A member of the Monetary Board, economist Eduardo Garcia Michel, says what is at stake with the sovereign bonds is the economic model for years to come. In his Siglo 21 think tank article, he warns that if the country goes ahead with the Sovereign Bonds and other foreign loans it will have chosen a model that penalizes the competitiveness of Dominican exports and the sustainable development of the country. The high debt in dollars will force the Dominican monetary authorities to maintain an artificially overvalued US dollar in order to meet their foreign debt obligations. This will work against exporters as well as other productive sectors of the nation. Garcia Michel urges the nation to change the economic model to one that promotes low interest rates and at the same time allows the dollar to float, and then derives its income from export revenues and foreign investment. The article was published in the Friday, 15 June, edition of the Listin Diario. For a better understanding of a point of view that dissents from those who are promoting the sovereign bonds, see Garcia Michel Siglo 21 Article
