IMF remembers Argentina that on 17 Dec it will assess quality of official stats
The International Monetary Fund ratified on Thursday that “on December 17” it will assess the “quality of Argentine statistics, particularly those referred to inflation”, an issue over which it had already warned the administration of President Cristina Fernandez.
Deputy spokesperson William Murray said that in “less than a month” the 24 members of the IMF Executive Board will be meeting to consider the issue. Last September 24 the IMF Managing Director Christine Lagarde warned Argentina about a “red card” (expulsion) because of the quality of its inflation and growth stats.
Lagarde statements followed a meeting of the IMF Executive board which conceded Argentina another 90 days to adjust the government stats office Indec to parameters acceptable and compatible with the IMF.
On September 25, President Cristina Fernandez addressing the UN General Assembly replied to the ‘red card’ football jargon saying Argentina was not a soccer team “it’s a sovereign country and accepts no threats or pressures” and in the game of comparing football with economics and politics, “let me say that the president of FIFA has been far more successful and satisfactory than that of the IMF Executive board”.
At the end of 2010 and in the first quarter of 2011 and on request the IMF sent two technical assistance missions to elaborate a report for the improvement of the Argentine inflation index at national level. However the report was never implemented and since then the IMF is requesting Argentine to modify its methodology.
In related news Indec announced on Wednesday October’s official inflation rate, 0.8% cooling slightly from September's 0.9%. In the twelve months to October inflation totalled 10.2%.
According to Indec October’s consumer inflation was driven by a 2.2% increase in the price of clothing and a 1.4% rise in the cost of household goods and equipment. Prices in the heavily weighted food-and-beverage category rose 0.9% last month.
However these percentages differ dramatically from the so-called Argentine Congress Index, based in the analysis of nine private agencies, which showed a 1.82% increase in October and 24.62% in the last twelve months.
Private agencies are exposed to heavy fines from the Domestic Trade Ministry if they make public their inflation estimates so that is why they channel their information through the Lower House Freedom of Information Committee with the help of members of the opposition.
The Congress index is not official but uses as reference by trade unions, businesses and the Judiciary.
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Ayayay,. you are an A.L.I.C.E. bot aren't you?
@everyone else
Argentina switched the lead with Greece for the biggest risk of default:
twitpic.com/bd61lj
Christine handled things really well, she stopped loaning to Greece last month, and that's my guess for her recommendations for WB loans to Argentina. The Arg gov only got half of what they asked for this year.
Loans may not be helping the ethics of their government. Free the people from them.
www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
Good idea, then no one will trade with Argentina and they will all come to the Falklands to sell their stuff! Yay! Quick someone tell CFK to implement PH's excellent ideas :-)
It does seem that all the complaints about Argentine government behaviour are coming home to roost at once.
#11 Argentina doesn't have to negotiate or demand we just have to charge a 50% import tax from nations giving help and refuge to vulture funds and expropriate from those who don't want to pay. Specially those corporates from vulture nations. Ask? Who? And why? You are funny.
#12 thanks for the support I pay 14% taxes on everything in Canada and over 100% on imported rum and I still buy food and Booz. I think Argentina can discovers a great way to milk addicts. Even china and Cuba has US made products. You should travel more often.
#13 Argentina has a national bank that can print pesos and for what I hear you can't buy many dollars. When peso is all we have, what do you think people will use to trade and get around?
#14 it might seem that way to outsiders but as an Argentine I see Argentina on the front page and doing exactly the opposite of what they use to do to land us with the IMF theft and I enjoy every minute of it, because Argentina doesn't need IMF or any other blood suckers Argentina has just enough people and enough wealth to live a good life all by ourselves without any outside help or interference for that matter. So yes I am glad CFK is working for us not IMF. Maybe IMF think we forgot how our money got stolen but We didn't forget we know very well that if you check the Swiss banks and the IMF workers you will bump into the mother load of all international theft.
www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
m.youtube.com/index?&desktop_uri=%2F#/watch?feature=plpp&v=BQZbOY5Q3ZU
m.youtube.com/index?&desktop_uri=%2F#/watch?feature=plpp&v=Tym9AhMNcP0
An interesting little article:
www.americanthinker.com/2012/10/how_to_destroy_a_rich_country.html
PH is right they don't' need the IMF BUT they do need WB and IDB and I think they would have a hard time lending, and it may be agianst their charter that they CAN'T lend unless a country is part of the IMF. Those funds would be impossible for CFK to make up somewhere else.
December should be fun to watch
Merry Christmas
Buy Sugar and Laundry detergent to trade Rgs
INDEC = BS
Imagine working there inventing numbers but knowing your salary is worth 30% less every year, now that's what I call job satisfaction!
Now, this article says, “it will ”assess“ the “quality of Argentine statistics” in December.
Are they going to “assess” or actually do something like “expel”?
Something tells me the Argentine Government is going to be able to fix it's figures for a long, long time after this December. The IMF is throwing out strong “red card” words, but they don't want to really do anything to Argentina.
Does any one else see it that way?
#17 I think Argentina has a national bank for money, And they can also print pesos and charge import taxes from all pirate nations.
IMF never did anything for Argentina but to theft our tax money.
www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
m.youtube.com/index?&desktop_uri=%2F#/watch?feature=plpp&v=BQZbOY5Q3ZU
Article XXVI provides for a three-step sequence of actions: (1) suspension from access to loans; (2) suspension of voting rights; and (3) expulsion from the IMF itself. And again, if expelled, what then? Article XI is clear enough –
internationaldevelopmentshould.com/2011/02/21/history-matters-establishing-the-world-bank-imf/
Thank you for that link, a nice piece of writing.
So:
1st: a review
2nd: no loans
3rd: lose voting rights
4th: expulsion - which means no more WB loans either
The only country ever to be expelled was Czechoslovakia in 1954. Do the WB loans cease upon expulsion (4th) or do the WB loans cease when IMF loans cease (2nd)?
It seems to me, if Argentina were to become the 2nd country ever to be expelled from the IMF, this process of expulsion would take at least a few years. Each part of the above process will be postponed a few times and then be dealt with slowly.
The Argentine government isn't really pressed to address the IMF's concerns. Is that incorrect?
I'm not sure how long it will take, they have lost all of the USA support and we are the largest shareholder in each of the banks.
Nestor, Cristina and TImmerman have made fools out of themselves for far too long and have made many enemies here in the USA State and Fed Govt.
If you ask me this is all due to Timmerman boarding our military jet, that was the last straw for a lot of people and you can't do much in the way of financing if you don't have the support of the USA.
So you live in Canada, which means if the RG economy collapsed after implementing a 50% tax on imports you wouldn't be affected? Sound like socialism to me. Let the poor suffer while you live in riches.
List of countries I have been to (in no particular order): France, Spain, UK, Republic of Ireland, Switzerland, Malaysia, Argentina, America, Chile, Australia, South Africa, Zimbabwe and all before my 20th birthday. So you see, I have travelled quite enough thank you.
Except Argentina to be a nuissance for the next 10 generations, certainly.
@20 How many argies do you know in Canada, alex? 2, 3, 4? Here's alittle bit of info, dumbo. In order to charge import tax, you have to have imports. And then, who gets to pay the “import tax”? That would be “the importer”. So, by all means, charge 50% import tax. Or 75%. Or 100%. Or 1,000% if you wish. You're paying. Oh, I forgot. YOU aren't paying because you fled to Canada. Thought about going “home” and paying your share?
@26 Let's explain something to you. You dozy fools elected your “government”. You are responsible. If you don't like the way that the rest of the world views your pitiful “country”, you know what to do. Get rid of the corrupt criminals you call a “government”. Grow up. Learn to act with maturity. However tough it might be, pay your debts in full. Don't try to live beyond your means. Your “country” is not a “major force”. You are a small to middling fish in a middling pond. Yes, you can be a nuisance or an irritant. Until someone decides to squash you. It's what happens to irritating little insects.
And your country is so essential for our economy, or self-defense, which is why nuissances like us for decades decide to pick on you. Ever thought about that? :)
And indeed, you elected Blair, thus you deserved to be targeted on July of 2005. That's your reasoning, let's be clear. ;)
Getting rid of our government to please the rest of the world? You know is really not huh.
The IMF will probably have to do something, as almost certainly no sensible figures will be forthcoming.
“Options from a range of sanctions will be looked at, if Argentina does not comply with the next deadline.”
It is however yet another battle, in yet another war, on yet another front, that the administration of CFK is slowly but surely losing.
Hey, it gives the Islanders a break, at least for a while.
@26 Nostrolldamus The 2nd
With the economic policies advocated by PH, and the isolationism advocated by others here, cut off from the world you’re only going to be a nuisance to yourselves.
10 generations from now you could have devolved back into a different species.
Why are you so arrogant to believe we can't live in isolationism?
I think it bothers you and others here that a country like Argentina which you deign intellectually, actually could pull isolationism but yours never could because it would collapse in a matter of days.
Of course you can “live” in isolation, North Korea, Myanmar and Zimbabwe are doing just fine. Ask any one of the Dictators they will all say it is a paradise.
You certainly won't be posting here if that should happen..
What a moronic fool you are...
Illusions of isolationism are of the utmost indifference to me.
From the Brit point of view, it really works. An isolationist and isolated, weak Argentina is much less of a threat to British territory in the S Atlantic/Antarctic.
Argentina is certainly better placed than most other countries (including the UK) to survive isolationism. However that does not mean you will be “better off” by any measure or that it is a clever thing to even attempt.
However it’s a free world (well some parts) so go ahead “fill your boots”, as we say.
As I told you in one of your last 10 names:
I would be delighted if Argentina isolated itself and I fully believe you can do it (even given the incompetance of your government) and would encourage such a move.
North Korea is a frigid steppe blasted by Siberian winds that blow the topsoil, Myanmar is a tropical land where most land is too acid for crops, Zimbabwe is on the equatorial rain-shadow and subject to periodic severe drought.
Argentina is dozens of time more capable of growing food than those places. And still more productive than your secessionist nation, or struggling Brazil.
Couldn't agree with you more. Good luck.
I will be very happy when CFK requires visas to EXIT the country.
Quite happy indeed
BTW Zimbabwe was the breadbasket of Africa before Mugabe stole off the farmland. I hear the “unproductive” farmland is going to be confiscated and redistributed in Argentina too. That has worked very well in EVERY country so far. I hope she moves forward with that wonderful plan.
spectator.org/archives/2005/04/13/from-breadbasket-to-dustbowl
There is a very strong bet that Argentine will have to import wheat next year. 1st time in its history.
Zimbabwe here you come!
Gotta love you! How much longer can you keep this up. Please don't ever stop. Promise me one thing. When TTT/ Tobias/ (10 other names here)/ Left Nostril/ Right Nostril puts the fence up and closes the gate (we wish!)' promise me you'll stay in the UK and keep writing your jokes.
Actually come to think of it. I can't remember. Is your character an Argie who lives in the UK or a Brit who has seen the light?
Zimbabwe used to feed most of that part of Africa, now has a permanent drought since the “repatriated” farms have had the well pumps stripped out and sold.
Huge areas of fertile land have returned to bush, and now only support a tiny amount of subsistence farming.
A disaster that is entirely man made, nothing to do with “rain shadows”, everything to do with Mugabe.
Why you not go back to argentina ,
After all, what can Canada give you, that glorious argentina cant..
'Greek Insolvency Overwhelmed by Argentina's Default Risk'
Argentina's bond yields are eclipsing those of Greece for the first time since the European nation's debt restructuring in March, as spectculation increases the South American country will opt to default rather than setle with its so called hold out creditors.'
IF YOU ARE AN ARGENTINIAN TAKE YOUR MONEY AND RUN!
#10 piss hunter
Poppy continues at #16 and #22
#27 ends describing someone as little fishes or insects waiting to be squashed
#31 moronic fool
As little I may agree with the Arg posters on this site, I must say these children replying are sad representatives for anyones views.
I had thought the latest incident was to remove such childishness
@30 Please. Be isolated. Withdraw. You are not required. Die, if you wish. Don't care. Stay away from things where you are not wanted. Or you may die sooner than you wish.
@34 Bye then. don't forget to pay all your debts, in full, before you go. Otherwise, we might have to “re-possess” you.
@36 A slag by any other name is still a slag.
Argieland, a failed, rogue state desperately trying to survive. It's corrupt. It''s criminal. It's delusional. It's genocidal and won't apologise. It's juvenile. It's mendacious. It's ridiculous. It's stupid. It''s thieving. It's unprincipled. It''s vicious.
That's just pathetic.
glglugg gluglg glugg goggle translation: I D I O T S
Ouch, that’s bad, don’t sink to their level whatever else you do.
@48
That was the last radio message received from the Belgrano, yes!!!!!!!
You are correct. It's gets frustrating at times when they are so blind to logic and always rationalize their own actions.
US Govt and media reported on 2010 unemployment for 8.5% but own U.S. Bureau of Labor Statistics cooked books for govt. static showed that full unemployment was 16%. Meanwhile shadow statistic figures showed unemployment figures close to 23% for same period.
How can that be possible? Easy
US BLS splits unemployment figures in 6 recorded data, 1, 2, 3, 4, 5, 6... until 3 only records people that is out of work but have being actively searching for a job. If that person one day got sick or could not get a prove that have being looking for a job she/he is not showing on the statistic, pretty smart isn’t it?.
This person later is recorded as a marginal attachment that goes to U6 record that none reports like the media and the govt because will bring a closer true picture to what is going on in the economy.
The similar case applies for UK posh version of cooked govt books were if a person for example is having a duty to take care of a person for more than 4 hours a week even without payment he/she is not consider unemployment. So a prostitute with one client will not enter into the unemployment figures because is quite busy if you know what I mean.
Some countries in Europe like Italy, France, Greece, Spain, etc, etc counts illegal and informal economy activities into their GDP range goes from 30 to a 50%.
So imagine Argentina including informal economy activity into the GDP, Horror call the cops.
Argentina GDP will go from 475 bn nominal to 712bn because everybody knows that in Argentina 50% of the economy is not reported to avoid pay taxes.
Any doubt ask people from the “El campo” whose knows very well the trick.
So IMF Director Christine Lagarcha should pay more attention on what is going on at home especially in southern countries like US, UK, France, Italy, Spain, etc. before pointing fingers to other countries.
#46&49 You're pathetic and disgusting
You are absolutely right this is only stuff to entertain the media and don’t point fingers where real international financial problems are.
IMF will not expel Argentina from IMF because in the first place will represent a lost of 4bn dollars to the institution.
In the case IMF expels Argentina nothing will change for Argentina because since 2003 is living from what is producing and not from loans. Only multi nationals will be hit and in the case they go away first they will need to find a buyer for their assets and game goes on.
But Argentina can unilaterally stop paying its remaining debt what will trigger a new financial crisis and that will be a lot of fun for the market. Tango effect II edition and reload.
I think they only got $2B from the WB, here's a heartwarming story about $28 B articles.businessinsider.com/2012-01-14/tech/30626737 _1_bill-gates-lives-frugal-dad
Exactly, conversely and sadly for you antis with opium predictions, if there were another “default” it would have a negligible effect on Argentina's economy, since as you yourself said, it has been closed off (thankfully) from the banking lending cabal. So de facto Argentina has operated since 2002 under such conditions.
It's a two way street, so sadly for the antis, you won't see any collapse due to any default.
With any luck, they will have killed the responsible party before the final end.
www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
VIVA CRISTINA !
You cannot be more stupid because you lack of training.
Argentina is one of major produces of “farming Equipment” the machinery hub is located in Santa Fe and Cordoba.
www.conciudadanos.com.ar/wp-content/uploads/2008/10/maquinaria-argentina-la-nacioncom.jpg
www.bernardin.com.ar/espanol/m2120.htm
The machines are exported to Europe (Russia, UK, Italy, Ukraine, Germany, Spain, etc), Middle East (Iran, Kuwait, Israel, etc) America (US, Mexico, Venezuela, Uruguay, Brazil, etc.)
Argentina also was pioneer of the direct seeding system in the ‘60 and also assembled the first viable commercial machine in Marcos Juarez in the ’70.
In Argentina was invented the KILOGRANO RS 08 a machine the fist machine that can take the weight of grains with 99,9% precision from continue grain flow. And is being exported to US, Australia, South Africa, Canada, Russia y Brazil, etc.
“Medicine” again Idiot Argentina has more labs than UK and what can be is a shortage of imported brands that is not the same as shortage of medicine. Have you ever been in a British chemistry? There are not American branded medicines all are generics.
The same applies for US or UK or any other country if you want to buy only ARG branded medicines or Cuban. So according with you European and American will be death because cannot buy medicines ARG branded? Where do you think that the base of all drugs come from?
And the milk from Walmart?
I'm not British so you answer is no.
You keep believing your propaganda, soon the media will be entirely controlled and you, will you will still be as ignorant as you continue to show yourself.
There's and old saying, the first time someone calls you a horse, you punch them, the second time they call you a horse, you yell at the, the third time, it's time to buy a saddle. The world is calling you a horse burger boy, go to brazil and buy a good saddle.....argentina is about to be riden.
The solution I'd like to see, for the world!!: a fun, zero-stress education playspace to let kids experience what savings is like for them, the magic of compound interest; to know that their time & passions have value :), negotiating agreement among your buds & developing a sense for mutually beneficial exchange.
I knew since you first post that you are not British, because the most ignorant and stupid British will look like Einstein compared with you.
In fact I don’t even believe that you are a Yank to be honest.
The world can “sit by and watch asshole kirchner pull the plug on argentina as her citizens slowly get sucked in her drain pipes” as you say
But 99% of your post are just shit from a complete idiot.
You hear that sucking sound? That's cuntina
Are you fatsimo the fat fucking kirchner? AKA the bastard boi of Buenos Aires
That was not an insult just facts...
Were you expecting an insult?
No need at all mate, you are doing a good job by yourself after every new post you make.
So just keep going...
I would love a default in December and you?
Bad news for you Poopy, today in a communiqué realised by the Federal Reserve signed by Ben Bernake, warned Judge Thomas Griesa to be cautious on his ruling due to that be bad for all especially for US and UK.
The communiqué comes after the FED become suspicious about “vulture funds” manoeuvre in the dark over the judge ruling as they seem to be looking for a technical default to be declared to cash the issuance over the bonds extend by US and UK companies. AIG and Lloyd's perhaps?
So after all seems that if there is any technical default American and fellow Brits will pay the bill is not amazing how lovely capitalism works for some ones?
I start to love defaults even more and you?
Whatever the outcomes.......Argentina is still a deadbeat borrower that do not pay their own bills back, which is why her naval fleet is captive in Africa........Argentina is a zombie nation..........walking dead
I knew since you first post that you are not British, because the most ignorant and stupid British will look like Einstein compared with you”
Well, maybe not conqueror =)
#68 “Are you fatsimo the fat fucking kirchner? AKA the bastard boi of Buenos Aires”
I thought that was me these days? Or am I still George Galloway?!
I can picture Cristina just giving her the finger and telling her, “Up yours, we've paid you”. It will be the as funny as heck! One more score for the President.
Don’t be silly please only American propaganda eaters can believe that.
During the ’90 the state of Californication Franchise Tax Board sued some British banks as Barclays bank PLC over WWIT. Barclays got first instance ruling against them and the bank had to pay billion of dollars in compensations.
Executives from the bank call the fed and they plain clear threat to US govt. to pull out more than 25bn investment right away from US plus all linked operation with them like multinational British based etc.
Former president Bill Clinton in person called the judges to demises de case against Barclays or.... none knows with what Bill threat them but Barclays never paid a penny of that.
You can buy any politician and judge in US if you know to what office you have to go, all politician knows that in US and they deal each other over legal matters.
US has a well oiled mechanism for that some ones say that the offices of Kissinger Associates, Inc consulting firm is a good start for getting govt. favours in exchange of succulents feeds that keep oiling this fine corrupt mechanism.
“There is a huge amount of bribery in America, perhaps even more than in the courts of any other country in the world. Even some ex-judges have admitted the near-universality of bribery there. Nearly all bribes are given to the judges by lawyers; this is considered the safe way to bribe a judge. Bribery is rarely spoken about, just understood. Rich people pay huge amounts of money to law firms with connections It is mostly all cash of course. Sometimes the bribery is blatantly obviousIn the courtrooms you can see the judges being extremely friendly to their rich lawyer friends who pay big bribes.”
“America’s corrupt legal system, it’s certainly not the wisest place to keep money or assets, which can be easily grabbed by American lawyers in legal proceedings. ”
www.globalresearch.ca/america-s-corrupt-legal-system/885
faqusajudicialcorruption.blogspot.com.ar/
Also digressing, diverting and seeking alternatives to the article.
Dec 2nd next bond payment=default
Dec 7th when kirchner eliminates freedom of the press
Dec 17th When IMF censures Argentina
Dec 18th International trade is COD only
Dec 20th The next “MOVE ON CRISTINA” protest
January 1st the opportunity for a new beginning without corrupt incompetence
#75 =)
#77 Moving the timeline on a bit: 2013 Kirchnerist/left victory in Congress, 2014 Constitutional reform, 2015 Re-elction of the President =)
You will need to do more than self gratify yourself in front of the mirror thinking of your “delectable” cuntina.
Lot's of job losses coming with the CHinese akeover. Ashame about the trade surplus dropping over 50% to just barely over 500 Million and steel production droping again, by over 18%. But it is just keeping with the ongoing and continuing decreasing trend. You cannot manufacture without imports to feed supplies to the manufacturers.
What you say is a complete lie. What is that rule that a country like Argentina has to import to manufacture?
In fact Argentina until the late 70 had a pretty well formed electronic industry and destroyed like the 70% of the manufacture sector by Jose Alfredo Martinez de Hoz. Thanks to his neocons policies based on the premise of a plan to export commodities, import manufactured products and favouring the financial sector.
Argentina in the ’80 had more banks than US at that moment, any guy with few quids could open a bank in Argentina. Close to 400 institution where registered at that time plus all the financial agents in forex, etc.
If you have raw materials (and Argentina has plenty of that) you can transform this into manufacture products. You just need knowledge (Argentina has) and make the money printing press work harder like US and UK do to create industries instead of saving parasite bankers.
Anyone making book for November? Will asslips have the greenbacks to even pay the restructured bond holders the kirchners clipped, let alone the ones she screwed? They agri forecasts do not look promising either.
If you just need knowledge.....Argentina is fucked with assmouth leading the way
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