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Argentina returns to global debt markets after 15-years; Macri-nomics: 1)to take debt, debt, debt. 2)Panama.
Topic Started: Apr 20 2016, 04:15 AM (1,380 Views)
Che On The Rocks

Quote:
 
Markets | Tue Apr 19, 2016 6:49pm EDT

BUENOS AIRES | BY HUGH BRONSTEIN AND SARAH MARSH

Marking a rare bright spot among gloomy emerging markets, Argentina sold $16.5 billion of sovereign debt on Tuesday in its first international bond issue since its record 2002 default.

Most proceeds from the auction, which was four times oversubscribed, will go to finally settling Argentina's messy legal dispute with investors over unpaid debt that emerged from the $100 billion default that plunged millions of middle class Argentines into poverty.

New President Mauricio Macri hopes closing that painful chapter in the country's history will bring down borrowing costs across Latin America's third largest economy and attract the investment needed to kickstart growth.
Reuters
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Robert Stout
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Che On The Rocks
Apr 20 2016, 04:15 AM
Quote:
 
Markets | Tue Apr 19, 2016 6:49pm EDT

BUENOS AIRES | BY HUGH BRONSTEIN AND SARAH MARSH

Marking a rare bright spot among gloomy emerging markets, Argentina sold $16.5 billion of sovereign debt on Tuesday in its first international bond issue since its record 2002 default.

Most proceeds from the auction, which was four times oversubscribed, will go to finally settling Argentina's messy legal dispute with investors over unpaid debt that emerged from the $100 billion default that plunged millions of middle class Argentines into poverty.

New President Mauricio Macri hopes closing that painful chapter in the country's history will bring down borrowing costs across Latin America's third largest economy and attract the investment needed to kickstart growth.
Reuters
With Argentina paying their old debts, they will be able to attract new investment capital, and then not pay those debts....You can't teach an old dog new tricks........... :lol:
Jesus can raise the dead, but he can't fix stupid
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Che On The Rocks

From the opening article:
Quote:
 
Better access to financing is expected to help Macri carry out his open-market policy reforms without the severe spending cuts that have gotten previous Argentine leader thrown out of office.
Ho ho ho! How brutish (and revisionist), Reuters! It's the Macri Regime who is cutting everything!

Because with the Macri Regime, is not going to be debt or austerity. It is going to be debt and austerity!

Besides:

Holdouts to be paid first from new Argentina bond
Quote:
 
NEW YORK (IFR) - The hedge funds that waged a 15-year battle to force Argentina to make a bigger payout on its defaulted bonds will get first dibs on the proceeds from the country's new bond next week.

In an arrangement both unusual and unusually complicated, the sovereign will pay off its litigant creditors first when it sells the new bond, which is expected to price on April 18.
Quote:
 
Deutsche Bank, HSBC, JP Morgan and Santander are global coordinators on the deal, while BBVA, Citigroup and UBS are bookrunners.
What a coincidency! Many of Macri's cabinet are "former" executives of those banks!

Prices show steep hike despite no raises to utilities in march
BA City inflation clocks in at 3.3 percent as food is up again
Quote:
 
The inflation indexes approved by the federal government are showing worrying signs, as prices rose by 3.3 percent in March in Buenos Aires City, putting yearly inflation at 35 percent even before the large amount of rate hikes in April take effect.

Basic products such as food, fuel, clothing and medicine saw the highest hikes, as they had done right after December’s devaluation.
Easy. "Fortunately", recession will kill inflation. Bah: i hope!

In Zarate
Labour troubles affect 2,400 at Atucha III
Quote:
 
The head of the UOCRA construction unions in the Buenos Aires district of Zárate has warned that more than 2,000 construction workers have been laid off as a result of the halting of construction on the Atucha III nuclear power plant.


Criticism grows as Macri’s social measures split UCR leaders
Quote:
 
Radicals split as Cobos joins Carrió in call for quicker measures for most vulnerable sectors
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Dissident Peronist leader Sergio Massa (left) and UCR Senator Julio Cobos meet in Mendoza last month.

Meeting at CGT headquarters
Union bosses, Church leaders worried about massive layoffs, inflation
Quote:
 
Leaders from the country’s top umbrella unions yesterday hosted a meeting with bishops and other Catholic Church leaders to discuss the country’s delicate social situation following the first months of the Mauricio Macri administration.

According to Church sources quoted by news agency DyN, the impact of high inflation on workers and the massive layoffs in both the public and the private sectors were the main issues discussed at the conclave, which took place at the CGT headquarters on Azopardo street.


Macri Regime ad:
Posted Image
"Lowest Gini coefficient in the region". "Less than 6% general unemployment levels". "Overall Debt/GDP ratio of 13%".

That was with Cristina. Today, i'm not so sure...
Edited by Che On The Rocks, Apr 20 2016, 04:53 AM.
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Che On The Rocks

Robert Stout
 
With Argentina paying their old debts, they will be able to attract new investment capital, and then not pay those debts....You can't teach an old dog new tricks........... :lol:
Precisely! That is the neoliberalism (in Argentina) usual modus operandi!

Look:
Posted Image
Blue line: Argentina foreign debt.
Orange line: Argentina (private) capital flight.

Ordinate axis: billions dollars. Abscissa axis: years (1975 to 2001).

Historically, the most of Argentina foreign debt was used for financing capital flights, not for productive investments/development!

...PANAMA, BABY! PA-NA-MA! :biggrin:
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Che On The Rocks

Argentina pays its way out of default
Quote:
 
New York judge ‘vacates injunctions in all cases’ as financial ordeal comes to an end

Following a US$16.5 debt issuance, Argentina paid US$9.3 billion yesterday to a group of creditors who had refused debt restructurings after the country’s 2002 default, closing the book on five years of messy litigation as President Mauricio Macri embraces global financial markets.
Quote:
 
The “vulture” funds, which purchased the defaulted bonds at their marginal value, got a 1100 percent profit thanks to the deal, lower than the 1300 acknowledged by Griesa. It’s a much better deal than the one offered by the Cristina Fernández de Kirchner administration, which was only willing to pay them the same as the creditors who had accepted the 2005 and 2010 debt swaps.
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United States District Judge Thomas Griesa is seen in a recent photo arriving at his court.
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Note by yours truly: there is a mistake in the above chart. The correct figure for NML Capital (Paul Singer) is 2.4B, not 2.4M.

Paul Singer’s gushing praise makes awkward reading for president
Quote:
 
‘Vulture’ funds’ leader writes article praising president as rating agencies upgrade country
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A screen capture of Time magazine’s website shows Paul Singer’s article on President Mauricio Macri.
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Banks get higher fees in bond deal
Quote:
 
Debt issued at rates below market value ensures rapid profits for banks involved
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The JP Morgan headquarters in New York City as seen in a file photo.

interview with economist mariano kestelboim
‘Investors placed higher bids just to get a larger piece of the cake’
Quote:
 
While celebrated by government officials, the US$68 billion in offers received for the country’s debt issuance isn’t realistic, as investors actually bid more than the real amount they wanted in order to get a larger piece of the cake, economist and university professor Mariano Kestelboim said.
Quote:
 
Do you see a link between the banks chosen to carry out the debt issuance and some of the government officials?

There are very close ties between Finance Ministry officials and the banks who carried out the debt issuance. For example, Finance Secretary Luis Caputo used to work at Deutsche Bank and Prat-Gay at JP Morgan, with links to HSBC as well. The government should clarify why those banks were chosen, I hope it wasn’t only because of their own interests.


falls by 9.4 percent in march
Electricity consumption plunges
Quote:
 
The hike in utility rates seems to have caused one of the effects that the Energy Ministry was after — reducing electricity consumption.
^^^Clear sign of recession.

Indec-approved san luis inflation reaches 10% in three months
Consumer confidence plunges 18%
Quote:
 
Following massive layoffs and rising inflation figures, consumers’ trust in the country’s economy sharply dropped by 18.3 percent in April compared to the same month last year, according to the Consumer Trust Index by the Torcuato Di Tella University.


Opposition unites over labour bills
Quote:
 
Senate, Lower House committees approve measures rejected by gov’t

The opposition in both chambers of Congress moved forward with labour legislation yesterday against the wishes of the government, setting the stage for a politically-damaging standoff.
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Victory Front (FpV) Senator Juan Manuel Abal Medina talks to Radical (UCR) Senator Ángel Rozas yesterday.

Macri blasts emergency labour bill
Quote:
 
Moves to curb momentum for proposed legislation

President Mauricio Macri came out swinging yesterday, challenging opposition-sponsored proposed legislation that would declare a “labour emergency” and double the normal amount of compensation for employees who are laid off, as he sought to delegitimize the initiative before it builds any more momentum.
Posted Image
Buenos Aires Governor María Eugenia Vidal and President Mauricio Macri speak in Greater BA yesterday.

^^^Neoliberalism, in peripheral economies, needs unemployment. Example: Spain.
So, what is the Macri Regime going to do with that?

This:

On Macri and Entrepreneurs
Quote:
 
President Mauricio Macri wants to turn Argentina into a "country of 40 million entrepreneurs". But José Natanson warns that this vision is unrealistic for the majority of the population.
Posted Image
Mauricio Macri at a campaign rally (Photo via mauriciomacri.com.ar)

"I'm not going to give you fish."
Posted Image
"I'm just going to teach you to fish."



  • -Mauricio "Panama" Macri-
:biggrin:
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Robert Stout
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Che has been observed with Macri fishing on the Rio Suquia........... :rollseyes:
Jesus can raise the dead, but he can't fix stupid
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Che On The Rocks

TIME Lets Billionaire Vulture Fund Head Praise New Argentine President…Who Just Agreed to Pay Him Billions of Dollars
Quote:
 
TIME magazine has sunk to new lows, soliciting a billionaire Republican donor, Paul Singer, to write its blurb for recently elected Argentine president Mauricio Macri’s entry in the 2016 edition of “100 Leaders.” It’s not ridiculous because he’s either a billionaire or a Republican though, it’s that for the better part of the last decade the man has funded a multi-million dollar campaign against the previous Argentine government. Oh, and he stands to make a pretty penny from the decisions of the new president too.


Raises doubts on ‘anti-vulture’ clauses in other countries’ debt issuances
Singer reiterates praise for gov’t on The Wall Street Journal
Quote:
 
Paul Singer again took to the US media to celebrate President Mauricio Macri’s decision to settle with the so-called “vulture” creditors, including Singer’s own Elliott Management, yesterday, with an article in the Wall Street Journal heaping praise on his business-friendly approach and willingness to negotiate with the holdouts.


IMF offers Macri mixed blessings
Quote:
 
Says peso’s depreciation, increase in tariffs have prompted ‘significant increase in inflation’

While keeping unchanged its forecast for the country’s economy, the International Monetary Fund (IMF) yesterday praised the Mauricio Macri administration for embarking on an “ambitious and much-needed” transition and highlighted its economic measures, though it warned of high inflation.

The IMF’s latest Regional Economic Outlook for the Western Hemisphere said Argentina will contract by one percent this year, followed by a 2.8 percent growth in 2017 — the same forecast it had predicted in April.


Gov’t to seek US$8B via new bonds
Quote:
 
Officials confirm move will take place ‘very soon’ with US$24B needed to cover deficit
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Finance Secretary Luis Caputo (left) and Deputy Minister Pedro Lacoste face the press yesterday.

Senate Approves Bill to Prohibit Job Layoffs for 180 Days
Quote:
 
Argentina’s Senate last night approved a bill to declare a ‘Labour Emergency’ and prohibit further layoffs for a six-month period.

The bill, presented by the opposition Frente para la Victoria (FpV) as a response to a wave of job cuts in the first months of 2016, received the backing of 48 Senators. There were 16 votes against the bill – including senators from the ruling Cambiemos alliance – and eight absentees.

The bill will now pass for debate in the Lower House of Congress, where three other labour-related proposals are also under discussion. If it is approved there, it will be referred to President Mauricio Macri, who has spoken out against the bill, to sign it into law or veto it.
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The Senate approved the anti-layoffs bill with 48 votes in favour. (Photo: Luciano Ingaramo, Prensa Senado)

Unions to mobilize against Macri
Quote:
 
Moyano still resisting to calls to strike from left-leaning CTA as president blasts employment bill

President Mauricio Macri today faces the largest public demonstration by workers against his administration so far, with thousands belonging to the five most important umbrella unions in the country set to stage protests in opposition to the government’s labour policies.

The rallies, which take place ahead of International Workers’ Day on Sunday, will likely cause traffic chaos and spark gridlock in the capital.
Posted Image
Workers stage a protest against the economic policies of the Mauricio Macri administration in the Buenos Aires City neighbourhood of Constitución yesterday.
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Che On The Rocks

Macri's 'zero poverty' promise runs into tough Argentine reality
Quote:
 
Argentine President Mauricio Macri repeats the aim of his economic policies so often it has become a mantra: "zero poverty".

But just five months into his term, Macri's policies have so far swelled the ranks of the poor, souring public opinion and raising the risk of backlash against an economic overhaul that is winning over foreign investors.

By sharply devaluing the peso, loosening price controls and hiking utility rates, Macri has sent inflation surging. Prices have risen more than 6 percent in Buenos Aires this month, private economists estimate, putting basic living costs out of reach for more families.
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Wednesday, April 27, 2016
Maria Duarte pauses during an interview with Reuters at her house in Hurlingham, on the outskirts of Buenos Aires, Argentina, April 21, 2016. Picture taken April 21, 2016. REUTERS/Marcos Brindicci


Inflation, unemployment top Argentineans' worries, poll shows
Quote:
 
Argentineans are most worried about inflation and unemployment, a report by the D’Alessio IROL and Berenzstein private consulting agencies have showed.
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C. Bank doubts Prat-Gay’s inflation target
Quote:
 
Sturzenegger says most consultancy companies see figures of 33.4% for the year

The Central Bank is quetly ditching Finance Minister Alfonso Prat-Gay’s 20-to-25 percent yearly inflation target for 2016, it seems.

The monetary authority’s chief Federico Sturzenegger argued yesterday that inflation targets will be established in September and only expressed confidence about reaching Prat-Gay’s goals in 2017.

And while he didn’t reject Prat-Gay’s target outright, he admitted that expectations for this year were closer to 33 than to 25 percent, no matter which index was used.
Posted Image
Central Bank chief Federico Sturzenegger speaks during a press conference in Buenos Aires yesterday.
Edited by Che On The Rocks, Apr 30 2016, 06:44 PM.
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Argentina's big unions join to protest layoffs, inflation
Quote:
 
BUENOS AIRES, Argentina (AP) — Argentina's strongest unions brought thousands of people into the streets Friday to protest high inflation and job cuts in the biggest demonstrations against President Mauricio Macri since he took office in December.

Demonstrators waving blue and white Argentine flags flooded the main avenues of Buenos Aires, blocking traffic in a protest that brought together rival unions that put aside differences to protest Macri's policies.

"This is a historic gathering ... We understand that the interests of the workers come before the interests of the union leaders," said Hugo Moyano, who heads the truckers union and a branch of the influential CGT labor federation. "Macri is against the workers."
Posted Image
A woman holds a sign that reads in Spanish: "Macri corrupt," referring to Argentina's President Mauricio Macri, during a protest against skyrocketing consumer prices and job cuts in Buenos Aires, Argentina, Friday, April 29, 2016. Thousands of state employees have been fired since Macri came to power in December with promises to cut spending. The protest is staged ahead of Sunday’s May 1 Labor Day. (AP Photo/Natacha Pisarenko)
Posted Image
Workers protest skyrocketing consumer prices and job cuts in Buenos Aires, Argentina, Friday, April 29, 2016. Thousands of state employees have been fired since President Mauricio Macri came to power in December with promises to cut spending. The protest is staged ahead of Sunday’s May 1 Labor Day. (AP Photo/Natacha Pisarenko)

Argentina: President Macri's reforms denounced by protesters
Quote:
 
Thousands of Argentines have staged a noisy protest against job cuts imposed under President Mauricio Macri's economic reforms.

The demonstration was organised by two major labour unions, the CGT and CTA, who united against the president's cuts to spending and public sector jobs.

The unions say that 100,000 workers have lost their jobs in the public and private sectors since President Macri came to power.

But the president argues that tough reforms are necessary to restore Argentina's damaged economy.
Posted Image
The protest brought much of central Buenos Aires to a standstill as demonstrators beat drums and chanted
Posted Image
Private and public sector workers took part in Friday's demonstration
Posted Image
The workers are also unhappy over the president's moves to raise utility prices and pass financial reforms which they say are damaging their spending power

Trade unions flex muscle with mass rally
Quote:
 
Big turnout for organized labour’s protest to demand ‘employment emergency’

The country’s unions sent an unequivocal message of strength to the government yesterday, marking International Workers’ Day with a massive rally in downtown Buenos Aires and making it clear that labour demands concerning inflation, employment and the anti-layoffs bill in Congress are set to remain on the political agenda.

For the first time in recent memory factions of the CTA and CGT umbrella unions set aside their significant differences and marched through Buenos Aires together, comfortably topping at least 100,000, according to estimates, drawn from across the labour spectrum, including leftwing and right-wing organizations, in a rare display of unity following the divisions that appeared in the Kirchnerite era.

In response, the Macri administration said it had the same concerns as the unions.
Posted Image
People gather at the main stage of the protest in front of the Engineering faculty in San Telmo yesterday.

Leftists groups participate
Pounding of drums and anti-gov’t slogans accompany rally
Quote:
 
The holler of pounding of drums and anti-government slogans filled the air in downtown Buenos Aires yesterday as the largest protest action against President Mauricio Macri’s government so far took place, mobilized against the administration’s labour policies considered draconian by unions since their inception late last year.

Uniting the five key umbrella trade unions in the country — both branches of the CTA and the three splinter unions under the banner of the General Confederation of Workers (CGT) — the demonstration attracted at least a hundred thousand workers and union activists from across Buenos Aires City and beyond.
Posted Image
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Part of Macri's anti-poverty plan is to have Argentina's poor emigrate to Bolivia and chew coca leaves there.............. :victory:
Jesus can raise the dead, but he can't fix stupid
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Che On The Rocks

Will Macri Veto Anti-Layoffs Bill Passed by Argentine Senate?
Quote:
 
The question is whether or not Macri is willing to pay the political cost of vetoing the anti-layoffs bill.
Posted Image
Opposition seeks to forbid layoffs until 2017. | Photo: @CGI_Santander

‘People took to the streets once again’
CFK praises last week’s ‘wonderful’ anti-government mobilization
Quote:
 
Former president Cristina Fernández de Kirchner praised the recent protest against the economic policies of the Mauricio Macri administration staged by the country’s top union bosses, saying it was “a wonderful day” during a phone call late Friday night with local artists.


Macri backs employers on Workers’ Day
Quote:
 
Takes aim at absenteeism and ‘abuse of medical leave’ days after large union rally
Posted Image
President Mauricio Macri and his wife Juliana Awada help cook a traditional locro dish at the headquarters of the restaurant workers’ union in Buenos Aires yesterday.

^^^Mauricio Macri, as Buenos Aires Mayor, had a World Record for numbers of days lacking at the work...

Moyano: 'Inflation will fall due to unemployment'
Quote:
 
"You must take things as they come. He has no political experience, and that makes you make those kinds of mistakes, but at this stage, it’s not surprising, and a lot less considering what is happening and without giving answers.”
Posted Image

Gov’t looks again at tax amnesty bill
Quote:
 
Officials quiz experts, who say Argentines could have up to US$400B stashed in havens

With the cloud of the “Panama Papers” scandal still lingering over national politics, the Let’s Change (Cambiemos) administration is looking to revive a previously discarded bill that would introduce a new tax amnesty programme, hoping to bring in cash from the undeclared money and properties held by Argentines both abroad and in the country.


super reaches 17 pesos
Fuel prices jump 10 percent on fourth increase so far this year
Quote:
 
Fuel prices rose yesterday almost 10 percent nationwide over the weekend, accumulating four consecutive hikes so far this year. The move was immediately questioned by economists and sources from the sector, who yesterday said sales would plunge because of the measure.
Quote:
 
Former Economy Minister Domingo Cavallo described the fuel hike as “absurd” and “deadly” for the Argentine economy, asking the Macri administration to cancel the increase.

“Fuel prices in Argentina are much higher than in the United States. I bought fuel in Washington DC and paid less than US$3 per gallon, which means less than 80 cents of a dollar per litre,” Cavallo said in a blog post. “For an economy of a large country like Argentina, such a measure is deadly.

“While electricity, natural gas and public transport rates are much lower than in other countries, the government is allowing fuel prices to cost 50 percent more that in the rest of the world. It doesn’t make sense. Fuel prices should be frozen,” he said.
Posted Image
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Inflation estimate points to 6.9% rise in April
Quote:
 
Consultancy says price, utility hikes among reasons for highest increase since 2002

Inflation hit 6.9 percent across April pushing the annual inflation rate to 40.2 percent according to consultancy firm Elypsis, which released new data yesterday pointing to mass price rises in various consumer goods over the last four weeks. The estimate prompted further concerns over the government’s central promise to curb rising prices.
Posted Image
A fuel pump is flooded at a petrol station in Villa Paranacito, Entre Rios, last week.
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Che On The Rocks

Macri's Argentina Just Hit Record High Levels of Inflation
Quote:
 
Soaring inflation in Argentina has been linked to major price hikes in basic services such as public transportation.
Posted Image
Argentine state workers shout slogans outside the Labour Ministry during a protest against layoffs in Buenos Aires, April 6, 2016. | Photo: Reuters

Gov’t renews push against Aerolíneas subsidies
Quote:
 
Dietrich questions need for help to transport ‘richest segment of the population’
Posted Image
According to Guillermo Dietrich, savings would be directed toward transport infrastructure and social services.

^^^No, Dietrich. Savings will be directed toward paying debt. Ah, other thing: with Cristina, the middle class (not only the richs) flew. Now, they walk. Economic winter.

Macri Denies Massive Layoffs in the Works in Argentina
Quote:
 
In an effort to thwart the anti-layoff bill in Congress, Macri tries to allay fears of more layoffs.
Posted Image
A caricature of President Macri with the U.S. flag on his forehead at a protest in Argentina. | Photo: Reuters

Moody’s: GDP will drop 1.5 percent this year
Quote:
 
Credit ratings agency says unemployment, inflation will be on the rise until at least 2017

Despite the national government’s forecast of a much better economic scenario in the second half of the year, credit rating agency Moody’s disagrees, saying yesterday the economy is set to shrink by 1.5 percent this year, followed by a growing unemployment and an inflation rate well above 30 percent.
Posted Image
Moody’s headquarters in New York City is seen in a file photo.

Basic food basket up 7.8% in April
Quote:
 
A new study published by the Foundation for Latin American Economic Research (FIEL) declared yesterday that the cost of the basic food basket in Argentina had jumped by 7.8 percent in April alone.


#PoliticsAndThePress
Macri’s political crack
Quote:
 
The government is struggling to establish its agenda. And it is failing.

As it fails, the government escalates its language to gradually place the blame on somebody else. The President went a step further this week, saying that Argentines should “beware” of “those who do not want our government to do well.”
Quote:
 
Within two weeks, the government has taken three political blows of important proportions:

1. The Senate gathered a two-thirds majority to approve legislation opposed by the government (to ban layoffs for six months). 2. The trade unions united to gather dozens of thousands of people to lambast the government’s “anti-workers” economic policy. 3. The Peronist party got a leadership act together and upped its opposition language.
Posted Image
President Mauricio Macri — trying to communicate.

Clarín newspaper:
Posted Image
[How many times a week you have to bathe?
Most probably do so many more times than necessary]

EDUCATING THE OLD MIDDLE CLASS TO BE THE NEW DIRTY POORS!!!!!!! :biggrin:

Edited by Che On The Rocks, May 9 2016, 08:27 AM.
Free Milagro Sala!
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Che On The Rocks

Battle over employment bill heats up
Quote:
 
Opposition, unions press gov’t to speed debate as disputed legislation lands in Lower House
Posted Image
CGT labour union leader Antonio Caló (centre) heads a demonstration outside Congress yesterday.

8.4% face ‘Extreme’ circumstances
UNICEF: 1 in 3 Argentine kids live in poverty
Quote:
 
Report points to rising levels of destitution in Argentina, with 8.4% of children in poorest bracket
Posted Image
A man navigates a flooded road outside a home in Villa Paranacito, Entre Ríos, last month.

Opposition: consequences of austerity ‘lethal’
Quote:
 
Peronist leaders across the board call for ‘immediate measures’ in the face of recession
Posted Image
Vice-Chairman of the Peronist (PJ) party Daniel Scioli walks out of a meeting in Buenos AIres last month.

Church leaders split over Macri’s plans
Quote:
 
Fautlines exposed by economic downturn as conservatives clash with grassroots priests

As the economic downturn hits home for families and workers and inflation continues to rise, the government’s attempts to reboot the country’s struggling economy are exposing division among the leaders of the Catholic Church.

Over the weekend, two conservative members of the clergy came out in support of President Mauricio Macri’s economic plans, offering the Let’s Change leader backing for his claims that the previous government left behind a mess he was forced to inherit. But yesterday, a group of priests from the Option for the Poor (Opción por los Pobres) group entered the debate forcefully, blasting Macri’s administration and the recent wave of redundancies in both the private and public sectors, branding the president a “job killer.”
Posted Image
The Option for the Poor clerical movement criticized President Mauricio Macri’s economic policies yesterday in an open letter.

Op-ed in Catamarca newspaper
Macri: challenge of maintaining jobs ‘keeps me up at night’
Quote:
 
President Mauricio Macri yesterday said the challenge of ensuring good jobs for Argentine inhabitants “keeps me up at night” amid heavy criticism from the opposition as layoffs continue to pile up.
GET OUT! A 81 MM MORTAR! A 155 MM HOWITZER! NO! BETTER A NUKE! GIVE ME A NUKE!
:biggrin: :biggrin: :biggrin:
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Robert Stout
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As middle class Che slips into poverty, he can feel proud that Argentina will finally pay its debts to the vultures...This will enable Argentina to get new debts in world financial markets that they will not pay....Argentina's main industry is borrowing money from the rest of the world................. :biggrin:
Jesus can raise the dead, but he can't fix stupid
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clone
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Director @ Center for Advanced Memetic Warfare
Thank you Stout for translating Che's tomes into actionable information....
Only liberals can choose not to go down the road to widespread, systematic violence.
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Che On The Rocks

Robert is SOG. I'm MACV. :biggrin:
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Details on ‘Voluntary’ agreement scarce
Macri secures 90-day deal with businesses to freeze job layoffs
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Ruling party moves to regain control of agenda, prevent 'anti-layoffs bill' from being passed

In a bid to regain the agenda and avoid a politically costly veto, President Mauricio Macri yesterday announced a temporary, tentative deal with business leaders and a handful of unions that will, according to the government, freeze redundancies for a 90-day period.
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President Mauricio Macri talks to business leaders at the Pink House yesterday.

The agreement was already breached.

Macri to Veto Bill That Would Stop Layoffs in Argentina
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At least 140,000 people have reportedly lost their jobs since President Mauricio Macri took office in December 2015.
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Argentina's president elect Mauricio Macri gestures during a press conference in Buenos Aires on Nov. 23, 2015 | Photo: AFP

Boycotts and 'Solidarity Fridges': Argentina Combats a Crisis
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Groups are giving out food to the homeless and promoting a boycott of over-priced supermarkets.
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A man shows one of the solidarity fridges in Buenos Aires | Photo: EFE

Battle for quorum looms as ‘anti-layoffs’ bill cleared for debate
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Victory Front, rebel Massa allies hope to reach quorum to vote on Senate version of legislation


Opposition falls short of 129 needed for quorum
FpV fails to force debate on layoffs bill
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Massa maintains discipline within Renewal Front, vows legislation will be voted on next week


BA City inflation reaches 6.5 percent
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The inflation rate clocked in at 6.5 percent in Buenos Aires City, the highest figure of the last 14 years and accumulated a 40-percent increase over the last 12 months, according to the BA City statistics department.


Meeting tomorrow
President to receive harsh document from Church leaders
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President Mauricio Macri will meet with key Church officials from the Argentine Synod (CEA) tomorrow at the presidential residence at Olivos, a mere 24 hours ahead of the group publishing a document addressing the social challenges faced by Argentina and expected to be critical of Macri’s Let’s Change (Cambiemos) administration.


‘many Argentines living on the edge,’ says new document
Church criticizes poverty, exclusion
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The Catholic Church criticized corruption, drug-trafficking and high exclusion levels in Argentina through a document made known yesterday.

While the document was supposed to make a general reference to the country’s woes, the report can also be read as a veiled criticism of President Mauricio Macri’s economic policies since taking office in December.


Government mulls docking pay of striking workers
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Labour Minister Jorge Triaca says idea will be discussed at Minimum Wage Council

Claiming there’s a high level of absenteeism, the national government opened the door yesterday to start docking the pay of state and private workers if and when they go on strike — an initiative set to be discussed next week at the Minimum Wage Council meeting.
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Labour Minister Jorge Triaca speaks at the Congress last Wednesday.

BUT, IN THE MIDDLE OF ALL THIS MESS:

Fitch upgrades Argentina to stable
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Argentina's credit rating has been upgraded to a 'B' or stable, Fitch announced on Wednesday, due in part to the country's resumption of debt payments to restructured bondholders.
Free Milagro Sala!
What happened to Santiago Maldonado?
What happened to ARA San Juan?
Mapuche Lives Matter!
Stop the political persecution in Argentina!
Stop the looting of Argentina!
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Che On The Rocks

UBA protest deepens as students join teachers
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Education Minister Esteban Bullrich holds emergency meeting with Let’s Change senators

Students from the University of Buenos Aires (UBA) continued their occupation of the university’s Philosophy and Letters Schools yesterday in solidarity with the ongoing strike by teachers and other education professionals from the institution who are demanding budget and wage increases amid the ongoing funding emergency in higher education.
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Students attend a public class in Buenos Aires yesterday.

Argentina: Academics and Students to Defend Public University
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Professors, students and social movements will march to the Education Ministry to reject the cuts in higher education budget.
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Professors and teachers held public classes to protest against the cuts. | Photo: @MellaPresiFUBA

Tens of thousands march, demand more funding
Students stand up for public universities
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Tens of thousands march through downtown BA to demand Macri increase spending

Tens of thousands of students, teachers, education workers and supporters marched through the streets of downtown Buenos Aires City yesterday to support the country’s public education system, venting their anger at President Mauricio Macri and his administration in the wake of what education unions are calling a full-scale funding crisis.
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Students, teachers and university workers take to the streets in Buenos Aires to protest budget cuts yesterday evening.

Universities March in Defence of Public Education
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Thousands of university professors and students staged a massive protest march yesterday in “defence of public education”.
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The university community leads a march in the ‘defence of public education’ (Photo: Ignacio Yuchark/lavaca)

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^^^Axel Kicillof. :cool:
Free Milagro Sala!
What happened to Santiago Maldonado?
What happened to ARA San Juan?
Mapuche Lives Matter!
Stop the political persecution in Argentina!
Stop the looting of Argentina!
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Che On The Rocks

University Protests: Lights, Wages, and the Future of Public Education
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For weeks, public universities have been staging protests over budget restrictions and teachers’ salaries. But beyond these specific disputes lie deeper concerns over the future of public education in Argentina.
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Students stage a candlelit protest to defend public education (Photo: M.A.F.I.A)

Despite salaries losing out to inflation
Minimum wage still among best in the region
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Argentina beats its neighbours as it gets ready to discuss a new increase this week

With a new increase set to be discussed this week, Argentina is still home to one of the highest minimum wages in Latin America when compared with countries such as Brazil, Uruguay and Chile — following more than a decade of growth exceeding the official inflation rate.
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^^^The graph shows the Macri Regime "plan": lowering the wages for attracting foreign investment.
How to lower the wages? Easy: creating unemployment.

Gov’t hopes for investment worth US$20B
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Production minister tells business leaders fresh international funds ‘only way to create jobs’
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Production Minister Francisco Cabrera speaks during a business summit in downtown Buenos Aires yesterday.

154,000 Argentine Workers Have Lost Their Jobs Under Macri
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A new report confirms a reality the conservative government and corporate Argentina would rather deny: a state of labor emergency.
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The number of dismissals and suspension of labor contract rose by 10 percent in April only, according to the latest estimate. | Photo: EFE

Consultancy: annual inflation at 42%
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Agency report points to impact of utility hikes, casts further doubt on government target
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The INDEC Statistics Bureau is currently undergoing a major government overhaul, leading to business leaders and other organizations to look to private consultancy firms.

Minimum wage to increase by 33 percent
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Unions, business leaders, gov’t agree to raise level to 8,060 pesos in three installments

Officials agreed yesterday to increase the minimum wage by 33 percent, pushing it from 6,060 pesos to 6,810 pesos in June, to 7,560 pesos in September and 8,060 pesos in January, 2017.

The increase is below the 40-percent rate annual inflation anticipated for this year by consultancy firms — a change of trend from the Cristina Fernández de Kirchner administration, which used to grant hikes in line with private estimates. The decision by the Minimum Wage Council prompted harsh criticism from leaders of the CTA umbrella unions, which voted against the increase offer at the Pink House meeting.
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President Mauricio Macri talks to business and union leaders at Government House yesterday.

Super clear: oligarchs up, workers down.

But:

Congress Approves Anti-Layoffs Law, Macri Set to Veto
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After a marathon session, Congress sanctioned the so-called anti-layoffs law in the early hours of this morning.
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Congress supported the anti-layoffs law. (Photo: Beatrice Murch)

Unions to challenge Macri veto
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Massa puts on a brave face after FpV version of ‘anti-layoffs’ bill passes in pre-dawn vote

Faced with the prospect of an imminent veto to the “anti-layoffs” law by President Mauricio Macri — expected to be announced today at an event at the Cresta Roja poultry company — union leaders declared yesterday that they are ready to rally in defence of the newly passed legislation that establishes double severance pay for layoffs.

Foreshadowing a showdown, union leaders say they are prepared to launch industrial action if necessary.
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President Mauricio Macri (centre) is expected to issue a veto of the anti-layoffs bill today.

So, there you have it, folks: if the unions can not stop it, the Macri Regime is going to convert the Argentinians workers in...
Free Milagro Sala!
What happened to Santiago Maldonado?
What happened to ARA San Juan?
Mapuche Lives Matter!
Stop the political persecution in Argentina!
Stop the looting of Argentina!
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W A Mozart
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Just a few quick comments to the above...

After viewing the mind-numbing posts by Che from above, one has the impression that any national currency produced by the State is to be confiscated by government. Currency, or in this case the Peso, is to be printed in large enough quantities such that no unemployment will result by spreading it around. If the Argentinian unions demand that there be NO lay-offs, there shall be no lay-offs because the state should step-in and provide currency to the company in question. There are NO books, no accounting, no profit or loss. It's a magical world of loopy socialist dogma where EVERYTHING can be fixed by the government, or by printing even more money. Companies/corporations do not stand alone with the marketability of their products. There are no market forces, ...there's just government. Argentina is a dying society because the loopy leftists/socialists/Marxists have convinced A LOT OF PEOPLE of moronic economic concepts,...no profits, no loss, ....no accounting, ...just government there at each and every turn to make things right. There's no such thing as a BUDGET. Budget's are to be ignored. You don't have enough money to support the salaries of 25 more college professors? Print more money! The government should step-in and right the wrong.

This is complete insanity. This is how socialist see the world. This is why economies are collapsing all over South America. The socialists have created incredible misery throughout the continent, ....and by witnessing the above posts by Che, .....it will continue.


Mozart
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Robert Stout
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Latin America suffers due to corruption, irrespective to political ideology....Corruption is a Latin American failing and cultural artifact.............. :oyvey
Jesus can raise the dead, but he can't fix stupid
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