Folha de S.Paulo - = Gustavo Franco: Nota cinco

From: Subject: Folha de S.Paulo - Gustavo Franco: Nota cinco - 31/05/2008 Date: Sat, 31 May 2008 16:23:35 -0300 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0000_01C8C33A.AD35C1C0" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.3198 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01C8C33A.AD35C1C0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://www1.folha.uol.com.br/fsp/opiniao/fz3105200806.htm Folha de S.Paulo - = Gustavo Franco: Nota cinco - 31/05/2008

<= FONT=20 size=3D1>
S=E3o Paulo, s=E1bado, 31 de maio de 2008=20

Texto = Anterior | Pr=F3x= imo=20 Texto | =CDndi= ce=20

GUSTAVO=20 FRANCO

Nota cinco

N=C3O S=C3O muitos os que sabem explicar exatamente o que =E9 o = "grau de=20 investimento", a grande not=EDcia desta semana. Mas a id=E9ia = geral =E9 simples,=20 como as certifica=E7=F5es de qualidade, come=E7ando por ISO e = seguidas por um=20 n=FAmero, geralmente aplicadas para produtos industriais.
=C9 = claro que um=20 consumidor indefeso, diante de um ferro de passar roupa ISO 9.000, = pode=20 ficar impressionado com o selo, mas vai ficar indeciso diante de = outro=20 produto com um selo ISO 8.000, de outra cor e mais caro. =
Quando se=20 trata da certifica=E7=E3o da qualidade do cr=E9dito de um pa=EDs, = ou mais=20 precisamente do risco soberano, o que se pode dizer de forma muito = simples=20 sobre as escalas =E9 que, como as notas no col=E9gio, v=E3o de = zero a dez, em=20 intervalos de meio ponto. E, tamb=E9m como no gin=E1sio, as notas = iguais ou=20 maiores que cinco s=E3o designadas como "grau de investimento". =
Para=20 duas das tr=EAs principais ag=EAncias certificadoras ou = classificadoras de=20 cr=E9dito no mundo, o Brasil =E9 nota cinco. Para a terceira, a = Moody's,=20 estamos ainda com um esfor=E7ado quatro e meio.
H=E1 muito = significado na=20 nota cinco, que =E9 a m=EDnima exigida em muitos estatutos de = investidores=20 institucionais, de modo que ganhar um cinco =E9 semelhante a = passar de ano,=20 motivo de festa para um pa=EDs que esteve em estado cr=F4nico de = reprova=E7=E3o h=E1=20 d=E9cadas. Todavia, o al=EDvio deve ser comedido, pois, na = realidade, o menino=20 passou raspando, e a nota n=E3o =E9 boa e est=E1 muito abaixo do = potencial de=20 aprendizado da crian=E7a.
Por isso mesmo os pais n=E3o devem = pensar que a=20 vida ficou mais f=E1cil, pelo contr=E1rio. Ao passar de ano, o = menino vai ver=20 mat=E9ria nova, bem mais dif=EDcil. O grau de exig=EAncia ficou = maior, como bem=20 sabe o Am=E9rica de Natal, que, no ano retrasado, ganhou com = m=E9ritos o=20 direito de jogar na primeira divis=E3o do futebol brasileiro, mas = teve=20 dificuldade em se equilibrar na nova condi=E7=E3o.
A li=E7=E3o = do Am=E9rica de=20 Natal, hoje rebaixado, deve ser muito =FAtil para o ministro da = Fazenda e=20 para o governo em geral, que devem investir nos atributos que = s=E3o pr=F3prios=20 dos clubes grandes, e que as ag=EAncias elogiaram, e n=E3o nos = conceitos e=20 id=E9ias que as ag=EAncias criticaram abertamente, como esse = keynesianismo=20 paraguaio que =E0s vezes assoma o governo quando se trata de = despesa e, mais=20 especificamente, como algumas piruetas como o Fundo Soberano e a = nova=20 CPMF.
A melhor coisa do "grau de investimento" =E9 deixar = claro que=20 id=E9ias alternativas e esot=E9ricas no dom=EDnio da pol=EDtica = econ=F4mica ficaram=20 para tr=E1s e n=E3o cabem mais na nossa classifica=E7=E3o de = cr=E9dito. Mais um=20 prego no caix=E3o das heterodoxias.

gh.franco@uol.com.br

GUST= AVO=20 FRANCO escreve aos s=E1bados nesta = coluna.

Texto=20 Anterior: Rio = de=20 Janeiro - Ruy Castro: Enxurrada de amor
Pr=F3ximo Texto: Frases=

=CDndi= ce=20

Copyright Empresa Folha da Manh=E3 = S/A. Todos os=20 direitos reservados. =C9 proibida a reprodu=E7=E3o do conte=FAdo = desta p=E1gina em=20 qualquer meio de comunica=E7=E3o, eletr=F4nico ou impresso, sem = autoriza=E7=E3o=20 escrita da Folhapress.=20

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