Re: [Marxism] Arg paying IMF debt

["rrubinelli" <rrubinelli@xxxxxxxxxxxxx>]

Paying or not paying a debt is a tactical, not a moral, decision.  Guy
holds a gun to your head and says pay me everything now, you pay.  Or...
you want access to international credit markets... you pay, or
renegotiate, or promise to pay.

But  whose money  is it?  Whose money is going to be directed into the
debt repayment program?  Are the assets and properties of the foreign
investment banks going to be seized to pay the IMF?  Bet not.

Are the $27 billion in Argentina's foreign reserves going to be used to
not only repay the IMF  but to mitigate the forced devaluation of the
savings of the general population when the dollar peg and dollar
standard were abandoned?  Bet not.

Are the companies who benefited from "privatization" of state assets,
another form of forced liquidation, companies who basically torched
elements of the infrastructure, going to be required to restore those
assets, pay the penalties, criminal and civil for fraud and arson?

Will the money used to pay the IMF be made good by eliminating the
expense of maintaining troops in Haiti?  Anybody want to bet?

And yes, without  Venezuela-- no deal.  So don't what forget what
happened to the fSU  20 years ago when the price of oil collapsed.

You cansubstitute debt for debt and but you're not doing anything to
mitigate market forces; the sound you hear is  the spinning of new
hedges, not the breaking of chains.

rr


----- Original Message -----
From: "Nestor Gorojovsky" <nestorgoro@xxxxxxxxxxxxxxx>
To: <marxism@xxxxxxxxxxxxxxxxxxx>
Sent: Saturday, December 17, 2005 11:10 PM
Subject: [Marxism] Arg paying IMF debt

Of course, everythin now depends on what will the next step be.



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