Not much of a surprise here. Just another case of the government trying to make itself look good by messing with the numbers. I guess it helped them to get a nice write up in the Dow Jones news wire boosting prospects for more loans. One wonders at any of the statements put out by the economy and finance ministry. In December, the government claimed to have canceled a significant chunk of the debt carried by the country’s official banks, reducing the country’s total outstanding public debt by $31 million, to close at $10.4 billion at the end of last year.
Last month, however, official figures showed that the balance had swollen by some $355 million, edging the debt above the sum recorded not 31 days earlier.
The Ministry of Economy and Finance has not responded to requests to clarify the variation in figures.
Financial expert Domingo Latorraca said the discrepancy represents a “mockery” of public accounting. That's an understatement!
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