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  • Argentina: Economic subsidies report scandalous figures

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    By Gabriel Caamaño "The evolution of economic subsidies during Q1 2022 is scandalous however you look at it (+125% YoY), but I think it will be much more brutally appreciated this way. The mess they've made there. Segmentation, besides being counterproductive, is going to be aspirin." Related dataset: Fiscal - Argentina - MECON - IMIG -...

  • Carry Trade: The Return of the King

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    By Mariano Sanchez Moreno "The carry trade is back, long live the carry trade. Throughout Treasury's auctions we might see that when the rates in pesos were positive after hedging through FX futures (ergo investing in ARS yields USD gains) the FX faced less devaluation pressures. During the lasy weeks, the carry trade helped to “calm down” the dollar, which appreciated by 22% from the peak of ARS 244 at the end of last January. Will this FX peace last? The rate hiking by BCRA turned the spotlight on carry trade strategies, but it is currently offset by both rising futures’ prices and an accelerating inflation. Besides, there is an additional variable that could push-up the depreciation pace of the peso: the BCS’s cost, which is at a 15-month low. That said, it could encourage investors to take advantage of the state of affairs and to wire their USD abroad." Related dataset Financial - Argentina - Carry...

  • Argentina: On IMF-related interest

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    By Mariano Sanchez Moreno "Argentina has asked for the IMF to assist it through an Extended Fund Facility (EFF) to pay the previous Stand By Agreement (SBA, signed in 2018). As stated by the Fund in EFF's factsheet the interest burden is the base rate (1.2%) plus a surcharge, which depends on how much is requested and for how long. For large credits (above of 187.5% of each country's quota in the IMF), the surcharge is 2%. If after 51 months the residual loan is still above 187%, the surcharge rises to 3%. That said, the Argentina's EFF represents over 1000% of its quota: for a long time, our country will pay at least 3.2% per year. Taking into account that, the outstanding capital payments of the SBA is meant to be paid with the upcoming EFF credits, both loans' interest must be paid as well. On Jun-26, 51 months after the first EFF disbursements, the rate rises to 4.2%. Meaning? On USD 44bn, for over 12 years, Argentina will have to face interest rates between 3.2% and 4.2%." Related dataset Fiscal - Argentina - Public Debt Profile...

  • Inheritance Tax & Energy Subsidies

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    Facing insignificance Inheritance Tax revenue is currently 1.200 million ARS in Bs AS Province, which accounts for 40% of the total population. Even assuming it was 10.000 million for the entire Nation (overcorrecting for a 3x factor), it would barely account for 1% of the +1.000.000 million ARS that will be spent on Energy Subsidies this year. Even a 10% cut (& partial re-assignment) in the very pro-rich energy subsidies would be 10x times more progressive than this Tax, with many other side effects regarding macroeconomic...

  • Argentina: October's fiscal result

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    by El Cronista "The "Platita" plan, the economic measures that the government took in order to try to reverse the results of the PASO elections, had an obvious correlation in a rising of public expenditure by 83% YoY and an increase in the deficit in October. https://www.cronista.com/economia-politica/el-plan-platita-obligo-a-martin-guzman-a-abrir-la-billetera-antes-de-las-elecciones/" #Argentina Related Datasets Fiscal - Argentina - MECON - IMIG -...

  • US Budget Deficit

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    By Charlie Bilello "US Budget Deficit (Fiscal Yr, Billions) 2021: -USD 2,772 2020: -USD 3,132 2019: -USD 984 2018: -USD 779 2017: -USD 665 2016: -USD 585 2015: -USD 442 2014: -USD 485 2013: -USD 680 2012: -USD 1,077 2011: -USD 1,299 2010: -USD 1,295 2009: -USD 1,413 2008: -USD 459 2007: -USD 161 2006: -USD 248 2005: -USD 318 2004: -USD 413 2003: -USD 378" #UnitedStates Related Dataset: Fiscal - USA - Department of Treasury - Public Debt and Federal Fiscal...

  • Argentina - IMF disbursements in 2022

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    by Estefanía Pozzo "IMF Debt Profile in 2022 Jan: USD 731 M Feb: USD 372 M Mar: USD 2873 M Apr: USD 731 M May: USD 330 M Jun: USD 2873 M Jul: USD 2122 M Aug: USD 301 M Sep: USD 2873 M Oct: USD 2817 M Nov: USD 248 M Dec: USD 2873 M Capital: USD 17,892 M Interest: USD 1250 M Total: USD 19,142 M" #Argentina Related Datasets Fiscal - Argentina - Public Debt Profile...