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At the "meeting", #RiadPonzi exhibited a lack of financial proficiency.
He said "We issued CDs at 6%, they are now at 20%, so we have profits."
Imagine a CEO saying: we issued bonds/stocks, their value collapsed, we make yuuge profits if we bought them back 50% lower!
The reason the bonds are lower is because their cost of funds are higher. So, no, the overall gains are economically 0.
If they don’t have to issue new debt or equity, it’s a profitable transaction; I sell a promise to pay $100 for $97. 1 year later market incorrectly values the promise at $50. I buy it back. I’ve made $47. I wouldn’t make this a country’s economic plan, but it is profitable.
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