Cristina: “We announced that we are paying debt while we increase wages”

 

August 2, 2012

 

The president, Cristina Kirchner, announced the end of the yard to pay the Boden 2012. It was in the 158 th anniversary of the Stock Exchange of Buenos Aires. She shared the table with Mauricio Macri, while Amado Boudou did not attend.

In reality, there is a tremendous speculative crises as rarely seen in the world, from a crisis that we knew very well that was the extrangulamiento the external sector, external sector borrowing public, private and family life.

In reality, there is a tremendous speculative crises as rarely seen in the world, from a crisis that we knew very well that was the extrangulamiento the external sector, external sector borrowing public, private and family life.

Should we celebrate the payment of Boden 2012? Is it something to celebrate or to reflect? The debt led to a situation of social crisis and violence.

Here are the debt, which was 166% in 2002 and in 2011 was 41.8% of our GDP. The total public debt held by the private sector in foreign currencies vis GDP. In 2002 we had 92% and up 9.6% today. Tomorrow, with the payment of Boden 2012, we owe only 8.4%.

Let’s keep the topic of debt. Total government debt in foreign currency in the hands of private against reserves. In 2002, was 815%, today is only 88%. If we would like to pay all debt here, with bonds that expire in ’34, we could. This gives us a huge independence from market volatility, and also allows us to act effectively.

What we will do tomorrow is to fulfill our obligations, there should not be a merit, but it becomes a merit in an Argentina that never payed its debts and ended in default. Much more in the world in which we live in. I do not know if you realize that we announced we were paying debt while we are increasing salaries of retirees. That is, growth without adjustment.