San Marino. “340 million burned and the deficit does not stop”
Public debt: Ēlego invites us to reflect on the fact that “the deficit does not stop”.
“The public debt is increasing, but the Government seems to be oriented to still resort to the issuance of new San Marino government bonds. Against a foreign debt of 490 million euros, of which € 340 million through the issue of bonds and € 150 million more Cargill, the latter to be re-established shortly, which brings the total debt to about one and a half billion and facing a budget deficit of 70 million, which brings the total debt to about one billion and half and a half for the accounting and economic situation of the country.
Despite rumors and reads of new revenues, the rumors, more or less official, are that our government will return to international markets and issue other public debt securities and everything that only increases our anguish. But beyond our apprehension, some questions arise spontaneously for us at Ēlego; such as how the loan was used and what projects are in the pipeline to help our economy and provide for new budget revenues.
Recurring rumors claim that part of this loan was used to cover the banking system and in particular Cassa di Risparmio (owned by the state), but nothing about the rest, absolute silence, in fact there has not yet been a provision in favor of the economy of San Marino. Apparently the grain is over and the feeling that these financial resources have been used for current spending is becoming more and more founded.
Ēlego is not, in principle, against the public debt, if this is structured in such a way that it can generate wealth in the country and can also be repaid promptly through a surplus from the management of the state budget. An injection of capital into the social fabric, especially after more than one crisis, with well-targeted and far-sighted interventions would be a panacea.
But all this has not happened and still does not exist, one year after the first debt, nothing can be seen to improve the condition of our accounts.
This, added to a crisis of now all the state apparatuses, see the health system, the legal system and with a bureaucracy that is the master, can only generate further uncertainties and indecision not only in citizens but also to those who would like come and invest in our country, but which these circumstances do not favor.
What is missing is above all politics, now with a lowercase “p”, whose politicians are more concerned with their seats than with the country.
Several governments have changed in recent years, but arrogance, lack of confrontation and personalities today are the masters. Then there is the country, and sooner or later someone will have to worry about that. We hope not to end up like other states…. “
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