Post by account_disabled on Feb 19, 2024 19:03:49 GMT -8
Itai Hagman.jpg Twitter. The FGS and the consolidation of intrastate debt There is another point of the project on debt policy that has the ANSES-FGS as its main focus . Although in the latest version of the project the transfer to the Treasury of the shares of the companies owned by the fund was eliminated in response to the claim of certain opposition blocs, the “consolidation” of public debt held by state organizations (with the exception of the Central Bank and the National Bank). This means that these securities would pass into the hands of the Treasury to be excluded from trading, that is, deregistered.
Once the BCRA is finished, the FGS is the main party involved: according to a report by the Institute of State and Participation Studies (IDEP) of ATE Nacional, prepared by Horacio Fernández, Claudio Lozano and Alejandro López Mieres, it owns 24% of the securities in local Asia Mobile Number List currency ($12 billion), only behind the Central; and with 12 billion dollars, it is the largest local holder of securities in foreign currency. “The consolidation of the Public Debt continues, which will cause the reduction of 75% of the participation of the FGS, reducing the public debt by US$ 35,000 million,” said Bull Market, the securities house of Ramiro Marra's family when analyzing the latest version of the project. And he added that the elimination of the transfer of shares held by ANSES impacts “any strategy for placing debt against guarantees,” a possibility that had been analyzed by the economic team to obtain dollars in the international market.
Considering that intrastate liabilities represent around half of the public debt stock, it can be considered that consolidation would serve the Government to reduce the maturity profile in view of its goal of regaining access to financing abroad . However, the IDEP suggests that this point is also part of a strategy to “reprivatize the pension system.” The report highlights that, once transferred to the Treasury, the titles “will be canceled due to patrimonial confusion”, which implies that “the obligation of the State” with public entities will disappear: “ Beyond the relevance or not of compensating the debt between organizations and/distributions of the SPN (National Public Sector) This cannot be applied to public debt securities in the hands of the Pension System through the FGS since it is a Specific Affectation Fund and is not reached due to some patrimonial confusion.
Once the BCRA is finished, the FGS is the main party involved: according to a report by the Institute of State and Participation Studies (IDEP) of ATE Nacional, prepared by Horacio Fernández, Claudio Lozano and Alejandro López Mieres, it owns 24% of the securities in local Asia Mobile Number List currency ($12 billion), only behind the Central; and with 12 billion dollars, it is the largest local holder of securities in foreign currency. “The consolidation of the Public Debt continues, which will cause the reduction of 75% of the participation of the FGS, reducing the public debt by US$ 35,000 million,” said Bull Market, the securities house of Ramiro Marra's family when analyzing the latest version of the project. And he added that the elimination of the transfer of shares held by ANSES impacts “any strategy for placing debt against guarantees,” a possibility that had been analyzed by the economic team to obtain dollars in the international market.
Considering that intrastate liabilities represent around half of the public debt stock, it can be considered that consolidation would serve the Government to reduce the maturity profile in view of its goal of regaining access to financing abroad . However, the IDEP suggests that this point is also part of a strategy to “reprivatize the pension system.” The report highlights that, once transferred to the Treasury, the titles “will be canceled due to patrimonial confusion”, which implies that “the obligation of the State” with public entities will disappear: “ Beyond the relevance or not of compensating the debt between organizations and/distributions of the SPN (National Public Sector) This cannot be applied to public debt securities in the hands of the Pension System through the FGS since it is a Specific Affectation Fund and is not reached due to some patrimonial confusion.