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New Yorkers say their region stands alone in all sorts of ways. But few citizens of this sprawling city and state know it is the undisputed leader in an undesirable arena: government debt.

New York City and New York State are far and away the largest debtors in the nation, outside the federal government. The city has $42 billion in loans outstanding, and the state has $38 billion.

No one else is even close, the State of California running a distant third, at $25 billion.

Now, as New York navigates the narrow fiscal straits brought on by recession and the Sept. 11 attack, and surpluses have given way to yawning deficits, those debts loom larger, fiscal monitors say. The state and city each spend about $4 billion a year on debt payments, limiting the money available to weather a crisis without cutting essential services or resorting to fiscal gimmicks that push today's costs onto future generations.

In announcing his budget plan last week, Mayor Michael R. Bloomberg proposed that the city take on even more debt, $1.5 billion, to help cover a $4.7 billion budget gap. That would mean selling bonds to cover day-to-day expenses, something the city has not done since the fiscal crisis of the 1970's.

Mr. Bloomberg acknowledged that doing so was an extraordinary step, and all but pleaded with bond-rating agencies to accept the tactic, promising that borrowing to reduce coming years' deficits would not become an annual tool. The mayor also wants to refinance some debt, to reduce the interest payments over the next several years to get through this tough stretch.

Borrowing money can play an important, valued role in government - one accepted by even the most conservative critics - when it is used to pay for high-cost, long-lasting assets like bridges, railroads and power plants that would otherwise take decades to buy. The question, then, is not whether to borrow, but to what degree.

Each year, servicing the huge existing debt costs the City and the State together around

As demonstrações contábeis consolidadas, exigidas nos termos da Instrução CVM 247/96, são:

O repentino deslocamento de uma porção de terra por força natural violenta, desprendendo-se de um prédio para se juntar a outro, fazendo com que haja a aquisição da propriedade do acréscimo por parte do dono do imóvel a que se aderem essas terras, é o modo originário de aquisição de propriedade imobiliária denominado:

Brazil's central bank surprised financial markets on Wednesday night with its first interest rate cut in seven months, strengthening investor confidence in an economic rebound this year and easing fears of economic contagion in the region from Argentina.

The bank's monetary policy committee reduced its overnight lending rate (Selic) by 25 basis points to 18.75 per cent. It said the reduction was "compatible with the convergence of the inflation rate to its target". The government's year-end inflation target is 5.5 per cent. The bank maintained a "neutral bias", meaning it is unlikely to change rates before its next monthly meeting in March.

A typical central bank strategy in past crises in the region has been to lift interest rates to attract investment in the fixed rate market. This is what countries did in 1999, when Brazil was forced to devalue the Real While Wednesday's rate cut is modest and leaves inflation-adjusted interest rates above 13 per cent, it could help accelerate a recovery in consumer confidence, which has
been battered by last year's power crisis and Argentina's economic turmoil.

Lower interest rates, one of the principal demands of Brazil's business sector, could also increase the popularity of the government ahead of presidential elections in October. According to the latest consensus forecast published by the central bank, the market expects interest rates to fall to 17 per cent by year - end and to 14.1 per cent by the end of 2003. According to the same forecast, gross domestic product is expected to grow 2.4 per cent this year, up from an estimated 1.7 per cent last year.

The writer comments that the interest rate cut may

No balancete de 30 de junho, a firma Zimbra Comercial Ltda., apresentava um estoque de mercadorias no valor de R$ 75.000,00.

Durante o mesmo mês, o movimento de entradas e saídas demonstrou: estoque inicial de R$ 60.000,00, com compras de R$ 120.000,00 e vendas de R$ 100.000,00.

As operações foram tributadas em 10% com IPI nas compras; em 12% com ICMS nas compras; e em 17% com ICMS nas vendas.

No mês seguinte, ao acertar as contas com o fisco, a empresa demonstrará, em relação ao movimento de junho passado,

Dados (fatores de valor atual):

a_18-4% = 12,659297
a_12-4% = 9,385074
a_6-4% = 5,242137