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Topic: LECOP

	LECOP - Wikipedia, the free encyclopedia
		The LECOP was a bond issued by Argentine national government to replace the Patacón, which was issued by provincial governments.
		LECOP (sometimes written as a common word, Lecop), stands for Letra de Cancelación de Obligaciones Provinciales ("Letter of Cancellation of Provincial Obligations").
		While LECOPs were intended as a means to replace legal currency (Argentine pesos) at a time when cash was scarce, there were occasions in which LECOPs were not accepted as valid means of payment — most notably, most taxes could only be paid in pesos, or only partly paid in LECOPs.
	en.wikipedia.org /wiki/LECOP (163 words)

	Moody.htm in Business Recorder on March 03, 2002 (Site not responding. Last check: 2007-10-11)
		Further contributing factors include a debt default by the national government, January's devaluation of the Argentine peso, the imposition and - later - the easing of foreign exchange controls, and economic policy uncertainties.
		To close the budget gap, the City plans to use LECOP (short-term certificates issued by the federal government in lieu of cash to meet its obligations to the provinces) and certificates of its own to cover, in part, payments to suppliers and higher-salaried employees.
		The city's Fiscal and Economic Emergency Law authorizes the combined use of LECOP, city-issued certificates and temporary borrowings (if these can be arranged) of up to Ps.
	www.paksearch.com /br2002/Mar/3/Moody.htm (380 words)

	Buenos Aires Herald
		The LECOP and Patacón scrip will be retrieved at face value, for it is identical to the market value of the mentioned bonds, Finance Secretary Jorge Sarghini said yesterday.
		Sarghini informed that employees and pensioners of provinces included in the monetary unification plan would be able to trade all of the scrip they receive as part of their monthly wages at face value, rather than a maximum 500 pesos as originally announced by Economy Ministry authorities.
		Sarghini further announced that auctions to pull scrip out of circulation could begin in 10 days, starting with the quasi-currencies issued by Córdoba, Tucumán, and Formosa provinces, but he declined to mention a specific date for the completion of the process.
	www.buenosairesherald.com /business/note.jsp?idContent=10122 (820 words)

	Buenos Aires Herald
		LECOP to be part of Monetary Unification Programme
		The federal government included the retrieval of LECOP bonds as part of the so-called Monetary Unification Programme draft bill delivered to Congress late on Monday.
		A total 7.8 billion pesos will be required to pull scrip issued by the provincial and federal governments out of circulation in coming months.
	www.buenosairesherald.com /business/note.jsp?idContent=9949 (451 words)

	The commercial Service / USA Department of commerce
		Several provinces and municipalities began to issue bonds to cover the gap in peso revenue.
		The federal government also began circulating a federal bond, the "Lecop" to pay suppliers and revenue sharing arrears owed to the provinces.
		These bonds have been generally accepted as equal in value to a peso, but not convertible into dollars.
	www.comerciousa.org /argentina_editable/AEC-PaymentsChain.asp (492 words)

	Exchange
		Hotels and stores accept US Dollars, and in general are willing to exchange for Pesos.
		In several provinces they have Provincial Bonus in circulation (Patacones, Lecop, etc).
		They are no good for exchanging into foreign currency.
	www.travelsur.net /facts134.htm (92 words)

	PKT message, Re: Argentina: new currency met with scepticism
		I am not sure about the Lecop and other provincial bonds, but around here (Buenos Aires city and surrounding areas) the patacon is, for all intents and purposes, the same as a peso.
		I have begun to see signs that say "we accept Lecop" too though I have not stoped to ask at what rate they are accepted (I will next time I come across the sign!).
		There was some question (and I am not sure how/if this has been resolved) about a patacon B Series (a second issue) and how much they are/would be worth.
	archives.econ.utah.edu /archives/pkt/2001m12/msg00221.htm (384 words)

	Latin Link - Life in Argentina Today
		People are getting paid in provincial bonds such as LECOP, Federales, Patacones.
		The bonds can be used to buy food and basic supplies but not for paying many bills.
		Most of the bonds become worthless outside of their province of issue.
	dspace.dial.pipex.com /town/lane/ai84/High/English/News/Art_020301.htm (387 words)

	DC Area Flag Message Board: LECOP PLAYOFFS GAMES FOR THIS WEEKEND (Site not responding. Last check: 2007-10-11)
		Posted by Coach J on 6/15/2006, 10:21 am
		REVISED LECOP PLAYOFFS FOR THIS WEEKEND - Coach J 6/15/2006, 11:52 am
		Re: LECOP PLAYOFFS GAMES FOR THIS WEEKEND - Coach J 6/15/2006, 10:55 am
	members.boardhost.com /DCAreaFlag/msg/1150381294.html (173 words)

	Resoluciones
		Que se hace necesario establecer la rutina operativa que deberán seguir los contribuyentes del Impuesto sobre los Ingresos Brutos para acceder al pago de sus obligaciones mediante la utilización del instrumento de Letras de Cancelación de Obligaciones Provinciales (LECOP).
		Artículo 1º : La cancelación de obligaciones correspondientes al Impuesto sobre los Ingresos Brutos, que se produzcan a partir del 4º anticipo del año en curso, podrán abonarse mediante Letras de Cancelación de Obligaciones Provinciales (LECOP), hasta un 30% del total de cada uno de los anticipos no vencidos.
		Dicha declaración deberá ser presentada por duplicado en la Dirección General de Rentas (Departamento Ingresos Brutos), por única vez, previo al momento de efectuar el primer pago bajo la modalidad de cancelación mediante LECOP.
	www.rentasgcba.gov.ar /resoluciones/res_2002/dgr/Resol_1730.htm (785 words)

	Argentina Tax Revenue-Sharing Deal Lifts Markets
		After the partial default called yesterday by rating agencies on Argentina's sovereign debt, news came that negotiations between the government and the provinces on revenue-sharing had taken a sudden turn for the better.
		San Juan governor Alfredo Avelin said the suggestion was that 60% of the arrears would be paid in cash, and the balance in Provincial Dues Cancellation Notes (Lecop).
		S&P said provinces may face a selective default if they enter into debt restructuring offering substantially less than the original contracted amount, but said yesterday's selective default rating on Argentina does not directly impact the global scale ratings of other Argentine entities.
	www.lowtax.net /asp/story/frontstory.asp?storyname=6182 (483 words)

	Public Accounts 2003 - Main Conceptual and methodological changes (Site not responding. Last check: 2007-10-11)
		On the other hand, by Decree 743, dated March 28, 2003, the Program of Monetary Unification was created with the purpose of rescuing the Bonds covered by Article 12 of Law 25,561 and their replacement for national currency.
		In relation to the administration of Bank Accounts, a procedure of accounting registration was developed for the rescue operations of domestic bills within the Monetary Unification Program.
		In relation to the responsibility of the funds movements, several tasks and procedures were performed aimed at the updating of the withdrawals charts.
	www.mecon.gov.ar /hacienda/cgn/cuenta/2003/ctaing03/02changes.htm (1704 words)

	[No title]
		The antidotes to currency overvaluation are increased labor productivity and falling wages.
		Wages have already fallen and will continue to decline, particularly since the government is now paying some employees with the new federal scrip, Lecop, which has limited use as money.
		But growth in labor productivity requires a resumption of capital inflows.
	courses.wcupa.edu /rbove/eco343/014Compecon/LatinAmerica/Argentina/011109editorial.txt (1035 words)

	2005 Washington LECOP Spring League - United States Flag & Touch League
		2005 Washington LECOP Spring League - United States Flag and Touch League
		The 2005 Washington, DC LECOP Spring League ended on Sunday, June 12th.
		There were a total of 8 teams in the league.
	www.usftl.com /LeagueResults/2005Results/2005WashingtonLECOPSpringLeague.htm (75 words)

	Ladbrokes European Championship LECOP - Over $1.2m in prize money
		Home > Ladbrokes Poker > Promotions > Ladbrokes European Championship LECOP - Over $1.2m in prize money
		LECOP is the Ladbrokes European Poker Championships with over $1.2m in prize money.
		LECOP takes place from Sunday 24th April — Sunday 1st May 2005.
	www.guidetopoker.com /Ladbrokes-European-Championship-LECOP2005.php (1059 words)

	Public Accounts 2003 - Notes to the Financial Statement 2003 - Assets
		Among the bank accounts that operate outside the S.A.T. and which are shown in the document “Result of Verifications Carried Out”, aimed at the Control Agencies, are the ones belonging to the Central Administration Services, mainly belonging to the Legislative Branch, The Judiciary Branch, the Public Ministry and the Executing Units of Foreign Loans (UEPEX).
		Also, the balance of the account as of December 31, 2003 includes $88,263,524.55.- representing an equal amount in Provincial Bonds (LECOP), with the following detail:
		Balance Current Accounts in LECOP to be rescued
	www.mecon.gov.ar /hacienda/cgn/cuenta/2003/ctaing03/08bassets.htm (1158 words)

	THEY ARE NOT ABLE EITHER TO GO ON, NEITHER SHOULD THEY (Site not responding. Last check: 2007-10-11)
		De la Sota (Cordoba Peronist governor) has just decided a pensioneers ’ wage reduction.
		Romero (Salta Peronist governor) is willing to add provincial bonds to Lecop bonds.
		Kirschner (Santa Cruz Peronist governor) applies adjustment to the Rio Turbio’s mine workers, meanwhile Sobisch likely does with Neuquen province and Zanon workers.
	www.po.org.ar /english/731tapa.htm (375 words)

	TERTULIA FINAL EDITION - January 5, 2002
		They request that women who run households not be forced to seek outside employment, because it is fundamental for them to be home with their children.
		"They want to give 200 pesos a month in Lecop to unemployed persons.
		Women have work, what we don't have is a salary", the note said.
	www.justicewomen.com /tertulia_1_5_02.html (1119 words)

	Interactivist Info Exchange \| David Rock "Racking Argentina" (Part 1) (Site not responding. Last check: 2007-10-11)
		State pensions and public-sector workers’ salaries went unpaid.
		Faced with declining revenues, the federal government had started to issue ‘Lecop’ bonds in lieu of wages.
		The provinces followed suit, led by Buenos Aires with its patacones, and by early 2002 there were some 4 billion pesos’ worth of local bonds in circulation.
	slash.autonomedia.org /analysis/02/10/26/1514251.shtml (4537 words)

	Global Economic Forum (Site not responding. Last check: 2007-10-11)
		Peso currency in circulation (which accounts for most of the monetary base) has been declining sharply in recent months.
		It is being replaced in some cases with dollars, but also with numerous quasi-currencies, including the Patacon and the Lecop.
		Indeed, as of November -- even before the latest measures were announced -- the circulation of other "currencies" issued by Argentine provincial and federal governments was equal to at least one-quarter of currency in circulation.
	www.morganstanley.com /GEFdata/digests/20011217-mon.html (21759 words)

	DC Area Flag Message Board: Re: LECOP PLAYOFFS GAMES FOR THIS WEEKEND (Site not responding. Last check: 2007-10-11)
		DC Area Flag Message Board: Re: LECOP PLAYOFFS GAMES FOR THIS WEEKEND
		Posted by Coach J on 6/15/2006, 10:55 am, in reply to "Re: LECOP PLAYOFFS GAMES FOR THIS WEEKEND"
		LET'S SEE WHAT KINDA CARDS YOUR HOLDING OVER THERE.
	members.boardhost.com /DCAreaFlag/msg/1150383345.html (123 words)

	Riots in Argentina: "``We want food, and if the government doesn't give it to us, we'll take it'" (Site not responding. Last check: 2007-10-11)
		In northern Santa Fe province, Calchaqui, a small town of 13,000 people, has started to print its own "money" that can be used to pay rents, municipal utility bills and tourist services.
		In response, the Central Bank started printing the "lecop," a federal bond that is supposed to substitute for patacones and other provincial bonds.
		Argentina thinks it can dictate what is money.
	www.freerepublic.com /focus/f-news/593852/posts (3972 words)

	SD Linux Services - Servicing the Linux IT needs of San Diego (Site not responding. Last check: 2007-10-11)
		SD Linux Services - Servicing the Linux IT needs of San Diego
		The LECOP is a program that offers low cost personal computer services to members of local, state, and federal law enforcement stationed or based in San Diego County.
		Read the LECOP mission statement and guidelines (PDF)
	www.sdlinux.net /lecop.htm (48 words)

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