Why not a $5000 billete with Hipolito on it?

GringoCArlos

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Jan 9, 2002
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OK Leonel, so now your guys are trading in the RD$1 and RD$5 for an RD$10 and an RD$25 coin. (and if you don't think I'm right, just wait a few more months - the peso coin will all but disappear and all prices will end in a "5").

Why don't you come up with a $5000 billete with the ugly face of that baboso Hipolito on it, and bring it out about 2 weeks before the spring elections, just to remind every voter exactly who it was that ran this country into the toilet??

Does no one else remember Hipolito and his Technical Secretary spouting on the front pages of all newspapers in 2002 that the DR didn't have a high enough level of debt, compared to all the other Latin American countries???

(sorry, just got done paying the bills again -rant ended).
 
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ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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Better idea print RD$5000 on it but it is only worth RD$4000. That would be Hipolito style.
 

mondongo

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Jan 1, 2002
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During his first 19 months in office, Leonel and his folk have increased the Central Bank debt from about DR$80Billion to about DR$150Billion. Say the average interest the govt pays on these certificats of deposit is 15%.

--> the government pays about US$750 Million/year in interest alone. But what they actually do is is refinance both the interest and the principal.


--> Leonel has increased the Central Bank debt much more rapidly than Hippo. This will eventually become a huge problem.


--> But, as usual, people can't see that far ahead. Only when the problem is so dang obvious, will DR residents wake up to this time bomb. Just sit and wait....
 

GringoCArlos

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Jan 9, 2002
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Thanks for the information, mondongo. I have been aware that most of the economic "miracle" being played out by the Central Bank has been merely shifting back the due dates, and postponing interest payments, or begging for debt forgiveness, but was not aware of the amounts until now. And I thought Hipolito should have had a gold-plated pair of knee protectors for his begging tours.

OK, how about this instead- instead of Hipo alone on the bill, place Hipolito, Leonel, and Ramoncito as our modern-day triumvirate?
 

mondongo

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Jan 1, 2002
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GringoCarlos, The Central Bank website will periodically post announcements for the sale of the assets of the failed banks. About a year ago, they issued a summary of the assets...which amounted to around DR$90Billion.

They also promised to use the proceeds of the sale of said assets to lower the Central Bank debt. Unfortunately, that debt has not decreased but significantly increased....which makes you wonder what happens to the money they collect from these sales.

As far as the entire indebtedness of the DR Govt, the DR$150Billion only represents the debt that is initially denominated in DR$. This does not include the debt that you are referring to....which is hard currency debt. This hard currency debt is another US$7Billion+

.....which bring the grand total to about DR$395Billion....
 
Jan 5, 2006
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Leonel may look like silk, and Hipolito like polyester, but they are cut from the same cloth. :( Do no be fooled by appearances! ;)
 

mondongo

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Jan 1, 2002
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almost on cue, the Central Bank today posts on its website that it is worried about the issues of debt I have brought up in this thread.

http://www.bancentral.gov.do/notas_prensa.asp?a=hoy2006-02-16


So you have more "austerity programs" coming your way in 2006 to address the Central Bank debt "problem".


But the tragic part of it all is that this latest "problem" was created by the PLD....they are the ones who increased the debt by DR$70Billion in just over 1 1/2 years...they are the ones that DID NOT use the proceeds of the assets sales to reduce the debt...

Now the question is ....how many of you smart Dominican residents are going to think for yourselves and demand explanations that make sense ...who will ask where all these billions of dollars have gone?

Does anybody actually understand what is going on (besides the thieves, of course)....????? I frequently wonder in despair.... :(