In 2011, for the first time since the beginning of the crisis of 2007, the trend of ever falling yearly turnovers was broken. Even without the turnover from the primary auctions for government treasury bills, the turnover in 2011 was 42% higher than in the previous year. In 2012, we expect to see more government debt securities on the market, including long-term bonds and short term treasury bills. Given the high excess liquidity of the banking market, we do not expect a great deal of secondary trading with these securities, at least not in the first half of the year.
Although annonced each year, we have reasons to believe that in 2012 we will see the privatization of some companies where the state has at least a minority stake. The need to finance the budget deficit will make it necessary for the state to sell their stake in some companies, despite the current crisis on the markets and the low interest of investors.
We also see the potential that the state will take a greater ro