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The loan was not to mitigate the risk of the Bitcoin. They needed the loan for reasons. The IMF deemed the high involvement in Bitcoin risky for the loan. The I

by pajko 2y ago

The loan was not to mitigate the risk of the Bitcoin. They needed the loan for reasons. The IMF deemed the high involvement in Bitcoin risky for the loan. The IMF text has a "meanwhile": https://www.imf.org/en/News/Articles/2024/12/18/pr-24485-el-salvador-imf-reaches-staff-level-agreement-on-an-eff-arrangement https://www.imf.org/en/News/Articles/2024/12/18/pr-24485-el-...

napierzaza 2y ago
[dead]
refulgentis 2y ago
[flagged]
- bogota 2y ago
  [flagged]
  - HaZeust 2y ago
    ... But what's wrong with his take? That's exactly what happened.
- JBSay 2y ago
  [flagged]
  - ailun 2y ago
    FYI, I assume anyone using the words "stay mad" is actually the mad one. Just a note on your rhetoric, I have no opinion on El Salvador's bitcoins.
- vanjajaja1 2y ago
  because they started the experiment 20b in debt and have also managed to do a massive crime clean up + survive covid in that time. bitcoin is an overall benefit, but they are burdened but what has been
deleted 2y ago
[deleted]
el-salvador 2y ago
> They needed the loan for reasons. One of them being that El Salvador lost affordable access to the international bond market for a good part of the past years due to higher country investment risk, there were multiple reasons for that that are too long for one comment. Some for the consequences have been: The government switched to funding their bonds locally, including a good chunk of the local banks deposits which then the banks had to refinance to a longer longer term. The government has been taking a good chunk of the pension funds with no interest paid back. Few details about this deal are available because the pension fund administrators and government supervisors have stopped publishing most of the financial reports for months.
- JALTU 2y ago
  "...gov't supervisors stopped publishing financial reports." And you thought OKRs were bad! Ha ha ha, reports suck? Let's really make reporting consequential for individuals, like in China. The irony is just that "reporting" is not a popular human activity, and why we have things like GAAP and try to enforce the rule of law...

by pajko 2y ago

napierzaza 2y ago

[dead]

refulgentis 2y ago

[flagged]

bogota 2y ago
[flagged]
- HaZeust 2y ago
  ... But what's wrong with his take? That's exactly what happened.
JBSay 2y ago
[flagged]
- ailun 2y ago
  FYI, I assume anyone using the words "stay mad" is actually the mad one. Just a note on your rhetoric, I have no opinion on El Salvador's bitcoins.
vanjajaja1 2y ago
because they started the experiment 20b in debt and have also managed to do a massive crime clean up + survive covid in that time. bitcoin is an overall benefit, but they are burdened but what has been

deleted 2y ago

[deleted]

el-salvador 2y ago

> They needed the loan for reasons. One of them being that El Salvador lost affordable access to the international bond market for a good part of the past years due to higher country investment risk, there were multiple reasons for that that are too long for one comment. Some for the consequences have been: The government switched to funding their bonds locally, including a good chunk of the local banks deposits which then the banks had to refinance to a longer longer term. The government has been taking a good chunk of the pension funds with no interest paid back. Few details about this deal are available because the pension fund administrators and government supervisors have stopped publishing most of the financial reports for months.

JALTU 2y ago
"...gov't supervisors stopped publishing financial reports." And you thought OKRs were bad! Ha ha ha, reports suck? Let's really make reporting consequential for individuals, like in China. The irony is just that "reporting" is not a popular human activity, and why we have things like GAAP and try to enforce the rule of law...