Friday, December 14th 2012 - 07:30 UTC

IMF expected to delay action on Argentina on stats dispute until mid January

The IMF said Thursday that it was unlikely to take action on Argentina failure to supply accurate statistical data before January, if the country misses a deadline next Monday.

Ms Lagarde is scheduled to chair a conference in Viña del Mar with the region’s Finance ministers and central bank governors

IMF spokesman Gerry Rice told reporters that IMF Managing Director Christine Lagarde would submit her report to the board on December 17 on the failure of Buenos Aires to provide accurate data on inflation and growth to the Fund as members are required.

Three months ago Lagarde warned that Argentina could be censured over the issue, after nearly two years of pressing the country to abide by IMF rules for providing accurate economic data.

“So they had the yellow card, and they have three months to avoid the red card,” she said in Washington in September.

Argentine President Cristina Fernandez subsequently hit back, saying her nation would not be subjected to threats of any kind, and dismissed the ‘soccer terminology’.

Rice said Lagarde will submit a report to the board on Monday, but said the board then needs to meet to review the report and decide a course of action.

“The date of that meeting is not yet set... I would not expect it to be this year,” he said.

Lagarde will be attending the Latin America regional meeting of finance ministers in Viña del Mar, Chile, on Friday but it is not known whether she will meet privately with Argentina Finance chief on the sidelines of the conference.

Ms Lagarde in the first of her two day visit said in Santiago de Chile that according to IMF estimates the country’s economy will grow 5.5% this year and over 5% in 2013, but above all underlined what she described as the ‘fantastic numbers” of the country’s economy.

“Chile’s numbers are fantastic; the envy of the whole world: inflation under control, low unemployment, low deficit and even lower debt”, however she admitted that Chileans are now “more interested in quality and fairness”.

Lagarde also warned about Chile’s current account deficit and recommended to be alert to global issues such as the European crisis, the US fiscal cliff and the volatility of commodities’ prices on which the Chilean economy depends.

The IMF chief met with Finance minister Felipe Larraín and Central bank governor Rodrigo Vergara.

Before arriving in Chile Ms Lagarde visited Colombia where she also praised the management of the economy and excellent macro economic stats.

52 comments Feed

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1 toooldtodieyoung (#) Dec 14th, 2012 - 07:55 am Report abuse
Well, this will give us some to look forward to in January then won't it. The first month of the year is usually a dull one, people are normally broke and waiting for the January pay day, so this will be a welcome distraction.

Yeah, mid January, putting the post Christmas blues on one side for a while, just to watch Argentina get b*tch slapped on the world stage AGAIN!!

I, for one will be looking forward to that.
2 reality check (#) Dec 14th, 2012 - 08:08 am Report abuse
So they are postponing any action, oh there's a suprise, any takers on them moving the goal post again in mid January?
3 ElaineB (#) Dec 14th, 2012 - 08:33 am Report abuse
The truth is they don't WANT to sanction Argentina. They know if will affect the Argentine on the street, not CFKC - I have millions in a Swiss bank account - and her band of robbers. And their warnings have had the effect of making the average Argentine question the actions of their President. She is now as popular as a bout of amoebic dysentery.
4 Shed-time (#) Dec 14th, 2012 - 08:50 am Report abuse
@3 The Argentinians voted her in, whether they like it or not. If they chose not to vote then, by understanding the political process, they suffer the consequences of their inaction. By removing Argentina from the IMF they are sending a powerful message out to other countries, that compliance is an important part of working within this framework. Besides, organisations need to start ejecting Argentina from their ranks for malcompliance.

It always starts with folks voting in some 'nationalistic revolutionary', and always ends with corruption and shooting in the streets.

They made their bed. End of.
5 ElaineB (#) Dec 14th, 2012 - 09:38 am Report abuse
Of the Argentines eligible to vote - roughly 70% of the population - one third chose not to vote. Of the remaining voters, 54% voted for CFKC. You have to understand there was no credible opposition, CFKC was riding the wave of sympathy playing the widow-card ( many Argentines are hopelessly sentimental about such things) and a large section of voter were bought.

Whilst I agree the Argentines have the government that won the election and therefore represents the people, it is worth knowing that many people that voted for her did not get what they voted for. She has brought in restrictions and measures never even hinted at prior to the election. They were fed a pack of lies and are now disillusioned. CFKC is not at all popular now.

I don't agree that the majority of good Argentines are responsible for the erratic and bombastic behaviour of a mentally deteriorating President. They do, however, have the power to do something about it now.
6 Captain Poppy (#) Dec 14th, 2012 - 11:10 am Report abuse
Lagarde is a first order joke and should be removed.
7 Brit Bob (#) Dec 14th, 2012 - 11:29 am Report abuse
The Red Card Cometh because I doubt that the CFK Comedy club have got the *alls to get INDEC to raise their false inflation statistics of 10% to the true figure of 25-30%.
8 yankeeboy (#) Dec 14th, 2012 - 11:37 am Report abuse
The USA is driving this and IMF will begin the process of censure/removal after everyone gets back from their Christmas vacations.
I hope RG citizens know how big a deal this really is for them. They're basically being shunned from the world's financial system. No public company in EU/USA will be able to invest within the country and the ones that are there will probably be forced to leave.
The gov't is very dependent on WB and IDB loans they will not be able to approve or disburse if they lose the IMF membership.
I hope they realize what is happening unfortunately I don't think they do and there is no stopping this train.
9 Shed-time (#) Dec 14th, 2012 - 12:14 pm Report abuse
@8 It's a mess, but they're still talking about the loans as if it wasn't they (the argentinians) that made the loans and ultimately should pay for them. It wasn't they (the argentinians) that invaded the falklands... it wasn't they who blah ... they didn't blah. repeat ad nauseum

I really think we're overjudging their ability as a nation to see this rationally. These people are brainwashed in schools to think that KFC is some kind of accomplished lawyer who didn't steal a lot of money from them and is leading them to some promised socialist utopia, where they all drink malbec and drive argcars. Combine this with, their lack of moral structure with regards to private ownership makes it difficult to ever lend them money or invest in their country.

So why again are they in the G20?
10 txiki (#) Dec 14th, 2012 - 12:19 pm Report abuse
I heard an interesting article on Radio 4 last night, about the situation in Argentina - and the fact that in spite of the Trolls on here, not everyone is happy. Interesting that they have to pay $2 a roll for toilet paper over there.

Piece in Argentina starts at 22 minutes.

For anyone outside the UK, you should load something like expatshield to be able to stream the iplayer.

11 Shed-time (#) Dec 14th, 2012 - 12:22 pm Report abuse
@10 The toilet rolls are expensive because of lack of demand. They don't understand the hygienic merits of wiping afterwards.
12 briton (#) Dec 14th, 2012 - 12:31 pm Report abuse
perhaps they will delay it indefinatly,

and why not ?
she wont pay, unless you force her,
13 txiki (#) Dec 14th, 2012 - 12:35 pm Report abuse
I heard an interesting article on Radio 4 last night, about the situation in Argentina - and the fact that in spite of the Trolls on here, not everyone is happy. Interesting that they have to pay $2 a roll for toilet paper over there.

Piece in Argentina starts at 22 minutes.

For anyone outside the UK, you should load something like expatshield to be able to stream the iplayer.

14 Pirate Love (#) Dec 14th, 2012 - 01:27 pm Report abuse
15 Nostrolldamus The 2nd (#) Dec 14th, 2012 - 02:30 pm Report abuse
16 yankeeboy (#) Dec 14th, 2012 - 02:43 pm Report abuse
On another issue;

I wonder why Petrobras has decided to leave Argentina? Are they afraid of nationalization?
Hmm will there be any Int'l companies left?
Probably not
I guess its N Korea para todos
17 Nostrolldamus The 2nd (#) Dec 14th, 2012 - 02:47 pm Report abuse
15 years and waiting for the famous IMF scolding/chastising.
18 yankeeboy (#) Dec 14th, 2012 - 02:54 pm Report abuse
Where are you coming up with 15 yrs? Nestor paid off the IMF in 2006 right? Then you started submitting false information to them in 2008. Nobody paid any attention until stupid Timmerman boarded our Military jet.
That's when all of this started to come to a head,
So the timing is about right and probably faster than CFK realized, Next Exec board meeting censure will begin with 2 6 month periods for you to cave.
If not bye bye
19 Yuleno (#) Dec 14th, 2012 - 03:37 pm Report abuse
The USA is driving this and IMF will begin the process of censure/removal after everyone gets back from their Christmas vacations.
Please can you tell me how you found this nugget of information.Wikileaks or Fox News?
It good to know that you realise that all this matter is political.
And thought it was just neo-liberalism.
20 Think (#) Dec 14th, 2012 - 03:47 pm Report abuse

Article says:
”IMF expected to delay action on Argentina on stats dispute until mid January”
I say:
Where did MercoPress get that ”Mid January” info?
Not from the IMF or Mr. Rice:

”QUESTIONER: I would like to ask about Argentina. The deadline this Monday and I would like to know whether the IMF has received recently any information from the Argentine government and whether the board meeting will take place on Monday which is the deadline, because you said last briefing that there was no date yet for the board meeting.

MR. RICE: As our Executive Board said in September, the Managing Director is required to report to the board by December 17 on Argentina's response. There will be a report to the board on Monday, December 17. There will then need to be a board meeting. That board meeting will not be on December 17. In fact, the date of that board meeting is not yet set. But at a later date there will be a board meeting to discuss the report that is submitted on Monday, December 17, to clarify those things. Again, we don't have a date for you yet in terms of when the board would meet to discuss that report.

QUESTIONER: This year?
MR. RICE: I don't have a date, but I wouldn't expect it to be this year.

QUESTIONER: And the IMF has received nothing from the Argentine government so far on this topic?

MR. RICE: I don't have any details on the contents of the report that is going to be submitted, so I don't have much for you beyond what I'd said.

QUESTIONER: Could you elaborate a little bit about what the next steps could possibly be as far as the procedure goes?

MR. RICE: I wouldn't want to preempt that board discussion or any board decision so that I don't have anything further on that except to say as the Managing Director has said in the past, we stand ready to continue to cooperate with the authorities with regard to the issue of the official CPI and GDP data.

Brainwash anybody?
21 yankeeboy (#) Dec 14th, 2012 - 03:53 pm Report abuse
You would have to be a blind idiot not to see where this is coming from and where it is going.

BTW nothing gets done in DC from now until mid January everyone left this week for vacation.

Next Exec Board Meeting will start the Censure.
22 Pirate Love (#) Dec 14th, 2012 - 03:55 pm Report abuse
@17 Then i guess theres nothing stopping argentinas attempts to borrowing more money from the IMF is there? :)))
hahahahahahah, thats right they cant, ahahahahha why scold/chastise when the unofficial first stage sanctions have more effective. loan requests blocked all day every day! :)))
23 Nostrolldamus The 2nd (#) Dec 14th, 2012 - 03:57 pm Report abuse

Uh, we don't need to borrow from the IMF. We are not a failed state that bleeds cash like the UK, Europe, or the USA. We have been in the green for 12 years... when was the last time your country was in the green even one year?

24 yankeeboy (#) Dec 14th, 2012 - 04:02 pm Report abuse
Toby, Its not the IMF you are borrowing from it is WB and IDB and they can't lend without Arg following the IMF rules.
There is also IFC and ICSID attached to WB/IMF not in those and no Int'l country can invest. They can get insurance nor have legal recourse outside of the country.

There lies the rub,

It's not the loans it's everything else that goes along with IMF membership,

Try not to be so obtuse it makes you look foolish.
25 ProRG_American (#) Dec 14th, 2012 - 04:47 pm Report abuse
26 agent999 (#) Dec 14th, 2012 - 06:28 pm Report abuse

Again - and what has this got to do with this article?
27 Nostrolldamus The 2nd (#) Dec 14th, 2012 - 06:37 pm Report abuse

GUESS WHERE ???????????

What a pathetic, despicable, horrific, uncivilized, bestial, savage, barbaric, place!!!!!!!!
28 briton (#) Dec 14th, 2012 - 07:20 pm Report abuse
the latest is 18,
why,,, do you think this is funny,
those poor parents must be devistated, and all you argies can do, is gloat.
29 agent999 (#) Dec 14th, 2012 - 07:22 pm Report abuse
Again to Nostrolldamus The 2nd nothing to do with the article
30 briton (#) Dec 14th, 2012 - 07:49 pm Report abuse
IMF Managing Director Christine Lagarde,
Just bankrupt her,

Remove her,
And appoint a competent person to run the county,
Well it was just a thought,
31 ElaineB (#) Dec 14th, 2012 - 08:07 pm Report abuse
@27 Only YOU would be gloating about this. Go and take a long hard look at yourself.
32 Nostrolldamus The 2nd (#) Dec 14th, 2012 - 08:14 pm Report abuse

You know Elaine, you were gloating about a supposed shooting in Buenos Aires just yesterday. The difference is I am revolted by the above, you (and yankeeboy and the others here) celebrate any news that may indicate suffering in Argentina, so you can blast off at CFK.

You know what you are doing? You are doing transference. Deluding yourself that how YOU act is how others act... I posted that because I am pissed off about children getting killed. You thought otherwise because that is how YOU think when posting bad news about Argentina.

And that's that.
33 ElaineB (#) Dec 14th, 2012 - 08:23 pm Report abuse
@32 You are entirely wrong again.
34 Think (#) Dec 14th, 2012 - 08:27 pm Report abuse
(33) Turnip ElaineB

Is he really “entirely wrong”?......:

“35 ElaineB Dec 13th, 2012
There was a shoot-out in downtown Buenos Aires today.......”

What a Turnip!
35 agent999 (#) Dec 14th, 2012 - 08:27 pm Report abuse
crap! your post had nothing to do with being pissed off about children getting killed.
36 ElaineB (#) Dec 14th, 2012 - 08:42 pm Report abuse
My innocuous comment was stating a fact; no pleasure taken at the incident in a city I am fond of and have many friends.

Now read TTT's comments with all the caps and exclamation marks followed by a stream of abuse. How excited is he?

If you can't see the difference......
37 Think (#) Dec 14th, 2012 - 08:59 pm Report abuse
“Innocuous”, my left foot....
I can see the difference alright....
And it balances heavily in Tobias favor....
38 Yuleno (#) Dec 14th, 2012 - 09:00 pm Report abuse
36# Nostro makes a point.
Can you explain if the incident he refers to is more abhorrent because you have friends there.If not why mention the fact.Its all a bit cheesy what you say.
What are we to do about it,ElaineB.
Perhaps not referring to I enlightening acts at anytime is one way.Shall we condemn all mention of such comments by any party.
39 Nostrolldamus The 2nd (#) Dec 14th, 2012 - 09:02 pm Report abuse

And who are you exactly to make judgement on the sentiment of others through a computer screen?

That stream of abuse is exactly what a society that allows such heinous depravity on a daily basis without MOVING A FINGER to do something about it deserves.
40 agent999 (#) Dec 14th, 2012 - 09:07 pm Report abuse
@38, @39
multiple personalities
41 Captain Poppy (#) Dec 14th, 2012 - 09:55 pm Report abuse

Actual briton the figure currently is 26 with 20 under 8 years old. We know this news of the deaths of 5 - 8 year olds brings joy to the like of a toby, for most it's a tragic event, especially for the parents. Even with all these “mass killsing” in the USA, the murders per capita in the USA and Argentina are near identical. At least when ARgentina use to track crime stats. However, with that being said, that news has nothing to do with this article. You claim to be intelligent toby, but why can you not focus and stay on point?
42 Conorworld (#) Dec 15th, 2012 - 02:03 am Report abuse
About time this happens. Manipulation of statistics by an elected government is wrong. It is a mockery of democracy.
43 Nostrolldamus The 2nd (#) Dec 15th, 2012 - 02:47 am Report abuse

Manipulation of statistics of weapons of mass destruction is not wrong, and should not be punished right?
44 Captain Poppy (#) Dec 15th, 2012 - 03:05 am Report abuse
titi boi why are you incapable of sticking to the topic? Lack of ADHD meds?
45 Nostrolldamus The 2nd (#) Dec 15th, 2012 - 03:09 am Report abuse
I am sticking to topic, he is asking for punishment for alledged statistical fudging. Where is the precedent for punishing a nation for giving the world BAD data...

... bad Intelligence... HUH??
46 Captain Poppy (#) Dec 15th, 2012 - 02:40 pm Report abuse
IMF expected to delay action on Argentina on stats dispute until mid January...That is the topic and Conorworld is referring to cuntina kirchner. always digress and divert.
47 Pirat-Hunter (#) Dec 15th, 2012 - 07:10 pm Report abuse
Programed theft.
48 Captain Poppy (#) Dec 15th, 2012 - 10:26 pm Report abuse
And the mindless wannabe Canadian voices in again
49 ProRG_American (#) Dec 16th, 2012 - 08:25 am Report abuse
Ignore the IMF Argentina. You have no obligations to those corrupt usurpers. They are still licking their wounds over geting payed off. I don't see them beating on Brazil, but that is a fish too big too swallow.
50 Yuleno (#) Dec 16th, 2012 - 02:01 pm Report abuse
Why don't you comment on the thread instead of trying to tell others what the subject of their post should be.
There isn't much contribution in repeating the fact that the report was submitted and will now go for further perusal,probably in January.
What happened to the red card remark.Did legarde get above herself,like a lot of females are doing,because a red card is instant and one can only appeal against its other sanctions.I know its a FIFA thing and has its authoritarian personality,but it was legarde who used it.
51 Think (#) Dec 16th, 2012 - 03:44 pm Report abuse
(50) Yuleno
There are sooooo many things about Football a Woman doesn’t understand….
52 Yuleno (#) Dec 16th, 2012 - 11:03 pm Report abuse
Merget morsomt

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