But following submission of the 2017 budget, there seems to be too much debt and deficit at the same time. Prat-Gay advances a concept of “net debt” to lower the numbers but this is achieved by leaving out the money owed between state agencies — i.e. mostly to the Central Bank and to ANSES social security administration, which previously Macri and other opposition politicians had denounced as one of the main Kirchnerite tricks for disguising the deficit. Without such juggling this year’s deficit would be over seven percent of gross domestic product — clearly such high debt levels are to finance the 2016 and 2017 deficits. Last but not least, the government should tread very carefully when it comes to juggling debt or deficit figures.

Source: Bueno Aires Herald September 26, 2016 04:41 UTC