Argentina 40: holdouts, Griesa Pollack 31.12.2014, rufo, Singer...Ale torna
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INVESTIMENTO IN LENDING CROWDFUNDING SU WALLIANCE: 21 MESI E CEDOLE TRIMESTRALI
Su Walliance è aperto l’investimento in Lending “Padova, Residence Linea 4.0”. Durata 21 mesi; distribuzione del TAN in cedole trimestrali; restituzione del capitale alla scadenza del finanziamento.
Campagna di raccolta investimenti > 90%.
Ticket minimo € 500.
Per continuare a leggere visita questo LINK
orabasta
Oggi mordo......
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Ah...ecco.
Non lo capivo se rivolto a Karl.
.......
Siam seguiti?
Certo...soprattutto Ale dava fastidio.
Monica
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Ciao!
Bisogna dire che Ale è molto arrabbiato e ha dedicato una pagina intera a questa incresciosa vicenda.....
***** VUOLE ANCORA LA CORTIGIANA?
Default, subsidies and the Hood Robin state
By Miguel Braun
For The Herald
Argentina is a middle-income country with a large, inefficient and inequitable government
Default, subsidies and the Hood Robin state - BuenosAiresHerald.com
The Argentine state has grown as never before in the last decade: the expenditure of the central administration doubled in relation to the economy, from 15.2 percent of GDP in 2003 to 30.1 percent in 2013.
That growth, however, does not necessarily mean more and better public goods and services for those who need it most. Far from it, a big chunk of the growth has been in subsidies that favour the richest segments of society; and these subsidies are financed partly through taxes that are primarily paid by the poor, such as inflation. As we shall see, this Hood Robin situation will get worse with the current default.
In his book Growing Public economic historian Peter Lindert argued that the phenomenal increase in the size of government in the past one hundred years — from an average near 10 percent of GDP to over 50 percent of GDP in some European countries — was not inconsistent with GDP growth, because countries with bigger governments tended to build more efficient and equitable governments. Countries with large governments tend to collect taxes that do not distort economic activity as much, and their social programmes tend to be universal and contribute to increasing human capital, which in turn improves economic performance.
Lindert describes two broad categories for rich countries: those with large but efficient governments (Nordic countries, for example) and those with small but less efficient governments (the US, for example).
Argentina, however, has entered a new category: a middle-income country with a large, inefficient and inequitable government.
The increase in government spending and taxes mentioned above has taken the country from a government size similar to the rest of Latin America to one comparable to the OECD average. Despite this increase in spending and taxes, the quality of education has deteriorated according to PISA measurements, health outcomes are not better than in Chile, despite a per capita spending more than 50 percent higher, and there are severe deficits in infrastructure and energy.
To add insult to injury, government is increasingly unfair, taking from the poor to give to the rich. Subsidies will amount to about 230 billion pesos this year, mostly in energy (70 percent) and transport (8 percent). This represents 25 percent of total expenditure and 150 percent of the primary deficit.
In other words, Argentina would not have a fiscal deficit if it were not for subsidies. These subsidies are not focused on those who need them most but applied across the board. That means that much of the money ends up in the pockets of the richest; according to a recent paper , nearly 30 percent of subsidies go to the richest 20% of the population. The worst case of Hood Robinism is AerolíneasArgentinas: 86 percent of its subsidies are enjoyed by the richest 20 percent of the population.
The other part of the equation is how this deficit is financed. Even though the economy is in recession, inflation will be higher this year than last. The reason is that the government will print 147 billion pesos to cover a fiscal deficit that grows because of the subsidies bill. Inflation is a tax — value is taken from those who hold money and part of it is received by the government. The inflation tax will reach an estimated 200 billion pesos this year — that is, 4.5 percent of GDP up from 3.4 percent in 2013 and 3 percent in 2012.
Essentially, then, the government is taxing citizens to finance a fiscal deficit that is mainly explained by subsidies that are returned to citizens. The problem is that inflation is a regressive tax: it harms those with low incomes proportionately more while subsidies are not focused on those with higher needs. The net result is that the government acts as Hood Robin, taking from the poor to give to the rich.
The vicious circle is clear: the growth of subsidies feeds the fiscal deficit, which fosters money printing, which increases inflation and devaluation, which in turn forces the growth of subsidies and so forth. The government tried to achieve a short-run fix to this problem: to finance the deficit with debt, which would have allowed it to stop printing so much money. To be able to tap the international financial markets, the government started fixing its issues with the markets: at the international tribunal of the World Bank (ICSID), with the Paris Club and with Repsol. Unfortunately, borrowing is not an option with the holdout problem still open.
Without borrowing, we can expect more inflation and more subsidies. The Hood Robin State will continue haunting Sherwood Forest until a new government changes the economic model and recovers credibility and growth.
By Miguel Braun
For The Herald
Argentina is a middle-income country with a large, inefficient and inequitable government
Default, subsidies and the Hood Robin state - BuenosAiresHerald.com
The Argentine state has grown as never before in the last decade: the expenditure of the central administration doubled in relation to the economy, from 15.2 percent of GDP in 2003 to 30.1 percent in 2013.
That growth, however, does not necessarily mean more and better public goods and services for those who need it most. Far from it, a big chunk of the growth has been in subsidies that favour the richest segments of society; and these subsidies are financed partly through taxes that are primarily paid by the poor, such as inflation. As we shall see, this Hood Robin situation will get worse with the current default.
In his book Growing Public economic historian Peter Lindert argued that the phenomenal increase in the size of government in the past one hundred years — from an average near 10 percent of GDP to over 50 percent of GDP in some European countries — was not inconsistent with GDP growth, because countries with bigger governments tended to build more efficient and equitable governments. Countries with large governments tend to collect taxes that do not distort economic activity as much, and their social programmes tend to be universal and contribute to increasing human capital, which in turn improves economic performance.
Lindert describes two broad categories for rich countries: those with large but efficient governments (Nordic countries, for example) and those with small but less efficient governments (the US, for example).
Argentina, however, has entered a new category: a middle-income country with a large, inefficient and inequitable government.
The increase in government spending and taxes mentioned above has taken the country from a government size similar to the rest of Latin America to one comparable to the OECD average. Despite this increase in spending and taxes, the quality of education has deteriorated according to PISA measurements, health outcomes are not better than in Chile, despite a per capita spending more than 50 percent higher, and there are severe deficits in infrastructure and energy.
To add insult to injury, government is increasingly unfair, taking from the poor to give to the rich. Subsidies will amount to about 230 billion pesos this year, mostly in energy (70 percent) and transport (8 percent). This represents 25 percent of total expenditure and 150 percent of the primary deficit.
In other words, Argentina would not have a fiscal deficit if it were not for subsidies. These subsidies are not focused on those who need them most but applied across the board. That means that much of the money ends up in the pockets of the richest; according to a recent paper , nearly 30 percent of subsidies go to the richest 20% of the population. The worst case of Hood Robinism is AerolíneasArgentinas: 86 percent of its subsidies are enjoyed by the richest 20 percent of the population.
The other part of the equation is how this deficit is financed. Even though the economy is in recession, inflation will be higher this year than last. The reason is that the government will print 147 billion pesos to cover a fiscal deficit that grows because of the subsidies bill. Inflation is a tax — value is taken from those who hold money and part of it is received by the government. The inflation tax will reach an estimated 200 billion pesos this year — that is, 4.5 percent of GDP up from 3.4 percent in 2013 and 3 percent in 2012.
Essentially, then, the government is taxing citizens to finance a fiscal deficit that is mainly explained by subsidies that are returned to citizens. The problem is that inflation is a regressive tax: it harms those with low incomes proportionately more while subsidies are not focused on those with higher needs. The net result is that the government acts as Hood Robin, taking from the poor to give to the rich.
The vicious circle is clear: the growth of subsidies feeds the fiscal deficit, which fosters money printing, which increases inflation and devaluation, which in turn forces the growth of subsidies and so forth. The government tried to achieve a short-run fix to this problem: to finance the deficit with debt, which would have allowed it to stop printing so much money. To be able to tap the international financial markets, the government started fixing its issues with the markets: at the international tribunal of the World Bank (ICSID), with the Paris Club and with Repsol. Unfortunately, borrowing is not an option with the holdout problem still open.
Without borrowing, we can expect more inflation and more subsidies. The Hood Robin State will continue haunting Sherwood Forest until a new government changes the economic model and recovers credibility and growth.
Dormalora
VAE VICTIS !
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... ma dai !! ... belanda è la morosa di D'Artagnan!!??? e chi mai se lo sarebbe aspettato!!
Belanda e' maschio ... non puo' essere morosA
D'Artagnan chi e' ?
Saro' ingenuo ma non ci capisco piu' nulla !
Passo
C.Bonacieux
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Ciao!
Bisogna dire che Ale è molto arrabbiato e ha dedicato una pagina intera a questa incresciosa vicenda.....
***** VUOLE ANCORA LA CORTIGIANA?
beato lui che ha tempo da perdere! comunque, se si diverte così.... de gustibus
Ultima modifica:
https://fr.wikipedia.org/wiki/Constance_Bonacieux
Se è maschio può essere certamente il moroso di D'Artagnan.
Se è maschio può essere certamente il moroso di D'Artagnan.
orabasta
Oggi mordo......
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... ma dai !! ... belanda è la morosa di D'Artagnan!!??? e chi mai se lo sarebbe aspettato!!
No.
Belanda è un uomo.
Che conosciamo.
Anche L'Ing.
Che con Ale ha alla fine trovato modo di confrontarsi.....
La morosa di D'Artagnan ....boh....
Monica
Bloomberg News
Argentine Peso May Drop Another 25%, Deutsche Bank Says
The peso is tumbling after President Cristina Fernandez de Kirchner said Aug. 19 that she’s planning to pay international bonds locally to skirt a U.S. court ruling that obliges the nation to pay holders of defaulted debt in full when servicing restructured notes. The announcement followed the country’s default on July 30 after a U.S. court blocked a $539 million debt payment.
Argentine Peso May Drop Another 25%, Deutsche Bank Says
The peso is tumbling after President Cristina Fernandez de Kirchner said Aug. 19 that she’s planning to pay international bonds locally to skirt a U.S. court ruling that obliges the nation to pay holders of defaulted debt in full when servicing restructured notes. The announcement followed the country’s default on July 30 after a U.S. court blocked a $539 million debt payment.
Carib
rerum cognoscere causas
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25%? dipende entro quanto tempo.
Attualmente, direi che il Peso e' sopravvalutato di un 30%.
Visto che l'inflazione e' al 40%.. entro 1 anno se il cambio fosse libero il dollaro dovrebbe andare giu' di un altro 60%.
Carib
rerum cognoscere causas
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En declaraciones a radio Mitre, el líder del Sindicato de Camioneros trazó un panorama sombrío al ser consultado sobre la eventualidad de que el titular del Palacio de Hacienda fuera postulado como candidato del kirchnerismo para reemplazar a la jefa de Estado en 2015.
"Ahí estamos al horno; si lo llegan a elegir a Kicillof como Presidente hay una evasión colectiva de los argentinos", aventuró consultado por ese rumor. Para Moyano, plantear una hipótesis de esa naturaleza "es muy poco serio".
Un paro "total" y por la seguridad
A menos de una semana de concretarse, el dirigente camionero confió que será "total" el paro de actividades convocado para el jueves por el sindicalismo opositor y, señaló que también incorporará "el reclamo por mayor seguridad".
"Los trabajadores salen a trabajar y son asaltados, algunos golpeados y muertos. Esto se agrega a los reclamos (ya planteados, como el rechazo al) impuesto al trabajo, contra la precarización laboral, y un aumento de emergencia para los jubilados", sostuvo.
Asimismo, criticó a la presidente Cristina Kirchner al asegurar que se la ve "muy desorientada, muy confundida" y advirtió que observar así "a quien tiene que conducir los destinos del país, nos tiene que preocupar a todos los argentinos".
"Ya no saben que inventar para tratar de justificar lo que han hecho con el tema del pago de los fondos buitre", denunció Moyano, a lo que sumó que faltan soluciones para los distintos problemas que afectan a la ciudadanía
"Ahí estamos al horno; si lo llegan a elegir a Kicillof como Presidente hay una evasión colectiva de los argentinos", aventuró consultado por ese rumor. Para Moyano, plantear una hipótesis de esa naturaleza "es muy poco serio".
Un paro "total" y por la seguridad
A menos de una semana de concretarse, el dirigente camionero confió que será "total" el paro de actividades convocado para el jueves por el sindicalismo opositor y, señaló que también incorporará "el reclamo por mayor seguridad".
"Los trabajadores salen a trabajar y son asaltados, algunos golpeados y muertos. Esto se agrega a los reclamos (ya planteados, como el rechazo al) impuesto al trabajo, contra la precarización laboral, y un aumento de emergencia para los jubilados", sostuvo.
Asimismo, criticó a la presidente Cristina Kirchner al asegurar que se la ve "muy desorientada, muy confundida" y advirtió que observar así "a quien tiene que conducir los destinos del país, nos tiene que preocupar a todos los argentinos".
"Ya no saben que inventar para tratar de justificar lo que han hecho con el tema del pago de los fondos buitre", denunció Moyano, a lo que sumó que faltan soluciones para los distintos problemas que afectan a la ciudadanía
Dormalora
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No.
Belanda è un uomo.
Che conosciamo.
Anche L'Ing.
Che con Ale ha alla fine trovato modo di confrontarsi.....
La morosa di D'Artagnan ....boh....
Monica
Eh si ... ciao ... benvenuta nel club degli ingenui.
Forse ho capito ...
Una cosa, se Belanda lo conosci bene puoi senz'altro spendere il termine uomo, diversamente, per distinguere il genere e' meglio e meno impegnativo l'appellattivo maschio.
C.Bonacieux
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No.
Belanda è un uomo.
Che conosciamo.
Anche L'Ing.
Che con Ale ha alla fine trovato modo di confrontarsi.....
La morosa di D'Artagnan ....boh....
Monica
visto che si continua a parlare di me (ma non tenete nient'altro da fare? beati a voi!), tengo a precisare
a) di essere una donna (questa era facile, dato il nick, la fotina, la declinazione degli aggettivi e dei participi quando scrivo, ma vabbè, a qualcunA può esse sfuggito, chennesai)
b) quanto a morosamenti ecc. di gusti molto tradizionali,
c) ma il mio cuore è già impegnato.
lusingata, comunque, dell'interesse.
Gualtiero Sans A
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Caro/a Dormalora, ti ringrazio per le parole gentili che tu, a differenza d'altri/e formusti/e, mi rivolgi. Con le persone educate si può discutere di tutto. Però io non sono qui col cappello in mano, perché non ho nulla da farmi perdonare. Quando sono stata attaccata, ho risposto, si chiama legittima difesa. e questo vale anche per quelli/e che pubblicano un post di insulti contro di me, io reagisco bollinandoli di rosso, quelli furbissimi cancellano il loro post di insulti e poi vanno a piangere in piazza: bonacieux mi ha bollinata di rosso, che cattiva.
Se non mi attaccano, sono buona e cara.
Per rispondere alla tua domanda: perdendo anche il secondo genitore poco tempo fa mi son trovata a ereditare 50K di bond argentini che non sapevo nemmeno ci fossero, acquistati dalla persona migliore del mondo ma completamente digiuna di finanza, che probabilmente essendoci rimasta male non mi aveva mai parlato della cosa. Niente ICSID, niente swap, niente causa alla banca, niente di niente. Li consideravo cartaccia, senza speranza. poi leggo sul sole24ore della sentenza griesa, e allora inizio a seguire i thread che parlano dei titoli stalingrado, questo ed altri. casualmente, io sono la stessa persona in tutti, in tutti scrivo più o meno le stesse cose, qualche battuta per sdrammatizzare, qualche riflessione, ma solo qui e solo da una certa persona fui insultata, e poi i suoi amici appresso.
se nessuno mi incomprensisce
Hai tutta la mia solidarieta',
non dare attendibilita' agli attacca brighe del forum ,
ma ripaga sempre i maleducati con la loro stessa moneta
senza sentirti in dovere di giustificarti e di raccontare i tuoi fatti privati,
per i 50k
spero che li hai venduti in tempo il mese scorso,
quando valevano intorno 80-90 perche',
ripeto,
contro i pifferai magici che suonano in questo forum
ed i fatti
mi stanno dando ragione:
E' PIU' FACILE CHE UN CAMMELLO PASSI PER LA CRUNA DI UN AGO CHE L'ARGENTINA RIMBORSI CAPITALI ED INTERESSI
ciao
Gualtiero