Bankruptcy-2: перевір свою фінансову англійську

1. TASK: Insert the appropriate word in the text below:

chronic  -  declare -   default   -    failure    -   forbid -   force -  harsh  -  insolvency

limit   -    mandate -     owe -    protection -    provision -  recoup   -    retain

In Ancient Greece, bankruptcy did not exist. If a man _______ and he could not pay, he and his wife, children or servants were __________ into "debt slavery", until the creditor ___________ losses through their physical labour. Many city-states in ancient Greece ____________ debt slavery to a period of five years; debt slaves had _____________ of life and limb, which regular slaves did not enjoy. However, servants of the debtor could be ________________ beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly _______________ conditions. An exception to this rule was Athens, which by the laws of Solon _____________ enslavement for debt; as a consequence, most Athenian slaves were foreigners (Greek or otherwise).

The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or _____________. Bankruptcy is also documented in East Asia. According to al-Maqrizi, the Yassa of Genghis Khan contained a _________________ that _________________ the death penalty for anyone who became bankrupt three times.

A ____________ of a nation to meet bond repayments has been seen on many occasions. Philip II of Spain had to __________ four state bankruptcies in 1557, 1560, 1575 and 1596. According to Kenneth S. Rogoff, "Although the development of international capital markets was quite limited prior to 1800, we nevertheless catalog the various __________ of France, Portugal, Prussia, Spain, and the early Italian city-states. At the edge of Europe, Egypt, Russia, and Turkey have histories of ___________ default as well.

2. CHECK YOUR SPEAKING 

3. SEE CORRECT ANSWER

[ Див. правильну відповідь ] 

In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery", until the creditor recouped losses through their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years; debt slaves had protection of life and limb, which regular slaves did not enjoy. However, servants of the debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions. An exception to this rule was Athens, which by the laws of Solon forbade enslavement for debt; as a consequence, most Athenian slaves were foreigners (Greek or otherwise).

The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency. Bankruptcy is also documented in East Asia. According to al-Maqrizi, the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times.

A failure of a nation to meet bond repayments has been seen on many occasions. Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. According to Kenneth S. Rogoff, "Although the development of international capital markets was quite limited prior to 1800, we nevertheless catalog the various defaults of France, Portugal, Prussia, Spain, and the early Italian city-states. At the edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well.

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