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Argentina Crisis: Financial turmoil could spark market chaos, experts warn
Topic Started: May 16 2018, 05:14 AM (1,021 Views)
Che On The Rocks

Quote:
 
THE financial turmoil engulfing Argentina has left investors fretting over a turbulent few weeks for emerging markets, with some worrying of a replay of the ’taper tantrum’ that impacted markets in developing economies in 2013.

By PAUL WITHERS
PUBLISHED: 18:24, Tue, May 15, 2018 | UPDATED: 18:46, Tue, May 15, 2018
Express
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Che On The Rocks

This thread is the continuation of this other. Besides:

Argentina peso closes higher but inflation soars to 25.5 percent
Quote:
 
BUENOS AIRES (Reuters) - Argentina’s peso snapped its losing streak on Tuesday, closing 3.73 percent stronger at 24.10 per U.S. dollar after the central bank sold reserves but before the government reported 12-month inflation at a dizzying 25.5 percent.

The bank said it sold $791 million (£585.8 million) in the spot market to support the local currency on Tuesday. It has already sold billions of dollars of reserves on previous interventions and hiked interest rates to 40 percent.

Official data meanwhile showed April consumer prices rose 2.7 percent, bringing 12-month inflation to one of the highest rates in the world.


Thousands Protest IMF Loans In Argentina, Again
Quote:
 
Thousands of demonstrators marched in Buenos Aires yelling, "No to the adjustment, enough of emptying the country" and carrying signs that read: "Macri = IMF."
Posted Image
Demonstrators march during a protest against the economic measures taken by Argentine President Mauricio Macri's government, in Buenos Aires' financial district, Argentina May 15, 2018. | Photo: Reuters

Argentina peso crisis: Move to seek IMF aid criticised
Quote:
 
The Argentine peso has fallen to a record low against the US dollar, as the central bank changed its strategy to protect the currency.
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PATruth
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These headlines could be from 50 years ago or 50 years into the future. Some things never change, Latin American is destined to be a perennial sheithole.
"No. No he won't. We'll stop it."
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Robert Stout
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Argentina should stop pretending that they are a civilized country....Their economic model was adopted by Zimbabwe and other primitive countries............... :oyvey
Jesus can raise the dead, but he can't fix stupid
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Che On The Rocks

PATruth
 
These headlines could be from 50 years ago or 50 years into the future. Some things never change, Latin American is destined to be a perennial sheithole.
Robert Stout
 
Argentina should stop pretending that they are a civilized country....Their economic model was adopted by Zimbabwe and other primitive countries............... :oyvey

[twitter=realDonaldTrump/status/997233764689498112]
:cool: :cool: :cool: :cool:
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Macri says Argentina’s currency crisis is over
Quote:
 
BUENOS AIRES, Argentina (AP) — President Mauricio Macri said Wednesday that Argentina’s currency crisis is over, speaking as the country’s currency rebounded somewhat and prices for its stocks and bonds rose.

Macri announced last week that Argentina was seeking a financing deal with the International Monetary Fund following a sharp drop in the peso. The decision brought back haunting memories for Argentines who blame the IMF for introducing policies that led to the country’s 2001 economic implosion.
Quote:
 
A survey by Argentine pollsters D’Alessio Irol/Berensztein said 75 percent of Argentines feel that seeking assistance from the IMF is a bad move. The survey of 1,077 people in early May had a margin of error of three percentage points.
Posted Image
People hold cutouts that look like light bulbs with signs that read in Spanish “no to the price hike” during a protest against the economic policies of of Argentina’s President Mauricio Macri in Buenos Aires, Argentina, Wednesday, May 16, 2018. Unions and opposition grassroots movements marched in downtown Buenos Aires against hike in tariffs, inflation, and a loan by the International Monetary Fund requested by the government after a currency crisis that weakened the peso in the past weeks. (AP Photo/Victor R. Caivano)

Argentine peso stabilises after central bank draws the line at 25 per dollar
Quote:
 
BUENOS AIRES (Reuters) - Argentina’s peso stabilised on Thursday as the central bank declined for the second day in a row to support the local currency by selling dollars, indicating its willingness to let the market find its own level under 25 to the U.S. dollar.


Ctera Teachers Union Announces National Strike for Next Wednesday
Quote:
 
Two days before, teachers will begin a nationwide march that will conclude in Plaza de Mayo. They demand national wage negotiations be resumed.
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Che On The Rocks
May 18 2018, 07:24 AM
PATruth
 
These headlines could be from 50 years ago or 50 years into the future. Some things never change, Latin American is destined to be a perennial sheithole.
Robert Stout
 
Argentina should stop pretending that they are a civilized country....Their economic model was adopted by Zimbabwe and other primitive countries............... :oyvey

[twitter=realDonaldTrump/status/997233764689498112]
:cool: :cool: :cool: :cool:
Argentina has always been about great potential and failed reality............. :wah:
Jesus can raise the dead, but he can't fix stupid
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Che On The Rocks

Mr. Robert Stout: Argentina is like the US, if the South would have won the American Civil War. :cool:
------------------
Argentina forced to seek IMF aid over fears for economy
Quote:
 
Country pursues deal after President Mauricio Macri fails to stem run on the peso
Posted Image
A demonstration against the government’s negotiations with the International Monetary Fund in Buenos Aires on Thursday. Photograph: Eitan Abramovich/AFP/Getty Images

Why Turkey and Argentina are the main emerging market weak links
Quote:
 
LONDON (Reuters) - Running the numbers on foreign exchange reserves and general exposure to the dollar throws up some of the reasons why Turkey and Argentina have been at the heart of the recent emerging market sell-off.

Economists have been quick to pin the blame on problematic politics, high deficits and even higher inflation, but as these graphics show, there are many other issues below the surface.
Posted Image
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W A Mozart
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I haven't looked at Argentina in a long time. I then took the time to read ALL of Che's articles (and, thank God he didn't include the drivel from Telesur... :) ), to get some kind of idea on what "in the name of the wide, wide world of sports" is going-on in Argentina? This was all done over morning breakfast and coffee, then later some turkey breast on German black bread (Schwarzbrot) with spicy brown mustard, .... :)

Interesting stuff.

Basically, in a nutshell, this is what just happened:

The soy bean is absolutely critical the Argentine economy. The Argentine agricultural sector just finished going through a punishing decree from the South American Gods, ...a severe drought. The soy bean people, who were particularly hard-hit, lost most of their crop. With no soy beans to sell, valuable foreign currency doesn't get injected into the Argentine economy. Meanwhile, the Argentinian government is continuing to spend money like a drunken sailor on a night of bar-hopping in Capetown. So, ....the Peso dropped to 25 to the dollar. (It use to be 4 to the dollar) But, but, this is a double edged sword. It now means that Argentine products are incredibly cheap, and tourism will be huge money maker in the coming months. Macri was absolutely correct to allow the Peso to float.

That's it. That's the story here in a nutshell.

Macri is doing the right thing by going to the IMF. That's precisely why they are, for this kind of economic catastrophe. The last time this happened the Argentine government was hammered by the IMF to reign-in government spending! "Socialists" don't like be told to stop spending other people's money. It is their "raison d'etre." This was the key quote from ALL of the articles Che provided, which I did read.

From Reuters:

Quote:
 
...."The IMF deal may include tough limits on government spending after what Macri called his “gradualist” approach to reform failed to halt the peso’s slide." ...


Lesson to Argentine government, especially the socialists, .....stop spending money you don't have...!

:)


Mozart
Edited by W A Mozart, May 19 2018, 11:35 AM.
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Robertr2000
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Wall Street Crisis: Financial turmoil could spark market chaos, experts warn
"if that **** wins we'll all hang from nooses"
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Robert Stout
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W A Mozart
May 19 2018, 11:35 AM
I haven't looked at Argentina in a long time. I then took the time to read ALL of Che's articles (and, thank God he didn't include the drivel from Telesur... :) ), to get some kind of idea on what "in the name of the wide, wide world of sports" is going-on in Argentina? This was all done over morning breakfast and coffee, then later some turkey breast on German black bread (Schwarzbrot) with spicy brown mustard, .... :)

Interesting stuff.

Basically, in a nutshell, this is what just happened:

The soy bean is absolutely critical the Argentine economy. The Argentine agricultural sector just finished going through a punishing decree from the South American Gods, ...a severe drought. The soy bean people, who were particularly hard-hit, lost most of their crop. With no soy beans to sell, valuable foreign currency doesn't get injected into the Argentine economy. Meanwhile, the Argentinian government is continuing to spend money like a drunken sailor on a night of bar-hopping in Capetown. So, ....the Peso dropped to 25 to the dollar. (It use to be 4 to the dollar) But, but, this is a double edged sword. It now means that Argentine products are incredibly cheap, and tourism will be huge money maker in the coming months. Macri was absolutely correct to allow the Peso to float.

That's it. That's the story here in a nutshell.

Macri is doing the right thing by going to the IMF. That's precisely why they are, for this kind of economic catastrophe. The last time this happened the Argentine government was hammered by the IMF to reign-in government spending! "Socialists" don't like be told to stop spending other people's money. It is their "raison d'etre." This was the key quote from ALL of the articles Che provided, which I did read.

From Reuters:

Quote:
 
...."The IMF deal may include tough limits on government spending after what Macri called his “gradualist” approach to reform failed to halt the peso’s slide." ...


Lesson to Argentine government, especially the socialists, .....stop spending money you don't have...!

:)


Mozart
The Argentina economy must now depend on Che giving Tango lessons to elderly America widows....The last Tango in Cordoba..............:shakeshead:
Jesus can raise the dead, but he can't fix stupid
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W A Mozart
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Robert Stout
May 20 2018, 12:09 AM
W A Mozart
May 19 2018, 11:35 AM
I haven't looked at Argentina in a long time. I then took the time to read ALL of Che's articles (and, thank God he didn't include the drivel from Telesur... :) ), to get some kind of idea on what "in the name of the wide, wide world of sports" is going-on in Argentina? This was all done over morning breakfast and coffee, then later some turkey breast on German black bread (Schwarzbrot) with spicy brown mustard, .... :)

Interesting stuff.

Basically, in a nutshell, this is what just happened:

The soy bean is absolutely critical the Argentine economy. The Argentine agricultural sector just finished going through a punishing decree from the South American Gods, ...a severe drought. The soy bean people, who were particularly hard-hit, lost most of their crop. With no soy beans to sell, valuable foreign currency doesn't get injected into the Argentine economy. Meanwhile, the Argentinian government is continuing to spend money like a drunken sailor on a night of bar-hopping in Capetown. So, ....the Peso dropped to 25 to the dollar. (It use to be 4 to the dollar) But, but, this is a double edged sword. It now means that Argentine products are incredibly cheap, and tourism will be huge money maker in the coming months. Macri was absolutely correct to allow the Peso to float.

That's it. That's the story here in a nutshell.

Macri is doing the right thing by going to the IMF. That's precisely why they are, for this kind of economic catastrophe. The last time this happened the Argentine government was hammered by the IMF to reign-in government spending! "Socialists" don't like be told to stop spending other people's money. It is their "raison d'etre." This was the key quote from ALL of the articles Che provided, which I did read.

From Reuters:

Quote:
 
...."The IMF deal may include tough limits on government spending after what Macri called his “gradualist” approach to reform failed to halt the peso’s slide." ...


Lesson to Argentine government, especially the socialists, .....stop spending money you don't have...!

:)


Mozart
The Argentina economy must now depend on Che giving Tango lessons to elderly America widows....The last Tango in Cordoba..............:shakeshead:
We need to pitch-in some bucks here to get Che up here to America, and soon. If we are going act like a South American government, we may as well bring in the experts as to how to really run the damn thing. Che is an expert, a lovable one at that. The Argentinians figured this thing out a long time ago. When "we" win, everyone else leaves. Gone, ....adios Amigo. Out-the-door. I mean everyone. The Washington D.C. bureaucracy is chock-a-block with Democrats hiding under their desks. We need to get rid of them, ...all of em! "We won, you lost, clean-out your desks and take a hike..!" Che would know how to do this. That's the real lesson here. Get rid of the deep state.


Mozart
Edited by W A Mozart, May 20 2018, 11:11 AM.
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Che On The Rocks

W A Mozart
 
I haven't looked at Argentina in a long time.
With Cristina, you bitched every day. :biggrin:

W A Mozart
 
The soy bean is absolutely critical the Argentine economy.
Now it is. Macri's re-primarization.

W A Mozart
 
The Argentine agricultural sector just finished going through a punishing decree from the South American Gods, ...a severe drought.
Cristina had droughts, too. But she didn't run to the IMF because that.

W A Mozart
 
Meanwhile, the Argentinian government is continuing to spend money like a drunken sailor on a night of bar-hopping in Capetown.
Where? In Panama? Remember Macri-nomics, rule #1, too: taking debt, debt and more debt.

W A Mozart
 
So, ....the Peso dropped to 25 to the dollar.
Yup. And that devaluation is already pushing the prices up. More inflation.

W A Mozart
 
(It use to be 4 to the dollar)
In 2002. Glasses. :biggrin:

W A Mozart
 
But, but, this is a double edged sword. It now means that Argentine products are incredibly cheap, and tourism will be huge money maker in the coming months.
Macri already devaluated the peso, in December of 2015. Does it look like the exports and foreign tourism saved Argentina in these last 2.5 years?

W A Mozart
 
Macri was absolutely correct to allow the Peso to float.
Macri did that, after burning ten billion dollars from the reserves!

W A Mozart
 
That's it. That's the story here in a nutshell.
There is more, and i'm going to be your Virgil through this Argentinian Hell.

W A Mozart
 
Macri is doing the right thing by going to the IMF.
Seventy five percent of the Argentine population disagrees. :cool:

W A Mozart
 
Lesson to Argentine government, especially the socialists, .....stop spending money you don't have...!
Divine!

Mauricio Macri is right-wing, conservative, neoliberal-capitalist!

W A Mozart
 
Get rid of the deep state.
Haiti has not deep state. :cool:
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Mr. Robert Stout: if the widows are "potable", i teach tango, rock, foxtrot and cuarteto! :biggrin:
-----------------
Shut Up, Investors Told, as Argentina Unleashes Crisis Crackdown
Quote:
 
(Bloomberg) -- Early on the evening of Friday, May 11, Argentina’s most-powerful corporate executives rushed over to the official residence of President Mauricio Macri on the outskirts of Buenos Aires.

The peso had just plummeted 6 percent against the dollar for a second straight week and the small group -- which included a billionaire, a real-estate mogul and the local head of Fiat SpA -- had been summoned to discuss the steps being taken to combat what had quickly turned into Argentina’s latest crisis. This made sense. Macri, after all, was an ex-businessman himself. He understood their concerns and would soothe their frayed nerves.

It didn’t turn out that way.
Posted Image
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Che On The Rocks
May 22 2018, 07:13 AM
Mr. Robert Stout: if the widows are "potable", i teach tango, rock, foxtrot and cuarteto! :biggrin:
-----------------
Shut Up, Investors Told, as Argentina Unleashes Crisis Crackdown
Quote:
 
(Bloomberg) -- Early on the evening of Friday, May 11, Argentina’s most-powerful corporate executives rushed over to the official residence of President Mauricio Macri on the outskirts of Buenos Aires.

The peso had just plummeted 6 percent against the dollar for a second straight week and the small group -- which included a billionaire, a real-estate mogul and the local head of Fiat SpA -- had been summoned to discuss the steps being taken to combat what had quickly turned into Argentina’s latest crisis. This made sense. Macri, after all, was an ex-businessman himself. He understood their concerns and would soothe their frayed nerves.

It didn’t turn out that way.
Posted Image
Excellent!

As long as I don't have to read Telesur, or anything like that. .... :)

Here's the key paragraph in the Bloomberg article:

Quote:
 
..."But progress on key structural reforms -- like cutting the budget gap to rein in 25 percent inflation -- was slow, and when yields suddenly climbed in the U.S., investors got nervous and started yanking money out of the country." ...


I don't know enough about the structure of the current Argentinian government to point a finger at exactly, precisely, who is responsible for the "widening budget gap?" Macri? The leftists in Parliament? Systemic budget deficits brought on by horrendously UNDERFUNDED pension funds?

That's the key to what's taking place in Argentina. Who's responsible for the debt? Who?


Mozart
Edited by W A Mozart, May 22 2018, 10:49 AM.
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Che On The Rocks

Herr Professor Mozart: who is responsible for the overall economic situation? The Macri Government. 53.4% of the Argentines says so. :cool:
--------------------
Echoing 2001 crisis, Argentina's Macri appoints "superminister"
Quote:
 
Following a turbulent month in local markets, Argentine President Mauricio Macri ordered the promotion of Economy Minister Nicolás Dujovne to a “superminister” with coordinating powers over nine of the nation's 20 cabinet ministries.

The move comes after a run on the peso forced the central bank to sell off $7.7 billion from its reserves from April 23 to May 15, during which the peso nevertheless tumbled from 20 to 25 to the dollar.

While the peso has since stabilized, the panic forced Argentina's Central Bank to raise its discount rate from 27% to 40%, borrow $2 billion from the Bank for International Settlements, $2 billion from the New York-based vulture fund BlackRock, as well as request a stand-by credit line from the IMF for a whopping $30 billion.
Posted Image
Macri's new “superminister” Nicolás Dujovne: In search of market confidence.
Read here, too.

Subte Workers Cease Service After Police Clash With Union Members, Detaining Seven
Quote:
 
Union member Roberto Pianelli told press "not a single subway will work until our fellow workers are released."
Posted Image
Photo: Télam

Officials Warn They Will Dock Pay As Argentine Teachers Strike
Quote:
 
Teachers in Buenos Aires are demanding higher pay in the latest education boycott since the school year began in March.
Posted Image
Teachers strike at Plaza de Mayo by the Casa Rosada Presidential Palace in Buenos Aires, Argentina, March 2017. | Photo: Reuters
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Che On The Rocks
May 23 2018, 06:34 AM
Herr Professor Mozart: who is responsible for the overall economic situation? The Macri Government. 53.4% of the Argentines says so. :cool:
--------------------
Echoing 2001 crisis, Argentina's Macri appoints "superminister"
Professor Mozart stares at student from chalkboard in disbelief, walks over to his desk and pulls a wooden ruler out of said desk and begins whacking the recalcitrant student on the hands with wild swings from his ruler. Ouch...!

Democratic Underground? C'mon, we need a legitimate source here to discuss Argentinian financial economics. There can be no comments until all of us understand what is really going-on in Argentina. Who caused the deficits? Who and why? Opinion polls don't matter! After all, Hillary was the favorite in most opinion polls in 2016.... :lol:

Finally, if you post Telesur one more time the security officers from Perspectives will come over to your house within 5 days, break-in, walk on over to your refrigerator, grab the rancid milk, and then pour it onto your carpet. That's the rule. If you continue even after that, you won't believe what happens next, ...... :)


Mozart
Edited by W A Mozart, May 23 2018, 09:50 AM.
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Che On The Rocks

Herr Professor Mozart: sorry, but i can't do that. The Western MSM (English language) has serious limitations for describing the Argentina's situation. So, i have to use the tools at hand. :cool:
Or: just skip the sources that you don't like. :)
-------------
Buenos Aires Subway Workers Strike Against Repression
Quote:
 
After a month-long struggle the militarized police clamped down on striking subway workers in the tunnel and arrested 16 of them. In response to the government’s repression, subway workers called for an indefinite, city-wide transit strike until their fellow workers are released from jail.
Posted Image
UPDATE: The sixteen workers were released from jail late Tuesday. On Wednesday, May 23, subway workers continued the protest, opening the gates of all subway lines from 10 to 12 pm.

Argentine central bank moves to spread out Lebac debt payments
Quote:
 
BUENOS AIRES, May 23 (Reuters) - Argentina’s central bank moved on Wednesday to improve its debt profile by offering to swap some of its one-month Lebac securities for paper of longer duration, the bank said in a statement.

If the swaps succeed in extending payments, which have obliged the bank to take a hard once-a-month blow to its reserves, the bond market may take the move as a needed financing improvement for a country ailing from high inflation and uncertainty about the stability of its peso currency.
^^^With the Lebac, the Macri Regime shot at its own foot!

Argentines brace for crisis as nation again seeks IMF help
Quote:
 
BUENOS AIRES (Reuters) - Maria Florencia Humano opened a clothing store in 2016, convinced that Argentina’s long history of economic crises had ended under pro-business President Mauricio Macri.

She will shutter it later this month, unable to make rent or loan payments. Soaring interest rates and a plunging currency have upended her dream and returned Argentina to a familiar place: asking the International Monetary Fund for a lifeline.

Humano’s decision comes just weeks after a somber Macri announced in a televised May 8 speech that Argentina would start talks with the IMF. He is seeking a credit line worth at least $19.7 billion to fund the government through the end of his first term in late 2019.
Quote:
 
As recently as a few months ago, analysts were hailing Argentina as an emerging-market success story. Now some are predicting recession. Macri’s popularity has plummeted. Supporters such as business owner Humano say they feel swindled.

“I voted for him. I made a bet and believed in him,” said Humano, 46, who recently moved in with her sister to save money. “Now I don’t believe anyone.”
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The Macri Regime's threats against the teachers didn't work:

Buenos Aires Protests: Education and Commonwealth, Yes, IMF, No
Quote:
 
"Here we are – all teachers in the country – fighting, demanding the resolution of conflicts," one of the march organizers said in front of the Plaza de Mayo.
Posted Image
Teachers stage a two-day national strike demanding a wage increase in Buenos Aires, Argentina, March 2017. | Photo: Reuters
Read here, too.

Argentina: Teachers go on strike over education cuts and IMF bailout
Quote:
 
Teachers went on strike in defence of public education in Buenos Aires on Wednesday. They have threatened to join a general strike against a proposed bailout from the International Monetary Fund (IMF).
https://youtu.be/BTG9mqMrO-s

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W A Mozart
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:popcorn: It is so very difficult to get good information on what is taking place in Argentina with ole Che flooding this thread with news of more strikes and movements and protests and placard-carrying, disgruntled, Argentinians. Right. Sure. Hidden message: "We want our power back so that we can throw everyone out in the government, replace them with 'our' people and then spend and spend and spend till the cows come home! Er. we've seen this act before, ..... ;)

We here at Perspectives have always strived to dig deeper, to look at the numbers not seen, and to find-out what's really going-on.

First, why is Argentina in trouble? ....the debt, the debt, the debt, the debt ----> resulting in political figures in Argentina, as liberal idiots here in the states, spending more money than what is coming in as revenue. Simple. Classic. Way back in the 60's the Italians use to do this every three years. Spend, spend, spend, then devalue the Lire. It was a game. It's what liberals/socialists/commies do. It's in Chapter 23, paragraph 14 in the playbook. Spend money on our people, money we don't have, who will then vote us into power, ...forever. The debt...!

How and why did Argentina acquire a 320 billion (with a 'b') debt?

Let's keep in mind that when Argentina defaulted way back in 2001 it defaulted a measly, paltry, chicken-feed debt of 110 billion (with a 'b') dollars. OK, OK, ... it was the largest default in world history, but who's counting?

So, right now, Argentina is carrying 320 billion in debt, as compared with the 100 billion it defaulted on way back in 2001. That, my friends, is a lot of debt and a moohlah lotta money.

..."Argentina is saddled with more than $320 billion in external debt, equivalent to 57.1 percent of GDP, much of it denominated in dollars." ..

So, who caused the debt, and how did it happen?

The only explanation is found with the Economist:

Here is the heart of the problem in Argentina:

Quote:
 
Mr Macri has taken a cautious approach to cleaning up the mess he inherited from his predecessor, Cristina Fernández de Kirchner. When he took office in December 2015, the economy was in complete disarray. The national statistics institute produced fictitious inflation figures to disguise annual price rises of more than 40%. The central bank printed money to finance the deficit, which swelled to 5.4% of GDP in 2015. Currency controls artificially inflated the peso. Export taxes encouraged farmers to hoard grain. A dispute with bondholders meant that Argentina was locked out of international credit markets.
https://www.economist.com/finance-and-economics/2018/05/12/argentinas-economic-woes


So, Cristina and her unwashed ilk, want to return to power, and, ....and, ....do the same again.

The prosecution rests....

:)


Mozart
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