Folha de S.Paulo - = Gustavo Franco: O cofrinho do ministro

From: Subject: Folha de S.Paulo - Gustavo Franco: O cofrinho do ministro - 17/05/2008 Date: Sat, 17 May 2008 13:25:57 -0300 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0000_01C8B821.8A9FA910" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.3198 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01C8B821.8A9FA910 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://www1.folha.uol.com.br/fsp/opiniao/fz1705200806.htm Folha de S.Paulo - = Gustavo Franco: O cofrinho do ministro - 17/05/2008

<= FONT=20 size=3D1>
S=E3o Paulo, s=E1bado, 17 de maio de 2008=20

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

GUSTAVO=20 FRANCO

O cofrinho do ministro=20

O PAC NOS ensinou que, em mat=E9ria de pol=EDticas p=FAblicas, = a alma do=20 neg=F3cio est=E1 na embalagem, e foi exatamente um grande embrulho = o que=20 tentou fazer o ministro da Fazenda no an=FAncio da cria=E7=E3o do = Fundo Soberano=20 do Brasil. O que era para ser uma esp=E9cie de festa se tornou um = evento=20 para enfeitar a galeria dos momentos mais constrangedores da sala = de=20 imprensa do minist=E9rio.
Por mais complexos que sejam os = assuntos=20 referentes a contas p=FAblicas, e n=E3o =E9 preciso entrar no = detalhe, o=20 brasileiro, em geral, e os jornalistas presentes naquele = audit=F3rio, em=20 particular, j=E1 aprenderam a n=E3o se deixar enganar nesses = temas. A id=E9ia de=20 que o governo brasileiro tem uma "poupan=E7a", ou um "super=E1vit = excedente",=20 ou um dinheiro "sobrando" =E9 t=E3o rid=EDcula quanto a imagem que = o ministro=20 usou de um "cofrinho". O Brasil tem d=E9ficit (abstra=EDdos os = truques de=20 praxe), algo da ordem de uns R$ 40 bilh=F5es ou R$ 50 bilh=F5es = para os=20 =FAltimos 12 meses, e qualquer gasto adicional, como o proposto = pelo=20 ministro, representar=E1 um acr=E9scimo da d=EDvida p=FAblica, ou = nos impostos, ou=20 nos juros.
=C9 curioso. Se a coletiva fosse para o an=FAncio = de novos=20 gastos de R$ 20 bilh=F5es ou R$ 30 bilh=F5es, ou numa grande = ferrovia, ou na=20 transposi=E7=E3o de um rio, ou em emendas de parlamentares, ou = para=20 capitalizar o BNDES, uma grande ciz=E2nia estaria criada em torno = do uso do=20 dinheiro, que todos sabem que =E9 pouco e muito disputado. Mas o = embrulho do=20 ministro confundiu as coisas, pois ele mesmo se empenhou em = misturar=20 "excesso de reservas internacionais" com alguma forma de "sobra" = nos=20 cofres do Tesouro. O ministro n=E3o veio =E0 coletiva para = esclarecer, mas=20 para soltar bal=F5es.
Portanto, o que ficou de sua fala foi a = inten=E7=E3o=20 do governo em se endividar pagando 12% ao ano ou mais, para usar o = dinheiro em investimentos no exterior definidos de forma bastante = vaga,=20 fazendo crer que vai emprestar para empresas brasileiras que n=E3o = precisam=20 e cobrando rendimentos da ordem de 4%. Seria o primeiro caso no = planeta de=20 um fundo soberano "alavancado", ou seja, para o qual o governo = toma=20 dinheiro emprestado para fazer investimentos, e tamb=E9m o = primeiro=20 desenhado para perder dinheiro.
Curioso: em janeiro de 1993, = quando eu=20 ainda escrevia para a Folha, o ex-ministro Delfim Netto = encantou o=20 presidente Itamar Franco com a id=E9ia de usar o "excedente" de = reservas=20 internacionais para investimentos nas estradas brasileiras. Muitos = economistas desancaram a proposta, este escriba entre eles, = argumentando=20 que a era da feiti=E7aria econ=F4mica estava no fim, ou quase. = Coincid=EAncia,=20 n=E3o?

GUSTAVO FRANCO escreve aos s=E1bados nesta=20 coluna.

Texto Anterior: Rio = de=20 Janeiro - Ruy Castro: A vida na estante
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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