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PM Jean Chretien calls it quits!
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Re: PM Jean Chretien calls it quits!
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Errol
Sinking Fund
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Dec 16 03 5:36 PM
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I did not get to finish my sentence...my Secretary came and stood over me to inquire about something work-related and that threw me off.
The point six in that number actually meanS $600 Millions. The number before the decimal, being in the BILLIONS, puts this whole thing into good focus.
No bonds, Yardie...that would mean additional loans, or swapping debt for debt. As you showed us in the case of Argentina, that is hardly a solution.
The sinking fund idea is one borrowed from the corporate world where a company will set aside a a certain amount monthly, quarterly, annually as the case might be, for the purpose of, sat, capital expansion at a later date. It's like an annuity in which you save your money 'til it gets to a target amount that you want to use for a specific purpose.
We have a situation in JA where every dime we earn just about has to be earmarked for debt servicing. What needs to happen, I think, is for Omar to call a halt to this maddening upward spiral of the national debt, i.e. freeze it where it is, then put a plan in place to reduce it. Thus my suggestion to aim to cut it in half in about five years using the instrument of a sinking fund. This oversimplifies things a bit, but the general principle is a good one...REDUCE THE DEBT NOW.
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