In nine years of “Kirchner era” Argentina honoured 32 billion dollars in debts
Argentina’s Central bank confirmed that during the “Kirchner era” the country paid 32 billion dollars in pending debts, “the centre piece of the policy to recover sovereignty by cutting indebtedness” and praised the decision to appeal to the bank’s international reserves to support such a policy.
“The policy to use central bank reserves to pay for sovereign debts has not affected the central bank’s reserves position, and we have paid 32 billion dollars to multilateral organizations and private creditors since May 2003”, said central bank president Mercedes Marco del Pont during a conference at the University of Buenos Aires School of Economics.
Despite these payments the central bank has had sufficient capacity and resources “to enforce an efficient monetary policy” and the exposure of the Central bank in bonds and other issues is “very manageable and well below the level of many other countries in the world”.
“Argentina honours its debts and recovers sovereignty through an efficient policy of cutting indebtedness”, underlined the banker to the conference.
Marco del Pont also addressed criticisms in Argentina that the country is paying debts overseas but is becoming heavily indebted with the central bank.
“It is true, but it is far healthier to be indebted with the central bank”, admitted the central banker who added that the recent reform of the bank’s charter opened the possibility of assisting the national Treasury with international reserves.
“The hegemonic thinking in the last three decades of recent history in Argentina ended the genesis and the reason of existence of central banks which must be helping finance governments and the public sector and orient credit based on the strategic needs of the country”, she underlined.
Marco del Pont supported the current policy of restricting foreign currency trade arguing that in the last nine years (Kirchner era) “a framework of conditions was created that eliminated historic and structural problems: restrictions from the outside economy”.
“Argentina has a positive trade surplus, ample international reserves but it can’t guarantee (in the current global situation) the accumulation of external assets (capital outflow) and foreign currency in sufficient volume for the economy to function normally, thus the restrictions in the purchase of dollars”, said Marco del Pont who claimed that the outflow of dollars many times were encouraged by certain economic interests which were spearing a devaluation of the Argentine peso.
But the central bank’s obligation is “to oversee the movements of the financial influxes and that’s where the strategic decision to regulate the currency exchange market comes from” she explained.
In a more political vein Marco del Pont warned that “the world is falling apart and no one can escape it” although people must “move faster and come up with the right predictions in order to minimize the effects of the crisis.”
“It is impossible for the economic recipes that created this crisis to now pull us out of it. And that what is happening, and this crisis is deepening,” she warned.
Argentina’s strategy before the world crisis and its main strength has been “less dependency from international markets, a more balanced and diversified production structure and as I said before cutting indebtedness”.
The government of President Cristina Fernandez has not remained idle and one of the crucial tools to face the challenge “as I mentioned before was reforming the central bank’s charter which gave us the sufficient freedom to implement economic policy”.
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33 comments Feed
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Mr. Lorton; now that you are here, I would like to ask……………………:
In the Assange thread you say:
”Bet no-one thinks about the victims…..
..... The British police should kick the doors in and show these sexond rate nations what justice is all about.”
I say:
Is it wise to spend so much goodwill on this case?
Think about your past ”teachings” to your fellow coppers….
Think about all that intelligent stuff you once wrote in your books….
Think about the 85,000 women raped yearly in the UK, of whom merely 800 are ”able” to convict their attacker……
en.wikipedia.org/wiki/Rape_statistics#United_Kingdom
Then, at least it will be one copper thinking about the victims………………
www.telegraph.co.uk/finance/financialcrisis/9332474/Debt-crisis-the-cost-of-default-rioting-sieges-and-death.html
Not sure if that's American billions ($100, 000, 000, 000) or British billions ($100, 000, 000, 000, 000).
If I did that I'd have my assets seized. More likely I'd have the decency to sell some of my assets to pay what I owed. I suppose that's not the way it works in the part of the world.
Just love the lecture on the abuse of women from a Argie
Another report released by an NGO, Femicide Observatory, claims that one woman dies per day due to gender violence in Argentina, usually at the hands of their partner or former partner. However, these cases remain under-reported, as “about 40% of women don’t want to report their cases,”
www.argentinaindependent.com/tag/domestic-violence/
oh OK...
I wonder how the 60% of (dead) women report it.........................?
and.... how did thicko get so far off topic so early ? I see he still has his parrot.... 'Marcos wants a cracker...awk'.....etc
In the nine years of the “Kirchner Era”, Argentina has honored ~32,000,000,000 dollars in foreign debts.
In the nine years of the “Kirchner Era”, Argentina has accumulated ~50,000,000,000 dollars of foreign reserves.
In the nine years of the “Kirchner Era”, Argentina has, through the use of OUR International reserves, reduced our indebtness with the ”Foreign Financial Markets” with about ~80%.
In the nine years of the “Kirchner Era”, Argentina has taken ~70,000,000,000 dollars credits from Friendly Nations under very favorable conditions.
In the nine years of the “Kirchner Era”, Argentina has invested those ~70,000,000,000 dollars credits into real production, not financial speculation and diverse ”bubbles”.
So please my dear turnips, feel free to comment on the above topics………
I don't really care. As long as your crazy president leaves us alone like she currently is I wish you all the best.
1) You are not a Turnip, you are a Kelper.............
2) I'm afraid, your request can't be honored..............
As usual the arch liar 'I don't Think, aka The Turnip in Chief, is using the same INDEC approach to reality.
What about the stolen pensions, the piece of paper left in the coffers is worth about as much as one sheet of toilet paper?
What about the millions stolen by TMBOA and FatBoy for when they fly off to the wide blue yonder leaving The Turnip in Chief in Chubut looking at his broken watches?
But of course, Argentina, that paragon of virtue (ha, ha) will still lead the world. Pity it will be in the despicable ways that we have all come to expect.
this will please his banana gang.
[turnips we ask you lol.]
now argentina is rich, perhaps it will now grow up, and leave the falklanders alone,
and concentrate on its own people, rather than insulting others.
woth thinking about is it not .
no chance , not a hope, but wishfull thinking tickle tickle .
When is CFK actually going to do something? Apart from the dummy-spitting and sabre-rattling I mean. It's not like she's made any progress. LOL!
As for the comparative merits of the UK and Argentine economies: you and I both know this has nothing to do with the Falkland Islands vs. Malvinas issue. Good for a bit of mud slinging by Mercopress addicts from both sides but nothing else.
If you want the islands when are you going to grow a spine and get them?
Chuckle chuckle!
Sorry to hurt your Kelper ego but….
As the old “Femme Fatale” song says…:
“You're put down in her book….
You're number thirty seven……, have a look….”
Umm, if it's okay with you I won't bother to look. Even if it's not okay with you I won't bother to look. Tell your beloved president to have a go for once. All her BS is just boring.
Wake me up if Argentina actually achieves one of its objectives in the task of getting the islands. At the moment you're not even trying.
Keep your ears to the ground in October.
Chuckle chuckle
Ok with me…
You just sleep tight …
Don’t worry…You will be woken up…
Zzzzzzzzzzzz.........
To plagiarize something from a well known Quality Management Guru.
“The Argentineans are like seagulls, they fly in, do a lot of squaking, shit all over the place and then fly out.”
How apt.
And Brits are like the appendicitis, everybody knows where you are, but noone knows what you are good for :)
LOL!
24
I think you mean the appendix or, to be more precise, the vermiform appendix. You need to buy a more modern encyclopaedia though because although it is true that for many years it was believed that the vermiform appendix was of little or at best unrecognised use, it is now well established that it has two important functions.
We're still here and we always will be. There is nothing your impotent government can do about it.
Chuckle chuckle.
I don't really care where you are, nor is it in my interest that you'll move from there either :)
I keep forgetting you're just a Uruguayan with a beef against the UK. Whatever but I have no argument with you in that case.
Inflation devaluation is collapsing many people.
Stealing by the gov is high, just expropaiting ciccone is the example how they manage to use gov mechanismes to hide and get protection between themselves when they rob. I would like to see boudou been investigated to the lasts consecuencies. he shouldnt have any help and if he did sth wrong abusing of his charges pay for it.
We need new people, not a bunch of thieves on gov.
Haha exactly, no-ones really able to come back on this outline of Cristina and the left's real achievements =)
#5 “Just love the lecture on the abuse of women from a Argie”
Are you being sarcastic? Well Argentina is obviously such a macho male dominated culture, to have produced Evita and Cristina!!!
#28 “In 2015 she will have to go, thanks god”
The constitution can be changed, thank God (and the people)
Indeed, I believe that the Falkland Islands and SGSSI both somehow became “an integral part of the National territory” when the constitution was rewritten, in 1994.
Writing that out might be useful while you're rewriting the bits that stop TMBOA from standing again.
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