Thursday, January 17th 2013 - 20:27 UTC

IMF ‘definitive’ assessment of Argentine inflation and GDP stats in February

IMF Managing Director Christine Lagarde confirmed to the Argentine media that next February first the fund will be assessing her critical report on Argentine statistics, which could lead to sanctions for the country.

Ms Lagarde: ‘it will be on February first’. If no agreement is reached IMF could implement sanctions

“It will on February first”, said Ms Lagarde during her first press conference of the year, when asked on the issue, and contrary to other occasions did not make any further comments.

This would be the definitive assessment of the Argentine case following on repeated postponements. After the evaluation, and according to procedure, IMF directors could consider a ‘red card’ against Argentina given the limited reliability of the country’s stats mainly referred to inflation and GDP, which are the most questioned both domestically and internationally.

At the beginning of this month the Argentine government official stats office, Indec, published that during 2012 prices advanced 10.8%, less than half the average from the consultants, censored by the government, and which reported 25.6% through the so called Congress index.

The IMF announcement of the stats report evaluation day comes at a bad moment for President Cristina Fernandez administration which was expecting the issue could be delayed until after the ongoing court case in New York by the hedge funds that are demanding full payment of capital and interest of Argentine defaulted sovereign bonds. These hedge funds are among the 7% of bond holders that did not accept the debt restructuring process of 2005 and 2010.

Parallel to Ms Lagarde confirmation of the stats controversy, a delegation from the IMF and World Bank are expected next March in Buenos Aires for an assessment of the country’s financial system. This would be the second time IMF staff arrives in Argentina during the administration of Cristina Fernandez. The first was back in 2011 when the now failed commitment from Argentina to improve its inflation and GDP stats with the support from the IMF and which has led to the current dispute.

34 comments Feed

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1 briton (#) Jan 17th, 2013 - 08:36 pm Report abuse
To be truthful
We are not really interested,
Next blogg please,
Make it a juicy one
2 redpoll (#) Jan 17th, 2013 - 09:01 pm Report abuse
Well in the gight between Cristina and Chritine I know who I would put my money on
3 reality check (#) Jan 17th, 2013 - 09:14 pm Report abuse
The IMF are not going to sanction them and she knows it, it will be a case of last warning honest, come next time, it will still be a case of, last warning we mean it this time. The one after that will be, this is deffinately your last warning and so on and so on and so on.
4 yankeeboy (#) Jan 17th, 2013 - 09:15 pm Report abuse
The day(s) of reckoning should finally be coming for CFK, you can only avoid, play, obstruct the system for so long before it finally catches up with you.

It would be nice f(or me) if it all came together about the same time.

I would can't wait for the spin machine to go into overdrive. Al the filthy thugs screeching at the same time should be fun to watch.
5 MrFlagpole (#) Jan 17th, 2013 - 09:22 pm Report abuse
It'll be interesting to see how this story develops.

Obviously cfk lies. she has to find a way of spinning this so she is the victim. Can't wait.
6 yankeeboy (#) Jan 17th, 2013 - 09:25 pm Report abuse
3. Everyone at the Int'l banks is expecting Argentina to be censured, in fact they just had an joint emergency meeting regarding it within the last couple of weeks.
I think this pressure is coming from the USA Treasury.
7 reality check (#) Jan 17th, 2013 - 09:31 pm Report abuse
I'd bet my pension that, this is the one delegation they will deffinately be keeeping their brown shirt bully boys away from. Shame really, I would dearly love to see how the IMF would respond to harrassment and intimidation of their staff.
8 Shed-time (#) Jan 17th, 2013 - 09:36 pm Report abuse
I'd put money on this can being kicked further down the road until later in the year. They'll make up something for the newspapers about how they're really upset about ENDICK, maybe writing a 'strong statement'. Then they'll say they want to do some snooping around, which they'll not be allowed to do.

Then on February the 1st we'll still be discussing this, the IMF will look toothless and KFC will be harping on about how she wants extreme levels of representation in the IMF. Maximo will then eat another cream bun.
9 toooldtodieyoung (#) Jan 17th, 2013 - 09:53 pm Report abuse
8 Shed-time

I think you are right. 17th December 2012 was the deadline wasn't it? that came and went and now we have 01st February and still the band plays on!!!!

There was talk ( on this forum, I think ) about how kicking Argentina out of the IMF would spell a whole heap of trouble for Ms Lagarde, and how they were not really sure that they wanted to do it. KFC knew this and was playing on this fact.

So.....I'm with you on this one my friend. 01st February will be the day when a whole lot of nothing goes on and, of course, Maximo will eat another cream bun.

What kind of odds have you got?
10 reality check (#) Jan 17th, 2013 - 10:15 pm Report abuse

Here some advice from the late Teddy ROOSEVELT.

“Speak softly and carry a big stick, you will go far.”
11 Rufus (#) Jan 17th, 2013 - 11:23 pm Report abuse
Nah, scream and shout and carry a rubber chicken on a spring.
12 willi1 (#) Jan 18th, 2013 - 09:08 am Report abuse
ck: “imf who?”
13 bushpilot (#) Jan 18th, 2013 - 09:25 am Report abuse
“and, of course, Maximo will eat another cream bun”

That is about the only real event that will actually happen.

The rest will be all hollow verbage for a long time to come I think. They are at least calling out the Argentine Govt. for what they are doing, but the IMF won't take any solid action, they would end up looking like the bad guys.
14 Anglotino (#) Jan 18th, 2013 - 09:45 am Report abuse
This will drag on for months and months.

I'm not sure why.
15 ElaineB (#) Jan 18th, 2013 - 10:22 am Report abuse
I had to laugh at the report that Anonymous Argentina hacked the INDEC website to protest the CFKC lies. They should adjust all the figures to the correct level.
16 Shed-time (#) Jan 18th, 2013 - 10:39 am Report abuse
*sound of a can being kicked further down the street'

@15 I personally laughed for hours about that one. They also took down the La Campora site for indoctrination of children in schools, a common process in Argentina.
17 ElaineB (#) Jan 18th, 2013 - 11:20 am Report abuse
@16 That La Campora site should stay down permanently. When the majority of Argentines learn that education is not being told what to think but learning HOW to think, they might understand what a good education is. It is the difference between being a follower or a leader. I suspect that is the reason anyone with in power sends their children abroad to be educated. They continue their oligarchy and keep the masses uneducated.
18 Optimus_Princeps (#) Jan 18th, 2013 - 11:36 am Report abuse
@17 What's worse is that they create incentives for people to spray paint political stupidities on private buildings all over the city. “CHAU Clarin 7-D” is still up and I laugh about how that failed. My favorite is “Fuera Piratas!”

These La Campora tards are everywhere. They are taught a wide array of defense mechanisms to protect themselves from people that point out the obvious flaws in their spoon-fed political views.
19 ptolemy (#) Jan 18th, 2013 - 01:17 pm Report abuse
@6 yankeeboy
“ Everyone at the Int'l banks is expecting Argentina to be censured,..” What is your source?
20 Conqueror (#) Jan 18th, 2013 - 01:25 pm Report abuse
@IMF: This is about credibility. YOURS. Arsieland is a larcenous, mendacious cesspit. If you don't take the appropriate action, YOU will be seen as a larcenous, mendacious, weak organisation. The British people will DEMAND that the UK withdraws from such a lily-livered organisation. It may be that the United States will also secede. How does a “Monetary Fund” without any money work? Be sensible. When you've found a crook, treat it like a crook.
21 Tobers (#) Jan 18th, 2013 - 01:50 pm Report abuse
Im not exaggerating to say that the La Campora website, for those who havent seen it, is truly unsettling.
22 Shed-time (#) Jan 18th, 2013 - 01:59 pm Report abuse
@21 Apparently it was so unsettling that an internet activist group decided that it should be taken down in its current war against untruths.

@17 But realistically, when are they going to figure that one out? 40 years time?
23 Welsh Wizard (#) Jan 18th, 2013 - 03:23 pm Report abuse
This is brilliant:
24 yankeeboy (#) Jan 18th, 2013 - 03:41 pm Report abuse
@3.Very sad, very very sad.

Although maybe someone can ship me one so I can put pins in it.
25 agent999 (#) Jan 18th, 2013 - 03:49 pm Report abuse
great link
you must read the comments section
”The first muñek is the mourning dress, the next will muñek Hot XXX with his(her) mouth open.”
26 Shed-time (#) Jan 18th, 2013 - 03:53 pm Report abuse
@23 where is the neck? where is the frump? where are the bloodless eyes?

Does the doll come with a Maximo doll, with a cream bun in both hands and a weird smell of toilet?
27 Richfe (#) Jan 18th, 2013 - 04:38 pm Report abuse

There really isn't much love there in the comments...

”ajajajaj will really like barbies? come with 12 departments, 6 houses, 6 land, 4 local and 82 million? obvious fib (as their asset declarations)“

”anyone who buys the rag doll and some pins key! jajajajajaj not going to miss! dress sleeves are embroidered cobwebs?“


And 71% of respondents are outraged....
28 ChrisR (#) Jan 18th, 2013 - 04:56 pm Report abuse
You just know that the doll has less plastic in it than TMBOA!

29 Brit Bob (#) Jan 18th, 2013 - 08:40 pm Report abuse
I smell a rat - a rat called Argieland escaping the IMF sanctions.
30 GFace (#) Jan 18th, 2013 - 11:37 pm Report abuse
@23 “I shall call her 'Mini-me'”
31 mastershakejb (#) Jan 19th, 2013 - 04:40 am Report abuse LOLLERS!
32 Shed-time (#) Jan 19th, 2013 - 09:04 am Report abuse
* sound of IMF kicking a can down the road *
33 yankeeboy (#) Jan 19th, 2013 - 05:52 pm Report abuse
We will see in a few weeks but Censure is just the 1st of 3 steps before expulsion. It is an 18 month process.
Censure does mean that IDB/WD et al can't disburse approved loans.
That will hurt them a LOT
The loans are a huge portion of U$ they count on and there is no way for them to make it up any where else.
34 Shed-time (#) Jan 19th, 2013 - 10:08 pm Report abuse
@33 It's a 24 month process if the IMF wait another 6 months before censuring them, and a 30 month process if they wait another year.

It all depends how bored they get of kicking that can.... and I'm pretty sure they're not bored of it yet. Await some toothless statement in Feb.

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