The New Head Of Banco Nacion

[Gringoboy]

It's going to be interesting to see what they find at the Central Bank, if anything.

 

[syngirl]

It's going to be interesting to see what they find at the Central Bank, if anything.

It will be the single dollar that Macri's been promising us. One, single, dollar.

 

[Rich One]

in the CB vault they will find tons of Bonds issued by the Government with indefinite expiration date , The Central Bank is Broke..

 

[EdRooney]

in the CB vault they will find tons of Bonds issued by the Government with indefinite expiration date , The Central Bank is Broke..

This is mixing apples and oranges--

• Bonds issued by the government are paid in pesos, which the Argentine government (as a sovereign currency issuer) can control. They are thus mainly a function of fiscal policy.
• Reserves, on the other hand, are in foreign currency or assets that the Argentine government cannot issue. They are thus mainly a function of monetary policy and the results of foreign trade.

The new government can easily pay any debts (eg, bonds) it owes in pesos. The debts it owes in dollars or other currencies, however, are more complicated, and this will be the question Sturzenegger and Prat Gay need to iron out before lifting the cepo. To wit, the BCRA has ~$25.5b USD in raw reserves, but this does not include the currency swaps with China, private bank USD holdings, and pending contracts (which will include both assets and liabilities).

Macri's team has plenty of options available. First, with the lifting of the retenciones there should be a pretty hefty revenue in dollars from the sale of outstanding commodity exports (although this could be a sticky issue still). Secondly, they have already announced that they expect another currency swap with China. And lastly, since they opened negotiations with Griesa, the plan seems to be to seek a short-term ~$10b USD bridge loan. The plan here, according to Prat Gay, is that lifting the cepo will lead to a rush of USD into the banks and the problem will be solved. In short, they have a variety of weapons to choose from.

The last administration's tactic whenever their bunglings were pointed out was to say "yeah but look at the mess we inherited". I'm hoping this set will offer more positive actions and less excuses.

 

[Rich One]

This is mixing apples and oranges--

• Bonds issued by the government are paid in pesos, which the Argentine government (as a sovereign currency issuer) can control. They are thus mainly a function of fiscal policy.
• Reserves, on the other hand, are in foreign currency or assets that the Argentine government cannot issue. They are thus mainly a function of monetary policy and the results of foreign trade.

The new government can easily pay any debts (eg, bonds) it owes in pesos. The debts it owes in dollars or other currencies, however, are more complicated, and this will be the question Sturzenegger and Prat Gay need to iron out before lifting the cepo. To wit, the BCRA has ~$25.5b USD in raw reserves, but this does not include the currency swaps with China, private bank USD holdings, and pending contracts (which will include both assets and liabilities).

Macri's team has plenty of options available. First, with the lifting of the retenciones there should be a pretty hefty revenue in dollars from the sale of outstanding commodity exports (although this could be a sticky issue still). Secondly, they have already announced that they expect another currency swap with China. And lastly, since they opened negotiations with Griesa, the plan seems to be to seek a short-term ~$10b USD bridge loan. The plan here, according to Prat Gay, is that lifting the cepo will lead to a rush of USD into the banks and the problem will be solved. In short, they have a variety of weapons to choose from.

The last administration's tactic whenever their bunglings were pointed out was to say "yeah but look at the mess we inherited". I'm hoping this set will offer more positive actions and less excuses.

Sorting Apples and Oranges.... y
I know CLARIN Miente ...but will quote it anyhow.

http://www.ieco.clar...1483052248.html

En nueve meses, la deuda pública aumentó US$ 18.000 millones

Cuentas oficiales
En su último día, Kicillof difundió los datos a septiembre de 2015. En total, el pasivo suma US$[font=Helvetica Neue'] [/font]
240.000 millones.

Quote

[font=Helvetica Neue']" For this reason, 61% of the assets of the Central Bank is in "papers" state issued, with more than uncertain compliance because the Treasury continues to accumulate growing deficits. Another major creditor is the Guarantee Fund ANSeS, which absorbed the bonds were in the hands of the administrators and was also financing the deficit of the Treasury. And followed to a lesser extent the National Bank loan to the government....."[/font]

 

[EdRooney]

Rich, again you're mixing up fiscal policy with monetary policy. I just explained the difference between the two. No sovereign government needs foreign currency to finance its deficit.

 

[Rich One]

Rich, again you're mixing up fiscal policy with monetary policy. I just explained the difference between the two. No sovereign government needs foreign currency to finance its deficit.

Maybe you didn't read the Article?? The Government has plastered the Central Bank with Papers issued in Pesos payable When...? No mention of Monetary Policy and Foreign currency.

When you disagree you feel the other party is confused .... Lets leave it at that...!

 

[scotttswan]

chau Recalde!

http://www.lanacion.com.ar/1853219-renuncio-recalde-como-presidente-de-aerolineas-argentinas?utm_medium=Echobox&utm_source=Facebook&utm_campaign=Echobox&utm_term=Autofeed#link_time=1449828632

[media]https://www.youtube.com/watch?v=VsnXeQDqOOg[/media]

 

[scotttswan]

chau Recalde
http://www.lanacion....time=1449828632

José Sbattella
http://www.lanacion....idad-antilavado


So many people threatened with Nisman by the evil Macri!!!!11!111!!!

 

[Redbeanz]

It's going to be interesting to see what they find at the Central Bank, if anything.

Calling Geraldo Rivera!

For those too young to remember:
The Mystery of Al Capone’s Vaults,” was one of the most hyped TV events in history — and one of the biggest busts. In the two-hour special, Rivera finally opened the famous gangster’s secret vault, but instead of finding Capone’s money or any bodies, it contained only a couple of empty bottles and dirt. The failed stunt became a pop culture landmark, and “Al Capone’s vault” is now synonymous for a heavily hyped event that amounts to absolutely nothing.

Read more: http://www.politico.com/story/2012/03/5-geraldo-legendary-incidents-074405#ixzz3u2lX1HD5