"How can I know what I think until I read what I write?" – Henry James


There are a few lone voices willing to utter heresy. I am an avid follower of Ilusion Monetaria, a blog by ex-Bank of Spain economist (and monetarist) Miguel Navascues here.
Dr Navascues calls a spade a spade. He exhorts Spain to break free of EMU oppression immediately. (Ambrose Evans-Pritchard)

viernes, 27 de febrero de 2015

La solidaridad empieza por uno mismo

Grecia está más cerca que nunca del default. Los mismos griegos que han votado a este gobierno no creen que el acuerdo haya servido para algo. La prueba es la huida de depósitos y la caída de los ingresos fiscales un 22.5% en un año. Los griegos, hayan votado o no a Tsypras y Varoufakis, no confían en ellos.
Prefieren dejar de pagar impuestos (¡solidaridad!) y poner el dinero bajo el colchón o en al otro lado de la frontera. Esta claro UE la solidaridad, como la caridad, empieza por uno mismo.

Tyler Durden:

As the rest of the world appears happy to assume everything is fixed in Europe (and if it's not, Draghi will buy it back to being awesome), Greece is looking unwell once again. Initial exuberance has faded dramatically in the last 3 days as IMF default warnings and a 22.5% plunge in tax revenues has sparked concerns about Greece's sustainability once again. Default (or restructuring) risk is soaring, Greek bond yields are surging, stocks sliding, and Greek banks (bonds and stocks) are getting hammered. As The Guardian's Helena Smith notes, "the country is in a strategic vacuum," and next week's T-Bill auction could be a major catalyst.
Vemos en los siguientes gráficos como cruje un país que pensaba parar el draconiano rescate y, por arte de birlibirloque, que el dinero creciera debajo de las piedras.


El resultado es que ahora Grecia necesita un tercer recate urgentemente, porque no puede pagar a sus proveedores y funcionarios, menos aún puede mantener sus pretensiones de aumentar el gasto social y el salario mínimo. Pero un tercer rescate exige como mínimo pagar a los vencimientos de deuda. Sin embargo, un miembro del gobierno (Minister of State for Coordinating Government Operations Alekos Flambouraris), manifestó que Grecia podría no pagar el próximo vencimiento del FMI de 1,6mm € el pésimo miércoles.

This follows a suggestion earlier in the day by the Greek Minister of State for Coordinating Government Operations Alekos Flambouraris that "Greece might delay payment to the International Monetary Fund if it cannot find the necessary money."
According to Kathimerini calculations, Greece is due to pay the IMF 1.6 billion euros next month but Flambouraris said that Athens might ask to delay this payment for two months. "Greece has a total of 7.27 billion euros in obligations next month of which 4.6 billion euros is in treasury bills that are due to be rolled over. The government’s first T-bill issue will have to take place by Thursday as 1.6 billion euros has to be rolled over the next day."
El gobierno presumía que ya podría emitir en los mercados y conseguir liquidez. Pero no cumplir plazos con el FMI, un acreedor preferencial, se considera un default. Tyler Durden dice que el problema de Grecia de domos es su crónica incapacidad para cobrar los impuestos.
Wait, so, after all the drama of the past month, and all the posturing by the once-proud new Syriza government whose spine, leverage and confidence have since been crushed, Greece may actually have no money to pay the IMF with? Well, yes, because remember: the biggest problem - as explained yesterday - that has always faced Greece, is not its massive debt load, but the reason why Greece accumulated this massive debt load in the first place: its chronic inability to collect taxes!


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