dimanche 7 avril 2013

Le Portugal, ruiné et acculé, envisage de payer ses fonctionnaires en obligations d'Etat, au lieu de cash

Portugal Considers Paying Public Workers In Treasury Bills Instead Of Cash
ZeroHedge, 07/04/2013 (traduire en Français texte en anglais )
→ lien
As reported late on Friday, just as the market closed, the Portuguese constitutional court decided that several provisions of the country's 2013 budget were not constitutional. According to the high court, cuts in wages and pensions of public employees were unfair (there's that word again) because they targeted only the public sector. The court rejected plans to cut one of the 14 paychecks that public workers usually get each year and to slash 6.4% from pensions for retirees. This coincided with the government warning that the court's decision would put into question the country's ability to fulfill its €78 billion international bailout program, which in turn would send bondholders of Portuguese sovereign debt scrambling for the exits as suddenly the country may find itself in the ECB's "dunce" corner, with Draghi preparing to pull a "Berlusconi" on a government which can't even whip its judicial branch in line. However, of more immediate concern is how will the government now plug a hole of up to €1.3 billion in its €5.3 billion 2013 budget. A solution has, luckily, presented itself: bypass the unconstitutional provisions by paying government workers not in cash, but in government bills!

From the WSJ:

The Portuguese government is considering a plan to pay public workers and pensioners one month of their salary in treasury bills rather than cash after a high court ruled out wage cuts, a person familiar with the situation said Sunday.

"This is one of the ideas being considered," the person said.

By paying one month of salary in T-bills to public workers and pensioners, the government would save an estimated €1.1 billion in expenses, narrowing the budget gap significantly.

Incidentally, this plan makes perfect sense: with every central bank openly monetizing its debt, it has effectively made debt and cash equivalent.

Now if only Portuguese public workers had access to the same shadow transformation pathways and government bond repo collateralization opportunities afforded to the big banks, then every bill thus obtained would be able to serve as a source of nearly infinite rehypothecation potential, and thus, a DIY fractional reserve banking system provided to every individual.

Coming next: the full convertibility of Spanish Spiderman towels backed by the full faith and credit of the Rajoy kickback scandal, and fully convertible into chorizo.

All joking aside, the fact that this absurd option is even being contemplated shows just how deep into the rabbit hole event horizon the modern completely insolvent financial system has traversed.

5 commentaires:

  1. C'est parfait. La Cour Cons' joue au neuneu en refusant... la suppression du 14ème mois (!!!!) des fonctionnaires parasites...

    Et le gouvernement répond en payant ce fameux 14ème mois en papier-toilette... public.

    Un parfait tour sur soi-même, non ?

    Bref...

    La démence collective continue.

    Je suggère même de donner une "augmentation" aux fonctionnaires... avec un 15ème mois, après tout il faut soigner sa base électorale.

    Un simple chèque avec écrit "15ème mois dessus".

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  2. Oh la vache... tu as vu la une de Libé... Au sujet de Fabius ?

    C'est croustifondant...
    ;-)

    La Ripoublique va sauter.

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  3. "Ils font semblant de travailler, alors nous faisons semblant de les payer."

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  4. l'article de ZH va un peu vite pour faire sensation (?)

    Il s'agit au mieux d'une hypothèse de travail sans suite.

    Rien dans la presse Portugaise qui parle de ça.

    D'ailleurs, il faut lire l'article en lien du WSJ

    "A person close to the government said it had mulled the idea of paying public employees and pensioners one month of their income in Treasury bills, forcing them, in effect, to lend the Treasury the money the court said it couldn't cut from their paychecks. A government spokeswoman denied that the idea was being considered."

    Pour l'instant, le gouvernement a annoncé ne pas recourir à de nouveaux impôts, mais de tailler encore plus dans les aides sociales, la santé, l'éducation et les entreprises publiques.

    Aucun détail n'a été donné.

    exemple ici

    http://www.jornaldenegocios.pt/economia/detalhe/passos_acelera_cortes_no_pessoal_e_nos_apoios_sociais.html






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  5. suite à mon précédent message 12h33, nouvelle dépêche de 14h19 (heure Paris)

    Selon une source officielle du Ministère des Finances, il est complètement hors de question de payer les primes [14ème mois] aux fonctionnaires et aux retraités en bons du trésor, ou sous quelque autre forme représentant la dette publique, ils seront payés en argent.

    L'information qui circulait ces derniers jours a été à cette occasion "péremptoirement" (sic) démentie par cette même source.

    résumé libre traduit de :
    http://www.jornaldenegocios.pt/economia/funcao_publica/detalhe/governo_paga_subsidios_de_ferias_a_funcionarios_e_pensionistas_em_dinheiro.html

    Dossier clos ....en attendant les prochaines aventures......

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