"EN TIEMPOS DE ENGAÑO GENERALIZADO, DECIR LA VERDAD ES UN ACTO REVOLUCIONARIO"

George Orwell

3 de diciembre de 2010

MITOLOGIA

No sé porqué se preocupa tanto Aimé por su reputación, si no está haciendo nada distinto a lo que hizo su ahora venerado mito, Néstor, canonizado como patriarca de la soberanía nacional por su heroica lucha contra el FMI; si bien resulta entendible que en su caso, cierta sobreactuación sea propia de la desmesura de los conversos. En efecto, en estos tiempos de revelaciones, no puede constituir un secreto que la legendaria cancelación total y anticipada del pasivo que nuestro país mantenía con el demonizado organismo, allá por los primeros días de 2006, en realidad se trató de un acatamiento incondicional de una recomendación expresa del organismo formulada en el Staff Report de la Revisión del Art. IV correspondiente a 2005, fechado 31.05. 2005, ante la negativa a acceder a la propuesta de pago argentina.
Se transcriben a continuación los párrafos pertinentes del documento, convenientemente resaltados, donde se advierte que la meticulosidad de la recomendación no obvió siquiera la sugerencia de efectuar las necesarias adecuaciones normativas que hicieran posible la cancelación con reservas del Banco Central.

VII. MEDIUM-TERM OUTLOOK AND DEBT SUSTAINABILITY
 44. Staff suggested that, following the practice in many other countries, Fund repurchases could be made by the central bank from international reserves, rather than financed by the federal budget.
 45. Financing payments to the Fund directly from the central bank’s  international reserves would significantly lower the required market issuances and allow a more rapid reduction in the debt ratio. (pág. 31)
IX. STAFF APPRAISAL
64. The recent debt exchange marked an important step, but addressing remaining arrears is essential for Argentina to fully emerge from the financial crisis......The staff’s clear view is that the authorities’assumption of full and partial rollovers of obligations to the Fund for the next 15–20 years is unacceptable: it is not only inconsistent with the revolving nature of Fund resources, but also unnecessary.
65. The staff’s analysis of medium-term debt sustainability is based on a proactive reform scenario and higher fiscal effort. Under these assumptions, which involve a level of consolidated primary surplus of at least 4½ percent of GDP in the next few years, the debt-to-GDP ratio could be brought down to sustainable levels over the next decade. In the near term, the authorities will need to deal with significant levels of debt service, including repurchases to the Fund. Consideration should be given to financing payments to the Fund directly from international reserves in a manner that does not weaken the financial position of the central bank. Under these conditions, and provided the assumed fiscal effort and market access were achieved, there would be financing surpluses, indicating that Argentina’s capacity to pay is higher than the projected debt obligations. Staff acknowledges that the use of reserves would require a decision at the highest political level, and would need to be made without impairing the autonomy of the central bank. (pág. 37)

1 comentario:

  1. Bidú es dos caras como Jano o mejor tres caras como el Trimurti hindú: Brahma el creador, Vishnu el conservador y Shiva el destructor. Bidú es el re-creador de una gran PAYASADA, el conservador de lo más RIDÍCULO del peronismo y el destructor de mis TESTÍCULOS.

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