Logica economica

Datoria publică și jocul la cacealma

Ministerul de Finanțe persistă în strategia îndatorării pe termen scurt, sfidând dorința băncilor de a obține o rată a dobânzii mai mare de 7%. Azi a respins toate ofertele băncilor pentru obligațiunile pe 5 ani. Nici în septembrie nu are alte planuri, 87% din creditele ce sunt planificate a fi contractate având o scadență de maxim 1 an.

Care e ideea? Că criza e o fiță a moftangiilor de speculanți? Că „la anul vom avea cu siguranță creștere economică”? Mă întreb dacă jocul la cacealma pe banii contribuabililor va continua după ce artistul de la șefia ministerului va fi înlocuit. Dacă da, atunci nu e a bună.

Figura de mai jos arată diferența dintre randamentele titlurilor emise de PIIGS față de obligațiunile germane. După cum se vede, aceasta urcă bine-mersi, dovadă că criza a fost rezolvată pe hârtie… sau cu hârtie, după cum vreți să o luați. România nu se poate împrumuta pe termen lung la 7%. No way. Decât dacă se transformă într-un model mai bun decât Grecia.

Politica fiscala, Realitatea | Bogdan Glăvan | septembrie 2, 2010 7:55 pm

9 comentarii

By Paun Cristian, septembrie 2, 2010 @ 8:00 pm

Pai cum sa nu fie o cacealma. Am inteles ca Ministrul de Finante propus in locul lui Vladescu nici nu stie limba engleza.

Mai bine… nu va intelege nimic din articolele si graficele tale.
By Mihail Marcu, septembrie 2, 2010 @ 9:26 pm

Singura explicatie logica este deficitul. Orice leu in plus se simte. Nu are nicio sansa in acest moment sa aplice metode de piata pentru randamente mici pe termen lung, dar cine traia in “sistem” in octombrie 2008 stie ca exista si alte metode

Am atins subiectul la economiapentrutoti…cta-deficitului.html
By Stefan A., septembrie 3, 2010 @ 10:33 am

Este interesant ca pe fondul crizei mondiale , tarile PIIGS si nu numai , au emis obligatiuni tot mai mult pe termen lung . Au “rostogolit” si datoriile pe termen scurt prin inoirea lor cu altele pe termen mediu sau lung.
La noi , perseverenta continua , cu datorii tot mai mari dar pe termen scurt . Piata mondiala a titlurilor de stat e plina de bani . Nu inteleg logica pentru care Romania nu “sondeaza” terenul . Mai ales ca are in spate FMI si UE . Personal nu cred ca ar fi ceruta o dobinda anuala excesiva ( mai mult de 5,5 % ). Poate gresesc .
By Stefan A., septembrie 3, 2010 @ 10:34 am

Vorbesc de credite in valuta , nu in lei .
By vlasti, septembrie 3, 2010 @ 1:30 pm

recapitalizarea sistemului bancar ..
compensarea pierderilor prognozate din creditele date imprudent.. cu ratele si rambursarile la termen scurt … se poate obtine ceva

adica asta ar putea fi o chestie pozitiva ..
By http://www.lacostelike.com, septembrie 8, 2010 @ 2:28 am

LRH2010-9-8For men in our Lacoste Shoes Online,we will provide you with unexpected crocodile leather shoes low price!As crocodile leather shoes men than for testing and certification of bamboo is an excellent style.Lacoste Running Shoes also has a good looking.2010 Lacoste Shoes sports shoes by the crocodile allows you through your canicule best appearance and adequate bland covering on durability.It alone differs with the Lacoste’s academic theme.Other than this one can present the Lacoste Carnaby Shoes for abnormal occasions.In accession the shoes would accommodate aegis of user’s bottom abnormally while arena sports.Lacoste Observe 2 Strap Shoes the shoes would provide protection of user’s foot especially while playing sport,you will feel more confident.
By http://www.uggheres.com, septembrie 8, 2010 @ 2:55 am

LRH 2010-9-8

Recently in China’s streets, unexpectedly frequently UGGs figure, visible now UGG Boots has gradually the market of China.
The southern region of Melbourne, the lowest temperature in winter is zero degrees centigrade. From the practical point of view, in winter in Australia, don’t wear UGG shoes basic. “You just go skiing. And special lessons will wear the local tradition. But the” world’s warm “, to travel by UGG Slippers , Japanese fashionable personage UGG Women’s Boots as fashionable element in Japan, the earliest flushed a fashion magazine pictures, and then get street pats many Hollywood stars, and the rapid reproduction into fashion. UGG Classic Boots originated in Australia, is a pure manual boots, with sheep is the so-called “Macao MAO”, warm, but not always like a likable. Then length, then follow China star began in China in recent year in winter fashionable girl like most fashionable sheet is tasted. With a network of vulgar: “they wear warm, but not trend. But China’s fashionable girl dressed as are not completely to when the cold, they often need to wear, the look is a thin silk socks, and then wrapped in UGG Classic Short thick.
By http://www.prevalentbags.com, septembrie 8, 2010 @ 3:12 am

LRH20100908

Whenever searching for the right Designer Handbags for oneself, make sure to keep the storage needs in focus and not get carried away by the endless options in designs and other appeals of the Discount Designer Handbags. While one might have their hearts set on the petite clutches, remember your needs and the items that you need to carry around prior to making purchase and look for the Branded Handbags and design details that offer better solutions. For the items like the makeup kits, books, credits cards and other stuff, women would require storing slots in their Cheap Designer Handbags, to manage their belongings in a hassle free manner.
The brands and designers of the Gucci Handbags in the recent era are making use of the various materials and the colors to come up with the impressive designs in the Chanel Handbags that can lure any women into buying them. But, a sad little fact is that not all the women can afford the high rates of these bags. However, this does not bother many of them much, as the options for the handbags are endless in the markets, both in the real world and the virtual markets. While most of the women sift through the catalogues and the collections of the various retails, there are others who would like to seek their options of the handbags online by allowing themselves to save time and energies and making the most of the discount offers extended by the online handbag retail stores around the year.
By http://www.MBTShoess.com, septembrie 8, 2010 @ 3:16 am

LRH 2010-09-08 MBT Shuguli GTX Shoes are now popular all over the world. Like other MBT Shoes, the fashion and casual MBT Shuguli GTX Shoes can also have a positive impact in improving posture and gait, reducing stress on the knees and hips, and even help with joint, ligament and tendon injuries. it is different from MBT M WALK Shoes and MBT Sport Shoes , you could wear it at the informal meeting and party. At the Mbtshoess.com, you can choose a wide variety of MBT Walking Shoes, such as MBT Kimondo shoes, MBT Lami Shoes, MBT Habari Shoes, MBT Barabara Shoes, MBT Panda Shoes, MBT Tataga Shoes, MBT Kisumu Sandals,etc. Now, All of our MBT Shoes Sale for cheap, if you want to own the high quality and Cheap MBT Shoes, our website will be your best choice!