in government - one
accepted by even the most conservative critics - when it is used to pay for
high-cost, long-lasting assets like bridges, railroads and power plants that
would otherwise take decades to buy. The question, then, is not whether to
borrow, but to what degree.
Pegar dinheiro emprestado pode desempenhar um papel importante e
valorizado no governo - aceito at pelos crticos mais conservadores -
quando usado para pagar por ativos de alto custo e de longa durao
como pontes, ferrovias e usinas de energia que de outra forma levariam
dcadas para comprar . A questo, ento, no a de pegar emprestado,
mas em que grau.

21- The text says that, in relation to the level of government debt,
most residents of the city and the State are
O texto diz que, em relao ao nvel da dvida pblica, a maioria dos
residentes da cidade e do Estado esto

a) shocked by it.
chocados com isso.

b) anxious to settle it.
ansiosos para resolver isso.

c) prepared to repay it.
preparados para pag-la.


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d) turning a blind eye to it.
fechando os olhos para ela.

e) unaware of it.
ignorantes acerca disso.

New Yorkers say their region stands alone in all sorts of ways. But few citizens of this
sprawling city and state know it is the undisputed leader in an undesirable arena:
government debt.
Nova-iorquinos afirmam que sua regio se destaca em vrias coisas. Mas poucos
cidados desta vasta cidade e estado sabem que a lder indiscutvel em uma arena
indesejvel: a dvida pblica.

Se muitos cidados (citizens) no sabem da dvida pblica (government
debt) porque no tm conscincia dela, a ignoram, a desconhecem (are
unaware of it). Letra E.

AWARE:
cnscio
ciente
a par
informado

O prefixo UN indica negao. UNAWARE o oposto de AWARE.

22- According to the text, New York City and New York State
Segundo o texto, a cidade de Nova Iorque e o estado de Nova Iorque

a) ought to borrow large sums of money to renew their basic infrastructure.
devem pegar emprestado grandes somas de dinheiro para renovar a sua
infra-estrutura bsica.

b) will need to borrow money to rebuild the economy after September 11.
tero de pegar dinheiro emprestado para reconstruir a economia depois de
11 de setembro.

c) may have to borrow new money to cover their large fiscal deficits.
podem ter que pegar dinheiro emprestado de novo para cobrir os seus
grandes dficits fiscais.


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d) will be obliged to reduce public services to repay their massive debts.
sero obrigados a reduzir servios pblicos para pagar suas enormes
dvidas.

e) are the second and third biggest public debtors in the United States.
so as segunda e terceira maiores devedoras pblicas nos Estados Unidos.

ANULADA.

23- In the writers' view the problem is
Na viso do escritor o problema

a) not borrowing in itself, but borrowing to cover routine daily
spending.
no tomar emprestado em si, mas tomar emprestado para cobrir gastos da
rotina diria.

b) how to sell bonds to finance special new fiscal gimmicks.
a forma de vender ttulos para financiar novos truques especiais fiscais.

c) navigating the fiscal straits to roll debt over for future generations.
a navegao nos estreitos fiscais para rolar a dvida ao longo de geraes
futuras.

d) persuading conservatives that public spending will promote recovery.
convencer os conservadores de que a despesa pblica vai promover a
recuperao.

e) rebuilding the citys damaged infrastructure in the aftermath of
September 11.
reconstruir infra-estruturas danificadas da cidade como consequncia do 11
de Setembro.


20

That would mean selling bonds to cover day-to-day expenses, something the city has
not done since the fiscal crisis of the 1970's.
Isso significaria a venda de ttulos para cobrir despesas do dia-a-dia, algo que a cidade
no tem feito desde a crise fiscal da dcada de 1970.

(...)
Borrowing money can play an important, valued role in government - one accepted by
even the most conservative critics - when it is used to pay for high-cost, long-lasting
assets like bridges, railroads and power plants that would otherwise take decades to
buy. The question, then, is not whether to borrow, but to what degree.
Pegar dinheiro emprestado pode desempenhar um papel importante e valorizado no
governo - aceito at pelos crticos mais conservadores - quando usado para pagar por
ativos de alto custo e de longa durao como pontes, ferrovias e usinas de energia que
de outra forma levariam dcadas para comprar . A questo, ento, no a de pegar
emprestado, mas em que grau.

Pegar dinheiro emprestado (borrowing money) no problema se for para
pagar por ativos de alto custo (high-cost) e de longa durao (long-lasting).
Pelo contrrio, tem papel (role) importante (important) e valorizado
(valued) no governo. Entretanto, pegar emprestado para pagar outros tipos
de gastos - como os de rotina diria (day-to-day expenses) - sim algo
problemtico. Letra A.

24- Each year, servicing the huge existing debt costs the City and
the State together around
A cada ano, atender enorme dvida existente custa Cidade e ao Estado
em torno de

a) 1.5 billion dollars.
1,5 bilhes de dlares.

b) 4 billion dollars.
4 bilhes de dlares.

c) 4.7 billion dollars.
4,7 bilhes de dlares.

d) 8 billion dollars.
8 bilhes de dlares.

e) 38 billion dollars.
38 bilhes de dlares.

21

The state and city each spend about $4 billion a year on debt payments, limiting the
money available to weather a crisis without cutting essential services or resorting to
O estado e cidade gastam cada cerca de US $ 4 bilhes por ano em pagamentos da
dvida, limitando o dinheiro disponvel para enfrentar uma crise sem cortar servios
essenciais ou recorrer a truques oramentrios que empurram os custos atuais para as
geraes futuras.

Se cada um (each) - cidade e estado - gastam 4 bilhes em pagamentos da
dvida - ou seja - servicing the debt, juntos eles gastam 8. A dificuldade na
questo era conhecer o sentido de EACH (cada, cada um, cada qual).
Letra D.

25- The expression "to weather" a crisis means

A expresso "para enfrentar" uma crise significa

a) to avoid a crisis.
evitar uma crise

b) to survive a crisis.
sobreviver a uma crise.

c) to provoke a crisis.
provocar uma crise

d) to intensify a crisis.
intensificar uma crise

e) to succumb to a crisis.
sucumbir a uma crise

The state and city each spend about $4 billion a year on debt payments, limiting the
money available to weather a crisis without cutting essential services or resorting to
O estado e cidade gastam cada cerca de US $ 4 bilhes por ano em pagamentos da
dvida, limitando o dinheiro disponvel para enfrentar uma crise sem cortar servios
essenciais ou recorrer a truques oramentrios que empurram os custos atuais para as
geraes futuras.

22

Dos verbos que aparecem nas alternativas, apenas AVOID (evitar) no
cognato, perceberam? AVOID no tem mistrios. J vimos em vrios textos.

Vejamos o verbo do qual a questo trata:

TO WEATHER:
vencer
resistir a
sobreviver a
passar por (dificuldades)

Assim:

TO WEATHER A CRISIS = TO SURVIVE A CRISIS
enfrentar uma crise sobreviver a uma crise
passar por uma crise
resistir a uma crise

Letra B.

Rating agencies defend their style of analysis and hedge their bets
As agncias de classificao de risco defendem seu estilo de anlise - e
cobrem as suas apostas

THE two credit-rating agencies that dominate the business come in for flak
from all sides. Investors caught holding Enron's investment-grade bonds as
their price sank to below that of junk say that Moody's and Standard &
Poor's (S&P) are just too slow to spot companies' declining financial health.
AS duas agncias de classificao de risco de crdito que dominam o negcio
respondem crticas de todos os lados. Investidores pegos possuindo ttulos
de grau de investimento de alto risco especulativo da Enron enquanto seu
preo afundava dizem que a Moody e a Standard & Poors (S&P) so muito
lentas para detectar a sade financeira em declnio das empresas.

Equally, say others, they are just too fast when they produce unjustifiably
large changes in ratings. Stung by a precipitous downgrade, Tyco, once a
high-flying American conglomerate, has had to seek an emergency and very
costly refinancing, punishing investors.
Igualmente, dizem outros, eles so muito rpidos quando produzem
mudanas injustificadamente grandes em avaliaes. Feridos por um

23
rebaixamento abrupto, Tyco, uma vez um ambicioso conglomerado
americano, teve de procurar um refinanciamento de emergncia e muito
caro, punindo os investidores.

The agencies use legions of highly trained analysts with access to top
management. Their meticulous reports giving ratings for corporate bonds
are designed to give an accurate picture of the bonds' riskiness and,
ultimately, the probability of default.
As agncias usam legies de analistas altamente treinados, com acesso
alta administrao. Seus relatos minuciosos dando classificaes para ttulos
corporativos so projetados para dar uma imagem fiel do grau de risco dos
ttulos e, em ltima anlise, a probabilidade de inadimplncia.

Lately, rating agencies have struggled to keep up; it seems a bond's rating
tells you ever less about the price that investors are willing to pay. In 1997
two-thirds of debt rated triple-B by S&P was priced within 20 basis points
(hundredths of a percentage point) of the average bond with the same
rating.
Ultimamente, as agncias de classificao de risco tm lutado para manter-
se, parece que classificao de um ttulo diz-lhe cada vez menos sobre o
preo que os investidores esto dispostos a pagar. Em 1997, dois teros da
dvida classificada como triplo-B pela S&P foi precificada em 20 pontos-base
(centsimos de um ponto percentual) do ttulo mdia com a mesma
classificao.

Since then, the range has widened. Last year credit spreads' standard
deviation, a measure of dispersion, had risen more than sixfold.
Desde ento, o intervalo aumentou. No ano passado, o desvio padro da
margem de crdito, uma medida de disperso, aumentou mais de seis
vezes.

26- The task of a credit rating agency is to
A tarefa das agncias de classificao de crdito

a) downgrade junk bonds as soon as their investors spot them.
rebaixar ttulos de alto risco logo que seus investidores os identificam.

b) catch failing companies fast and denounce them to the public.
Pegar empresas que esto falindo e denunci-las ao pblico.

c) estimate the level of risk involved in particular investments.
estimar o nvel de risco envolvido em investimentos especficos.

24

d) calculate the effectiveness of companies top management
calcular a eficcia da alta administrao das empresas

e) punish investors who do not refinance in emergency situations.
punir os investidores que no refinanciam em situaes de emergncia.

The agencies use legions of highly trained analysts with access to top management.
Their meticulous reports giving ratings for corporate bonds are designed to give an
accurate picture of the bonds' riskiness and, ultimately, the probability of
default.
As agncias usam legies de analistas altamente treinados, com acesso alta
administrao. Seus relatos minuciosos dando classificaes para ttulos corporativos
so projetados para dar uma imagem fiel do grau de risco dos ttulos e, em
ltima anlise, a probabilidade de inadimplncia.

to give an accurate picture = to estimate
dar uma imagem fiel = estimar

riskiness = level of risk
grau de risco = nvel de risco
Letra C.

27- In the case of the Enron company, the two main credit rating agencies
No caso da empresa Enron, as duas principais agncias de classificao de crdito

a) suddenly changed their estimate, causing severe damage.
de repente mudaram sua estimativa, causando danos graves.

b) caught investors illegally holding investment grade bonds.
pegaram investidores ilegalmente possuindo ttulos com grau de investimento.

c) allowed share prices to rise unreasonably rapidly.
permitiram que os preos das aes subissem exageradamente rpido.

d) were apparently unaware of the company's severe problems.
estavam aparentemente desinformados sobre graves problemas da empresa.

e) belatedly wanted to dominate the sinking business.
tardiamente queriam dominar o negcio que est afundando.


23

Investors caught holding Enron's investment-grade bonds as their price sank to below
that of junk say that Moody's and Standard & Poor's (S&P) are just too slow to spot
companies' declining financial health.
Investidores pegos possuindo ttulos de grau de investimento de alto risco especulativo
da Enron enquanto seu preo afundava dizem que a Moody e a Standard & Poors (S&P)
so muito lentas para detectar a sade financeira em declnio das empresas.

Se as empresas citadas foram lentas demais (too slow) para detectar o
declnio (declining) da sade financeira das empresas, podemos entender
que - enquanto tal sade declinava - a Moody e a Standard & Poors (S&P)
no estavam a par (were unaware) dos graves problemas (severe
problems) das empresas. Letra D.

28- The US company Tyco was adversely affected by
A empresa Tyco dos EUA foi prejudicada pela

a) the generalized crisis in the airline industry.
crise generalizada no setor areo.

b) a sudden downward revision of its credit rating.
repentina reviso para baixo de sua classificao de crdito.

c) a scam involving too high a credit rating.
uma fraude envolvendo uma classificao de crdito muito alta.

d) precipitous conglomeration of the market.
conglomerao precipitada do mercado.

e) an anti-trust investigation of its corporate size.
uma investigao anti-truste da sua dimenso corporativa.

Stung by a precipitous downgrade, Tyco, once a high-flying American conglomerate,
has had to seek an emergency and very costly refinancing, punishing investors.
Feridos por um rebaixamento abrupto, Tyco, uma vez um ambicioso conglomerado
americano, teve de procurar um refinanciamento de emergncia e muito caro, punindo
os investidores.

26
PRECIPITOUS = SUDDEN
sbito repentino
abrupto
precitipado

DOWNGRADE = DOWNWARD REVISION
declnio, rebaixamento = reviso para baixo

Letra B.

29- The correlation between the price of a bond and its credit rating
is
A correlao entre o preo de um ttulo e sua classificao de crdito est()

a) growing less reliable.
cada vez menos confivel.

b) poor, but improving.
ruim, mas melhorando.

c) strictly accurate.
estritamente preciso.

d) spreading fast.
se espalhando rapidamente.

e) deviously calculable.
tortuosamente calculvel.

Lately, rating agencies have struggled to keep up; it seems a bond's rating tells you
ever less about the price that investors are willing to pay.
Ultimamente, as agncias de classificao de risco tm lutado para manter-se, parece
que classificao de um ttulo diz-lhe cada vez menos sobre o preo que os
investidores esto dispostos a pagar.

Afirmar que diz cada vez menos (tells ever less) o mesmo que dizer que
cada vez menos confivel (less reliable). Letra A.

27
30- Which of the following is not mentioned in the text?
Qual das seguintes no mencionado no texto?

a) The names of the two main credit rating companies.
os nomes das duas principais empresas de classificao de crdito.

b) The need to assess the likelihood of a companys default.
a necessidade de avaliar a probabilidade de inadimplncia de uma empresa.

c) Reasons for criticizing credit rating companies.
as razes para criticar empresas de classificao de crdito.

d) The sharp decrease in value of Enron shares.
a reduo acentuada no valor das aes da Enron.

e) The exact number of credit ratings analysts at work.
o nmero exato de analistas de classificao de crdito no trabalho.

The agencies use legions of highly trained analysts with access to top management.
As agncias usam legies de analistas altamente treinados, com acesso alta
administrao.

Legies (legions) no um nmero exato (exact number) de analistas.
Letra E.

QUEST


Read the text below in order to answer questions

Brazil has made significant progress in facing
the past.

Macroeconomic stabilization has been reinforced
Real in 1999 and, for the first time in a decade, the economy was able to
benefit from an export-
broad-based, which has
softened the impact of fiscal adjustment.

Nonetheless, the dependence on foreign sources
vulnerability to external
challenge of pressing ahead with the reforms that
growth. This encompasses a
working. Reform of the fiscal federal relations is
system remains fiscally
benefits and privileges for civil servants.

31- According to the text, in 2000, tax r

a) went up.

b) fell off.

c) dropped.

d) went down.

e) doubled.
PROVA

SRF
Cargo: Tcnico da Receita Federal
Ano: 2002.1

PROVA 2

below in order to answer questions 31 to 35.
Economic Survey of Brazil
Brazil has made significant progress in facing problems that are a legacy of
Macroeconomic stabilization has been reinforced since the devaluation of the
the first time in a decade, the economy was able to
-led recovery. In 2000, this recovery became more
based, which has induced a significant increase in tax revenues and
, the dependence on foreign sources of finance, and thus the
vulnerability to external shocks, remains significant. Brazil now faces the
challenge of pressing ahead with the reforms that are needed to sustain
growth. This encompasses a number of areas, in which the government is
working. Reform of the fiscal federal relations is needed, and the pension
system remains fiscally unsustainable in the absence of a reduction in
According to the text, in 2000, tax revenues
Tcnico da Receita Federal
Banco de provas
AFRFB
28

problems that are a legacy of
since the devaluation of the
the first time in a decade, the economy was able to
recovery became more
induced a significant increase in tax revenues and
of finance, and thus the
shocks, remains significant. Brazil now faces the
are needed to sustain
which the government is
needed, and the pension
unsustainable in the absence of a reduction in
Banco de provas

29
32- Brazil's pension system

a) strengthens human capital.

b) was devised by civil servants.

c) is fiscally suitable.

d) is too heavy a fiscal burden.

e) reduces social disparities.

33- External shocks

a) result in severe reductions in wages.

b) lower the level of inflation.

c) impact the Brazilian economy.

d) induce the dismissal of federal employees.

e) were beneficial in 2000.

34- According to the author, Brazil

a) has made profound reforms in its pension system.

b) has been increasing its tax revenue for decades.

c) still needs to implement necessary reforms.

d) has reduced a number of privileges and benefits.

e) has been challenging the national market since 2000.


30
35- The author states that the impact of the fiscal adjustment in
2000

a) was made more severe.

b) could have been softened.

c) could have been avoided.

d) had been foreseen by experts.

e) was made less severe.

Read the text below in order to answer questions 36 to 40.

Senate finally acts to protect Internet users against taxation

On Thursday, November 15th, the U.S. Senate finally acted to extend the
moratorium safeguarding against discretionary taxation of the Internet and
Internet access for two years.

The Senate had failed to act in October, allowing the moratorium to expire.
This was not as a result of the very serious anthrax scare, but as a result of
18-month long foot-dragging of three Senators. These senators chose to
ignore Americans, who according to a recent Zogby poll, oppose
Congressional consideration of a law which would force Internet merchants
to begin collecting sales tax by 66%.

After much pressure, they finally listened and voted to extend the measure.
President Bush signed the bill on November 28, 2001. While it is certainly
not the outcome that we desired, it nonetheless prevents the 7,600 taxing
bodies across America from imposing taxes on the Internet for a period of
two years.


31
36- According to the text, the two-year Internet moratorium
extension

a) is about to be signed.

b) is likely to be signed.

c) was signed.

d) was called off.

e) was postponed.

37- According to the author, the Internet

a) might replace catalog and mail order sales.

b) access and discretionary taxes are permanent.

c) discretionary taxes should be validated.

d) is exempted from taxation for 2 years.

e) is currently subject to taxation.

38- The moratorium took a long time to approve because of
a) the mailing of anthrax spores to various Senators.

b) the negative results of an opinion poll among Zogbies.

c) the need to consult 7,600 taxing bodies in America.

d) the obstructive action of three particular Senators.

e) the difficulty in going against the majoritys wishes.


32
39- According to the text,

a) the US Senate has been struggling to extend the Internet moratorium.

b) 7,600 taxing bodies could be imposing taxes on the Internet.

c) President Bush has refused to sign the Internet moratorium extension.

d) merchants are willing to define fiscal principles and procedures.

e) it is technologically difficult to impose taxes via the Internet.

40- According to the author, the decision to extend the moratorium
was not

a) quick.

b) official.

c) made.

d) sustained.

e) enforced.


Is payment of taxes voluntary?

In the US, some individuals argue that they are not required to pay federal
taxes because the payment of federal taxes is voluntary. Proponents of this
position assert that the American system of taxation is based upon voluntary
assessment and payment. However, what does the law say about it?

The requirement to pay taxes is not voluntary and is clearly set forth in
section 1 of the Internal Revenue Code, which imposes a tax on the taxable
income of individuals, estates, and trusts as determined by the tables set
forth in that section. Furthermore, the obligation to pay tax is described in
section 6151, which requires taxpayers to submit payment with their tax
returns.

33
Failure to pay taxes could subject the noncomplying individual to criminal
penalties, including fines and imprisonment, as well as civil penalties.

41- In paragraph 1, the text refers to individuals who

a) are in charge of validating state laws.

b) volunteer to pay their taxes.

c) have failed to pay federal levies.

d) argue against the compulsory tax payment.

e) assess and charge federal taxes.

42- Section 1 of the Internal Revenue Code

a) sets the voluntary payment of taxes.

b) establishes the requirement to pay taxes.

c) regulates the impact of fiscal adjustment.

d) addresses the issue of budget expenditures.

e) concerns the social security deficit.

43- According to the author, sanctions for non-compliance

a) might be approved of.

b) must soon be set.

c) should be devised.

d) may be established.

e) have been set.


34
44-The text

a) refers to state taxes.

b) concerns taxation issues.

c) concerns the social system.

d) sets economic criteria.

e) refers to retirement benefits.


a) federal taxes are refundable.

b) paying levies is voluntary.

c) criminal penalties are illegal.

d) American states must enforce fiscal laws.

e) taxpayers have fiscal obligations.


33

PROVA 2: TRADUO E COMENTRIOS

Leia o texto abaixo para responder s questes 31 a 35.

Economic Survey of Brazil
Avaliao Econmica do Brasil

Brazil has made significant progress in facing problems that are a legacy of
the past.
O Brasil tem feito progressos significativos para enfrentar problemas que so
um legado do passado.

Macroeconomic stabilization has been reinforced since the devaluation of the
Real in 1999 and, for the first time in a decade, the economy was able to
benefit from an export-led recovery. In 2000, this recovery became more
broad-based, which has induced a significant increase in tax revenues and
A estabilizao macroeconmica foi reforada desde a desvalorizao do
Real em 1999 e, pela primeira vez em uma dcada, a economia foi capaz de
se beneficiar de uma recuperao liderada pelas exportaes. Em 2000, essa
recuperao se tornou mais ampla, o que induziu um aumento significativo
das receitas fiscais e amorteceu o impacto do ajuste fiscal.

Nonetheless, the dependence on foreign sources of finance, and thus the
vulnerability to external shocks, remains significant. Brazil now faces the
challenge of pressing ahead with the reforms that are needed to sustain
growth. This encompasses a number of areas, in which the government is
working. Reform of the fiscal federal relations is needed, and the pension
system remains fiscally unsustainable in the absence of a reduction in
No entanto, a dependncia de fontes externas de financiamento e, portanto, a
vulnerabilidade a choques externos, permanece significativa. O Brasil agora
enfrenta o desafio de prosseguir com as reformas que so necessrias para
sustentar o crescimento. Este abrange vrias reas, nas quais o governo est
trabalhando. A reforma das relaes fiscais federais necessria, e o sistema de
penses continua a ser fiscalmente insustentvel na ausncia de uma reduo dos
benefcios e privilgios dos funcionrios pblicos.


36
31- According to the text, in 2000, tax revenues
De acordo com o texto, em 2000, as receitas de impostos

a) went up.
aumentaram.

b) fell off.
caram.

c) dropped.
caram.

d) went down.
caram.

e) doubled.
dobraram.

In 2000, this recovery became more broad-based, which has induced a significant
increase in tax revenues and softened the impact of fiscal adjustment.
Em 2000, essa recuperao se tornou mais ampla, o que induziu um aumento
significativo das receitas fiscais e amorteceu o impacto do ajuste fiscal.

Nosso "memorex-movimentao mata a questo. TO FALL OFF (fell -
passado), TO DROP (dropped - passado) e TO GO DOWN (went down -
passado) so sinnimos e indicam queda, reduo, diminuio.

TO GO UP (went up - passado) sinnimo de TO INCREASE, que aparece
no texto. a resposta correta.

TO DOUBLE est errada pois o texto fala em aumento (increase)
significativo das receitas fiscais (tax revenues), mas no quantifica tal
aumento. Assim, no se pode afirmar que as receitas dobraram (doubled).

Letra A.


37
32- Brazil's pension system
O sistema de penso do Brasil

a) strengthens human capital.
fortalece o capital humano.

b) was devised by civil servants.
foi concebido por funcionrios pblicos.

c) is fiscally suitable.
fiscalmente adequado.

d) is too heavy a fiscal burden.
um fardo fiscal muito pesado.

e) reduces social disparities.
reduz as disparidades sociais.

Reform of the fiscal federal relations is needed, and the pension system remains
fiscally unsustainable in the absence of a reduction in benefits and privileges for civil
servants.
A reforma das relaes fiscais federais necessria, e o sistema de penses
continua a ser fiscalmente insustentvel na ausncia de uma reduo dos
benefcios e privilgios dos funcionrios pblicos.

Se o sistema de penses fiscalmente insustentvel (fiscally
unsustainable), podemos concluir que consiste em um fardo fiscal (fiscal
burden) pesado demais (too heavy). Letra D.

33- External shocks
Os choques externos

a) result in severe reductions in wages.
resultam em redues severas nos salrios.

b) lower the level of inflation.
reduzem o nvel de inflao.


38
c) impact the Brazilian economy.
impactam na economia brasileira.

d) induce the dismissal of federal employees.
induzem a demisso de funcionrios pblicos federais.

e) were beneficial in 2000.
foram benficos em 2000.

Nonetheless, the dependence on foreign sources of finance, and thus the vulnerability
to external shocks, remains significant.
vulnerabilidade a choques externos, permanece significativa.

O texto no nos diz muito sobre os choques externos (external shocks). O
que podemos concluir do trecho acima que tais choques impactam na
economia brasileira (impact the Brazilian economy) - caso contrrio, no
seriam objeto de anlise e preocupao demonstrada pelo autor. Letra C.

34- According to the author, Brazil
Segundo o autor, o Brasil

a) has made profound reforms in its pension system.
tem feito reformas profundas em seu sistema previdencirio.

b) has been increasing its tax revenue for decades.
tem aumentado sua receita tributria por dcadas.

c) still needs to implement necessary reforms.
ainda precisa implementar as reformas necessrias.

d) has reduced a number of privileges and benefits.
tem reduzido uma srie de privilgios e benefcios.

e) has been challenging the national market since 2000.
vem desafiando o mercado nacional desde 2000.


39

Letra A - Errada. O texto fala que o sistema previdencirio (pension
system) continua fiscalmente insustentvel (remains fiscally unsustainable).
As profundas reformas (profound reforms) de que a assertiva trata so
necessrias, mas ainda no ocorreram.

Letra B - Errada. O que o autor nos diz sobre o aumento (increase) das
receitas fiscais (tax revenues) que este ocorreu no ano 2000. No disse
que vem ocorrendo nas ltimas dcadas. Pessoal, lembrem-se que a prova
ocorreu em 2002.1 quando analisarem as datas que aparecem, ok?

Letra C - Correta. O Brasil precisa resolver os seguintes problemas:

1. Vulnerabilidade a choques externos (external schocks) um razo de
sua dependncia de financiamento externo (dependence on foreign sources
of finance)

2. A reforma das relaes fiscais federais (reform of the fiscal federal
relations) necessria

3. O sistema de penses (pension system) est em situao
insustentvel (unsustainable).

Reform of the fiscal federal relations is needed, and the pension system remains fiscally
unsustainable in the absence of a reduction in benefits and privileges for civil servants.
A reforma das relaes fiscais federais necessria, e o sistema de penses continua a
ser fiscalmente insustentvel na ausncia de uma reduo dos benefcios e privilgios
dos funcionrios pblicos.

40

Concluso: O Brasil ainda precisa implementar as reformas necessrias (still
needs to implement necessary reforms).

Letra D - Errada. O Brasil precisa reduzir (reduce) tais privilgios e
benefcios (privileges and benefits) para que o sistema de penses deixe de
ser fiscalmente insustentvel (fiscally unsustainable) - vide passagem
acima. Segundo o texto, o pas ainda convive com a ausncia (absence) de
tal reduo.

Letra E - Errada. O Brasil enfrenta o desafio (faces the challenge). No
desafia (challenge).

Nonetheless, the dependence on foreign sources of finance, and thus the vulnerability
to external shocks, remains significant. Brazil now faces the challenge of pressing
ahead with the reforms that are needed to sustain growth. This encompasses a number
of areas, in which the government is working. Reform of the fiscal federal relations is
needed, and the pension system remains fiscally unsustainable in the absence of a
reduction in benefits and privileges for civil servants.
vulnerabilidade a choques externos, permanece significativa. O Brasil agora enfrenta o
desafio de prosseguir com as reformas que so necessrias para sustentar o
crescimento. Este abrange vrias reas, nas quais o governo est trabalhando. A
reforma das relaes fiscais federais necessria, e o sistema de penses continua a
ser fiscalmente insustentvel na ausncia de uma reduo dos benefcios e privilgios
dos funcionrios pblicos.
Brazil now faces the challenge of pressing ahead with the reforms that are needed to
sustain growth.
O Brasil agora enfrenta o desafio de prosseguir com as reformas que so necessrias
para sustentar o crescimento

35- The author states that the impact of the fiscal adjustment in
2000
O autor afirma que o impacto do ajuste fiscal em 2000

a) was made more severe.
foi tornado mais grave.

b) could have been softened.
poderia ter sido suavizado.

41
c) could have been avoided.
poderia ter sido evitado.

d) had been foreseen by experts.
havia sido previsto por especialistas.

e) was made less severe.
foi tornado menos grave.


Vamos explorar o sentido do verbo TO SOFTEN:
suavizar
mitigar
acalmar
enfraquecer
amolecer

Se o impacto do ajuste fiscal (fiscal adjustment) foi suavizado (soften), ele
foi tornado menos severo (less severe). Letra E.

Leia o texto abaixo para responder s perguntas de 36-40.

Senado finalmente age para proteger os usurios da Internet contra a
taxao

On Thursday, November 15th, the U.S. Senate finally acted to extend the
moratorium safeguarding against discretionary taxation of the Internet and
Internet access for two years.
Na quinta-feira, 15 de novembro, o Senado dos EUA finalmente agiu para
estender a moratria de salvaguarda contra a taxao discricionria da
Internet e do acesso Internet por dois anos.


42
The Senate had failed to act in October, allowing the moratorium to expire.
This was not as a result of the very serious anthrax scare, but as a result of
18-month long foot-dragging of three Senators. These senators chose to
ignore Americans, who according to a recent Zogby poll, oppose
Congressional consideration of a law which would force Internet merchants
to begin collecting sales tax by 66%.
O Senado no conseguiu atuar em outubro, permitindo a moratria expirar.
Isto no era resultado do muito srio susto do antraz, mas resultado de 18
meses de morosidade de trs Senadores. Esses senadores optaram por
ignorar os americanos, que de acordo com uma recente pesquisa Zogby, se
opem considerao do Congresso de uma lei que obrigaria os
comerciantes da Internet a comear a recolher imposto sobre as vendas em
66%.

After much pressure, they finally listened and voted to extend the measure.
President Bush signed the bill on November 28, 2001. While it is certainly
not the outcome that we desired, it nonetheless prevents the 7,600 taxing
bodies across America from imposing taxes on the Internet for a period of
two years.
Depois de muita presso, eles finalmente ouviram e votaram a favor da
prorrogao da medida. O presidente Bush assinou o projeto de lei em 28 de
novembro de 2001. Embora certamente no seja o resultado que
desejvamos, ainda assim impede que os 7.600 rgos fiscais em toda a
Amrica de impor impostos sobre a Internet por um perodo de dois anos.

36- According to the text, the two-year Internet moratorium extension
Segundo o texto, os dois anos de extenso da moratria da Internet

a) is about to be signed.
est prestes a ser assinado.

b) is likely to be signed.
provvel de ser assinado.

c) was signed.
foi assinado.

d) was called off.
foi cancelado.

e) was postponed.
foi adiado.


43

On Thursday, November 15th, the U.S. Senate finally acted to extend the moratorium
safeguarding against discretionary taxation of the Internet and Internet access for two
years.
Na quinta-feira, 15 de novembro, o Senado dos EUA finalmente agiu para estender a
moratria de salvaguarda contra a taxao discricionria da Internet e do acesso
Internet por dois anos.

O autor nos informa que o Senado agiu para estender a moratria
(moratorium). Qual ao foi essa? Assinar (sign) o projeto de lei (bill) sobre
o assunto. Letra C.

No que tange aos verbos apresentados nas assertivas, nada de novo para
ns.

Ateno ao PHRASAL VERB TO CALL OFF:

TO CALL OFF cancelar, revogar

37- According to the author, the Internet
Segundo o autor, a Internet

a) might replace catalog and mail order sales.
pode substituir vendas por catlogo e por correspondncia.

b) access and discretionary taxes are permanent.
os impostos de acesso e discricionrio so permanentes.

c) discretionary taxes should be validated.
impostos discricionrios devem ser validado.

d) is exempted from taxation for 2 years.
isenta de tributao por 2 anos.

e) is currently subject to taxation.
est sujeita a tributao.


44

After much pressure, they finally listened and voted to extend the measure. President
Bush signed the bill on November 28, 2001. While it is certainly not the outcome that
we desired, it nonetheless prevents the 7,600 taxing bodies across America from
imposing taxes on the Internet for a period of two years.
Depois de muita presso, eles finalmente ouviram e votaram a favor da prorrogao da
medida. O presidente Bush assinou o projeto de lei em 28 de novembro de 2001.
Embora certamente no seja o resultado que desejvamos, ainda assim impede que
os 7.600 rgos fiscais em toda a Amrica de impor impostos sobre a Internet
por um perodo de dois anos.

prevents from imposing taxes on the Internet for a period of two years
impede de impor impostos sobre a Internet por um perodo de dois anos
=
is exempted from taxation for 2 years
isenta de tributao por 2 anos

Letra D.

Demais assertivas fogem ao texto.

38- The moratorium took a long time to approve because of
A moratria levou muito tempo para ser aprovada por causa

a) the mailing of anthrax spores to various Senators.
do envio de esporos de antraz a vrios senadores.

b) the negative results of an opinion poll among Zogbies.
dos resultados negativos de uma pesquisa de opinio entre Zogbies.

c) the need to consult 7,600 taxing bodies in America.
da necessidade de consultar 7.600 rgs fiscais nos Estados Unidos.

d) the obstructive action of three particular Senators.
da ao obstrutiva de trs senadores especficos.

e) the difficulty in going against the majoritys wishes.
da dificuldade em ir contra os desejos da maioria.


43

The Senate had failed to act in October, allowing the moratorium to expire. This
was not as a result of the very serious anthrax scare, but as a result of 18-month
long foot-dragging of three Senators. These senators chose to ignore Americans,
who according to a recent Zogby poll, oppose Congressional consideration of a law
which would force Internet merchants to begin collecting sales tax by 66%.
O Senado no conseguiu atuar em outubro, permitindo a moratria expirar. Isto
no era resultado do muito srio susto do antraz, mas resultado de 18 meses de
morosidade de trs Senadores.

O Senado no atuou em outubro em razo da morosidade, da m-vontade
(foot-dragging) de trs senadores (senators), ou seja, em razo da ao
obstrutiva (obstructive action) dos mesmos. Letra D.

Vejamos o que o Macmillan nos explica sobre a expresso TO DRAG YOUR
FEET:

to do something very slowly because you do not really want to do it
para fazer algo muito devagar porque voc realmente no quer faz-lo

Detalhe: feet o plural de foot.

Segundo o texto,

a) the US Senate has been struggling to extend the Internet moratorium.
o Senado dos EUA tem se esforado para ampliar a moratria da Internet.

b) 7,600 taxing bodies could be imposing taxes on the Internet.
7.600 orgos fiscais poderiam estar taxando a Internet.

c) President Bush has refused to sign the Internet moratorium extension.
o presidente Bush se recusou a assinar a extenso da moratria da Internet.

d) merchants are willing to define fiscal principles and procedures.
os comerciantes esto dispostos a definir princpios e procedimentos fiscais.

e) it is technologically difficult to impose taxes via the Internet.
tecnologicamente difcil impor impostos atravs da Internet.


46

Letra A - Errada. O projeto de lei (bill) da moratria para a Internet j foi
assinado (signed). No h mais luta (struggle) para ampli-la.

Letra B - Correta. Realmente poderiam, se no fosse pela moratria.

Letra C - Errada. O projeto de lei (bill) da moratria para a Internet j foi
assinado (signed).

Letra D - Errada. O texto no afirma isso.

Letra E - Errada. O texto no afirma isso.

40- According to the author, the decision to extend the moratorium
was not
Segundo o autor, a deciso de prorrogar a moratria no foi

a) quick.
rpida.

b) official.
oficial.

c) made.
feita.

d) sustained.
sancionada.

e) enforced.
cumpridas

O prprio ttulo dos indica a resposta:

Senado finalmente age para proteger os usurios da Internet contra a taxao

O FINALLY (finalmente) nos transmite a ideia de que o Senado demorou a
agir, no mesmo? Se demorou, porque no foi rpido (quick). Letra A.

47
Leia o texto abaixo para responder s perguntas de 41-45.

Is payment of taxes voluntary?
O pagamento de impostos voluntrio?

In the US, some individuals argue that they are not required to pay federal
taxes because the payment of federal taxes is voluntary. Proponents of this
position assert that the American system of taxation is based upon voluntary
assessment and payment. However, what does the law say about it?
Nos EUA, algumas pessoas argumentam que no so obrigados a pagar
impostos federais porque o pagamento de tributos federais voluntrio. Os
defensores desta posio afirmam que o sistema americano de tributao
baseia-se em voluntria avaliao e pagamento. No entanto, o que diz a lei
sobre isso?

The requirement to pay taxes is not voluntary and is clearly set forth in
section 1 of the Internal Revenue Code, which imposes a tax on the taxable
income of individuals, estates, and trusts as determined by the tables set
forth in that section. Furthermore, the obligation to pay tax is described in
section 6151, which requires taxpayers to submit payment with their tax
returns.
A obrigao de pagar impostos no voluntria e est claramente
estabelecida na seo 1 do Cdigo da Receita Federal, que impe um
imposto sobre o lucro tributvel das pessoas, propriedades, e fundos como
determinado pelas tabelas constantes dessa seo. Alm disso, a obrigao
de pagar imposto descrita na seo 6151, que exige que os contribuintes
enviem o pagamento com as suas declaraes fiscais.

Failure to pay taxes could subject the noncomplying individual to criminal
penalties, including fines and imprisonment, as well as civil penalties.
A falta de pagamento de impostos pode sujeitar o indivduo que no obedece
a sanes penais, incluindo multas e priso, bem como as sanes civis.

41- In paragraph 1, the text refers to individuals who
No pargrafo 1, o texto refere-se a indivduos que

a) are in charge of validating state laws.
so responsveis por validar as leis estaduais.

b) volunteer to pay their taxes.
se oferecem para pagar os seus impostos.

48
c) have failed to pay federal levies.
deixaram de pagar tributos federais.

d) argue against the compulsory tax payment.
argumentam contra o pagamento do imposto obrigatrio.

e) assess and charge federal taxes.
avaliam e cobram os impostos federais.

In the US, some individuals argue that they are not required to pay federal taxes
because the payment of federal taxes is voluntary.
Nos EUA, algumas pessoas argumentam que no so obrigados a pagar impostos
federais porque o pagamento de tributos federais voluntrio.

Os indivduos referidos na questo argumentam que no so obrigados (are not
required) a pagar impostos federais (federal taxes) pois estes seriam de
pagamento voluntrio (voluntary). Logo, eles argumentam contra (against) o
pagagamento compulsrio (compulsory) de impostos. Letra D.

As letras A, B e E fogem ao texto completamente. Talvez vocs tenham tido
dvidas na letra C. Todavia, essa alternativa extrapola o texto. O fato de alguns
indivduos argumentarem contra o pagamento compulsrio de impostos federais
no quer necessariamente dizer que eles deixaram de pag-los.

42- Section 1 of the Internal Revenue Code
A Seo 1 do Cdigo da Receita Federal

a) sets the voluntary payment of taxes.
define o pagamento voluntrio de impostos.

b) establishes the requirement to pay taxes.
estabelece a obrigao de pagar impostos.

c) regulates the impact of fiscal adjustment.
regula o impacto do ajuste fiscal.

d) addresses the issue of budget expenditures.
aborda a questo das despesas oramentrias.

e) concerns the social security deficit.
diz respeito ao dficit da segurana social.

49

The requirement to pay taxes is not voluntary and is clearly set forth in section 1
of the Internal Revenue Code, which imposes a tax on the taxable income of
individuals, estates, and trusts as determined by the tables set forth in that section.
Furthermore, the obligation to pay tax is described in section 6151, which requires
taxpayers to submit payment with their tax returns.
A obrigao de pagar impostos no voluntria e est claramente estabelecida
na seo 1 do Cdigo da Receita Federal, que impe um imposto sobre o lucro
tributvel das pessoas, propriedades, e fundos como determinado pelas tabelas
constantes dessa seo. Alm disso, a obrigao de pagar imposto descrita na seo
6151, que exige que os contribuintes enviem o pagamento com as suas declaraes
fiscais.

A assertiva quase uma cpia do texto, com apenas a troca de SET FORTH
por ESTABLISHES.

TO SET FORTH = TO ESTABLISH
estabelecer

Letra B.

43- According to the author, sanctions for non-compliance
Segundo o autor, as sanes por descumprimento

a) might be approved of.
podem ser aprovadas.

b) must soon be set.
devem ser definidas em breve.

c) should be devised.
devem ser concebidas.

d) may be established.
podem ser estabelecidas.

e) have been set.
foram definidas.


30
Mais uma vez, MODAIS! Resolvam a questo com o auxlio do quadro-
resumo (a esta altura, muitos j devem ter at decorado tal quadro,
right?).

Observem no trecho abaixo que o autor cita quais so as sanes
(sanctions) em caso descumprimento (non-compliance) da lei:

Failure to pay taxes could subject the noncomplying individual to criminal penalties,
including fines and imprisonment, as well as civil penalties.
A falta de pagamento de impostos pode sujeitar o indivduo que no obedece a sanes
penais, incluindo multas e priso, bem como as sanes civis.

Percebemos assim que as sanes j foram estabelecidas (have been set).
Letra E.

44-The text
O texto

a) refers to state taxes.
refere-se a impostos estaduais.

b) concerns taxation issues.
diz respeito a questes fiscais.

c) concerns the social system.
diz respeito ao sistema social.

d) sets economic criteria.
define critrios econmicos.

e) refers to retirement benefits.
refere-se a benefcios de aposentadoria.

As letars C, D e E fogem bastante ao texto. De que ele trata? De impostos
(taxes)!
A dvida recairia ento entre as letras A e B. A letra A est errada pois o
texto fala de impostos FEDERAIS (federal taxes) e no estaduais (state
taxes).

31

A letra B resume bem o assunto do texto pois este trata do debate sobre a
compulsoriedade no pagamento de impostos federais, ou seja, trata de
questes fiscais (taxation issues). Letra B.

In the US, some individuals argue that they are not required to pay federal taxes
because the payment of federal taxes is voluntary. Proponents of this position assert
that the American system of taxation is based upon voluntary assessment and
payment. However, what does the law say about it?
Nos EUA, algumas pessoas argumentam que no so obrigados a pagar impostos
federais porque o pagamento de tributos federais voluntrio. Os defensores desta
posio afirmam que o sistema americano de tributao baseia-se em voluntria
avaliao e pagamento. No entanto, o que diz a lei sobre isso?

De acordo com o texto,

a) federal taxes are refundable.
os impostos federais so reembolsveis.

b) paying levies is voluntary.
pagar impostos voluntrio.

c) criminal penalties are illegal.
sanes penais so ilegais.

d) American states must enforce fiscal laws.
estados norte-americanos devem fazer cumprir as leis fiscais.

e) taxpayers have fiscal obligations.
os contribuintes tm obrigaes fiscais.

Letras A e D - Erradas. O texto no afirma isso.

Letra B - Errada. Contradio. O autor afirma que pagar impostos (levies)
compulsrio (compulsory).

Letra C - Errada. Sanes penais (criminal penalties) no so ilegais. So
estabelecidas em lei.


32
Letra E - Correta. O contribuinte (taxpayer) tem a obrigao de enviar o
pagamento do imposto junto com suas declaraes fiscais (tax returns).
Logo, eles tm obrigaes fiscais (fiscal obligations). Recordem a passagem
abaixo:

The requirement to pay taxes is not voluntary and is clearly set forth in section 1 of the
Internal Revenue Code, which imposes a tax on the taxable income of individuals,
estates, and trusts as determined by the tables set forth in that section. Furthermore,
the obligation to pay tax is described in section 6151, which requires taxpayers to
submit payment with their tax returns.
A obrigao de pagar impostos no voluntria e est claramente estabelecida na
seo 1 do Cdigo da Receita Federal, que impe um imposto sobre o lucro tributvel
das pessoas, propriedades, e fundos como determinado pelas tabelas constantes dessa
seo. Alm disso, a obrigao de pagar imposto descrita na seo 6151, que exige
que os contribuintes enviem o pagamento com as suas declaraes fiscais.

QUEST


Experts fear setback in Rio 92 Earth Summit achievements
Researchers worry that world crisis may lead to reversal and dissolution of

RIO - One of the main concerns of Environmental Law experts before the UN
Conference on Sustainable Development (Rio+20) is to make sure not to
recede from the conquests of Rio 92 Earth Summit. According to Carina
Oliveira, researcher and professo
Getlio Vargas Foundation (FGV), in Rio, issues like access to water and
basic sanitation were already included in the 1992 Declaration but have been
receiving little attention during the last two decades. Access to
environmental information, another important topic, is in jeopardy of being
removed from the debates at Rio+20. Back in 1992, it was agreed that
governments should facilitate and stimulate people's access to information
on the environment. The idea is stil
included in the agenda. For that reason, last week, the international
organization The Access Initiative (TAI) started a petition to call attention to
the subject.

- The most pressing aspect of Rio+20 is to not let diss
achievements of environmental laws obtained at Rio 92. Some of the issues
were simply put in the back burner, like access to water and sanitation.
Principle 10, which deals with access to information, is only in preamble. The
agenda of Rio+20 is
institutional landmark, because that has already happened at Rio 92; the
agenda now is to organize and implement what has already been proposed
said Oliveira.

Texto retirado do site www.oglobo.globo.com

REPORTAGEM TRADUZIDA

Banco de Textos


summit.
One of the main concerns of Environmental Law experts before the UN
Oliveira, researcher and professor in the Law and Environment Program at
on the environment. The idea is still only on paper, and now may not be
The most pressing aspect of Rio+20 is to not let diss
agenda of Rio+20 is not about developing new agreements, or an
agenda now is to organize and implement what has already been proposed
Texto retirado do site www.oglobo.globo.com
AFRFB
33
Banco de Textos
One of the main concerns of Environmental Law experts before the UN
r in the Law and Environment Program at
l only on paper, and now may not be
The most pressing aspect of Rio+20 is to not let dissipate the
not about developing new agreements, or an
agenda now is to organize and implement what has already been proposed -

34
Rmulo Sampaio, FGV's program coordinator, claims the world financial
crisis is one of the factors responsible for the slack in the compliance with
environmental norms. He also thinks that it will empty the Rio+20 summit of
its main players.

- No one wants to talk about environmental law; the last thing countries in
crisis want is more international rules. The truth is, nobody really wanted
Rio+20 to happen, there was a strong effort to empty it. So far, 80 Heads of
State and Governments have confirmed their presence, but not those who
call the shots. They are all disturbed by the outcome of the climate
conference in Copenhagen, because all the leaders were there and
attempted to write a document, which was rejected at the end. It was an
incredible stress, and a real shame - said Sampaio.

The researcher added that it will be hard for the countries to come to
consensus in several subjects, therefore, some flexibility on the principles
proposed in the Rio+20 "zero-draft is under way.

- I've been participating in restricted meetings about Rio+20 and the motto
has been "it's more important to have a bad agreement approved than an
excellent agreement that is not. With the intent to guarantee a common
declaration among the countries, the text document becomes ever so open,
generic enough to please everyone - criticized Sampaio, who also demands a
more active position from Brazil. - At the time of Rio 92, the country was
broken, so the Brazilian strategic diplomacy was to prove that we deserved
to receive foreign investments. Today the reality is different. We don't
depend on international help like before.

One of the polemic topics is poverty eradication's link to sustainable
development. Brazil, for example, wants to discuss the two themes together,
while other countries, like the European Union members (EU) believe that to
truly advance on the talks, the environment should have its autonomy.

Another controversy is the possible creation of an international
environmental agency. Brazil is against the proposal, while the EU is pushing
for it. Researchers at FGV-Rio embrace the Brazilian position in both cases.

Negotiations are still in process for Rio+20. In 2011, FGV has published a
book, Green Economy in the context of Sustainable Development, with their
eyes already set on the conference. The book was the starting point for a
report with some recommendations presented to the United Nations. Among
the themes: corporate responsibility in the preservation of the environment

33
and the importance of technology transfer to promote sustainable
development.

Carina de Oliveira highlights that one of the main obstacles for the
advancement of environmental law today is that NGO's are pretty much
under the influence of developed countries.

- Environmental Law is rooted in developed countries that exhausted its
natural resources and needed environmental protection. Therefore, many
NGO's have their headquarters in countries like Netherlands, Germany,
France, and Norway. The international environmental program is still very
influenced by developed countries who wish the whole world would follow
the same model. So, very often local environmental NGO's have the same
discourse as their headquarters, without taking in consideration social and
economic aspects of the countries in which they are operating - affirms the
researcher.


36

TRADUO

Especialistas temem retrocesso nas conquistas da Cpula da Terra do Rio 92

summit.
Os pesquisadores temem que crise mundial possa levar reverso e
dissoluo da cpula.

RIO - One of the main concerns of Environmental Law experts before the UN
Oliveira, researcher and professor in the Law and Environment Program at
on the environment. The idea is still only on paper, and now may not be
the subject.
RIO - Uma das principais preocupaes dos especialistas em Direito
Ambiental antes da Conferncia das Naes Unidas sobre Desenvolvimento
Sustentvel (Rio +20) certificar-se de no retroceder nas conquistas da
Cpula da Terra do Rio 92. De acordo com Carina Oliveira, pesquisadora e
professora do Programa de Lei e Meio Ambiente da Fundao Getlio Vargas
(FGV), no Rio, questes como o acesso gua e saneamento bsico j
estavam includas na Declarao de 1992, mas tm recebido pouca ateno
durante as duas ltimas dcadas. Acesso informao ambiental, outro
tema importante, corre o risco de ser removido dos debates na Rio +20. Em
1992, foi acordado que os governos deveriam facilitar e estimular o acesso
das pessoas informao sobre o meio ambiente. A ideia est ainda apenas
no papel, e agora pode no ser includa na agenda. Por essa razo, na
semana passada, a organizao internacional A Iniciativa Acesso (AIA)
iniciou uma petio para chamar a ateno para o assunto.


37
- The most pressing aspect of Rio+20 is to not let dissipate the
agenda of Rio+20 is not about developing new agreements, or an
agenda now is to organize and implement what has already been proposed -
said Oliveira.
- O aspecto mais urgente da Rio +20 no deixar dissipar as conquistas das
leis ambientais obtidas na Rio 92. Algumas das questes foram
simplesmente colocadas em segundo plano, como o acesso gua e ao
saneamento. O Princpio 10, que trata do acesso informao, est apenas
no prembulo. A agenda da Rio +20 no sobre o desenvolvimento de
novos acordos, ou um marco institucional, porque isso j aconteceu na Rio
92; a agenda agora organizar e implementar o que j foi proposto - disse
Oliveira.

Rmulo Sampaio, FGV's program coordinator, claims the world financial
crisis is one of the factors responsible for the slack in the compliance with
environmental norms. He also thinks that it will empty the Rio+20 summit of
its main players.
Rmulo Sampaio, coordenador de programa da FGV, afirma que a crise
financeira mundial um dos fatores responsveis pelo afrouxamento no
cumprimento das normas ambientais. Ele tambm acha que isso ir esvaziar
a cpula da Rio +20 de seus principais jogadores.

- No one wants to talk about environmental law; the last thing countries in
crisis want is more international rules. The truth is, nobody really wanted
Rio+20 to happen, there was a strong effort to empty it. So far, 80 Heads of
State and Governments have confirmed their presence, but not those who
call the shots. They are all disturbed by the outcome of the climate
conference in Copenhagen, because all the leaders were there and
attempted to write a document, which was rejected at the end. It was an
incredible stress, and a real shame - said Sampaio.
- Ningum quer falar sobre direito ambiental; a ltima coisa que pases em
crise querem mais regras internacionais. A verdade que ningum
realmente queria que a Rio +20 acontecesse, houve um grande esforo para
esvazi-la. At agora, 80 Chefes de Estado e de Governo confirmaram a sua
presena, mas no aqueles que do as ordens. Esto todos perturbados com
o resultado da conferncia do clima em Copenhagen, porque todos os lderes
estavam l e tentaram escrever um documento, que foi rejeitado no final.
Foi um estresse incrvel, e uma verdadeira lstima - disse Sampaio.

38

The researcher added that it will be hard for the countries to come to
consensus in several subjects, therefore, some flexibility on the principles
proposed in the Rio+20 "zero-draft is under way.
O pesquisador acrescentou que ser difcil que os pases cheguem a um
consenso em vrios assuntos, portanto, alguma flexibilidade sobre os
princpios propostos no "rascunho inicial" da Rio +20 est em curso.

- I've been participating in restricted meetings about Rio+20 and the motto
has been "it's more important to have a bad agreement approved than an
excellent agreement that is not. With the intent to guarantee a common
declaration among the countries, the text document becomes ever so open,
generic enough to please everyone - criticized Sampaio, who also demands a
more active position from Brazil. - At the time of Rio 92, the country was
broken, so the Brazilian strategic diplomacy was to prove that we deserved
to receive foreign investments. Today the reality is different. We don't
depend on international help like before.
- Eu tenho participado de reunies restritas sobre a Rio +20 e o lema tem
sido " mais importante ter um mau acordo aprovado do que um acordo
excelente que no ." Com o intuito de garantir uma declarao em comum
entre os pases, o documento de texto torna-se cada vez mais aberto,
genrico o suficiente para agradar a todos - criticou Sampaio, que tambm
exige uma posio mais ativa do Brasil. - Na poca da Rio 92, o pas estava
quebrado, logo a diplomacia estratgica brasileira tinha que provar que ns
merecamos receber investimentos estrangeiros. Hoje a realidade
diferente. Ns no dependemos de ajuda internacional como antes.

One of the polemic topics is poverty eradication's link to sustainable
development. Brazil, for example, wants to discuss the two themes together,
while other countries, like the European Union members (EU) believe that to
truly advance on the talks, the environment should have its autonomy.
Um dos temas polmicos o elo entre a erradicao da pobreza e o
desenvolvimento sustentvel. O Brasil, por exemplo, quer discutir os dois
temas juntos, enquanto outros pases, como os membros da Unio Europeia
(UE), acreditam que para realmente avanar nas negociaes, o meio
ambiente deve ter a sua autonomia.

Another controversy is the possible creation of an international
environmental agency. Brazil is against the proposal, while the EU is pushing
for it. Researchers at FGV-Rio embrace the Brazilian position in both cases.
Outra controvrsia a possvel criao de uma agncia internacional do
meio ambiente. O Brasil contra a proposta, enquanto a UE est

39
pressionando para isso. Pesquisadores da FGV-Rio abraam a posio
brasileira em ambos os casos.

Negotiations are still in process for Rio+20. In 2011, FGV has published a
book, Green Economy in the context of Sustainable Development, with their
eyes already set on the conference. The book was the starting point for a
report with some recommendations presented to the United Nations. Among
the themes: corporate responsibility in the preservation of the environment
and the importance of technology transfer to promote sustainable
development.
As negociaes ainda esto em processo para a Rio +20. Em 2011, a FGV
publicou um livro, Economia Verde no contexto do Desenvolvimento
Sustentvel, j de olho na conferncia. O livro foi o ponto de partida para
um relatrio com algumas recomendaes apresentadas s Naes Unidas.
Entre os temas: responsabilidade corporativa na preservao do meio
ambiente e a importncia da transferncia de tecnologia para promover o
desenvolvimento sustentvel.

Carina de Oliveira highlights that one of the main obstacles for the
advancement of environmental law today is that NGO's are pretty much
under the influence of developed countries.
Carina de Oliveira destaca que um dos principais obstculos para o avano
da legislao ambiental hoje que as ONGs esto basicamente sob a
influncia dos pases desenvolvidos.

- Environmental Law is rooted in developed countries that exhausted its
natural resources and needed environmental protection. Therefore, many
NGO's have their headquarters in countries like Netherlands, Germany,
France, and Norway. The international environmental program is still very
influenced by developed countries who wish the whole world would follow
the same model. So, very often local environmental NGO's have the same
discourse as their headquarters, without taking in consideration social and
economic aspects of the countries in which they are operating - affirms the
researcher.
- O Direito Ambiental est enraizado nos pases desenvolvidos, que
esgotaram seus recursos naturais e precisavam de protees ambientais.
Portanto, muitas ONGs tm a sua sede em pases como Holanda, Alemanha,
Frana e Noruega. O programa ambiental internacional ainda muito
influenciado pelos pases desenvolvidos que desejam que o mundo inteiro
siga o mesmo modelo. Ento, muitas vezes ONGs ambientais locais tm o
mesmo discurso que sua sede, sem levar em considerao aspectos sociais e
econmicos dos pases em que operam - afirma o pesquisador.

60

VOCABULRIO DA AULA

Banco de vocabulrio

A
above acima
absence ausncia
according de acordo
accurate preciso
achievement conquista
action ao
adjustment ajuste
aftermath consequncia, resultado
against contra
agreement acordo
airline industry setor areo
among entre
as well tambm, bem como
asset ativo
at the time na poca
attention ateno
average mdia
B
bad ruim
basic sanitation saneamento bsico
battered fustigada
belatedly tardiamente
below abaixo
bias vis
bill projeto de lei
bond ttulo
both ambos
bridge ponte
budget oramento
burden fardo
business sector setor empresarial
by year-end at final do ano

61
C
catalog sale venda por catlogo
caught pego
certainly certamente
challenge desafio
citizen cidado
city cidade
civil servant funcionrio pblico
climate clima
close perto
compliance cumprimento
concern preocupao
confidence confiana
conquest conquista
countries pases
country pas
currency moeda
cut corte
D
damage dano
damaged danificada
day-to-day dia-a-dia
debt dvida
debtor devedor
default inadimplncia
degree grau
demands reivindicaes
devaluation desvalorizao
developed
countries
pases desenvolvidos
deviously tortuosamente
dismissal demisso
E
economic turmoil crise econmica
effort esforo
election eleio
end final
enough suficiente
environmental law direito ambiental
estate propriedade
ever so cada vez mais
exempted isento
expenditure gastos
expenses despesas
expert especialista
export led /
something-led
liderada pela exportao / liderada por
algo

62
eye olho
F
fallout efeitos desagradveis
fast rpido
fear temor, medo
finance financiamento
fine multa
fixed rate market mercado de taxa fixa
flak crtica
for the first time pela primeira vez
forecast previso
foreign estrangeiro
G
gap lacuna
gimmick truque
Gross Domestic
Product (GDP)
Produto Interno Bruto (PIB)
growth crescimento
H
hard difcil, duro
headquarter sede
health sade
heavy pesado
help ajuda
high-flying ambicioso
holding segurando
huge enorme
I
imprisonment priso
in charge responsvel, em comando
income renda
inflation rate taxa de inflao
interest rate taxa de juros
internal revenue
code
cdigo da receita federal
investment-grade
bond
ttulo de grau de investimento
investor investidor
issue questo
J
jeopardy risco
junk bonds ttulos de alto grau de risco
L
landmark marco
law lei
leader lder
legacy legado
likelihood probabilidade
link elo
loan emprstimo

63
long-lasting longa durao
M
mail order sale venda por correspondncia
main principal
market mercado
mayor prefeito
measure medida
meeting reunio, encontro
merchant comerciante
misplaced equivocado
motto lema
N
narrow estreito
natural resources recursos naturais
needed necessria
NGO ONG
O
off guard desprevinido
open aberto
outcome resultado
outstanding pendente
overnight lending
rate
taxa Selic
P
paper papel
payment pagamento
penalties sanes
pension system sistema de penso
people pessoas
picture imagem
pinch belisco
player jogador
poll pesquisa
poor ruim, pobre
poverty pobreza
power energia, poder
power plant estao de fora
pressing urgente
pressure presso
price preo
probability probabilidade
procedure procedimento
proponent defensor
Q quick rpida
R
railroad ferrovia
rating agency agncia de classificao de risco
reality realidade
reason razo

64
rebound recuperao
recession recesso
recovery recuperao
reduction reduo
report relatrio
required obrigado
researcher pesquisador
retirement aposentadoria
Rio 92 Earth
Summit
Cpula da Terra do Rio 92
riskiness risco
role papel
rooted enraizado
rule regra
S
sale venda
scam fraude
scare susto, medo
setback retrocesso
shame vergonha
share ao (no sentido de mercado de aes)
sharp acentuado
shortage falta, escassez
since desde
size tamanho
slack folga
slow devagar
so far at agora
soon em breve
source fonte
standard deviation desvio padro
step passo
still ainda
stretch trecho
strong forte
subject assunto
suddenly de repente
suitable adequado
support apoio
surpluses supervits
survey avaliao, vista geral, viso, laudo de
inspeo, levantamento
sustainable
development
desenvolvimento sustentvel
T talks negociaes, conversas

63
target meta, objetivo
task tarefa
tax imposto
tax return declarao fiscal
tax revenue receita fiscal
taxpayer contribuinte
thign coisa
today hoje
tool ferramenta
top management alta administrao
tough difcil
trained treinado
transfer transferncia
trust
fundo, dinheiro ou bens que algum
administra para uma pessoa ou uma
organizao de acordo com um arranjo
legal
truth verdade
twofold; threefold;
fourfold; fivefold;
six fold.
2 vezes mais; 3 vezes mais; 4 vezes
mais; 5 vezes mais; 6 vezes mais...
U
unaware inconsciente, desconhecedor
unlikely improvvel
unsustainable insustentvel
V view viso
W
wage salrio
water gua
week semana
willing disposto
wish desejo
work trabalho
working trabalhando
world mundo
writer escritor
Z zero-draft rascunho inicial


66
Verbs

A
to accept aceitar
to acknowledge reconhecer
to act agir
to add acrescentar, adicionar
to address lidar
to affirm afirmar
to agree concordar
to allow permitir
to answer responder
to approve aprovar
to argue argumentar
to assert afirmar
to assess avaliar
to assist auxiliar
to attempt tentar
to attract atrair
to avoid evitar
B
to be able ser capaz
to be disturbed estar perturbado
to be subject estar sujeito
to become se tornar
to begin comear
to believe acreditar
to benefit se beneficiar
to borrow pegar emprestado
to break quebrar
C
to catch pegar, apanhar
to charge cobrar
to choose escolher
to claim alegar
to cover cobrir
to criticize criticar
D
to deal lidar
to demand exigir
to denounce denunciar
to describe descrever
to deserve merecer
to desire desejar
to devalue desvalorizar
to develope desenvolver
to devise conceber
to discuss discutir

67
to double dobrar
to downgrade rebaixar
to drop cair
E
to ease aliviar
to embrace abraar
to empty esvaziar
to encompass abranger
to establish estabelecer
to exhaust esgotar
to expect esperar
F
to face encarar
to fail fracassar
to fear temer
to feel sentir
to follow seguir
to foresee prever
G
to gain ganhar
to give dar
to grow crescer
to guarantee garantir
H
to happen acontecer
to have ter
to hedge cobrir, resguardar, minimizar o risco
to help ajudar
to highlight destacar
I
to impose impor
to include incluir
to increase aumentar
K to know saber, conhecer
L
to lead levar, liderar
to leave deixar
to lift elevar
to listen escutar
to loom aparecer gradualmente
to lower reduzir
M
to maintain manter
to make fazer
to mean significar
N to need precisar
O
to oppose opor
to overcome superar
P
to persuade convencer
to please agradar
to postpone adiar

68
to present apresentar
to prevent prevenir
to propose propor
to prove provar
to provoke provocar
to publish publicar
to punish punir
to push empurrar
R
to raise elevar
to read ler
to rebuild reconstruir
to receive receber
to reduce reduzir
to refuse recusar
to reject rejeitar
to remain permanecer
to renew renovar
to repay pagar
to replace substituir
to resort recorrer
to roll rolar
S
to safeguard salvaguardar
to say dizer
to seek buscar
to settle it resolver isso
to sign assinar
to sink afundar
to soften amortecer, amenizar
to spend gastar
to spot detectar
to spread espalhar
to start comear
to state afirmar
to strengthen fortalecer
to struggle esforar-se, lutar
to submit enviar
to succumb sucumbir
to suffer sofrer
to surprise surpreender
to survive sobreviver
to sustain sancionar, sustentar, manter
T
to take levar
to talk conversar
to think pensar

69
V
to volunteer Voluntariar-se, oferecer-se
to vote votar
W
to want querer
to weather enfrentar
to widen ampliar
to wish desejar
to worry se preocupar, temer
to write escrever

Phrasal verbs

to bring on provocar
to call off cancelar
to fall off cair
to go down cair
to go up aumentar
to keep up manter-se
to make sure certificar-se
to press ahead prosseguir
to push for it pressionar por isso
to set forth estabelecer

Expresses idiomticas

far and away de longe
foot-dragging morosidade
put in the back
burner
colocar em segundo plano
to call the shots dar ordens
to stand alone
destacar-se, estar em uma posio ou o
local onde no existem outras pessoas ou
coisas
to turn a blind eye
fechar os olhos, fingir que no v, recusar-
se a enxergar
under way em curso


70

Our course is over, but the need to review continues.
Nosso curso acabou, mas a necessidade de revisar continua.

Study hard and BELIEVE!
Estudem pesado e ACREDITEM!

Hugs
Abraos

Teacher Gabriela

Aula 09

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QUESTES COMENTADAS - AFRFB

25- The expression "to weather" a crisis means

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