MercoPress. South Atlantic News Agency
Argentina's fiscal deficit 3.5% of GDP, says minister Kicillof
“The opposition justifies the alleged need for austerity because the truth is that the deficit is not as they say 7.2%, nor 6%” said the minister Argentina will likely end the year with a fiscal deficit of 3.5% of GDP, Economy Minister Axel Kicillof said on Wednesday, rejecting estimates by the opposition for a deficit around twice as high.
“The opposition justifies the alleged need for austerity with lies because the truth is that the deficit is not as they say 7.2%, nor 6%” he told Argentine radio broadcaster Nacional Rock.
“We will have to see how the year ends but it will be 3.5% of GDP.”
Private analysts often question the credibility of Argentina's official statistics. Many say heavy government spending by outgoing President Cristina Fernandez is driving an expansion in the deficit that has been masked by government figures.
Goldman Sachs, for example, has said the deficit will reach 7.1% this year and says fiscal consolidation should “be given urgent consideration” as it is partly to blame for soaring inflation and exchange rate pressures.
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Read all commentsBased on INDEC. Always take what INDEC says and double or halve it
Nov 19th, 2015 - 09:30 am 0INDEC: Inevitable Nefariously Depraved Economic Criminals
Nov 19th, 2015 - 11:51 am 0Borrow your way to liquidity!
Nov 19th, 2015 - 05:11 pm 0Now - just exactly how does that work?
Oh, yes - devalue the currency by borrowing and inflation which destroys - Oh no - the snake has to swallow its tail. Perpetual motion machine fails. lol.
It starts with productivity. Raise the level of productivity - create wealth. K's just redistribute a commodity driven variable sum - they create nothing. The perro social safety net reinforces the rotting roadkillian natural predisposition to sloth and thuggery.
Keep doing what you've been doing and see how the market rewards you.
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