GOA meets debt obligations, yippee

I saw a pretty picture with the following caption, on Friday: GOBIERNO CUMPLIENDO CU PAGO DI DEBENAN INTERNACIONAL, and immediately felt a burning-desire to tell you what I thought about the lovely image of our MinFec dressed in a stylish periwinkle suit, red lips smiling, flanked by two gents I did not recognize, and later remembered they were on her finance team, Chito Paris and Derrick Werlemen.

But I announced I won’t be writing that day, so how can I be so fickle to say one thing and do the other?

Yesterday, Sunday, I still wanted to say something about that picture, from last Thursday.

It fills me with sadness and an immense sense of loss.

The image depicts the team that borrowed 253M to service our national debt which is a nice way of saying we repaid some of the money we owe, about half of the total of 583M DUE THIS YEAR, and don’t forget the same amount is also due every year for the next TWENTY.

We borrowed money to pay a debt, and since the Netherlands stipulated the funds had to come from the international market, MinFec managed to secure a loan, at 5% interest, much higher than the sweet-deals offered by the Netherlands. Remember, we were downgraded by Fitch & Standard and by Poor, which resulted in a higher interest rate charged for loans — we are now more of a risk.

5% interest means nearly 10M payable each year.

One never recovers from a situation like that, it’s just too much, the hole is too deep, we produce 0, we export 0, we eat and drink all day and night, and we litter the beaches. This morning, my walk to Arashi via Boca Catalina revealed much trash, from the recurring weekend assault by pigs.

When I looked at the picture I was reminded that our public organization is inflated and offers little value, and basically if we agree that a car cannot be fixed without mechanics, we will also agree that:

I see no mechanics.

I hear no plan to bring down the cost of government, from 5M a day to 2.5M a day in 6 months (?), and perhaps even lower at the end of the year (?).

Transform AZV to OZV, Optimal Zorg Verlening, make it responsible for more care and less ziekte.

Convert GOA into a lean, public-service machine

And make borrowing money against the law so we always hang-on to cash and save!

Promote and reward saving!

So it was a beautiful picture, but there is nothing to celebrate. Borrowing money to cover a debt is no achievement. What are you proud of? More debt?? We know you had no choice, and thank you for having the courage to get out of bed every morning and head to the office. Last comment, if you share the tableau with other people, and you thank them for helping structure the deal, tell us who they are.

Have a great week everyone!


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June 22, 2020
Rona Coster