The increase in the budget deficit was premature, unjustified and excessive, says the budget council – ČT24 – Czech Television

Unfortunately, according to the Council, the budgetary policy conceived in this way will not ensure the use of public funds that the government borrows on the capital markets, with the maximum effect on supporting demand. “Rather, it fulfills the characteristics of targeted measures that are unrelated to the covidu-19 pandemic and the fight against its economic impact, which was the main argument for loosening fiscal rules,” the council said.

At the same time, it reiterated that the proposed abolition of the super-gross wage and the introduction of tax rates of 15 and 23 percent without a significant increase in other revenues or reductions in expenditures threaten the medium and long-term sustainability of public finances. The rate of 23 percent should remain for incomes above approximately 140 thousand crowns per month. Effective taxation for employees now stands at 20.1 percent.

On Wednesday, the Ministry of Finance rejected the statement of the National Budget Council. At the same time, the office defends the council’s criticized one-time contribution to pensioners, saying that seniors should cover higher costs, which would be reflected in legal valorisation only from 2022. The abolition of super-gross wages is then increase consumption. This follows from the reaction that the resort sent to the ČTK agency.

The Council also considers it problematic that the proposed measures are discussed separately and are not assessed in the context of the medium-term strategy for the consolidation of public budgets, which the government is to submit to the Chamber of Deputies by 30 September.

The Council further pointed out that, although the increase in the budget deficit was justified mainly by the need to invest in the crisis, the increase in capital expenditure amounted to only thirty billion crowns. “However, the real impact on investment activity is likely to be even lower, as part of the funds is intended for the State Fund for Transport Infrastructure as compensation for the loss of its own revenues due to the economic downturn. Therefore, it is not about resources for new investments, but to cover already planned actions, “said the council.

In the case of a one-off contribution to pensioners, the Council pointed out that in the current economic situation, only expenditures that stimulate demand as much as possible or partially mitigate the negative effects of the crisis on the incomes of affected households should be made.

“However, the income of retired households does not meet this criterion, as it was not affected by the crisis,” the council said. At the same time, however, she added that the chosen solution is more suitable in terms of its impact on the sustainability of public finances than the originally considered above-standard valorisation of pensions.

According to the ministry, it is true that from January there will be a legal valorisation of pensions, which will compensate for the increase in costs until June 2020. “However, it is clear from the latest data for July that the living costs of pensioners have further accelerated above the value by which they are valorised. The extraordinary contribution is intended to cover higher costs for seniors, which would be reflected in the legal valorisation only from 1 January 2022, “said the ministry.


Opinion of the National Budget Council in full
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Regarding the abolition of the super-gross wage and the introduction of two tax rates, the Council further stated that it considered them inappropriate in the current economic situation. According to the council, support from direct government expenditures is more appropriate to support demand. In addition, there is a real possibility that households will save a significant part of new income due to the expected unfavorable development of the economy, thus jeopardizing the expected additional VAT and excise revenue that the government expects.

The ministry mentioned that the budget amendment responded to the worsening decline in state budget revenues due to the negative economic effects of the pandemic. “At the same time, it was necessary to spend more on fighting the disease and supporting the economy. We recall that other Member States of the European Union are responding similarly to the current crisis. ”

The government should also adjust discounts and deductions with the change in taxes, the council says

Along with the change in taxes, according to the council, the government should also adjust tax rebates and deductions, otherwise progressive taxation will be reduced, with net income increasing more for households with higher incomes than for low-income households.

“The problem with a significant reduction in personal income tax is also that they are inappropriately trying to reduce the high taxation of labor. Its decline is certainly desirable in the Czech Republic, but the main problem with labor taxation here is statutory insurance premiums, not income tax. It is already relatively low in international comparison, on the contrary, the importance of insurance premiums is above average, “said the council.

According to the council, the changes in taxes will also prepare the budgets of municipalities and regions by approximately 30 billion crowns, which would probably lead to a reduction in investment. “It must be remembered that public investment in local budgets accounts for almost half of all public investment,” the council said. The council estimates the total impact of the change on public budgets at 92 billion crowns.

The task of the National Budget Council, which exists on the basis of the Act on Budgetary Responsibility, is to independently evaluate budgetary policy, compliance with budgetary rules or issue a report on the long-term sustainability of public finances. Eva Zamrazilová, a former member of the Bank Board of the Czech National Bank, heads the Board.

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Events: One-time pension allowance

About Zamrazilová, Prime Minister Andrej Babiš (YES) stated on Wednesday for the Czech Television Events that he was historically connected with the ODS and represented the opposition. “It is necessary to see where she has been everywhere and who nominated her there,” he added. He said the contribution is because consumer prices have risen more for retirees than for households.

Babiš stated that “ODS has always hated pensioners, they gave them zero in 2010 and 45 crowns in 2014.” He added, “for us pensioners are a priority, we want them to have a better life and pensions are the ninth worst in the Union. And next year, according to the valorization, they will receive 848 crowns. “

The state budget deficit rose to 230.3 billion crowns at the end of August. In July and August, the deficit widened significantly more slowly than in the period from March to June, the council said. Economists expect that for the whole year the budget deficit could be between 400 and 450 billion crowns.

The government deficit was adjusted three times this year due to the effects of the spread of coronavirus three times. From the original 40 billion crowns, the deficit was first increased to 200 billion crowns, then to 300 billion, and in July the Chamber of Deputies approved an increase to 500 billion.

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Cost of student life: Paris remains the most expensive city in France

This was already the case in previous years, it is still relevant this year: unsurprisingly, Paris remains the most expensive city for students, according to the annual ranking of the National Union of Students of France ( Unef), published this Monday. According to the barometer, studying in the capital costs an average of 1,318.31 euros per month, an amount up by around 30 euros compared to 2019. The cheapest student city remains Limoges, with monthly expenses s’ amounting to 790.75 euros.

Nationally, the average cost of student living increases by 3.69%. Lyon is the city experiencing the most significant increase: according to data collected by UNEF in partnership with Loc-Service, a specialist in rental and shared accommodation between individuals, a student must pay an average of 1,019 there, 33 euros per month, which represents an increase of 57.21 euros, or nearly 6%, per additional month compared to the previous year. Rent remains the most important expense item for students. In Lyon, its average cost stands at 564 euros per month, up 5.42% compared to previous years, when that of Paris is 885 euros per month.

A burden that puts a strain on students’ budgets and that their associations and unions are campaigning to alleviate: “Every year, we see that rents are increasing, and that for small surfaces increases more than for large surfaces”, explains Mélanie Luce, president of the UNEF, contacted by Release. “The State must put pressure on local authorities to take charge of student precariousness, pleads the young woman. This involves controlling rents, but also sanitation plans to avoid tragedies like the one in Marseille rue d’Aubagne, where a student lost her life. “

Territorial disparities are also significant in terms of transport. Here again, it is in the Ile-de-France region that students must put more money in their pockets, with an annual cost of 342 euros. Limoges retains its title of the cheapest city for this expense item, with an annual amount of 90 euros, a subscription nearly four times cheaper than in the Paris region. Gaps that highlight “Territorial inequalities” deep, not necessarily justified by the size of the municipalities: “In a large city like Toulouse, the annual cost in transport for a student is 103 euros, while for a medium-sized city like Rennes, it is 300 euros per year”, explains Mélanie Luce.

«There are big disparities depending on where you study ”, often due to the fact that some cities do not set up preferential rates for young people, regrets the president of the UNEF. While these initiatives help reduce student budgets, they are not sufficient for the union, which is calling for the establishment of total free transport in all student towns.


Samira Chabi

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Turkey’s transactions deficit exceeds expectations of $ 2.9 billion

Source: Arab.net

The Turkish Central Bank said that the current account deficit in June amounted to $ 2.934 billion. The number is higher than Reuters’ forecast of a deficit of $ 2.825 billion.

In May, the current account deficit was $ 3.782 billion. In 2019, the Turkish current account surplus reached 1.674 billion dollars, according to Reuters.

According to data, the Turkish government’s cash balance recorded a deficit of 9.73 billion Turkish liras, equivalent to about $ 1.4 billion in May 2020, while the balance that excludes interest payments recorded a deficit of 1.02 billion liras.

Moody’s credit rating agency said that the outlook for the Turkish banking system remains negative, at a time when the Corona virus is putting pressure on credit conditions.

Moody’s expects that there will be pressure on the profitability of Turkish banks due to the decrease in lending volumes and the increase in provisions.

In addition, the Turkish banking system expects additional pressure on capital, due to the devaluation of the local currency.

Of the Turkish banking system, she says, the deep economic disruption caused by the outbreak of the Coronavirus will reduce borrowers’ ability to repay.

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“In the future, food will be seen as medicine”

The Empty Chair: I would like you to explain to us what the current situation of food systems is and what will happen if we continue with the inertia that we bring, before we start this conversation talking about how we are going to feed ourselves in 10 years.

Maria Elena Varas: We have a challenge. By 2050 we will have to feed 9.5 billion people on this planet, and several studies have indicated that as long as we continue to produce at this speed, and in this way, there will be a very negative effect on the environment.

But, in addition, we are not going to be able to feed all those people in a way that is nutritious and healthy.

So, here is a vision and a push and a whole agenda to be able to change the way we produce these foods, how they are distributed and how to empower consumers so that they can make better decisions regarding the demand for food.

The Empty Chair: Given these trends, how might food production change in the future?

Maria Elena Varas: Production cannot be viewed in a fragmented way, without associating it with demand. That is why we are here looking at production systems that are kinder to the environment; that generate less carbon emissions, that do not destroy soils so that they can be used again, that have a sustainable use of water.

Also a production that is aligned with climate change, because with the changes in temperature, and the external shocks that exist in climatic terms, there is great pressure for this type of food.

The Empty Chair: Are we going to have more hydroponic crops or more organic crops?

Maria Elena Varas: There is a tendency to, on the one hand, make better use of inputs such as fertilizers, for example, which affect less land use and water pollution.

On the other hand, productive systems that make better use of the land in terms of not encouraging deforestation.

There are initiatives in Colombia that are interesting, from that perspective, and address livestock production more specifically there, for example. It changes a bit depending on the type of crop and the geographical area.

The Empty Chair: Does that mean that the peasants of the future are going to be more technological?

Maria Elena Varas: Absolutely. The idea would be to be able to empower small and medium farmers to adopt different technologies and innovations that allow them to produce in a more efficient and also more environmentally friendly way. That for the rest, is completely related to the use of the soils that they themselves have.

The Empty Chair: Is there someone already doing that right now?

Maria Elena Varas: We have examples from Asia, in India, some in Africa, in Latin America too, where drones, new computer technologies, blockchain have been used. I believe that is the future.

But the big question is, how can we support the creation of a favorable financial environment for farmers to adopt these technologies? Because what we know is that the technologies exist and are there, but the problem is financing. So, how to generate a change and a transformation to be able to finance the adoption of these technologies? And that’s a great point that we are working on.

The Empty Chair: You, too, place great value on consumers in this transformation of food systems.

Maria Elena Varas: Consumers play a fundamental role in terms of their demand for food. An effect is generated towards the field, as to what is produced. And there are different issues to address.

One is a matter of communication and recognition of the value that food has on the health of the person. Being able to work around, for example, the issue of obesity, and the issue of those who do not have enough food. That is a fundamental issue.

The other issue is empowering consumers so they can know where their products come from. And therefore, that the decisions they make are informed from the perspective of nutrition, but also from that of the environment.

In other words, that my products are from areas where deforestation has not been done, that my products are healthy, that they are not contaminated.

For which we also return to the subject of technology. Where can we use traceability and different technologies to be able to do that, to make those changes, and to be able to inform consumers?

The Empty Chair: Do you imagine that the consumer of the future before eating an apple will look at a stamp that tells them the origin of that apple, if they treat the workers well, if they deforest or not deforest in that area?

Maria Elena Varas: Consumption in the future would ideally be that way, and in that case you would be completely empowering the consumer to make changes in the supply chain as well. That would be interesting and good to see.

But also a consumer who may be able to say ‘I am going to diversify my diet’, I will recognize that I have to move towards a diet more similar to what the EAT-Lancet report published last year, in terms of lower consumption of meat, higher consumption of grains, fruits and vegetables. That it can also support a more responsible consumption for the environment and for health.

The Empty Chair: Younger people are becoming more vegan. Do you think that trend is going to continue?

Maria Elena Varas: I could not tell you, because the truth is that the trend we see in China, for example, and especially in countries where greater purchasing power is generated with economic development, the trend is precisely to consume more meat. There is an association of economic stratum with the consumption of pork and beef.

In this sense, there are trends in other countries that generate pressure in the production chain. To give you an example: the pressure generated by China with its demand for livestock production that takes place in Brazil, from where they import meat. So I think there are going to be different curves.

But I do believe that there is greater awareness, and that greater awareness will continue to be generated, of the importance of food in health. A trend towards food as medicine.

The Empty Chair: Now one sees juices to cleanse the body, etc. Will that trend gain strength?

Maria Elena Varas: I think it is a trend that is going to gain more strength, because there are also specific interests to address these issues. The costs for the health system, and fiscal of the countries of the challenges that are generated by the bad feeding are astronomical.

The levels of diabetes in developed countries, of obesity that are also seen in Latin America, where it really is an epidemic at this point, are a great challenge in terms of public policies. From that perspective, there should be a major change.

Companies, from small to multinational companies, are making a transition towards products that appeal to the new consumer’s need to consume healthier, more health-positive foods.

The Empty Chair: Do you think that every time we are going to consume more local to be more friendly with the environment?

Maria Elena Varas: Of course, precisely, there are several visions as to how this future could be, and I would say that there is a vision in terms of consuming more locally. Partly because there is a carbon footprint issue that is important to address.

But also, a tendency to have access to food that is fresher; that have been produced in areas where the community and the local economy are also being supported.

Something that is also important, for example, is how we can do that from the perspective of small vertical farms and everything that is food production in cities, which is also a huge issue in the context of all the actors that we are in the food themes.

The Empty Chair: A few years ago it seemed that technology was going more towards the artificialization of food, than towards organic. Is organic going to beat chemical?

Maria Elena Varas: I believe that one thing may exist alongside the other as long as the consumer remains as it is until now. But to the extent that greater awareness and movement in the demand for these types of products is generated, there will be a change there.

Organic, 100 percent pure organic, has specific challenges also when we are talking about international trade and other issues, but I believe that it will generate a positive change, ideally, in terms of local consumption and the more organic consumption of fruits. and vegetables. The food basket today is highly based on processed and packaged products.

The Empty Chair: What do you think that food basket will be like in 10 years?

Maria Elena Varas: I can tell you what I would like to see. I would like to see more nuts, almonds, more fruit and more vegetables. And also more variety of each, only one serving of meat a week. And if I’m not mistaken, one or two servings of fish a week, which is the diet recommended by the EAT-Lancet report. It is not cheap, but such a diet would address the needs of the body and the planet.

The Empty Chair: If that diet is the one that is imposed, a country like Colombia would have great opportunities.

Maria Elena Varas: Justly. In the case of Colombia, with the wealth it has in terms of biodiversity and the number of native products, it could lead to a healthier system. There are various initiatives that are working on this issue in the country.

The Empty Chair: Although you are Chilean, you know Colombia well. How do you think rural life can change here, which has not been easy in recent decades?

Maria Elena Varas: I believe that there are great opportunities to align various initiatives that are going on in the country to generate better and greater opportunities for rural areas, supporting practices that are sustainable through technical training systems, monitoring.

Also, at the same time, to be able to work on crops that support the transition towards more nutritious and healthy foods, incorporating native products or others that are important for the development of the country: certain types of mango, avocado, Amazonian cocoa and other products that in this minute I forgot the name because they are very typical of Colombia. I think there is a possibility there.

And the other thing, which I think there is an important possibility, is in terms of being able to generate more investment in infrastructure that can help these small producers.

In short, helping along the entire food chain to reduce losses and waste, which is a great challenge for Colombian production and will continue to be a great challenge as we continue to see issues of climate change that are to continue affecting the crops.

The Empty Chair: In Colombia, is a lot of food lost?

Maria Elena Varas: Yes, before it can reach the warehouse and be distributed to the points of sale. Many times due to lack of capacity of cold storage mechanisms; due to road infrastructure problems; by transportation issues; different aspects for which it would be important to generate more investment so that these foods can reach the points of sale, or the processing points in an appropriate way, and on time.

The Empty Chair: And the last question that cannot be missed: how does the pandemic affect this future?

Maria Elena Varas: Well, the truth is that the pandemic has been a reminder that there is much to be done here, that there is an important issue in terms of food safety that must continue to be addressed. That is, the point of putting food on the table of people, beyond any other type of agenda, and the importance of continuing to work on more resilient systems.

Some time ago I heard an interview that seemed interesting to me, it said: “five years ago what should we have done to avoid what has happened to us today on the subject of food”, and perhaps it would be good to think then, what can we do today to avoid what could be another external shock in five or 10 years.

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Ivan Telegin wants to deprive Pelagia of property in court

News. Society

21:40, June 28, 2020

photo: © instagram.com/pelageya_insta

Now Ivan Telegin and Pelagia are in a divorce stage.

Initially, the couple said that they were parting on a peaceful note, but now they can’t agree on the amount of alimony for their daughter. In addition, it became known that Telegin was going to deprive Pelagia of property through the court, writes “Know Everything.”

The lawyer who made the agreement of the spouses said that Ivan stopped taking part in the life of his daughter. In addition, he does not provide any financial assistance to the singer and the child. Over the past few months, Telegin saw Taisia ​​for 15-20 minutes. At the same time, it is difficult for the artist to explain to the girl why her father disappeared.

As for the property, Pelageya and Ivan first had an agreement: the singer should have a Moscow apartment, and the hockey player – a country house. The apartment was bought with the money of Pelagia’s mother, and the couple paid the mortgage for the mansion together. It turns out that Pelageya should not only keep the apartment for herself, but also get half of the country house. Ivan has other plans on this score.

Uznayvse.ru recalls that Pelagia talked about a divorce from Ivan at the end of last year. She did not specify the reason for the discord, but over time it became known that Telegin had a lover.

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Preferential car loans expanded to electric cars – Business – Kommersant

The government has officially increased the budget of the preferential car loan program to 22.5 billion rubles. and approved new rules for access to such state support. For example, families with at least one child, health workers and those who give the car for a trade-in on the down payment now have the right to a discount of 10–25% of the price of the car. You can take a soft loan only for a car no more than 1.5 million rubles, localized in the Russian Federation. Although formally the program now extends to electric cars, it is actually impossible to purchase them because of the localization requirement, since such cars are not manufactured in Russia.

Prime Minister Mikhail Mishustin approved the amendments to the “First Car” and “Family Car” preferential car loan programs, as follows from Decree No. 907 of June 23. The government’s website notes that the program budget this year will be 22.5 billion rubles.

As part of preferential car loans, the buyer is entitled to a 10% discount on the cost of the car, but for the Far East its size is 25%. Now the maximum discount can also be obtained when buying an electric car. At the same time, there remains a requirement for the localization of cars purchased on credit in Russia – they must gain 1.4 thousand points under the 719th decree.

Since electric cars in Russia are not produced at all, in practice it is impossible to buy them with a soft loan.

New rules reinforce the opportunity to buy a car with it worth up to 1.5 million rubles. Price limit of 1 million rubles. acted in 2015, after which the cost steadily increased until 2019, when it was again reduced from 1.45 million to 1 million rubles. In fact, this fact, coupled with additional requirements for the level of localization of cars, significantly limited the list of cars covered by the preferential car loan program – the main financing was focused on Lada. From foreign cars, only Renault, two Hyundai models (Creta, Solaris), as well as one model Volkswagen (Polo), Skoda (Rapid) and Kia (Rio), fall into the program.

At the same time, with an increase in value, the range of brands acquired through preferential car loans did not increase.

Under the new rules, access to preferential car loans was given to families raising at least one child (previously two children), employees of medical institutions, as well as those who handed over the old car for a trade-in in payment of the initial payment.

Only a car older than six years old, which was owned by the borrower for at least a year, can be handed over to the trade-in, the resolution says.

In May, in the first month of easing restrictions amid the coronavirus, according to the United Credit Bureau (OKB; it also has data from Sberbank), citizens took 28.2 thousand car loans worth 22.4 billion rubles. The number and volume of loans issued compared with April more than doubled.

In practice, both the Ministry of Industry and Trade and the concerns participating in the programs informed about the launch of new access rules even before their approval – from the beginning of June. In addition, the document itself says that the new maximum cost of a car in preferential car loans (1.5 million rubles) applies to cars purchased from March 1, 2020.

Olga Nikitina

In Russia, there is a short-term surge in demand for cars after an almost two-month downtime of the dealer network. Against this background, AvtoVAZ postponed the transition to a shorter work week until the end of summer. The manufacturers and dealers interviewed by Kommersant agree that sales have grown compared with the failed April-May indicators, but this is due to temporary factors in deferred demand and increased government support. The real picture will be clear only in September. So far, the industry believes that by the end of the year the market will fall by 30%, with some players assessing this scenario as optimistic.

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The third budget for 2020 debated in the National Assembly

Just over 2,200 amendments for a few tens of billions of euros more: the third amending finance bill (PLFR) will be debated in public session in the National Assembly as of Monday, June 29. Presented on June 10 by the Minister of Economy Bruno Le Maire, the text envisages a historic recession, and an unprecedented deficit of more than 270 billion euros due to the epidemic of coronavirus.

Billions like it’s raining

After the first PLFR of March, then that of the end of April, a third corrigendum is again necessary to integrate different expenses. Support plans by sector already, with 18 billion euros for tourism, 15 billion for aeronautics, 8 billion for the automobile, 4.5 billion for local authorities, a few million for the world of books, and many other sectoral envelopes.

→ DEBATE. In France, who will pay the bill for crisis management?

To these tens of billions is added the bill for short-time working, which was widely used during the crisis. From just over eight billion euros in March, the budget for this device rose to 25 billion in April, and finally to 31 billion euros in this third version of the text.

→ EXPLANATION. Coronavirus: where the billions announced to support the economy come from

Finally, solidarity funds, direct aid, exemptions and deferrals of contributions and charges, and guaranteed loans are also revised upwards. The final envelope provides for 460 billion euros of appropriations likely to be committed. Please note, all these sums are not strict expenses; for example loans and deferred contributions are intended to return to the coffers of the State later.

Next budget after summer

Above all, the government has already warned, this third PLFR will not be the last in 2020. A fourth version is announced in September, to include some additional expenses: stimulus plan for trade, devices for the employment of young people, support measures for the construction industry, etc.

« Big text “, PLFR 3 therefore acts as“Taste” of the autumn budget, estimated the general rapporteur Laurent Saint-Martin, LREM deputy for Val-de-Marne. He expects to “Long debates on the sectors of activity which must be saved as a priority”, and intense discussions on the counterparties to be asked of employers and businesses, especially the larger ones, in exchange for all this public aid.

Not to mention the ecological debate that is being invited, the rescue plan for aeronautics having gone badly for some. In parallel with the debates in the National Assembly on this crisis budget, Emmanuel Macron receives the members of the citizens’ climate convention on Monday to give his “First response” to their 149 proposals to reduce greenhouse gas emissions and promote social justice.

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Fossil find the last predator dinosaur in Argentina

Fossil find the last predator dinosaur in Argentina

Wednesday – 27 Ramadan 1441 AH – May 20, 2020 AD No. No. [
15149]

Meat-eating dinosaur

London: «Middle East»

The remains of a predatory dinosaur (Megaraptor) have been found, becoming one of the last meat-eating dinosaurs that inhabited the planet, according to fossil scientists from the Argentine Museum of Natural Sciences.
The southern province of Santa Cruz witnessed the discovery in mid-March. After the experts studied the fossil remains of ten meters, they realized that they were studying the remains of a predator dinosaur from the end of the “age of the dinosaurs.”
“This is the moment that took place 65 million years ago when the dinosaurs became extinct, and this megapator that we must now study will be one of the newest representatives of this group,” the paleontologist in charge of the project, Fernando Nobath, told Reuters. This type of dinosaur is thinner than the Tyrannosaurus rex and it was fast and had a long tail allowing it to maintain its balance. Nobath said that they had a muscular structure and legs stretched out to make strides. “The specific feature of this megapetor was in two long arms and his thumb ended with a claw about 40 cm long,” allowing him to pounce on his prey, Noboth added.

Argentina

Argentina

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A long way to go between Argentina and creditors

A long way to go between Argentina and creditors

Buenos Aires shows {flexibility} in debt restructuring negotiations totaling $ 65 billion

Thursday – 12 Shawwal 1441 AH – 04 June 2020 AD No. No. [
15164]

The Argentine economy minister expects the road to negotiations with creditors to be long (Reuters)

Buenos Aires: «The Middle East»

Argentine Economy Minister Martin Guzman said Argentina is “flexible” in debt restructuring talks with its creditors, but there is still a “long way” before a “sustainable” agreement is reached.
“Argentina is flexible regarding the set of factors that should form the basis of any offer” for a debt restructuring of $ 65 billion, Guzman said in an interview with German news agency DPA. However, he said, “We cannot make promises that we cannot fulfill … The agreement makes sense only if it is an agreement that takes care of Argentina entirely.”
Buenos Aires stresses that the debt installments cannot be so large that the state threatens to go bankrupt and leaves no room for the shrinking economy to start growing again.
Creditors rejected Argentina’s offer of a three-year moratorium, reducing interest payments by 62 percent, and reducing major payments by 5.4 percent.
Guzmán said that the government had not yet submitted a new proposal, and that negotiations with creditors were currently dealing with “conditions … including the issue of the supply structure”. The minister noted that Argentina is also in talks with the International Monetary Fund to assess its ability to pay. “From the moment Argentina adjusts its offer, there must be an additional 10-day period until the date on which the offer ends,” the minister stressed.
The minister refused to specify the possible length of negotiations. “It depends on the willingness of the parties to understand the restrictions facing the country, as well as on the ability of creditors to settle their differences,” he said. He noted that “creditors are very different, and they have different preferences on how to solve this.” He stressed that the most important of the duration of the talks is that «this needs a good solution. Argentina will only make a commitment if it can respect it. ”
At the same time, Guzmán said, Buenos Aires is discussing a possible new economic program with the International Monetary Fund, through which it is developing a “fruitful” relationship. The fund had previously given Argentina a $ 57 billion bailout package, the largest IMF credit line ever … but the International Monetary Fund is not very popular in Argentina, as critics blame it for austerity policies.
“The previous program was created very quickly, and it was a governmental decision, and the community was not involved,” Guzman said. He promised that this time there would be a “very important social discussion” on relations with the IMF.
Guzmán said that when President Alberto Fernandez’s left-wing government took office last December, it found that the country was “in a total economic crisis and deep debt, and that public finances were in poor shape.”
Argentina has already entered the state of default 8 times, the last of which was in 2001. Guzmán stated that the country now needs to “rebuild confidence” through “monetary and fiscal policies and exchange rate policies that are compatible with each other.” He pointed out that the other main element in creating confidence is “rescheduling debt and bringing it to levels that the country can deal with”.
The Corona pandemic crisis exacerbated Argentina’s economic problems. Guzmán said the country had made health its priority and imposed a “very strict sanitary quarantine.”
On the other hand, the International Monetary Fund said, on Monday, that Argentina’s latest offer to restructure its debt will restore its debt sustainability, and that there is little opportunity for another increase in its payments to private creditors, according to “Bloomberg” agency.
The fund said in a statement: “There is only a limited scope for increasing payments to private creditors, and it still has to pay the debts and service those debts.” In its statement, the Fund added: “The Argentine authorities’ revised proposal for debt restructuring will be consistent with the recovery of debt sustainability with a high probability.”
This is the first comment from the International Monetary Fund since it issued an 18-page “technical note” on March 20, in which it analyzed the Argentine government’s ability to pay debts.

Argentina

Argentina

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The discovery of a fossil frog dating back two million years in Argentina

The discovery of a fossil frog dating back two million years in Argentina

Wednesday – 18 Shawwal 1441 AH – 10 June 2020 AD No. No. [
15170]

Prehistoric frogs

London: «Middle East»

At a depth of 44 meters during the drilling of a water well in San Pedro, 180 kilometers north of Buenos Aires, Argentine scientists have discovered fossil remains of a type of frog that lived in the center of this South American country about two million years ago, according to Agence France-Presse.
“We don’t know much about prehistoric frogs,” said Federico Aniolan, a researcher with the Argentine Institute of Natural Sciences, at the Science Publishing Agency at the National University of Matanza.
He added: “Frogs and hells are affected greatly by climatic and environmental changes, so they are an important source of information to understand past climates.” And the find happened. The researcher stressed that the paleontologists found “the bone of the humerus is a very small amphibious organism different from the hulls and frogs of trees.”
He emphasized that the petite fossil was identified despite its size because the petroats; It is a group of amphibians, including frogs and toads, with a special structure at the tip of the humerus in the elbow joint. This special structure provides it with great ductility to make quick movements and stability. “The discovery is a great contribution to paleontology in Argentina,” said Federico Aniolan.

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