English: Cloze Test(New Pattern) for Upcoming Exams – Set 161

Directions(1-10): In the passage given below there are 10 blanks. Every blank has four alternative phrases given in options (A),(B),(C), and (D). You have to tell which phrase is INAPPROPRIATE according to the context. If all are appropriate then mark your answer as “E”.

Banks in Italy ___1___ during the financial crisis than many of their peers, sparing Italian taxpayers the bail-outs their counterparts in other countries had to shoulder. But although they stuck to their cautious business models and ___2___ a big housing boom and bust, Italy’s protracted recession ___3___ them. It has caused bad loans to soar, which in turn has prevented them from supporting a still weak recovery with new lending.
The burden of non-performing loans (NPLs) in Italy is now immense: they amount to €350 billion ($370 billion), the equivalent of 21% of GDP. With these unproductive assets ___4___ their capital, Italian banks are unable to extend new credit to businesses. In fact, they are lending out less in an effort to ___5___ their balance-sheets.
The government would like to fix all this by setting up a “bad bank”—an asset-management company that would strip bad loans off the banks’ books and thus enable them to resume normal service to businesses. Schemes of this sort recently helped Ireland and Spain overcome big banking crises. BCG, a consultancy that ___6___ with the Bank of Italy on the issue, reckons that paring the ___7___ NPLs to the level of 2009 would boost GDP by 1.5-2 percentage points over three years. Given the weakness of Italy’s recovery, that would be a huge ___8___.
However, such a gain would not ___9___. That was highlighted this week by the central bank’s decision to ___10___ four lenders whose total assets were only €47 billion. Even though these were small outfits, the cost of the rescue came to €3.6 billion. That will be used to cover losses and to recapitalise the new “bridge banks” into which the deposits and good loans will be transferred. Around a third of the sum will come from “bailing in” shareholders and junior creditors; a newly created “resolution fund”, financed by contributions from other Italian banks, will provide the rest. Intesa and UniCredit, Italy’s two biggest banks, will lend to the fund immediately to kick-start the operation. The Italian government is not putting up any of the money directly, although the Cassa Depositi e Prestiti (CDP), a publicly controlled development bank that often comes to the aid of the government, is involved. The proceeds of the eventual sale of the bridge banks, plus any money recovered from the bad debts, will go to the fund.

  1. bated enhanced
    curtailed ameliorated
    fared better
    deflated exceeded
    All are Correct
    Option C


  2. avoided fuelling
    consorted nourishing
    brooked refilling
    carted inciting
    All are Correct
    Option A


  3. was enfeebled
    is enfeebled
    had enfeebled
    has enfeebled
    All are Correct
    Option D


  4. taking off
    tearing off
    tying up
    sheding light
    All are Correct
    Option C


  5. hold up
    shore up
    beef up
    prop up
    All are Correct
    Option E


  6. had worked
    has worked
    is worked
    was worked
    All are Correct
    Option B


  7. most intractable
    very intractable
    much intractable
    too intractable
    All are Correct
    Option A


  8. heavy loss
    bad luck
    bad fortune
    All are Correct
    Option D


  9. had been shabby
    gone stingy
    come cheap
    is miserly
    All are Correct
    Option C


  10. finish up
    wind up
    wrap up
    sell off
    All are Correct
    Option E


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