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Con el trasfondo de dos colocaciones externas de relevancia -Cablevisión y Provincia de Buenos Aires- el gobierno encendió la alarma en un mercado de divisas con fuerte exceso de oferta de dólares. Actualmente se tiene una oferta estacional muy importante, tanto de comercio exterior (liquidación de cosecha) como financiera (capitales que entran al país, deuda que toman entes públicos y privados). Adicionalmente, está el tema latente del blanqueo de capitales, que se presupone traerá más divisas aun cuando no necesariamente vayan al mercado de cambios. Todo ello, con el contexto de una tasa de interés todavía elevada (38% anual) aunque en descenso, llevó a una paulatina apreciación del peso hasta unos AR$ 13,90 por dólar en el mercado mayorista de cambios.

Las autoridades económicas han puesto el foco en el asunto y probablemente realicen gestiones para demorar el ingreso de las colocaciones externas (ya sea repatriación de residentes o dinero de no residentes) o bien que no se vuelquen al mercado de cambios. También es probable que el Banco Central acelere la baja en las tasas de interés de las Lebacs para alimentar la demanda de dólares y compensar el exceso de oferta. La autoridad monetaria es consciente de que se tiene un dólar atrasado respecto de la inflación y, si bien desacelerándose, una expansión de la base monetaria generada por monetizar parcialmente el déficit fiscal que empujarían el dólar al alza en el mediano plazo, si bien la coyuntura actual lo mantiene deprimido.

Los bonos reaccionaron positivamente a la coyuntura. Los soberanos en dólares redujeron sus rendimientos notablemente, aunque completamente opacados por la caída del tipo de cambio. El “upside” en moneda dura de estos títulos es menor, y cada vez se transforma más en una apuesta a una depreciación del tipo de cambio. Sin embargo, los bonos más largos como el DICA/Y, PARA/Y y BPLD aún mantienen buen potencial dada su larga duración.

Los inversores más conservadores aún disponen de los últimos coletazos de la baja de tasa de interés. La alternativa más viable es la suscripción a fondos comunes de inversión con participación mayoritaria en Lebacs y con plazo de liquidación en 24 horas. La revaluación a precios de mercado hasta la estabilización en el nivel objetivo de tasa de interés del Banco Central proporcionará buen devengamiento en el corto plazo a la espera del momento para dolarizar carteras. Una o dos semanas después que la tasa de interés de la Lebac de 35 días se estabilice en niveles del 28% anual o por debajo será un momento seguramente adecuado para trasladarse a instrumentos en moneda extranjera.

Los inversores esperan que para agosto o septiembre se realice el grueso de la recuperación del dólar, una vez que termine el grueso de la liquidación de la cosecha. De todas maneras, las expectativas para el año que viene siguen siendo de un peso relativamente apreciado dado el flujo lento pero constante de capitales que ingresan. La volatilidad de tasas de interés también jugará un papel relevante en la cotización de la divisa y podrá ser fuente de buenos ingresos para el inversor atento.

Eduardo Cardenal, Clarín, IECO, 12.6.2016

5.070 comentarios

  1. Cristaldo

    Preocupante. No entiendo de que otra forma se puede mantener un valor razonable para el tipo de cambio que hoy no debería estar por debajo de los $ 18. Estas tasas con la desaceleración de la inflación son monstruosas.

  2. Accionista

    Vamos muchachos.. todos sabemos que CECO2 fue objeto de una opereta terrible.. vendieron pescado podrido.. compren ahora y mañana van a estar corriendo la coneja. Con un dolar barato la ganancia esta en comprar acciones de empresas que exportan. De la ultima semana la destacable en este sentido es ALUAR que recupero volumen constante y con suerte regresa a los 13 pesos de techo. Slds.

  3. Javier Aguirre

    Sr Tavares una accion que usted nombro en analisis que hace a fin de año fue Central Puerto.

    ¿que opinion tiene en la actualidad?

    Nos vemos , Javier

  4. cristaldo

    Hola Francisco. El DICA resulta más atractivo por una mayor TIR. Aunque yo tengo AY24 en mi cartera.
    Saludos cordiales

    • Francisco

      Yo tengo de los dos pero mayor cantidad de DICA, aun asi no voy a esperar al vencimiento de ninguno de los dos.

  5. Otro Record, sobreprecios en el gas importado de chile, CAMBIEMOS ??? O sigamos
    ,con la corrupcion anterior ???. Con el gas de Bolivia, no se puede pagar sobreprecio ???

  6. Javier Aguirre

    Hoy perdió feo en Río Cuarto. Ojalá sea una señal de alerta y que la vean!!!!! Había ganado Macro con el 72%. Nos vemos Javier

  7. Javier Aguirre

    Yo creo tiene que ya, pero ya!!! Un golpe de timón, se le puede poner fea al Gobierno. Nosotros los que escribimos acá, la peleamos pero hay gente con frío y hambre y en un país como Argentina es inadmisible. Y no olvidarse : corruptos presos y recuperar la plata, esto es fundamental, el pueblo pide esto y no lo escuchan, y les va a ir mal. Nos vemos Javier

  8. Cristaldo

    Pero Javier. El gasto público sigue siendo monstruoso. De donde se saca la plata para atender tantas necesidades? Esto no es facil

  9. Javier Aguirre

    Si, no se que decirte a mi se me quemaron los libros, que escriba alguien que sepa más, yo la veo muy fea a la situación, tiene que darle un golpe de timón el Gobierno a la situacion, la pregunta que me hago ¿tiene muñeca para ese golpe de timón? Ojalá la tenga. Nos vemos Javier

  10. Javier Aguirre

    Ojo con Córdoba, se adelanta a los hechos, la historia Argentina lo corrobora, es una provincia muy difícil y para mi el termómetro del país, por eso Macri estaba tan preocupado por esta elección. Ojalá lea el mensaje del pueblo. Nos vemos Javier

  11. horacio

    Deuda, deuda, deuda y más deuda. Eso es el neoliberalismo macrista.
    Debemos 33 mil millones más y ¿para qué?
    ¿Para tener 1,5 millon de pobres mas y todo el país fundido?
    Mirador Provincial (adjunto a Clarin de los domingos) con noticias sobre Santa Fe: la UOM teme que cierre ACINDAR. (textual, eh!)
    ¿Como se puede fincar alguna esperanza en esto?
    El proyecto jubilatorio/autoamnistia va derecho a la destruccion/insustentabilidad del sistema.

    Y, acá abajo, para el que tenga dudas, o quiera profundizar, el detalle de la orgia de deudas.
    ¿Será sustentable todo este endeudamiento?

    Domingo, 12 de junio de 2016
    IMPACTANTE EMISION DE DEUDA EN SOLO TRES MESES: 33.199 MILLONES DE DOLARES

    Festival de bonos

    El gobierno nacional, provincias y empresas han concretado en un período muy corto el mayor aumento nominal de la deuda en dólares de la historia argentina. Esa cuenta seguirá subiendo en el resto del año.

    Por Alfredo Zaiat
    /fotos/20160612/notas/na09fo01.jpg
    El nuevo ciclo de endeudamiento externo público y privado comenzó con 26.710 millones de dólares en apenas tres meses. Se suman otros 5000 millones de dólares recibidos por el Banco Central en un préstamo de corto plazo, con una garantía de 10 mil millones en bonos públicos. Más otros 1489 millones en Letras del Tesoro a corto plazo. El saldo en un solo trimestre alcanzó los 33.199 millones de dólares. Ese monto seguirá aumentando en lo que queda del año. Esta semana habrá una nueva ronda de esas Letras en dólares a 3, 6 y 8 meses, y el plan del blanqueo de capitales de por lo menos 20 mil millones de dólares, según estimaron funcionarios de Hacienda y Finanzas, tiene previsto que una parte se canalice a través de la emisión de títulos públicos a tres y cinco años.

    El inmenso esfuerzo social de cancelación neta de deuda iniciado con el pago al FMI, en enero de 2006, proceso que se extendió hasta el final del anterior gobierno, dejó el terreno despejado para que un gobierno conservador pudiera desplegar lo que mejor sabe hacer: endeudamiento gigantesco para maquillar el descalabro fiscal autoinfligido y para abordar la debilidad del sector externo por el déficit comercial y la constante fuga de capitales. Así fue durante la dictadura militar, en la década del noventa con la convertibilidad y ahora en el gobierno de Macri.

    El Estado nacional, la mayoría de las provincias y grandes empresas han emitido títulos de deuda con frenesí desde el 9 de marzo pasado, cuando Buenos Aires inauguró el festival con 1250 millones de dólares a una tasa elevadísima del 9,125 por ciento anual. El territorio de la gobernadora María Eugenia Vidal también cerró estos tres meses con más títulos de deuda por otros 1000 millones de dólares, uno a tres años por 500 millones y otro a once por el resto, operación concretada el 8 de junio pasado. Las provincias, con lo ya colocado y próximo a emitir, sumarán en conjunto deuda por 8200 millones de dólares. Esta cuenta seguirá aumentando hasta fin de año.

    El reingreso de Argentina en la mesa de la deuda en el casino financiero global es festejado por la banca internacional. El JP Morgan, entidad que está definiendo las colocaciones de papeles de deuda del gobierno nacional, lo expresó en un reciente informe a sus clientes donde destaca que la Argentina está liderando el festival de bonos de los mercados emergentes. La emisión de 16.500 millones de dólares para pagar unos 10 mil millones a los fondos buitre y el resto para cancelar otras deudas se convirtió en la colocación más abultada en lo que va del año. En el segundo escalón se ubicó Arabia Saudita con 10 mil millones de dólares.

    El muy bajo nivel de deuda pública y privada en relación al Producto Interno Bruto facilitó este inicio vertiginoso de emisión de bonos. El desendeudamiento no fue sólo del Estado Nacional.

    Gustavo Neffa, de la firma Research traders, explicó que a fines de 2002 el stock de deuda de las provincias superaba el 20 por ciento del PIB, porcentaje que en 2014 se había reducido a poco más del 7. Esa caída redujo la carga de servicios de la deuda de 8,5 a menos de 5,0 por ciento de los ingresos provinciales.

    La capitulación de Macri en el tribunal de Thomas Griesa aceptando las condiciones de pago a los fondos buitre abrió las puertas del mercado internacional de crédito voluntario. El gobierno salió rápido a financiarse y alentó a las provincias a hacer lo mismo. En lugar de monetizar parte del déficit fiscal y de cubrir el resto con deuda interna en pesos, atrapado en el fundamentalismo ortodoxo que prescribe que esa vía es inflacionaria, eligió la opción de emitir deuda en dólares.

    La banca extranjera hoy está disfrutando de este festival sin analizar el proceso acelerado de deterioro fiscal autoinfligido por el macrismo. Está sumergida en el convencimiento del efecto positivo de las “expectativas favorables” de un gobierno “market friendly”. Además de ofrecer el negocio de comisiones a la banca y de ampliación de la plaza de especulación con bonos, la emisión de deuda pública del Estado nacional y de las provincias tiene el objetivo de acercar dólares financieros al frente externo debilitado y para financiar el deliberado aumento del déficit fiscal de estos seis meses. La colocación de deuda corporativa también está aportando dólares financieros (ver cuadro), con cuatro grandes empresas emitiendo en conjunto 2010 millones de dólares, y varias otras preparadas en la línea de largada.

    El importante incremento de dólares financieros por la emisión de deuda, de la liquidación de la cosecha de soja y del ingreso de capitales golondrinas para aprovechar las muy elevadas tasas de interés del Banco Central permite financiar la constante fuga de capitales. Dólares que ingresan a las reservas emigran luego por remisión de utilidades de multinacionales, por servicios (turismo) y por fuga de ahorros hacia el dólar. Por esto último, sumó 4231 millones de dólares de enero a marzo. En la segunda quincena de diciembre del año pasado, cuando comenzó el gobierno de Mauricio Macri, la fuga fue de 1911 millones de dólares. En total, 6142 millones hasta fines de marzo, según el Balance Cambiario del Banco Central. Por el rubro turismo, la pérdida neta de dólares fue de 2210 millones en los primeres tres meses del año. El segundo trimestre está transcurriendo y no hay datos oficiales pero las entidades han adelantado que en promedio el sistema está vendiendo unos 800 millones de dólares por mes.

    El déficit comercial acumulado hasta abril es de 58 millones de dólares, y no fue mayor por los despachos extraordinarios originados por la retención de cosecha en los silobolsas especulando con la devaluación de diciembre pasado. Los dólares financieros están cubriendo entonces la sangría por la fuga de capitales y del comercio exterior, que no tiene perspectivas favorables por la recesión brasileña y la fragilidad de la demanda internacional de los productos de exportación argentinos.

    Descalabro fiscal

    La impresionante transferencia de ingresos fiscales con la reducción de impuestos y eliminación de retenciones, con una recesión auto provocada por la fuerte devaluación inicial y el tarifazo, está poniendo en una situación crítica las cuentas públicas. Es la receta ortodoxa ofertista de apostar al crecimiento impulsando la inversión privada con reducción de impuestos. Es una política cuyo resultado es conocido: aumento del déficit fiscal que es cubierto por deuda pública sin impulsar el crecimiento económico y sí el incremento de las utilidades de los sectores beneficiados en materia impositiva. La devolución de fondos coparticipables a las provincias que se destinaban a la Anses y el tope al tarifazo agregan tensión en las cuentas fiscales, observan los informes ortodoxos de las consultoras de la city.

    Luego de dibujar la herencia del déficit fiscal (el verdadero fue 2,3 por ciento del PIB, en base a los criterios internacionalmente aceptados; el inventado por el ministro Alfonso Prat Gay fue 7,0 por ciento), el equipo económico dispuso una sucesión de medidas en el frente impositivo que están derivando en un descalabro fiscal, que en estos meses ha sido reprimido artificialmente porque se frenó abruptamente el gasto público. Si se cumplieran las previsiones de Prat Gay, en este año se duplicaría el déficit fiscal heredado (el verdadero) sin conseguir la expansión de la economía, sin mejorar la competitividad vía tipo de cambio y consolidando una política monetaria contractiva de tasas de interés muy elevadas que facilitan la bicicleta financiera. Por esas previsiones negativas, que no son ignoradas por el resto de los economistas del oficialismo, se entienden las fuertes críticas internas que recibe Prat Gay, que sólo cuenta con el respaldo del presidente Macri.

    Las cifras de la recaudación tributaria de mayo empezaron a reflejar el previsible impacto negativo de la recesión, ingresando la economía en el conocido círculo vicioso de deterioro desatado por el ajuste. Después de romper la copa de cristal, el gobierno busca repararla con iniciativas expansivas: devolución del IVA a grupos vulnerables, aceleración de pagos de juicios previsionales, reajuste de haberes a un sector de jubilados y habilitar el gasto público para obras y otros rubros que había sido congelado. Pero el ajuste ha convocado al peor de los monstruos y esas medidas tienen escaso efecto en la actividad atrapada en la recesión. La ortodoxia económica culpará entonces al sector político del gobierno por no haber hecho un ajuste más drástico, cuando es precisamente la decisión de ajustar la que ha derrumbado a la economía. Daniel Artana, economista de Fiel, lo dejó claro en un reciente artículo publicado en esa usina neoliberal: “En lugar de confiar en la mejora de la inversión se recurre a un aumento en el consumo impulsado por un mayor gasto estatal. Esto puede generar dudas sobre la sostenibilidad de las cuentas fiscales y externas de la Argentina. El riesgo país implícito en la deuda nacional es todavía muy elevado como para priorizar la coyuntura política dejando de lado la consistencia macro de largo plazo”.

    La extraordinaria emisión de deuda viene a ocuparse también del frente fiscal. Pese a que se requieren pesos para cubrir esa cuenta, la estrategia oficial es que la Nación y las provincias se endeuden en dólares para atender necesidades en pesos. No hay que ser mago de las finanzas para descubrir que es una estrategia muy riesgosa. En la Ciudad de Buenos Aires, Mauricio Macri la pudo desplegar durante ocho años –política que hoy continúa su sucesor– porque es el distrito más rico, había un bajísimo nivel de deuda en relación al producto geográfico y ahora fue privilegiada en el reparto de recursos coparticipables. Para la Nación y el resto de las provincias es un camino cuyo desenlace es conocido.

    El inicio de un nuevo ciclo de endeudamiento público y privado actúa como una anestesia en la cotización del dólar, disimula la debilidad del sector externo y a la vez permite cubrir transitoriamente las cuentas de los estados provinciales y financiar el aumento del déficit fiscal a nivel nacional. Este adormecimiento facilita las ganancias financieras de corto plazo, lapso que el gobierno apuesta a que la esquiva lluvia de dólares por inversiones productivas y el blanqueo de capitales actúen como motor del crecimiento. Mientras prenden velas a esos salvavidas, se está desarrollando en sólo tres meses el más impactante aumento nominal de deuda en dólares de la historia argentina.

    azaiat@pagina12.com.ar

    Fuente: Elaboración propia en base a “Endeudamiento provincial, ¿dejá vu?”, de Gustavo Neffa, en Research for traders.

    • jimmy.92

      Horacio pega el link de la noticia no toda la noticia por que es muy larga, o decí en resumidas cuenta de que habla u luego pega el link ya que no todos estamos interesados en leerla, lo digo sin ánimos de ofender.
      Saludos

  12. Ruben

    Muchachos,….dejen la politica de lado y miremos el negocio q nos interesa,…la bolsa.
    Esta semana hay drivers muy fuertes,..!!!
    Encima si bajan fuerte las tasas el martes tipo 2 puntos o mas, el miercoles el merval se raja mal, asi que a comprar papeles urgente.
    Sigo a full con Pampa, Mirgor, Bancos, Cresud, Sami, agrego Ceco y Tgn.

  13. Javier Aguirre

    Es momento de leer y escuchar a todos los que digan algo con fundamentos, lo que me preocupa a mi del comentario de Horacio es la pregunta ¿ para que? Es cierto y preocupante, Muy preocupante. Nos vemos Javier (dije que aguantaría hasta Diciembre para criticar pero, no se puede esperar más y esta elección perdida por tan amplio margen es preocupante)

  14. Histórico

    Rubén la inversión en bolsa y el desempeño de las empresas cotizantes tienen muchísimo que ver con la política económica que se aplique.
    Macri se equivocó feo con la designación de Harvard Sturzenegger al frente del BCRA y si no cambia a tiempo va a fracasar en su gobierno por la MALA PRAXIS evidente que se está aplicando. Debería ser exactamente al revés tasas muy bajas y negativas en términos reales (como es en todo el mundo por otra parte) y un tipo de cambio que no puede ser inferior a 18/20 pesos que al cual se ajustaron todos los precios de la economía.
    Con esta política van a resucitar a los muertos políticos que ahora se largan a criticar: Cristina, De Vido, Moreno, los muchachos de la Cámpora, etc
    Es de no creer tanta torpeza en el manejo de la economía!!
    Y para peor no sabemos quién es el verdadero responsable de esta política económica y hacia dónde apunta.
    Quedarse callado y no criticar lo que a la vista de todo el mundo está errado es típico de los obsecuentes y fundamentalistas del PRO que sólo le venden chamuyo y elogios a Macri.
    Lo único que falta es que le hagan el diario de Yrigoyen.
    Esperemos que Macri despierte y nos muestre a todos los argentinos si está para ser un verdadero estadista o si es nueva desilusión para los argentinos.
    Hasta ahora sólo hubo un cambio de formas y modales.
    Siguen los piquetes, los cortes salvajes en las calles, los trapitos!!. En fin: PURO MARKETING.
    Yo voté a CAMBIEMOS y una política económica Desarrollista (y no monetarista como la actual) y para que se pueda circular libremente por las calles y poder estacionar el auto sin el acoso y la extorsion de las mismas bandas de antes.

  15. Histórico

    Como ya lo dije en otra oportunidad: ESTA PELÍCULA YA LA VIMOS ANTES: léase la tablita de Martínez de Hoz y la convertibilidad de Cavallo. Endeudamiento externo con ingreso masivo de dólares que presionan el tipo de cambio fuertemente para abajo, especulación financiera, caída del consumo, de la construcción, cierre masivo de negocios, pymes al borde del abismo, desocupación y falta de inversión directa y creación de empleo genuino.
    ESTAMOS BAILANDO EN LA CUBIERTA DEL TITANIC.
    Cuándo desoertará nuestro Presidente?

  16. Principiante

    Creo que el volver a ser mercado emergente y la baja de la tasa de las Lebacs a un ritmo más rápido que las últimas semanas podrían ser dos drivers importantes para generar una fuerte alza del mercado antes del fin de semana más que largo. Y en particular, un buen segundo semestre de BOLT podría hacer reaccionar a un papel que está retrasado.

  17. Accionista

    Algunos opinologos no pueden ser tomados salvo en sorna.. leerles profetizar un futuro oscuro para nuestro pais y en otros comentarios recomendar papeles y encima fuera del panel lider.. hasta el conde Atilio se descostillaria! Hilarante! Slds.

  18. Histórico

    La clásica: cuando no hay argumentos ni fundamentaciones serias para rebatir la opinión de los demás se recurre a la descalificación.

  19. Javier Aguirre

    Gracias Sr Tavares. Son opiniones y coherentes, estoy de acuerdo con Horacio, endeudarse ¿para que?. Y con histórico cuando dice que la bolsa esta relacionada con la política. Son opiniones nada más y con fundamentos, por más que no estemos de acuerdo, ojo que si abrimos la cabeza nos pueden ayudar. Nos vemos Javier

  20. Juan Carlos

    No debe ser alrevés? Con Dolar bajo que las empresas aprovechen a pagar algunas deudas en Dolares, en vez de tomar deuda con un Dolar bajo que un tiempo despues cuando se disparé sea imposible de pagar.

    No veo con buenos ojos que muchas cotizantes tomen deuda en USD en vez de pagar y aprovechar que con pocos pesos cancelas mas deuda en Dolares, ahora que esta regalado el Dolar.

  21. Javier Aguirre

    Marcos Peña afuera, y entra otro con más muñeca política y salimos de frontera a emergente el Martes y ahí te creo que la bolsa pega un salto. Marcos Peña es como si largas un conejito a una cueva llena de leones.Nos vemos Javier

  22. Felipito_tacatun

    Barandista, Bolivia tiene en esta época todo su gas comprometido a Brasil, que financió sus gasoductos, por eso Argentina tiene que comprarle más caro a Chile.

  23. Javier Aguirre

    Creo que Elio lo planteó muchas veces y estoy de acuerdo.: la acción en los negocios las toma uno, frente al espejo. Podes escuchar miles de comentarios pero sirven solamente para nutrirse NADA MAS. Si le hubiera hecho caso al foro no hubiera comprado tanto Bma, que estoy hasta las manos ahí Nos vemos Javier

  24. Accionista

    Ya esta! Me convencieron!.. increible como pude ser tan ciego.. si esta ahi nomas.. y es negro azabache!.. un futuro sombrio sin escapatoria.. ahora solo queda una cosa por hacer.. voy a tener que salvar mis ahorros.. Oro? no, muy volatil.. para los tarotistas lo mas oportuno seria comprar acciones.. del panel general.. sisi.. es la mejor estrategia.. a las 100 de ESME le voy a agregar.. 100 de RIGO, 250 de POLL, 1/2 kilo de FERR y lo que sobrase en COLO.. mis nietos me lo agradeceran.. estoy seguro.
    Lastima que se me escapo INDU.. hubiera sido fija con este lugubre panorama.. quizas FIPL.. si.. esa promete.. ma’ si vendo el IES y compro. Slds.

    PD: Put Your Money Where Your Mouth Is

  25. Yo creo que en este foro, a la mayoria, nos gusta el Panel General, hasta el dueno del foro es un apasionado del panel.Muchos lo seguimos desde hace mas de 25 anos, cdo estaba los domingos en Clarin. Esto es democracia, a veces compartimos sus comentarios, otras veces no. Pero en el fondo a la mayoria nos gusta el panel general, por algo sera.Hay que escuchar todas las voces y respetarlas, aunque no las compartamos.

    • Principiante

      Coincido con vos, Barandista. En el topic de Bodegas Esmeralda le respondí esto a Accionista: Me permito responder a tu ironía con un dato de la realidad. La semana pasada, a pesar de no operar durante dos de las cinco ruedas, ESME hizo un promedio diario de 226 acciones. No tengo demasiadas acá, es cierto, compré y apunto a hacer diferencia grande en el tiempo, pero casi hubiese podido salir de toda mi tenencia. Como bien dijo alguien más arriba, con este tipo de comentarios podemos hacer sentir mal a gente que decide entrar a la Bolsa con sus pocos ahorros. Es cierto que es más fácil entrar que salir en papeles del general, pero también es cierto que a los que recién empiezan hay que decirles que pongan en la Bolsa el dinero que no necesiten en el corto plazo, que lo tomen como un plazo fijo a largo plazo, pero invirtiendo en papeles con fundamentos siempre va a hacerle frente a la inflación mejor que un plazo fijo o un bono. Te lo dice alguien que, en sus 38 años de Bolsa, mal no le ha ido apostando a las perlitas del panel general.
      Con ese tema (el del panel general) siempre me cargaba PablitoBank cuando se hacían las cenas de La Baranda. A propósito, podríamos ir armando alguna comida de «La Bolsa de Tavares» para ir dejando de ser amigos virtuales y convertirnos en bolseros reales. ¿No?

  26. Cheque

    Ya que demostrado q con una baja de 600 bp en la tasa corta de lebac,porque nadie aclara q las largas estan mucho mas abajo, no cambia nada mientras no haya una baja en la tasa de inflacion y un equilibrio fiscal. Pero bueno se pone de moda un discurso y hay gente q sin hacer un calculo t dicen cual es la tasa de equilibrio…

  27. Jorge

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  44. The new Zune browser is surprisingly good, but not as good as the iPod’s. It works well, but isn’t as fast as Safari, and has a clunkier interface. If you occasionally plan on using the web browser that’s not an issue, but if you’re planning to browse the web alot from your PMP then the iPod’s larger screen and better browser may be important.

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