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Regarding the pension reform approved this week, President Javier Milley recalled: “I warned that if they want to break my fiscal surplus, I will veto it.” Along these lines, he added: “I will not deliver fiscal results, I will not let degenerate fiscal policies pass.”
At the same time, he stressed that since taking office, “the number of actual retirees has increased by 5%, pensions have outperformed inflation. The dollar is also growing.” The head of state predicts that the cost of the approved standards will reach $ 370 billion, which is equivalent to 62% of GDP.
On the other hand, he insisted that the senators were “irresponsible” and “populists.” “They want to know who ruined retirees, look at the Kirchners, they irresponsibly let retirees retire without contributions. And then there are the million trout pensions,” Milley launched. “If two-thirds of children today live below the poverty line, nonsense like Thursday’s vote will take them all away,” he said.
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The President’s speech was delivered within the framework of the 140th anniversary of the Rosario Stock Exchange (BCR)
Gifts were also presented by Santa Fe Governor Maximiliano Pullaro; Rosario Mayor Pablo Jafquin, and 800 businessmen from the agro-industrial, financial and industrial sectors.
Before Millais held his exhibition in Rosario, the authorities decided to evacuate the area due to an anonymous phone call indicating a bomb threat. As part of the protocol to be followed in such cases, explosive ordnance disposal personnel arrived at the scene. The threat came after 3 pm, before the head of state arrived in Rosario for the event.
Miguel Simioni, president of the Rosario Stock Exchange, gave a speech before the President’s speech. “We have communication with the State, we have been working with interlocutors, the Exchange has a proactive approach, making proposals so that they can see what is needed to be productive internally, working with the different exchanges,” he said. “We have an outstanding agenda with the State Executive.”
He added: “Whatever we propose, we are facing a difficult environment with falling international prices.”
“Withholding tax is an overlooked issue, you know it is a distortionary tax but it doesn’t necessarily exist, for example soybeans are taxed at 33%. We know the government is working on it, we know the administration recognises it is a distortionary tax and we will work to make it go away and with the tax cuts the industry can grow,” he concluded.
For its part, the Governor of Santa Fe stated: “We assumed a fiscal deficit for the province, a floating debt and a 56% decrease in resources year-on-year.” “In these nine months, we managed to increase the salaries of public employees by three percentage points above the inflation rate. In the first semester, we achieved a small fiscal surplus,” he continued.
Praro concluded: “How did you manage to be so organized and efficient during a very difficult period for the national and provincial economy?”
The central bank purchased $230 million this week, the most since mid-May. This improvement compared to recent weeks is not due to stronger liquidations in agriculture, as its sales fell from an average of $115 million per day in the first half of August to $95 million last week, but to lower purchases in the rest of the economy. Net demand fell from $95 million per day to less than $40 million. If the 10 percentage point reduction in PAIS taxes promised “upon approval of the underlying law” (to be achieved in September) is not compensated by an official dollar appreciation, the import exchange rate will fall nominally. “It therefore makes sense to postpone certain purchases,” they commented from Banco Provincia.
The reorganization of the BCRA balance is due to a reduction in non-agricultural purchases, which will be reversed if domestic demand eventually recovers. Similarly, the calm in the parallel market is explained by the sale of reserves by the monetary authorities. “Thus, the pillar of exchange rate stability is not sustainable in the medium term, especially until 2025. The return of credit markets is complicated for stocks; without it, exchange rate stability and consumption recovery. There is no free lunch for the external side either,” the company analyzed.
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