NewsWhore
05-21-2008, 05:30 PM
Economy, Planning and Development Minister Temistocles Montas says that the government is aware that these are times for "rigid austerity." He feels, nevertheless, that there is room for the subsidies in the budget, as reported in Hoy.
Meanwhile, former administrator of the Central Bank, economist Apolinar Velo says that the present monetary and fiscal policies, including the rising subsidies, are unsustainable. He says they lack the flexibility to handle external shocks, including the slack in the US economy, and rising international fuel prices. Interviewed on the Uno + Uno TV show presented by Juan Bolivar Diaz on Channel 2, he said that the present exchange rate makes buying goods here cheaper than abroad. He explains that the growing deficit in the trade and current balances are pressures that permanently affect the Central Bank finances.
More... (http://www.dr1.com/index.html#2)
Meanwhile, former administrator of the Central Bank, economist Apolinar Velo says that the present monetary and fiscal policies, including the rising subsidies, are unsustainable. He says they lack the flexibility to handle external shocks, including the slack in the US economy, and rising international fuel prices. Interviewed on the Uno + Uno TV show presented by Juan Bolivar Diaz on Channel 2, he said that the present exchange rate makes buying goods here cheaper than abroad. He explains that the growing deficit in the trade and current balances are pressures that permanently affect the Central Bank finances.
More... (http://www.dr1.com/index.html#2)