Deuda Publica: el capitalismo financiero furioso con la quita
Por CELINA ARISGARAT - Friday, Jan. 28, 2005 at 7:55 PM
CELINAARISGARAT@HPTMAIL.COM

Me hubiera gustado que K denunciara la deuda; no lo hizo. Propone una quita del 70% (por cada 100 pagara 30). Esto pone furioso al gran capital financiero y especulativo. La opinion de Forbes

TRADUZCO, EN MAYUSCULAS, PARTES QUE ME SORPRENDIERON. NO TRADUZCO TODOS LOS INSULTOS CONTRA EL GOBIERNO Y EL PAIS PORQUE ES DE MAL GUSTO.


Argentina and Tony Soprano--Perfect Together

Argentina recently reminded the world why its economic prospects are bleak; why as a country it continues to fall behind the rest of the world; and why half the population lives in poverty, with little possibility of improving its lot in life. The government has declared that it's going to shaft private bondholders. Argentina defaulted on some $80 billion of dollar-denominated debt three years ago. Add in the unpaid interest and these obligations come to more than $100 billion.

After stiffing bondholders for over three years, the government is now making them an offer that they should indignantly refuse: It will pay bondholders about 30 cents on the dollar. Argentina is, in effect, giving the rest of the world its middle finger.


DESPUES DE BICICLETEAR A LOS TENEDORES DE BONOS DURANTE 3 ANIOS, EL GOBIERNO AHORA LES ESTA HACIENDO UNA OFERTA QUE LOS TENEDORES DE BONOS DEBERIAN RECHAZAR CON INDIGNACION: LES PAGARA 30 CENTAVOS POR CADA DOLAR.. ARGENTINA ESTA, EN EFECTO, MOSTRANDOLE EL DEDO MAYORA TODO EL MUNDO

The country is quite capable of restructuring this debt in such a way that bondholders eventually could be made whole--or almost whole--in the years ahead.

This is lawlessness, pure and simple. The government figures it can stiff these creditors and get away with it.

ESTO ES ILEGALIDAD PURA Y SIMPLE. EL GOBIERNO SE FIGURA QUE PUEDE PONERSE DURO CON LOS PRESTAMISTAS Y SACARSELOS DE ENCIMA.

What government officials don't understand is that the rule of law is essential for future prosperity. Investors will be loath to make the kind of commitments they would normally make in Argentina because of fears that the government will arbitrarily change the rules some day and stick them with losses.

LO QUE EL GOBIERNO NO ENTIENDE ES QUE EL IMPERIO DE LA LEY ES ESENCIAL PARA LA PROSPERIDAD FUTURA. LOS INVERSIONISTAS NO ESTARAN DISPUESTOS A TOMAR LOS COMPROMISOS QUE NORMALMENTE TOMARIAN EN ARGENTINA POR LOS TEMORES DE QUE EL GOBIERNO UN DIA CAMBIE LAS REGLAS DEL JUEGO Y LES ADOSE LAS PERDIDAS A ELLOS.


Argentina's treatment of these bondholders is symptomatic of the country's malaise. Domestic crime is rampant, having increased exponentially after the economic crisis of 2000-01. The courts are corrupt, and many politicians are on the take. By trampling property rights, especially of individuals, the government has made it clear that anything goes, that those who have the power can wield it without restraint.

EL TRATAMIENTO QUE ARGENTINA DA A LOS TENEDORES DE BONOS ES SINTOMATICO DEL MALESTAR DEL PAIS. LA DELINCUENCIA ES RAMPANTE, HABIENDO CRECIDO EXPONENCIALMENTE DESDE LA CRISIS 2000-20001. LOS TRIBUNALES SON CORRUPTOS, Y MUCHOS POLITICOS METEN LA MANO EN LA LATA. PISOTEANDO LOS DERECHOS DE PROPIEDAD, ESPECIALMENTE LOS DE LOS INDIVIDUOS, EL GOBIERNO HA DEJADO CLARO QUE TODO VALE Y QUE AQUELLOS QUE TIENEN EL PODER PUEDEN MANEJARSE SIN LIMITACIONES.


Sadly, Argentina's attitude is not new, which is why, although a century ago Argentina was one of the most prosperous countries on Earth, today it would be lucky to make the top 60.

ESTA ACTITUD ARGENTINA NO ES NUEVA Y ESA ES LA RAZON DE PORQUE HACE UN SIGLO ATRAS ARGENTINA ERA UNO DE LOS PAISES MAS PROSPEROS Y HOY CON SUERTE ESTA EN EL PUESTO 60.

Sure, its economy has recently enjoyed a brief spurt of growth, thanks to a global commodities boom and the government's notservicing its debts. But this is no more than the equivalentof a dead-cat bounce. Already the pace of growth is slowing. Needed investments in the economy are not being made,and the situation looks to get worse. Inflation is stirring again, and Argentina's president is now hinting that if prices do go up, controls will be clamped on.

SEGURO, SU ECONOMIA HA GOZADO DE UN BREBE BROTE DE CRECIMIENTO , GRACIAS AL BOOM DEL PRECIO DE LAS MATERIAS PRIMAS Y A QUE EL GOBIERNO NO ESTA PAGANDO LOS SERVICIOS DE LA DEUDA. PERO ESTO NO ES MAS QUE EL EQUIVALENTE AL REBOTE DE UN GATO MUERTO. YA SE VE QUE LA VELOCIDAD DE CRECIMIENTO ESTA DISMINUYENDO. INVERSIONES IMPERIOSAS NO SE ESTAN HACIENDO Y LA SITUACION PARECE VOLVERSE PEOR. ESTA HABIENDO INFLACION Y EL PRESIDENTE ESTA INSINUANDO QUE PODRIA HABER CONTROLES DE PRECIOS.

The International Monetary Fund deserves its share of discredit for pushing antigrowth, pro-inflation, pro-big-tax prescriptions on Argentina. But Argentina's government deserves most of the opprobrium for its thuggish behavior.

Bondholders can cry over their losses. But Argentineans should be crying over the great potential that's been gratuitously lost.

www.forbes.com/global/2005/0207/009.html

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