NewsWhore
10-21-2010, 04:00 PM
Economist Arturo Martinez Moya warns that public debt is a time bomb that will lead to economic collapse. He said that at the close of 2010 the public and domestic debt will have reached US$22 million, and not the US$18 million mentioned by the Central Bank in a recent statement. Martinez Moya is the spokesman for the economic commission of the PRD opposition party.
As reported in 7dias.com.do, he said that to have reached the same figures as those published by the Central Bank, the government debt with the governmental Banco de Reservas has to be added because those are loans that are made to suppliers and contractors of the state. He estimated these would reach US$2 billion.
Martinez Moya says that at US$22 billion the debt is unmanageable because it amounts to 42% of the Gross Domestic Product. He says when the GDP is readjusted the percentage of the government debt to wealth produced by the country could be closer to 50%. He accused the Central Bank of smothering statistics.
He says in 2009, the IMF lent the government US$300 million so to complete the payment of the interest on the capitalization bonds of the Central Bank that had reached RD$12.4 billion. He said in 2010, the IMF would provide another US$150 million for the same purpose.
More... (http://www.dr1.com/index.html#4)
As reported in 7dias.com.do, he said that to have reached the same figures as those published by the Central Bank, the government debt with the governmental Banco de Reservas has to be added because those are loans that are made to suppliers and contractors of the state. He estimated these would reach US$2 billion.
Martinez Moya says that at US$22 billion the debt is unmanageable because it amounts to 42% of the Gross Domestic Product. He says when the GDP is readjusted the percentage of the government debt to wealth produced by the country could be closer to 50%. He accused the Central Bank of smothering statistics.
He says in 2009, the IMF lent the government US$300 million so to complete the payment of the interest on the capitalization bonds of the Central Bank that had reached RD$12.4 billion. He said in 2010, the IMF would provide another US$150 million for the same purpose.
More... (http://www.dr1.com/index.html#4)