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.
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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www.telegraph.co.uk/news/worldnews/africaandindianocean/zimbabwe/9836132/Zimbabwe-has-just-138-left-in-the-bank-finance-minister-says.html
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.
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.”
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
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
HAHAHAHAHAHAHAHAHAHAHAHA
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?
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.
I never locked my doors either.
the more they will spend,
they never pay back,
they know not,
as children they think its pocket money,
no more money.
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.
And thankfully I'll never live that way. How frikkkn embarrassing.
If I were you I would be more worried about how the Peso at 8/1.
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.
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.
“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.
You know this.
FYI the lights are out in BA again.
Nice and hot
Gonna be some trouble tonight I bet
www.bbc.co.uk/news/world-middle-east-21250245
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.
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?
£160 billion from 2015,
and an increase of 1%,
still,
small by comparason to the mighty argentine military, is it not .lol.
Argentinans now aren't the same PEOPLE as history's rich Argentina.
“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.
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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