Greece’s net debt is €33 bn, not €319 bn

Zabavno. Zabavno zato, ker lahko v skladu z Mednarodnimi računovodskimi standardi (MRS) denimo neka revizorska hiša izračuna, da je imela NLB pozitiven in zadovoljivo visok kapital, neka druga druga revizorska hiša pa lahko v skladu z istimi MRS izračuna, da je bil v istem revidiranem obdobju kapital NLB zelo globoko negativen. Naročnika sta bila različna.

No, tukaj je primer uporabe MRS pri izračunu dolga Grčije. Paul B. Kazarian, eden največjih zasebnih lastnikov grških obveznic, trdi, da v skladu z MRS neto dolg Grčije ne znaša astronomskih 319 mlr. €, pač pa zgolj 33 mlr. €. Interes? Preberite članek v New York Timesu.

High in a Morgan Stanley office tower, Paul B. Kazarian, one of the largest holders of Greek government bonds, was recently trying to persuade a room full of investors that Greece’s debt load of 318 billion euros was actually a tenth that size.

When you use international accounting standards, he declared, “it reduces the value of the debt.”

Izračun

Mr. Kazarian’s argument stands or falls on a pretty simple accounting principle. If Greece’s debt were to be measured under the International Public Sector Accounting Standards, which most governments use, then its debt figure would need to be adjusted downward, instead of being recognized at its face value of 318 billion euros.

That is because there have been a series of adjustments to Greece’s debt over the years, including a restructuring, debt maturity extensions and interest rate reductions that should, if international accounting rules were applied, bring down the debt’s value.

By doing that and taking into account the assets owned by Greece, the overall net debt figure falls sharply to 32 billion euros.

“How do you change the terms of a debt contract and ignore the impact on the debt?” Mr. Kazarian asked in an interview. “You can’t. You just can’t — the size of the debt must come down to its economic reality.”

Vir: New York Times

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