Buenos Aires, Argentina February 9, 2009 The crisis which led to the end of convertibility in Argentina back in early 2002 led to a new economic model that has maintained a good pace of economic growth in Argentina. Two pillars of the current economic model are the strong fiscal and external surpluses are at risk both because of the impact of international financial crisis and internal problems of Argentina's economy. The weakening of these two pillars of the current Argentine economic model generates a high risk to the economy, increasing the fragility of the goods to potential new adverse shocks that may affect it. The need for Argentina has a surplus twin fiscal and external, lies among other things, the need to meet debt service in a context where there for the country's ability to access financial markets international. In terms of taxation, tax revenue is slowing more than expected. In the month of January revenue increased by only 11% on-year to total $ 24.109 million (not recorded an annual increase that low since April 2006).
Not only does this finding is worrisome, but more so considering that it contains an additional income reestatizacion product of the retirement and pension system that produced a 70% annual increase in income from social security. Reestatizacion Without the system, the variation in the tax revenue would have risen to 4.5% in an economy with at least 20% annual inflation, which implies a fall in real terms of 16.4%. Tax collection was affected by both the drop in international commodity prices as the slowdown in economic activity and inflation in Argentina.