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Patacones y Lecop

English translation: Patacones and Lecops

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Patacones y Lecop
English translation:Patacones and Lecops
Entered by: Karina Fabrizzi
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11:56 Apr 3, 2002
Spanish to English translations [PRO]
Bus/Financial
Spanish term or phrase: Patacones y Lecop
This is in Argentina.
...la empresa acepta, además de la moneda nacional, Patacones y Lecop...
Gloria Nichols
United States
Local time: 10:26
Patacones and Lecops
Explanation:
Hola,
te podría decir que no se los traduce
el tema es que son títulos del tesoro nacional con una fecha de vencimiento y un nombre dados. Como no son la moneda de curso legal yo me vuelco por poner el nombre y entre paréntesis la aclaracion de que son títulos/bonos/obligaciones
Espero que te sirva
Selected response from:

Karina Fabrizzi
Argentina
Local time: 11:26
Grading comment
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +4Patacones and Lecops
Karina Fabrizzi
5 +1Agrego un poquito más...Aurora Humarán
4 +1Patacon and LECOP bonds
Parrot
4Patacones & Lecop
Sheila Hardie


  

Answers


13 mins   confidence: Answerer confidence 5/5 peer agreement (net): +4
Patacones and Lecops


Explanation:
Hola,
te podría decir que no se los traduce
el tema es que son títulos del tesoro nacional con una fecha de vencimiento y un nombre dados. Como no son la moneda de curso legal yo me vuelco por poner el nombre y entre paréntesis la aclaracion de que son títulos/bonos/obligaciones
Espero que te sirva

Karina Fabrizzi
Argentina
Local time: 11:26
Native speaker of: Spanish
PRO pts in pair: 171

Peer comments on this answer (and responses from the answerer)
agree  Lorena Grancelli: Exactamente eso!!!
1 min

agree  Graciela Carlyle: enough said
3 mins

agree  Sheila Hardie
4 mins

agree  Dr. Chrys Chrystello
1 hr
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15 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
Patacon and LECOP bonds


Explanation:
Let's get this one started.

Reference:
www.ec.gba.gov.ar/Financiamiento/Patacones.htm

Parrot
Spain
Local time: 16:26
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 7645

Peer comments on this answer (and responses from the answerer)
agree  José Luis Villanueva-Senchuk: Let us get started :-)) ¿Todos de acuerdo?
10 mins
  -> Es que, si soy inglés y los leo tal cual, me quedo en albis.
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15 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
Patacones & Lecop


Explanation:
I wouldn't translate them either. I would give an explanation in English in brackets or a footnote. Here are some articles about these bonds, which I hope will be of some use.

HTH

Sheila



http://www.nanomedia.com.ar/html/main.html

Todos los planes de alojamiento se encuentran en Pesos y el servicio puede ser abonado en efectivo, cheque o con bonos Patacones o Lecop.


http://www.jprconsulting.com/nomads/present/argentina.htm


Part of the excitement of traveling is the money. Every time you change countries, there are new bills and colors and the process of learning to recognize them and tell which ones are fake. Argentina has made this international experience a local one. The federal government and many of the provinces are printing their own currencies. Locally we see signs for two national currency (Patacones and LECOR) and Cordoba's local LECOP, but there are nearly twenty in the country. Perhaps a sign of a very unstable financial system, it is a strategy to avoid using the official currency, the peso, since the government must match every peso in circulation with a US greenback. These new currencies are called bonds, and supposedly have a 7% interest rate (if you have confidence in the government to last that long…). So now, there is lots of funny money around. Employees of the courts and other government institutions have had salaries cut and up to seventy-five percent paid in funny monies.

http://chat.goldmoney.com/dgcchat/0098.html



There are no firm estimates of how many parallel bonds are circulating,
but
the International Monetary Fund let Economy Minister Domingo Cavallo
know
it didn't like the proliferation.

In response, the Central Bank started printing the ``lecop,'' a federal
bond that is supposed to substitute for patacones and other provincial
bonds.

It's used in the same way, just that it's issued by the central bank and
so
is more controllable if all 23 provinces go round printing as many bonds
as
they like, it's a sure recipe for chaos.

``Lecops are the government weapon to try and stop profligate printing
of
money,'' said Aracama.

http://www.po.org.ar/english/728editorial.htm

Naturally, the State is in no condition to reach "zero deficit" from now till the end of the year, with tax collections in a free-fall and the public budget already spent in its entirety. Cavallo has "hidden" the budget for 2002, which would include the suppression of the Incentivo Docente" [Teacher’s Incentive, a bonus in their monthly salary], charging tuition at state universities and a war plan against government workers and the provinces. The only alternative the government has is issuing Lecop [national State’s bond in public circulation], but this is about to go beyond a tolerable level of issuance that leads to devaluation, which is where Patacón and Quebracho [provincial bonds of the same type] are. Behind these measures and the impossibility of "zero deficit" is the silent devaluation that Juan Alemann is currently calling for through Ambito: "If Lecop is used, and because of its abundance it drops to a parity of 90%, that 10% would be equivalent to a camouflaged devaluation (in which) the exporter would benefit because internally he pays providers and workers with the same devaluated parallel and inconvertible currency. From there to dollarization with prior devaluation there’s but a step and there might not even be a need to dollarize" (Ambito, 5/11).

Sheila Hardie
Spain
Local time: 16:26
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 1355
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19 mins   confidence: Answerer confidence 5/5 peer agreement (net): +1
Agrego un poquito más...


Explanation:
Son títulos (bonos) del gobierno. En total hay aproximadamente 17 en este momento.
El Herald sí habla de Patacons pero a mí no me convence yo los tengo diariamente en mis tradux y los dejo en español y los explico: one of the bonds issued by the Government.

Saludos


Aurora Humarán
Argentina
Local time: 11:26
Native speaker of: Native in SpanishSpanish
PRO pts in pair: 395

Peer comments on this answer (and responses from the answerer)
agree  José Luis Villanueva-Senchuk: ¿Será por eso que Tom West te preguntó el otro día? Congrats on that! De todo se entera uno...je je je Besos desde BCN :-))
5 mins
  -> gracias
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