WORK GO HERE muster COMPARISON OF THE THREE PROJECTS on Budget 2011. IN A FEW DAYS, THE LINK TO SEE FULL WHILE YOU CAN ORDER BY MAIL OR COMMENT. SALUDOS.
The work shows that Lozano called the "official lie" based on resources and expenditures underestimated, of the "inconsistency of the project the group A" which, while recognizing that the drawing anticipated cost does not include official as increased wages and retirement allowances or upgrade, goes over to, among other places, 82% (non-mainstream funding streams), and closes with a fiscal deficit even higher than the ruling party. It also compares the proposed South Project expenditures still incorporating the officer does not include a deficit significantly lower than the official. This is because funding streams introduces absent in the proposals above.
Concepts
1) real Official
2) A real
Group 3) Lozano
Financial Results
1) 6406.30
2) 31598.7
3 ) 3793.60
Investment Financial
1) 53907.80
2) 42636.50
3) 42636.50
Yacyreta
1) 84.2
2)
84.2 3) 84.2
Guarantee Fund SIPA Sustainability
1) 30084.10
2) 30084.10
3) 30084.10
Financial Assistance to Provinces
1)
8000.00 2) 8000.00
3) 8000.00
Financial Assistance and ATN
1)
4468.20 2) 4468.20
3)
4468.20 Advances to Suppliers and Contractors (Expenditure Priority)
1) 11271.30
2) 0
3) 0
Depreciation
1) 45525.60
2) 45525.60
3) 45525.60
International Organizations
1)
6686.00 2) 6686.00
3) 6686.00
Other Depreciation
1) 38839.60
2) 38839.60
3) 38839.60
Need Financing
1) 105,839.70
2) 119,760.80
3) 91955.70
Potential Sources Financing
1) 83210.50
2) 59130.10
3) 83210.50
initial Existence
1)
2100.00 2) 2100.00
3) 2100.00
Checking Unified
1) 0
2) 0
3) 0
Net Applications Advances BNA
1) 0
2) 0
3) 0
Net Use of Temporary Advances BCRA
1) 14927.00
2) 14927.00
3) 14927.00
Net International Organizations
1) 15528.60
2) 15528.60
3) 15528.60
Use of Reserves
1 ) 30766.40
2) 6686.00
3) 30766.40
Guarantee Fund Sustainability SIPA
1) 11799.30
2) 11799.30
3) 11799.30
Recoveries ( Prov OD + OI)
1)
1755.20 2) 1755.20
3) 1755.20
Other Sources
1)
6334.00 2) 6334.00
3) 6334.00
GENERIC
BONO 1) 22629.20
2) 60630.70
3) 8745.20
Source: Own calculations based on official data and the opinion of group A (END OF TABLE)
In this regard we consider that there are other ways to address the financing gap (in our proposed $ 8,745.2 million). Aside from the need for revision of the debt, which would drastically reduce the maturity profile of the same (because 50% of the debt is intra public sector), during the debate of using reserves to pay the debt we have presented a proposal to address the financing needs without having to resort to the reserves for the payment of debt. Indeed our proposal involves refinancing of stock Lebac / Nobac held by the domestic financial system. Estimated LEBAC (instrument of monetary regulation of the Central Bank fixed rate on $) and NOBAC (idem at a variable rate in $) currently amounts to about $ 74,000 million with staggered maturities coming to August 2012 but are concentrated maturities during 2011 for about $ 52,000 million. These instruments were issued in order to neutralize the emissions produced by a) purchasing U $ S by the BCRA in a context of ample liquidity of foreign exchange, b) for the transfer of profits to the Treasury c) the significant increase of the monetization proceeds of growth but also of real inflation. Currently subject to constant renewal of banks operating as a virtual reserve paid. As an example, a LEBAC to 12 months is paid by the Central with a rate of 13% annually, while a fixed period and that period a saver hardly exceed 10% annually. The monstrous spread gives the system the Central Bank, and has its objectification in the bank balance, with a tremendous increase in income from financial transactions "is the counterpart of the deficit production loans to SMEs and individuals. A key
shows the character "subsidiary" of the financial system: the stock expected in both instruments for 2011 would bring the annual cost of monetary absorption not less than $ 11,000 million. One stock is still a mass of money that gives huge profits to banks and with no impact on the economy. And since the balance of trade balance is expected in 2011 will be absorbed mostly by the Central, is expected to increase the stock mentioned in no less than $ 25,000 million. This would also mean a significant increase in the cost of these instruments, in annualized terms quasi-fiscal cost would increase from the $ 11,000 million to over $ 15,000 million. If monetary expansion during 2011 resulting from the purchase of U $ S by the Central Bank is expected, everything suggests that the financial system will "roll" the debt of the Central and getting juicy spreads, as it has done consistently.
The proposal to implement is simple: that the stock held by banks, which hold not less than 80% of the instruments-is exchanged for a Treasury in 2017, with repayment at maturity and services of interest to fixed rate. As LEBAC / NOBAC become due, that $ will go to the Treasury would buy dollars BCRA equivalent. In this way, with maturities in 2011 of $ 52,000 million, the Treasury could buy a U $ S 13,000 million and meet its obligations in this extranjera.Todo currency would implement simultaneously, resulting in a change of debtor's financial system, which passes Treasury be replacing the BCRA. The operation has no monetary effect, because the weight back to the BCRA as a purchase of $ S. Regarding the fiscal costs of the new debt is offset by the quasi-fiscal costs not borne by the Central Bank did not renew their Lebac / Nobac, and may then transfer increased profits to the Treasury for the Year 2012.
Project For South Movement terror coercion is never a false unity. Autonomy from the government and those who are only defined in opposition to it, is what allows us to reject the inconsistencies of both the official and Group A budgetary and sustain their own opinion based on our beliefs as ever.
The work shows that Lozano called the "official lie" based on resources and expenditures underestimated, of the "inconsistency of the project the group A" which, while recognizing that the drawing anticipated cost does not include official as increased wages and retirement allowances or upgrade, goes over to, among other places, 82% (non-mainstream funding streams), and closes with a fiscal deficit even higher than the ruling party. It also compares the proposed South Project expenditures still incorporating the officer does not include a deficit significantly lower than the official. This is because funding streams introduces absent in the proposals above.
Concepts
1) real Official
2) A real
Group 3) Lozano
Financial Results
1) 6406.30
2) 31598.7
3 ) 3793.60
Investment Financial
1) 53907.80
2) 42636.50
3) 42636.50
Yacyreta
1) 84.2
2)
84.2 3) 84.2
Guarantee Fund SIPA Sustainability
1) 30084.10
2) 30084.10
3) 30084.10
Financial Assistance to Provinces
1)
8000.00 2) 8000.00
3) 8000.00
Financial Assistance and ATN
1)
4468.20 2) 4468.20
3)
4468.20 Advances to Suppliers and Contractors (Expenditure Priority)
1) 11271.30
2) 0
3) 0
Depreciation
1) 45525.60
2) 45525.60
3) 45525.60
International Organizations
1)
6686.00 2) 6686.00
3) 6686.00
Other Depreciation
1) 38839.60
2) 38839.60
3) 38839.60
Need Financing
1) 105,839.70
2) 119,760.80
3) 91955.70
Potential Sources Financing
1) 83210.50
2) 59130.10
3) 83210.50
initial Existence
1)
2100.00 2) 2100.00
3) 2100.00
Checking Unified
1) 0
2) 0
3) 0
Net Applications Advances BNA
1) 0
2) 0
3) 0
Net Use of Temporary Advances BCRA
1) 14927.00
2) 14927.00
3) 14927.00
Net International Organizations
1) 15528.60
2) 15528.60
3) 15528.60
Use of Reserves
1 ) 30766.40
2) 6686.00
3) 30766.40
Guarantee Fund Sustainability SIPA
1) 11799.30
2) 11799.30
3) 11799.30
Recoveries ( Prov OD + OI)
1)
1755.20 2) 1755.20
3) 1755.20
Other Sources
1)
6334.00 2) 6334.00
3) 6334.00
GENERIC
BONO 1) 22629.20
2) 60630.70
3) 8745.20
Source: Own calculations based on official data and the opinion of group A (END OF TABLE)
In this regard we consider that there are other ways to address the financing gap (in our proposed $ 8,745.2 million). Aside from the need for revision of the debt, which would drastically reduce the maturity profile of the same (because 50% of the debt is intra public sector), during the debate of using reserves to pay the debt we have presented a proposal to address the financing needs without having to resort to the reserves for the payment of debt. Indeed our proposal involves refinancing of stock Lebac / Nobac held by the domestic financial system. Estimated LEBAC (instrument of monetary regulation of the Central Bank fixed rate on $) and NOBAC (idem at a variable rate in $) currently amounts to about $ 74,000 million with staggered maturities coming to August 2012 but are concentrated maturities during 2011 for about $ 52,000 million. These instruments were issued in order to neutralize the emissions produced by a) purchasing U $ S by the BCRA in a context of ample liquidity of foreign exchange, b) for the transfer of profits to the Treasury c) the significant increase of the monetization proceeds of growth but also of real inflation. Currently subject to constant renewal of banks operating as a virtual reserve paid. As an example, a LEBAC to 12 months is paid by the Central with a rate of 13% annually, while a fixed period and that period a saver hardly exceed 10% annually. The monstrous spread gives the system the Central Bank, and has its objectification in the bank balance, with a tremendous increase in income from financial transactions "is the counterpart of the deficit production loans to SMEs and individuals. A key
shows the character "subsidiary" of the financial system: the stock expected in both instruments for 2011 would bring the annual cost of monetary absorption not less than $ 11,000 million. One stock is still a mass of money that gives huge profits to banks and with no impact on the economy. And since the balance of trade balance is expected in 2011 will be absorbed mostly by the Central, is expected to increase the stock mentioned in no less than $ 25,000 million. This would also mean a significant increase in the cost of these instruments, in annualized terms quasi-fiscal cost would increase from the $ 11,000 million to over $ 15,000 million. If monetary expansion during 2011 resulting from the purchase of U $ S by the Central Bank is expected, everything suggests that the financial system will "roll" the debt of the Central and getting juicy spreads, as it has done consistently.
The proposal to implement is simple: that the stock held by banks, which hold not less than 80% of the instruments-is exchanged for a Treasury in 2017, with repayment at maturity and services of interest to fixed rate. As LEBAC / NOBAC become due, that $ will go to the Treasury would buy dollars BCRA equivalent. In this way, with maturities in 2011 of $ 52,000 million, the Treasury could buy a U $ S 13,000 million and meet its obligations in this extranjera.Todo currency would implement simultaneously, resulting in a change of debtor's financial system, which passes Treasury be replacing the BCRA. The operation has no monetary effect, because the weight back to the BCRA as a purchase of $ S. Regarding the fiscal costs of the new debt is offset by the quasi-fiscal costs not borne by the Central Bank did not renew their Lebac / Nobac, and may then transfer increased profits to the Treasury for the Year 2012.
Project For South Movement terror coercion is never a false unity. Autonomy from the government and those who are only defined in opposition to it, is what allows us to reject the inconsistencies of both the official and Group A budgetary and sustain their own opinion based on our beliefs as ever.
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