Archives: April 2009

30 Apr 2009, Comments (0)

Alassane Dramane OUATTARA: “We need elections this year in Cote d’Ivoire”

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Dramane Alassane Ouattara, jovial, relaxed, fine and convincing. This is the conclusion we have drawn from the interview with our colleague Thierry de Africa Hot 24 by Alassane Dramane Ouattara, leader of the Rally of Republicans (RDR) opposition party ivoirienne. Seizing the opportunity of our presence in the offices of ADO Deux Plateaux district of Abidjan, in the morning of 8 April 2009, we also collected the words of former Prime Minister and only fire Félix Houphouet Boigny. The Ouagadougou Political Accord (APO), his candidacy for the presidential elections in Côte d’Ivoire, the residence permit, the application to Côte d’Ivoire to the HIPC (Heavily Indebted Poor Countries) and the economic crisis, were, among other topics on the agenda.

“The Country”: The date of the presidential election is still not known. Is this a cause for concern for you?

Dramane Alassane Ouattara: We need elections in Côte d’Ivoire. This is all the same since 2005 that we are talking about elections that do not materialize. The reasons are multiple, but we have made considerable progress since we now have an electoral roll of 6 million people enrolled. The list of 2000 did a little more than 5 million are not included also those who died and double entries. I find the new figures are quite significant. This should allow us to go to elections. There are still a number of things to resolve, such as the constitutions of civil registers, the enrollment of Ivorians abroad, securing the electoral process … But it all becomes a question of political will. Normally, if we decide to stop the inscriptions on the voters list, as is the rest in other countries, at a given date in late April for example, 4 months after their launch, we should be able to organize elections .

Ie in September 2009?

Around September or October 2009.

You talk about political will. In this respect, is that the Independent Electoral Commission which must decide if President Laurent Gbagbo which will spur the momentum?

The Committee has a number of criteria and responsibilities, but the most urgent are the head of state and government. These include establishing courts in the center, north, west. We need funding for the process. We must put in place security teams. All this falls within the Government and the Head of State. Therefore, the Head of State and the Prime Minister take this problem head on the body.

For you, it is possible to hold the presidential by the end of 2009?

Necessary. It is technically possible. In addition, Côte d’Ivoire needs. Ivorians suffer from this situation. Since 4 years, we expect the elections to have a government and a team of legitimate leaders. Lenders and investors also need clarification. It is therefore essential to elections before the end of this year.

Your activists do they understand your alliance with former President Henri Konan Bédié who believes that ivoiririté was a pioneering idea?

This is an issue that concerned us at the start …

You have suffered Ivoirite …

For me it’s past. I think we can be reconciled. We must move forward. Côte d’Ivoire needs peace. We can not remain stuck in patterns that have worked so hard for our country’s fifteen years. However, the RDR activists trust us. Moreover, they have renewed their confidence last year by giving me a new mandate to head the party, especially in appointing me as the candidate of the RDR in the presidential election. Initially indeed both of them did not understand the merits of this alliance. But we have taken the time to explain. Now I am pleased that in the databases, whether in big cities, Abidjan, Bouaké, Daloa, etc.., Or in rural areas, there’s really a good integration of both sides and a good understanding of this situation. So we made the right choice.

What is the nature of your relationship with President Laurent Gbagbo? Can you visit?

With President Laurent Gbagbo I have fraternal relations, friendly relations …

Frankly, without jargon?

Without jargon. I think both sides know that I never in the language of wood. With President Laurent Gbagbo, we are at meetings of the permanent framework for dialogue (established by the Ouagadougou political Agreement, ed) that takes place 2 to 3 times per year. Whenever necessary, I will see it and in the presence of TV cameras. I have the phone quite often. We have reports that go beyond courtesy. They are friendly and fraternal relations. Remember you still have that time, his party and the RDR were allies. We conducted some battles together. After there were differences but that does not mean that we have good and friendly relations. The policy is one thing, fraternity is another.

In deciding to apply for the presidential election, that promise to the Ivorians?

If I accepted this nomination because I have an ambition for my country. I think the Ivory Coast is in a lamentable state. The situation of Ivorians have worsened considerably. Poverty has reached a critical threshold. Over 50% of Ivorians live below the poverty line. Everything is completely dilapidated, including roads, health and education.

Who is responsible for this situation?

All this is born out of this crisis which has lasted for so many years, 7 years. In addition, there is the fact that the country has not been managed. In transitions, there are no management. The two things are incompatible. Everyone is doing. There is no decision-making. We need a legitimate government to leave the Ivory Coast for this situation. What I’m going to bring Ivorians is primarily peace. Peace because this country has suffered from misunderstandings, injustices. I also will bring the reconstruction of the proper management and especially prosperity.

Please also feed the Ivorians?

Absolutely. The prosperity is there. It must first Ivorians to have more to eat and that leaves the situation where there are more than 50% of the poor. Then that Ivorians can be cured and that both sides can send their children to school without too many worries. It must also have the security of the country, as the administration is present everywhere in the Ivory Coast, and finally there is a deep moral in the management of the State. I want my countrymen to trust me because j’incarne real change.

You will be presidential candidate. You figure your economic program to 10 000 billion CFA francs over 5 years. Where will you find that money?

Program funding is not very complicated. First, there is the budget. Côte d’Ivoire has a budget of 2,400 billion CFA francs. We must make the effort to reach a significant portion of these resources for investment. Second, debt relief that we need to complete I hope under my chairmanship will reap substantial resources, over 50 billion CFA francs per year.

You have a magic stick?

This is not a magic stick but good management. I have just been Deputy Director General of the International Monetary Fund (IMF, ed). I negotiated programs with very large countries with financing needs greater than those of my country. Consequently, private investment should come as reinforcements and finally, it yal’épargne nationals. The World Bank has estimated the funding requirement and funding for the Ivory Coast in the period 2009 to 2015, ie over 7 years, 17 to 600 billion CFA francs. Reduced over 5 years, it is 12 500 billion CFA francs. My economic program to me, given the international environment and the financial crisis, I have set a modest 10 to 000 billion CFA francs. I hope it goes well beyond the 10 000 billion over 5 years. Calculations show that for the 10 000 billion, this is only 2 000 billion per year. For a current budget of 2 400 billion CFA, I am not saying that we need to devote all of the investment.

Côte d’Ivoire has been admitted to the initiative for heavily indebted poor countries (HIPC) by the Bretton Woods institutions. How have you allowed this?

It is a happy decision for Côte d’Ivoire.

Is it good?

Welcome, saying it too. Côte d’Ivoire is now classified in a category where it should not have been. Our country should have been more of a middle-income countries like others, but the fact is that there is a heavily indebted and that we are impoverished. So there was no reason to rejoice. We still try to take advantage of all that exists at the international level for the financing of the economy. However, this initiative was approved by the International Monetary Fund and World Bank in late March, but the beginning.

With Michel Camdessus, former DG of the IMF, you were one of the designers of the HIPC initiative. What had guided at the time this decision?

We thought that giving money to poor countries no longer sufficient. These countries had a very heavy debt that exceeded their gross domestic product. Even for the case of Côte d’Ivoire it is almost at that level. In Europe, the limit of indebtedness of the countries within the European Union for example is 66%. But when is a poor country debt, as if she put weight on it. We decided, we find mechanisms to ensure that these countries get rid of their debts but on condition, first, to make efforts to achieve and, secondly, to ensure that this will be repeated . For the Ivory Coast who was admitted to the HIPC initiative is a good thing and I commend in particular the Minister of Finance, the government. I think this is an occasion for more rigorous management. And I think the discipline is my government that will bring a final.

The G20 summit held in London decided to award more than 1000 billion to the IMF and World Bank to help poor countries. How this money will be mobilized and how will it use it effectively?

This is an important issue for developing countries. First, there is the financing of the IMF, which was tripled. Then there is still a proposed rights issue of special and specific contributions to multilateral development institutions. These resources will be added a considerable increase in public support. I think it’s great to get help, but it is necessary that these countries should fight for protectionism and subsidies in industrialized countries the problems are resolved. I give for my country, Côte d’Ivoire. If she had an opportunity to exploit its cotton, coffee, cocoa to its reasonable prices, while the Ivory Coast had the opportunity to have a clear opening in all markets, it did not even need to help after 3 or 4 years of good management. Aid is good when there are difficulties, but for me this is not the essential thing. I hope that all these countries are focused on sound economic policies and a good financing of their economies by giving priority to investment. We must ensure that the international environment is sufficiently open to a fair and balanced.

When you were the Prime Minister of Houphouet Boigny, why have you introduced in 1990 for a residence card which has caused great harm to many nationals of countries in the subregion?

As you said, the residence permit has caused great harm to the nationals of neighboring countries. In fact, when we come to serve, the Ivory Coast was in crisis, a very deep crisis in the financial plan. We were looking for money. There was this draft card which we have implemented because it would make money. Unfortunately, this has been used by a number of people against the nationals brothers. Which is unacceptable.

Is it you who decided to implement the residence card?

I think it is inappropriate to say that. I found a project in place. I have implemented. So I assume my responsibilities because I could not implement this project. I would not accuse anyone. But from the moment we were looking for money and we felt it was an opportunity, we have assumed. In truth, the result was bad because people have been harassed, I would say the scam to the limit. This was unacceptable. From my point of view, it was a good thing that the residence was abandoned. I would have done myself given the developments that followed. In fact, the fundamental problem of identification arose at that time already in 1990. For those who have conceptualized this project, we had no doubt who is Ivorian and who was not. Both sides have never had the courage to address this problem. In fact, it was considered that as qu’Ivoirien, it will give others the maximum opportunity, especially when it comes to brothers in neighboring countries.

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30 Apr 2009, Comments (0)

DRC and IMF: Dialogue of the deaf?

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I’m all ears since the delegation is staying in Washington. You will agree with me that this residence is located in the negotiations leading to the eventual signing of an agreement between the Democratic Republic of Congo and the International Monetary Fund. This agreement will mark the conclusion of a PEG II (Government Economic Program, Phase II). But the most interesting is that this agreement will lead – whether it is respected by the Congolese side – at the completion point to access the Program Highly Indebted Poor Countries, HIPC, with the debt relief to to 90%, or $ 9 billion to cancel the 12 that represents the external debt of the DRC.

But the consideration of transition has never been conclusive. At each evaluation session of the delegation of the Bretton Woods institutions, the Democratic Republic of Congo is still aligned. Pointed out since the establishment of transitional institutions jusqu’avant this meeting in Washington. DRC chasing the agreement still elusive. Faced with recent slippages, characterized by the growing budget deficit, which could reach 79 billion FC at the end of the fiscal year. The DRC government must defend an acceptable plan for cash to finance this gap. This is qu’achoppent discussions in Washington.

The session of the April general meetings of the Bretton Woods institutions is crucial to the DRC. It is a final opportunity to conclude this agreement. Failing that, the DRC will, once again aligned, and expect 2010.

Complains that there the Democratic Republic of the Congo to the IMF or so reluctant and skeptical to give satisfaction? According to the observations that come back every time the government is unable to properly execute its budget to meet its cash flow plan. The government has been unable to recover the budgeted revenue, and is characterized by unexpected expenses, using mostly the Central Bank to finance its deficit.

On the other hand, the government accuses the same Central Bank of abuse too much autonomy to tap into its operating account. Hence the chronic deficit of the Institute of emission amounts to 40 billion Fc, but the government agreed to finance only up to 20 billion Fc. In the meantime, he seeks IMF prefinancing its own deficit estimated at 39 billion Fc.

This unfortunate and harmful result of serious mismanagement of public finance, including financial governed accused of under-assessment income tax and estate. Few departments that are successful and reach their objectives by the government. This, despite the presence of many “experts” abound in the cabinets, the term is in vogue, blows me there in his ear.

The real truth, as I have stressed is that in addition to administrative negligence, the rules of financial orthodoxy were completely ignored. Add to this impunity into the embezzlement of public funds, cuts in budgetary chaos, exhaustion early lines of credit without plausible reason … The financial management suffered so sad act of improvisation, amateurism, of unconsciousness and assumptions, with revenue expected but consumed before they are recovered, if ever they are. This last aspect has been the basis of discussions between Washington tightened the Democratic Republic of the Congo and the IMF.

Whatever the outcome of Washington’s time to redress the balance. The fallout from risky management are more likely to remove the completion point and darken the socio-economic situation of the DRC.

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30 Apr 2009, Comments (0)

Obama reorganizing the U.S. economy during the first 100 days

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Ever since Franklin Roosevelt launched several New Deal programs in its first three months of governance to cope with the Great Depression, the 100th day of the first term of an American president has become a rite of shift in U.S. policy.

The challenge facing the United States today gave the president Barack Obama an opportunity to re-shape the whole U.S. economy, which he said requires “a new base and gain strength from the economic crisis.

The base, as the President has mentioned Obama in a speech at Georgetown University April 14, will be built on five pillars that will grow our economy “and” will of the new century another American century. ”

The new model of the economy calls for new regulations for Wall Street, support for education, investment in energy and technology, lower health care costs and budget cuts to reduce the national debt, as President Obama.

Mr. Obama described the economy as a house in disorder. It uses the projects to save the banks and stimulate spending as a fire extinguisher to extinguish the flames on the financial top floor of the house.

In addition, it will send teams to put in palces “new rock” of education, health and energy to rebuild the base, said Gerald F. Seib, deputy editor of The Wall Street Journal.

“The idea is that once the flames are extinguished, the country will discover that the base of the house has been enhanced by the use of federal funds to create a range of new jobs in energy industry alternative, while saving the old jobs by reducing the burden of health costs on existing industries, “he said.

In hopes of ending the U.S. economic crisis, the worst since the 1930s, the proposed economic stimulus package of 787 billion dollars to inject money into highways, bridges e other infrastructure projects, health care, and development and conservation of renewable energy.

As Franklin Roosevelt and Ronald Reagan, President Obama will be a rare opportunity to leave a large footprint long on the U.S. economy, particularly in the manufacture of new energy.

“The country that led the world to create new energy sources will be leading the global economy of the 21st century,” Obama said last week.

“If we do not invest now in renewable energy, if not we invest now in a skilled workforce if we are not investing in a health system more affordable, this economy simply is not increasing at a rate which it needs in two, five or ten years, “he said in Georgetown.

At the same time, President Obama has promised to devote davatage funds for research and development. “We will devote more than 3% of our GDP on research and development,” said Obama, noting that the United States lags behind other countries in science, but “it is time to drive once more. ”

3% of GDP amounts to about 420 billion dollars.

Americans express a high degree of confidence in the ability of Obama to improve the economy. According to the latest AP-GfK survey, the percentage of people believing now is a good time to buy shares from 33% to 41%.

A poll conducted by ABC News and Washington Post this week shows that 69% of Americans approve of the job President Obama. This is the assessment level, the highest since about two decades.

“In the eyes of Americans, the top achievement of Obama to date involves the United States economy – the economic stimulus plan and rescue industry, or improve the economy in general,” say investigators Gallup.

For Obama, however, the test is not the first 100 days, but the next 1000 days.

“Look in time, you can not find a huge amount of anticipation in the first 100 days,” said presidential historian Fed Greenstein.

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29 Apr 2009, Comments (0)

Already nearly 500 people this year, declared personal bankruptcy

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Insolvency Act allows for two methods of debt relief. In the first case is a form of payment schedule where the debtor is obliged to for five years to repay unsecured creditors from his wages of attachable to priority claim. “Among other things, may not have debts of the business, can not be registered as an entrepreneur in the industrial office, his criminal record must be clean,” says member of the Board of Naxos Libor Nevšímal. The debtor must also be able to pay over the next five years unsecured creditors at least 30 percent of their claims. Chances of losing re-application for debt relief.

The House discussed the amendment in the accelerated reading
The amendment of insolvency law will be approved in the accelerated reading even this month. Debt relief through rescheduling is adjusted to take account of the necessary degree of preservation of the social status of the debtor.

“If taking into account the total amount of debt, permit the debtor’s fixed income mix, the court adjusted the amount of the debtor’s proposal for debt repayments,” says Jitka Zinke press department of the Ministry of Justice.

Moreover, not necessary to sell assets that ensure Insolvency administrator. Under the current legislation does such things must always be sold. “This amendment is to protect the mortgage loans,” says Jitka Zinke. If the disposal, for example, secured the house in the interest of the creditor, it may not take place.

The second method allows zpeněžením debt of the estate – that is everything the debtor owns, with the exception of necessary goods for personal use.

This means that the administrator sold property indebted nature of the person and the proceeds divided unsecured creditors. This substance consists of property that belonged to the debtor at the time of approval of this form of debt relief.

It is important to correctly choose the form of debt relief
Choice of debt relief under Libor Nevšímala from Naxos very important. In the case of an incorrect decision may become a debtor to pay much more, and up to 100 percent of assets, instead of 30 percent, provided for by law.

According to the State may, for example, if the debtor at the time of repayment income increases, or when the property comes into an inheritance.

It is also important to accurate and complete quantification of liabilities. Often the problem occurs in different splátkových by which the amount of their claims “metered” gradually added Libor Nevšímal.

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29 Apr 2009, Comments (0)

Who will serve?

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National Economic Council government, known by the acronym nerve under protikrizových measures proposed adjustment and insolvency law, adopted by the Government, and the first reading of the Chamber of Deputies. Under this regulation should be eager to change the people who are unable to repay its debts and wants to deal with personal bankruptcy.

Debt relief through rescheduling could be adjusted to take account of the necessary degree of preservation of their social status and personal bankrupt “would not necessarily have to sell immovable property, which Insolvency Administrator to ensure, as it is not. The second change concerns in particular mortgages and amendment proponents present it as a greater protection of mortgage borrowers at the time of economic crisis.

At first glance it looks nice
Someone buys a house on mortgage, then you nadělá other debts, declare themselves to personal bankruptcy and the house fall to offset debts, but left him. But so far it is not pink. Creditors, particularly banks, have occupied against the amendment of insolvency law very wary opinion. Czech Banking Association (CBA) issued a proposal for a comprehensive opinion. Since 90% of připomínkuje changes on the business, we asked for comments specifically to the proposed alteration of personal bankruptcy.

CBA believes that the amendment opens the creditors, debtors and new ways to address debt relief. “If the court approves the form of debt repayment performance of the borrower, will have a new option mortgage lender may request that the liquidation of the collateral (or part thereof), and thus obtain the means to quickly meet their claims, or whether to wait for zpeněžením pledge until the debt. Particularly in the case of a decline in property prices or a temporary lack of purchase of real estate, will be for both creditors and debtors to the sale of appropriate wait.

In this case, the secured creditor, however, always verify that the borrower will be able to maintain the property in good condition, cover the repair, maintenance and insurance, not to lose the value. In the interest of the debtor will be that the draft resolution on the way to remember this fact and pointed out how the property will ensure proper maintenance.

Meaning it is particularly the case when the debtor satisfy its creditors that will be able to pay its obligations properly, maybe even earlier than the statutory maximum five-year period, while it may remain its property and, of course, mortgage loans, which will improve the bank after its situation again to pay, “explained CBA.

The fall in prices ready
Expression of CBA suggests that changes in the personal bankruptcy may not be advantageous for the debtor, but may bring more benefits to mortgage banks, which at the time of the decline in property prices to the sale of assets pledged as losers, and thus prefer to postpone it.

This assumption is confirmed by the expression of the Czech Savings Bank: “The planned change can bring positive effects, particularly in the context of the ongoing crisis in the real estate market. It is expected that the market price of the pledged real estate in recent years has fallen and not always by the proceeds from their sale was to cover the entire debt secured creditor. It may therefore prove useful in many nerealizovat sale pledge immediately after the decision on the method of debt relief, but to go to him at the time will likely achieve higher prices to be more favorable for both the creditors and the debtor itself. The fact that a decision on the point of sale mortgage will be fully in the hands of a lien creditor. ”

In contrast, the commercial banks, we get the opposite reaction: “We do not think the proposed amendment will lead to a change in access to mortgage borrowers, and that both we and other lenders will ensure a significant benefit from the potential” nezpeněžovat “pledge in the event of an approved debt relief transactions spátkového calendar. Given that virtually all the means in the context of debt relief must be directed to the payment of the debtor claims of unsecured creditors, the only possibility to satisfy the secured creditor’s collateral liquidation. The new option can be used in exceptional cases, for example, if the secured mortgage loan repaid co, which is in bankruptcy. Given that this is a possibility and not an obligation, do not we change as a result of this change strategy in the provision of bank loans. ”

What this implies?
Even if the possibility of new regulation adopted by the bankruptcy, any sale (or neprodeji) pledged property always chooses the lender, therefore, in most cases the bank. This will, of course, decide according to what is for her at that moment better.

If property prices decline sharply, it will be better for her to retreat from the sale, the borrower commit to the care of property, and then sell when the price was favorable. The debtor thus has currently lost the roof over your head, but povalí before him to give his debt (mortgage) is increasing interest and the actual debt relief are not at all occur.

But from another perspective. Banks in the event of an increase in delinquency of mortgage borrowers do not have to throw on the market of residential property, which records the cooling demand, more flats and houses, and thereby enhance its fall and contribute to a further drop in prices. Czech Republic it could avoid one of the movement of characters known from the U.S. mortgage crisis, where borrowers pay mortgages přestávali because the value of their property fell sharply, and was below half of the mortgage loan.

Sections novely insolvent law relating to the sale of pledged real estate, therefore, rather than borrowers mortgage banks will serve to prevent losses due to higher delinquency of borrowers with a parallel decrease in prices of residential property.

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29 Apr 2009, Comments (0)

BOOK: never the debtor …

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A similar purpose can be heard very often before the bulkheads and savings banks, is also in favor of our friends and friends – according to the results of financial and economic crisis can even say that they are heard in many countries around the world. Czech Statistical Office in its report for 2007 indicated that about 40% increased ordered the execution of 2006, indebtedness of Czech population increased in the last ten years 14krát! Very difficult situation as in Ostrava.
Why here? Since then we have the latest information through spectacular project on financial literacy, which recommended creating the Czech Government spur the European Union. It reiterates financial education should work together with financiers and executors, in particular, experts on social affairs, crime, unemployment, psychologists, teachers, municipal and regional representatives and members. In Ostrava, did not hesitate and set up a specialized company, which in their courses proškolila already three thousand long-term unemployed and indebted citizens. They were among them young people, but just as well as the elderly, members of various minorities, and all will soon know that financial literacy is an essential literacy as well as knowledge of reading, writing and counting.

There came a kind of syllabary financial literacy – so far the only document in the Czech Republic, which is understandable for all age groups from 15 to 115 years of age. In addition, for teachers is available textbooks and worksheets, along with guide lecturer. To welcome in particular those who wish to train specific target groups, including the final test. Finally, also very quickly became a successful book “Never a borrower” (issued as COFET, Prague, 2009, 96 pages), written by Lucie Vrbková that perhaps as the first citizen of the Czech Republic graduated from the latest management insolvent insolvent law. In particular, after 1 January 2010 where it is expected a big problem with lack of insolvent administrators, may be indicative of serious candidates in a row, both professionals and the general public.

In this book is the authentic story of the young mothers satisfied that even in 1995 was employed, but soon her husband began utápět alcohol, followed by small Natalka birth, divorce, close to thirty and a need to stand up again on its own two feet. And since the debts of the marriage are jointly and severally, to recover after both spouses, as set out in our legal order, and is always collected from those who have income. Those sections around, it is a lot of studying, I almost zatočila head. Let alone young indebted client! But not for long! She left the company and the water began to be paid to managerial work. Within half a year to stabilize so that it was able to rent an apartment and begin to live alone. For marriage still remained fifty thousand crowns debts.

Customer was one of the smaller banks, and according to the height of her salary, which was sent on behalf of, the changing relationship bankers to the person. Once started go to the average of 30 000 CZK per month, almost opened the door (it was in 2000).

But everything began again: the new work, new life and the new fall shortly, together with pride, as it confers. Ceased to do business, commitment to the work office, for the first time in the life of the unemployed. She gets distributing advertising newspaper, had before the fourth morning in the center. And even in the same day to another job. “Two ubíjely work,” he says, and tells more about how it wanted the bank debt repayment, as it began to contact the Agency, as she had to move. We actively seek another job, was financially so badly that it had “not to insert”, he is not ashamed to admit it. Before all tried to protect his daughter. Consider escape from it all, or at the very bottom even erotic services …

Executors of a video camera revolves austere furniture, all the yellow stick lístečky “Distraint seized.” Life went on and was a surprise: It is pregnant! No protection is 100% and this small creature is so strong among us wanted to this world … The court stopped the execution time, than the bare Anička, and there were three girls without a man. I do not want to ever experience! – He says now with three exclamation points.

As you many hours sitting in the Internet and find information, to consider various options and solutions. It Insolvency Act, has its preparation, was autumn 2007, the Act came into force from 2008. Submit a proposal for debt relief under this Act have now 2nd January 2008 – yes, really became the first borrower in the Czech Republic, which used to this new law.

Not only that – the first woman who courageously joined the drafting of his story, much as many living barvitějšího peripeteia than I could write in one article. Has thirteen years since he began his story. And she can provide and is already providing valuable advice on Insolvency proceedings in practice: how to prepare and submit a proposal to allow debt relief, what a review meetings and meetings of creditors, what are the obligations of the debtor, says one of the possible ways of calculating the amount nezabavitelné which can be applied exemption from the debtor’s fulfillment of the obligations … and Ms Lucie Vrbková – a woman of flesh bones, the real, not fictional – would like to help at least by:

- You who do not have financial trouble, važte aware of and makes you desire to bring anything to the impasse, our neohrnujte over those with the money not as good as yours

- Ye who borrow, lend always wisely; mráčky will appear when the financial skies for the first time, so the speak, and when it is Nubes Dispersas, one does not address the second loan, this is the path to destruction

- You who you are in over your head – Take a breath and start again, always, you can!

Bead at the end of my newspaper article. At a press conference in the club room and schůzové Syndicate of Journalists of the organizers, except we were only two of the journalists. For all those I have the right people from Ostrava promised to try to write about it so that you read as many people as possible.

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29 Apr 2009, Comments (0)

Region wants to borrow two billion. It can go?

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Just this year get a tax of 700 million crowns less. This is 14 percent of all planned revenue. Hejtman Michal Hasek last week admitted that the region moves on the border healthy debt ratios, on the other hand, claims that the new loan or.

“Intentionally, we chose such a loan, we had problems with the payment,” says Hasek.

Politicians still do not know what specifically the money. “We shall only deal with coalition partners and opposition,” said Hasek only.

Borrowed money according to him go into projects in the field of tourism, spa, social care, transport, science, research and innovation, health and the environment.

Půčjku region should provide the European Investment Bank, which already has one loan, of which the letoška must pay 150 million crowns a year.

Authorized representatives for negotiations with the bank Hašek. He believes that the region thanks to survive the worst credit crisis and then to the repayment will not hurt so much.

The chances of obtaining a loan are high
“If you lend the bank money and credit will begin to repay the first five years, and I hope it will be long after the crisis,” he said.

According to analyst Mark CYRRUS Hatlapatka but the uncertain revenue to loan prodražit.

“The higher the risk of repayment, the less favorable lending conditions are. If the region more debt and at the same time will have this problem with tax collection, the bank may require higher interest rates. Projects are then not paid as a region represents,” the financial analyst.

Chances that the region receives a loan, are high. Municipalities and regions have the money when applying for a better position compared to companies. Their incomes are much more secure.

“Payment morality most regions and cities is very good. We follow in particular, whether in the form of management with sufficient resources for repayment of future loans from the regularly recurring income and overall financial situation,” explains spokeswoman Irena ČSOB Zatloukalová.

Municipalities can not belly up. The main guarantee of the tax revenue.
“Unlike companies are government guaranteed a large part of income, regardless of whether they operate efficiently, or not,” added Kameníčková.

Few municipalities have “failed”. In southern Moravia such a case exists. It happened but KRKONOŠSKÉ village Rokytnice nad Jizerou. Keeping City Hall excessive debt and also invest in projects that are nevyplácely according to their expectations.

The word failure is in their case just hyperbole. Municipalities and regions are not subject to the bankrotovému law. They can not disappear from the world. Oddluží and work on.

In the case of debt relief Rokytnice lasted ten years. The village had to sell land by auction, the property in the city center, lift and is now once again enjoy good financial health.

“We had an attachment property. Now we have the black list. We were not able to apply for grants, the city had a bad reputation,” explains Petr Matyas, Mayor of the Municipality, which inherited debts.

Something like that South Moravia Regional Authority under Hašek can not meet. Dvoumiliardovou loan he recommended his advisory team protikrizový brain. “Not afraid that the folded region,” says Hasek.

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28 Apr 2009, Comments (0)

The pessimism of the IMF wanted to

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This embarrasses the scenario eurogoverni. Their economies are based on an economic model with tax and regulatory burdens that would stifle growth. Therefore, the GDP increases only by export. The current crisis is the fall in global demand and export itself. To reverse the trend in individual countries we need a real change of the model. That is, substantially reduce the fees and costs and removing state protections to make more dynamic the market. But the disregard stimulated implies a temporary increase in the deficit not by the rules of monetary stability.

The reduction of state costs would be traumatic. Increased competition for vitalise the market would imply a reduction countered union protections and corporate. The reform would result in violent social conflict. The dilemma: if the governments try to move technically lose the right to reform the agreement, but if not counter the recession stronger growth forgiveness. How are reacting? Contain the recessive impact downstream shock financed with debt, demonstrating to favor the requirement of consensus soon.

In the end the impact in terms of unemployment, de-industrialization and the raising of the debt will still be serious. But dissent will remain limited because the unemployed will have safeguards. If reform of the model, however, the dissent would be extended so that the entire economic system and its players would be a shock, that is, new competitive challenges, the movement of labor, etc. .. Revitalizing a cold shower, but the bearer of stress diffuse. That is why the European governments prefer to finance the crisis rather than resolve it. That is why there may have been even intentional over-pessimism forecast of IMF. Probably wanted to point out to European governments that the choice to manage the crisis downstream and upstream will not make worse the impact is more long duration, with the risk of structural failure of the system. Indeed the danger is there, but the European electorate is not willing to pay the price to avoid it. Nor, therefore, governments

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28 Apr 2009, Comments (0)

Fiat-Chrysler, the banks no ok

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Weather forecast for Sardinia common Watch Agenda About Transport & Dating Guide SpiaggeNEW Your guide to the beaches of Sardinia The alliance between Fiat and Chrysler is a step missing only the consent of U.S. banks. Lingotto is driven to bankruptcy of Chrysler. Fiat flies the title held

Continue the countdown to the alliance between Fiat and Chrysler, in view of the deadline set for Thursday by President Barack Obama to provide an additional 6 billion dollars to the house in Detroit. And another point in favor was won: the UAW union, the powerful organization of American workers the car, after the Canadian Caw, reached the agreement with the two companies and the U.S. government, to reduce the labor costs.

THE STOCK EXCHANGE APPROVES. Piazza Affari celebrates shields bearing on the title of the Lingotto, which ends with a leap of 4.42% to 8.04 euros, with over 44 million units traded, amounting to almost 5% of the capital. At this point remains open only the front of the negotiation with banks to restructure debt, amounting to about $ 7 billion contract from the house in Detroit. Even here there is, however, a positive signal.

Bankruptcy PILOT FOR CHRYSLER. Fiat, according to sources cited by Automotive News, is also available to accept a bankruptcy of Chrysler driven through the use of Chapter 11.

INVESTORS AND BANKS. So far, investors and banks have refused to compromise the assumptions made by the Treasury, but Sergio Marchionne wants to conclude the alliance anyway. The union UAW sets made painful concessions, but contends that the agreement “means that you get the second chance for the survival of Chrysler.” The ratification must take place before April 29 and the UAW hopes that the efforts required to current employees and retirees of the American car “mean that the other actors in the negotiation work to a successful conclusion” of the story.

DAIMLER. Meanwhile, Cerberus is working with Daimler for sale yet in the share controlled by Chrysler in the latter, around 20%.

CHRYSLER. The CEO of Chrysler, Robert Nardelli, said that the staff of the smallest of the American car manufacturers are working “diligently to finalize an alliance with Fiat and restructure the company by April 30.”

Scajola. The Minister of Economic Development Claudio Scajola reaffirms “the enormous satisfaction at the fact that the U.S.” to an Italian look with sympathy for the problems of the U.S. crisis of self. ” “The government – says Scajola – hopes that the negotiations with the Chrysler closes positively. Negotiations under way shows that our country is appreciated for the innovative capacity of its products in the automotive sector.”

ENRICO LETTA. For the exponent of Pd, Enrico Letta, the Fiat affair demonstrates “how the crisis can leave the situation better.”

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28 Apr 2009, Comments (0)

EFFICIENCY BOT A MINIMUM BUT REMAINS STRONG DEMAND

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The crisis continues but Italy, despite its high debt and the decline of GDP, remains a reliable borrower in international markets and today’s auction of six-monthly Bot has strong applications irrespective of the new minimum yields, now about 1%. In the night had arrived the rating agency Moody’s (which gives the double A (Aa2) with the prospects to ’stable’) which refers to a country with “a very high economic power” through the banking system and all’attitudine savings, however, alleging a loss of momentum under the debt reduction. Maintaining the rating, however, is not obvious given that in recent months, the weaker European countries such as Greece, Portugal, Ireland and Spain have been cut through the trial with a consequent rise in costs for the refinancing of debt. It is also speculation about a cut of the opinion that Britain could lose the Triple A.

For Italy, struggling with one of the biggest public debts in the world amounted to about 1,700 billion, this remains a core issue because now he has to contend with competition from countries like Britain and France, forced to massive emissions of government bonds to finance their plans for the stimulus. Our country must renew this year to 300 billion euros of debt maturities, which must be added 60 billion of new issues of bonds. Despite this and although the government bond yields have now been all’osso (1.07 gross) auction today biannual Bot has requested for 18 billion euros compared with a bid of 9.5 billion, fully allocated . Also allocated 3.5 billion Bot with a residual maturity Ctz 214 days and ending 31 March 2011 from 3 billion euros, tools very appreciated by institutional investors also can provide some basic point of return higher than the corresponding Bot. “The uncertainty on the stock market – one analyst says – although it remains high in recent weeks we have seen a rebound. For the medium to longer term, however there is still a return of confidence.” The mechanism developed by the Italian Treasury, which provides exceptional measures including the reopening of certain securities, explain the operations rooms, does not show up to now critical to the success of the auctions.

“I’m Rather Germany and France to find investors and additional resources are known. A further sign of market confidence on Italy is also illustrated by the differential between Btp 10 years in Italy and the Bund, which corresponds to the end of the year stood at 175 basis points and then reduced to 150 to the beginning of the year and reach approximately 112-115 today. “A sign that the country risk is diminishing.” However, some cloud, according to an Italian banker and business in London could rise from the pressures of politics. The banks abroad have been nationalized or heavily subsidized with public money could be induced to purchase securities of the national state. In Italy, where institutional traders who ensure the success of the auction (and then sell them at retail by applying a commission) for two-thirds are foreigners and this may pose problems.

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Archives: April 2009

Alassane Dramane OUATTARA: “We need elections this year in Cote d’Ivoire”

DRC and IMF: Dialogue of the deaf?

Obama reorganizing the U.S. economy during the first 100 days

Already nearly 500 people this year, declared personal bankruptcy

Who will serve?

BOOK: never the debtor …

Region wants to borrow two billion. It can go?

The pessimism of the IMF wanted to

Fiat-Chrysler, the banks no ok

EFFICIENCY BOT A MINIMUM BUT REMAINS STRONG DEMAND

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