Wednesday, January 30th 2013 - 06:44 UTC

IMF informally briefed on Argentina and on Friday will address possible censure

The International Monetary Fund’s board of directors was informally briefed on the economic situation in Argentina, which has refused to undergo an annual assessment since 2006.

Managing Director Christine Lagarde talked about Argentina at her first press conference of the year

The briefing by the IMF staff took place on Monday, the Washington-based IMF said in a statement. The 24 directors are scheduled to meet on Friday February first to decide whether to censure Argentina for not providing accurate data on inflation and economic growth.

Argentina is the only member of the Group of 20 nations that is refusing to allow the IMF to do its annual mandatory review of the country’s economy, a procedure known as an Article IV consultation. Somalia, Venezuela, Ecuador and Madagascar are the other countries where there’s been no such assessment in more than 18 months, according to the fund.

“Informal sessions to brief the board based on information available are held approximately every 12 months for members whose Article IV consultations are delayed by more than 18 months,” the IMF said in the statement.

A similar mechanism was recently employed with Ecuador a country which does not have an updated article IV review.

The last article IV for Argentina was in 2006, 62 months ago. President Cristina Fernandez late husband and predecessor, Nestor Kirchner, accused the lender of pushing South America’s second-biggest economy into a financial crisis that led it to default on 95 billion dollars of sovereign bonds in 2001.

Last January 17, in her first press conference of the year IMF Managing Director Christine Lagarde said the board would be addressing the Argentine case regarding its stats on inflation and GDP.

Private economists estimate Argentina’s inflation rate at 26%. Between soaring prices and the region’s worst performing currency, bond investors demand the highest return among major emerging countries to own Argentine debt. The country’s notes yield 1,090 basis points, or 10.90 percentage points, more than U.S. Treasuries, according to JPMorgan Chase & Co.’s EMBIG index.

 

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1 reality check (#) Jan 30th, 2013 - 08:34 am Report abuse
So what? They will not do a thing about it and Argentina well know it.
2 Orbit (#) Jan 30th, 2013 - 08:54 am Report abuse
Possibly, but if they don't there is no point in doing these 'consultations'. Anyone having issues will point to the snydey ignorant thumb nosing kid in the corner saying “well they don't have to do it, so why should I?”. At which point the grown ups say “because you wouldn't want to end up like them would you”.
3 willi1 (#) Jan 30th, 2013 - 10:02 am Report abuse
“I am very surprised about the lack of progress in the argentine statistics.” said mrs. Lagarde on friday, febr. 1st, 2013...
4 reality check (#) Jan 30th, 2013 - 10:32 am Report abuse
No true stats for 62 months, it,s laughable!
5 DanyBerger (#) Jan 30th, 2013 - 10:52 am Report abuse
More IMF soap opera...
6 Idlehands (#) Jan 30th, 2013 - 10:53 am Report abuse
Things could be worse. Zimbabwe only has £138/$217 left in the bank:

www.telegraph.co.uk/news/worldnews/africaandindianocean/zimbabwe/9836132/Zimbabwe-has-just-138-left-in-the-bank-finance-minister-says.html
7 reality check (#) Jan 30th, 2013 - 11:15 am Report abuse
Yes and of course as always, it's someone else's fault. Where have I heard that before?
8 CaptainSilver (#) Jan 30th, 2013 - 11:20 am Report abuse
The Botox economy, is it any surprise?
9 Optimus_Princeps (#) Jan 30th, 2013 - 01:19 pm Report abuse
The IMF is being cowardly and dragging their feet. They will probably extend the deadline or something to that effect.
10 yankeeboy (#) Jan 30th, 2013 - 01:42 pm Report abuse
We'll see, there is an awful lot of political pressure being put on the IMF to begin censure.
Frankly I won't be surprised either way.
The consequences are dire for Argentina though, immediate loss of funding from IDB and WB. Then the rest will have to follow.
11 Ozgood (#) Jan 30th, 2013 - 01:46 pm Report abuse
The censure will be like water on a duck's back
12 LEPRecon (#) Jan 30th, 2013 - 02:12 pm Report abuse
@11 Ozgood

I'm sure that's how the Argentine government will want it to look, but the effects on getting people to invest in Argentina will be extremely poor.

Of course, the usual Malvinistas like Nostril will be on here telling everyone how the don't need the IMF, or the WB or the WTO, until they realise that they do, then suddenly it'll be “They're picking on us, wah, wah.”
13 yankeeboy (#) Jan 30th, 2013 - 02:35 pm Report abuse
There are a lot of sticky fingers with the IDB and WB funds. Those sticky fingers are usually attached to powerful people that won't be too happy the $ is dried up.
Arg uses those U$ to pay U$ denominated debt and for imports. There is not have much room in their trade balance to make this up. Especially with the SOY withering under intense dry and hot weather.

Proposed Argentinian National Anthem: www.youtube.com/watch?v=7ikUCavp2yA
14 Ozgood (#) Jan 30th, 2013 - 03:23 pm Report abuse
@LEPRecon

Probably, but they also have “a debt of honour” to pay the Vulture hedge fund. These hedge funds are only for the very rich to gamble with and, as much as I despise them, (CFK & THE FUNDS) they will not get more investments unless they pay off their debts
15 screenname (#) Jan 30th, 2013 - 04:49 pm Report abuse
Venezuela and Ecuador mentioned in the same circle as Argentina. Why does that not surprise me?
16 Nostrolldamus the 8th (#) Jan 30th, 2013 - 05:20 pm Report abuse
finance.yahoo.com/news/us-economy-shrinks-0-1-133051224.html

HAHAHAHAHAHAHAHAHAHAHAHA
17 yankeeboy (#) Jan 30th, 2013 - 07:02 pm Report abuse
How are the pie sales going? Did you make $160 pesos or U$20 yet today. You should be able to buy the whole villa lunch with that! Your parents will be so proud!
18 Nostrolldamus the 8th (#) Jan 30th, 2013 - 07:31 pm Report abuse
So, what are the odds you will walk out of your office with your life today yankeebroke?

news.yahoo.com/shooting-reported-phoenix-workplace-reports-four-shot-182718485.html

How about your kids?

50/50? Improbable?

Everyday is russian roulette up there huh?
19 yankeeboy (#) Jan 30th, 2013 - 07:36 pm Report abuse
I don't even lock my doors when I leave.
It is very sad that you will never know that type of security.

How many companies will close when the Peso is 10/1? That may be in March at this rate.
20 reality check (#) Jan 30th, 2013 - 07:37 pm Report abuse
Your one sick little juvenile, gloating at peoples suffering!
21 Nostrolldamus the 8th (#) Jan 30th, 2013 - 07:50 pm Report abuse
@19

I never locked my doors either.
22 briton (#) Jan 30th, 2013 - 07:55 pm Report abuse
more money you give to children,
the more they will spend,

they never pay back,
they know not,
as children they think its pocket money,
no more money.
23 yankeeboy (#) Jan 30th, 2013 - 07:56 pm Report abuse
Then you must be dirt poor.
I had a 12 foot gate, bars on the windows and 2 armed guards at my house in Znorte. It was awful.
I will never live that way again.
24 Nostrolldamus the 8th (#) Jan 30th, 2013 - 08:08 pm Report abuse
news.yahoo.com/teenage-girl-shot-killed-days-performing-obamas-inauguration-120200091.html

And thankfully I'll never live that way. How frikkkn embarrassing.
25 yankeeboy (#) Jan 30th, 2013 - 08:14 pm Report abuse
I've experienced both, you have only 1/2 of the story told by a liberal media trying to get gun control passed in the USA. You are a very gullible kid.

If I were you I would be more worried about how the Peso at 8/1.
26 briton (#) Jan 30th, 2013 - 08:18 pm Report abuse
they only need half the story lol.
27 Nostrolldamus the 8th (#) Jan 30th, 2013 - 08:24 pm Report abuse
@25

Oh so it's the media's fault? Who have I heard say that before towards “malvinistas” about Lanacion, clarin, etc?

hahaha, it's called hypocrisy loser.
28 yankeeboy (#) Jan 30th, 2013 - 08:33 pm Report abuse
Toby, The last time Argentina released info on crime was in 2008, everyone and I mean the 100s of thousands that march for insecurity over the last year, know that the murder rate is escalating dramatically. Throw in death rates from traffic accidents and you are WAY more likely to die in Argentina from homicide or traffic than you are in the USA.

So you can go on and on and let your weak mind continue to be manipulated by the media or do your own research.

Again, I lived in both places and the reason I moved was solely because I didn't feel safe in Argentina any longer.

it is not funny but laugh all you want.
29 Nostrolldamus the 8th (#) Jan 30th, 2013 - 08:35 pm Report abuse
@28

“solely”

So tell me if the murder rate has doubled or tripled? Why are families not reporting the dead? Where are the bodies in the street, unclaimed, that the “stats” are not reporting?

try again.
30 yankeeboy (#) Jan 30th, 2013 - 08:38 pm Report abuse
Who know what the CRIME rates are, Argentina stopped reporting them when they started to rapidly escalate so there are no stats to compare.
You know this.
FYI the lights are out in BA again.
Nice and hot
Gonna be some trouble tonight I bet
31 andy65 (#) Jan 30th, 2013 - 10:20 pm Report abuse
@Nostrolldamus the 8th, I see your country is upsetting the jews now LOL poor Tinman thought he was an old jew boy there again when Crissy says jump you all f...ing jump LOL

www.bbc.co.uk/news/world-middle-east-21250245
32 DanyBerger (#) Jan 31st, 2013 - 09:45 am Report abuse
What about a Plan Cristina to save UK and US like the Plan Marshall?

Argentina leans pesos to them, where are the gonna buy?

Argentina in 30 years they will be ruined and every time Argentina moves the value of the peso they collapse and have to start all over again.
33 Ozgood (#) Jan 31st, 2013 - 01:52 pm Report abuse
How about some gun boat diplomacy? The European powers send their navies to Argentina to recoup debts just as they did over a century ago.
34 DanyBerger (#) Jan 31st, 2013 - 04:03 pm Report abuse
What navy mate?

Do you remember that you have none thanks to CaMoron.

The only danger for argies could be millions of Britons jumping to argentina from planes of British Air noways just to clean toilettes and to serve tables in BA like they did before.

An average of 40 years to learn a word in other languages of Britons, argies could be dead of starvation by waiting the meal in restaurants.

That is very scary I guess.

BTW you govt. cheque from the DSS have arrived or the Royal Mail is on strike like always?
35 reality check (#) Jan 31st, 2013 - 06:25 pm Report abuse
Get in touch with the times mate! DSS no longer send cheques, you need a bank account. Oh dear, that's most of you argies stuffed isn't it.
36 briton (#) Jan 31st, 2013 - 07:14 pm Report abuse
The goverment announced today,
£160 billion from 2015,
and an increase of 1%,

still,
small by comparason to the mighty argentine military, is it not .lol.
37 Ayayay (#) Jan 31st, 2013 - 10:33 pm Report abuse
Argentina used to be more.prosperous than England RIGHT BEFORE they emptied the treasuries financing a MASSIVE, country-changing immigration of poor people.
Argentinans now aren't the same PEOPLE as history's rich Argentina.
38 ElaineB (#) Feb 01st, 2013 - 09:56 pm Report abuse
So, the IMF have taken the first step towards expelling Argentina.
39 DanyBerger (#) Feb 02nd, 2013 - 03:44 am Report abuse
@reality check

“Get in touch with the times mate! DSS no longer send cheques, you need a bank account. Oh dear, that's most of you argies stuffed isn't it.”

What happened you have started to steal cheques from one another?

Bad, really bad, you should do things like that.

Well to be honest you always do stuff like that. Don’t you?

Especially with other people land, is that genetic or just indoctrination.
40 Pirat-Hunter (#) Feb 05th, 2013 - 07:01 pm Report abuse
#25 you are a nobody, being an Argentine is more then you can handle try being yourself and mind your own country, Argentina is way too much for you.
www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
#37 it still is!, meat still the traditional dish at the dinner table, wine and milk is never short, and eggs cost the same as last year if not cheaper. I wonder how the prices are holding up in UK?
I am just glad the thieves are not making rules or stealing Argentina's tax revenues.
www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/

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