just published the facts, and considerations beyond or sophisticated predictions, the numbers look good and are important, this leviathan that hit the life of the nation for the past 35 years, seems to be dominated.
statistics are reported debt in 2010, which reached 164 billion dollars (u $ s 1 = $ 4). The titles were no longer in default after the new exchange, but the new debt issues, the CER adjustment, the capitalization of interest and other translations, finally whitewashed the reality of a vague debt at about 17 billion dollars. Despite the nominal increase, the growth of Argentina's economy, stable exchange rate favored the proportions to come down the debt / GDP ratio of 48.8% in 2009 to 45.8% in 2010.
These foundations are appropriate and consistent with the strategy of debt reduction, and the big difference is identified by analyzing the composition of the debt. If the debt is discounted titles fraction in the hands of government-intrasector groups (46.8% of total general), the public debt burden is reduced to only 24.4% of GDP. The private sector accounts for 38.5% of the public debt of $ 63.314 million - which represent 17.5% of GDP. The bulk of the debt, 46.8%, are debts of state agencies (which now see that once interest appreciated banks and foreign bondholders.) Finally 10.8% are bilateral debts and loans from multilateral lending agencies, and 3.8% are debts that have arrears, eligible for renegotiation in the context of the "Paris Club" - in the process of negotiation final-dollars 6.268 million -.
Interestingly, the currency mix of nomination, although most of the debt (46%) is entitled in dollars (that have been devalued), there is a balance, since (41%) is expressed in pesos . While computing the total debt to the amount still outstanding in default since 2001 (when 100% unlikely nominal), it would reach U.S. $ 175.549 million, which would imply a reduction of 1,379 million dollars since December 31, 2009, when it stood at 176.927 million dollars.
Finally, excel filed maturity profile of debt, principal maturities for the next década-2011/2020- average, account for less than 7,000 million dollars a year, while the average interest payment dates are 3,800 million dollars annually.
regard to the situation, in 2011 the public sector will be facing payments of $ 18,500 million. The government has a "cushion" Financial generated in 2010, close to 4,600 million dollars. If we consider carefully on financial assistance to the provinces, close to 2,800 million-that is double that recorded in 2009 - and the national public sector deficit reached 2,000 million (-0.45% of GDP), the government's financing needs would be covered with intra public sector financing, leaving the first time without arguments to those who hold the potential default scenario, every year since 2007.
The change in funding strategy for the public sector ensures the quasi-automatic rollover of securities, and use of funds from the Central Bank (advances transitory earnings and reserves to pay debt), while ensuring that financial requirements are covered by the public sector itself, rather than relying on any bonds makers and private banks.
Since the beginning of the restructuring of debt, Argentina is going a route paved with antipathy, in which progress is presented thousands of difficulties and hundreds of opponents. From this perspective, looking at the inheritance it receives the next government, we could say that the efforts of all these years has not been in vain.
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