Friday, February 1st 2013 - 23:02 UTC

IMF censures Argentina; ‘remedial measures’ expected by September

Argentina became the first country censured by the International Monetary Fund for not sharing accurate data on inflation and economic growth under a procedure that can end in expulsion. The declaration of censure was adopted Friday by the IMF 24-member board of directors and even if it doesn’t have immediate effects, the decision takes the country a step closer to sanctions that include barred access to IMF loans.

Christine Lagarde must report on the Argentine situation next November

The IMF executive board found that Argentina’s progress in implementing so-called remedial measures “has not been sufficient,” according to the statement. The board called on Argentina to “address the inaccuracy” of economic data no later than Sept. 29, 2013. Managing Director Christine Lagarde is required to report to the board on Argentina’s progress by November 13.

The censure followed several attempts to obtain from Argentina information deemed good enough by the IMF to perform economic surveillance. President Cristina Fernandez has denied any wrongdoing even as the government’s official figures have been disputed by the IMF, economists and politicians since 2007.

“The IMF Executive Board found that Argentina’s progress in implementing the remedial measures since the September 17, 2012 Board meeting has not been sufficient. As a result, the Fund has issued a declaration of censure against Argentina in connection with its breach of obligation to the Fund under the Articles of Agreement.

“The Board called on Argentina to adopt the remedial measures to address the inaccuracy of CPI-GBA and GDP data without further delay, and in any event, no later than September 29, 2013. The measures applicable to the CPI-GBA and GDP aim at aligning these indicators with the international statistical understandings and guidelines that ensure accurate measurement.

“The Managing Director is required to report to the Executive Board by November 13, 2013 on the status of Argentina’s implementation of the above remedial measures. At that time, the Executive Board will again review this issue and Argentina’s response in line with IMF procedures.

“The Fund stands ready to continue its dialogue with the Argentine authorities to improve the quality of the official CPI-GBA and GDP data, and, more generally, to strengthen the relationship between Argentina and the Fund”, concludes the communiqué released on Friday.

In 2007 then President Nestor Kirchner replaced senior professional staff at Argentina’s stats office, Indec. While private forecasters estimate that inflation accelerated in 2012 to 25.6%, the government’s Indec said consumer prices rose 10.8%. Private forecasters aren’t identified because they risk being fined by the government for releasing calculations that differ from official data.

According to the fund, Czechoslovakia is the only country ever ousted from the IMF for breaching the same rule, while Cuba withdrew in 1964. The procedure that has censure as a prior step didn’t exist then.
 

73 comments Feed

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1 reality check (#) Feb 01st, 2013 - 11:12 pm Report abuse
IMF you are a joke and they are laughing at you. AT this moment in time KFC is running around telling them all, “ I told you so!”
2 Anglotino (#) Feb 01st, 2013 - 11:29 pm Report abuse
I'm amazed as the slow speed of the IMF. I'm sure it keeps hoping that Argentina will comply, which everyone knows it won't.

This will play into the CFK victimhood mantra and it is the average Argentinean that pays.

The next G20 summit is in Russia in early September. I wonder if they will politely sideline Argentina?

I somehow doubt that Argentina will be at the G20 summit in Australia next year.

My money is on Colombia taking her place.
3 reality check (#) Feb 01st, 2013 - 11:36 pm Report abuse
Anglotino.

I am convinced that the are afraid of the consequences of their decisions, frankly it astounds me.
4 Idlehands (#) Feb 01st, 2013 - 11:49 pm Report abuse
CFKs problem is that she can't really agree to change course. Argentina is drowning and currently paddling furiously just to keep its head above water.

Agreeing to follow IMF demands would not only very damaging politically it would also force up payments on index linked bonds. The only way to pay would be “printing” forcing up inflation even more. It may also lead to a new round of litigation based on the fact they have been defrauding the bondholders for a number of years.

So she can abandon the IMF and play the victim card or she can admit she's been lying and suffer the consequences. On past form it's pretty obvious what choice she will make.

CFKs strategy seems to be to kick things down the road as much as possible. I'd be stunned if she tried to stand for president again as this will all come home to roost before the end of the next presidency.

Her best bet is to kick as much down the road past the end of this one and then blame it all on the new incumbent.......unless there's something in the background so dire that she needs to retain the presidency to keep it quiet.
5 reality check (#) Feb 02nd, 2013 - 12:01 am Report abuse
KFC does not worry about the IMF and with indecision like this. why should she?
6 Shed-time (#) Feb 02nd, 2013 - 12:03 am Report abuse
This was sort of like kicking the can down the street with a red card in your hand. Without fully understanding the repercussions of this, I'm unable to say more.

It's clearly more than enough to get her to put up some smokescreen about the Falklands though.
7 reality check (#) Feb 02nd, 2013 - 12:14 am Report abuse
Shedtime.

That's the point, there are no repercussions. Well at a good guess, at least not until. September 2014 0r even in to 2015?

It's like playing a footie match with a Ref that keeps saying. “Do that again and I'll send you off.”

The more he says it. the more you know he's not going to do it.

Sorry about the anology, what with the so called red card and all.
8 yankeeboy (#) Feb 02nd, 2013 - 12:39 am Report abuse
The IMF is adhering to their charter, as I have said many times this is the beginning of an 18 month process to removal with 6 month intervals each more severe than the last.
This is serious business.
Argentina is on it's way out of the Worlds financial market.
9 MrKane (#) Feb 02nd, 2013 - 01:52 am Report abuse
Suck it up IMF. We don't want you here.
10 Nostrolldamus the 8th (#) Feb 02nd, 2013 - 02:06 am Report abuse
You mad IMF? You mad World Bank??

Hahahaha. Bubye.

UN your next.
11 reality check (#) Feb 02nd, 2013 - 02:27 am Report abuse
Please remember to settle your bar bill and hand your passes into security on the way out.

As of tomorrrow you are responsibble for your own NYPD parking tickets.
12 Nostrolldamus the 8th (#) Feb 02nd, 2013 - 02:59 am Report abuse
The bar had awful cheap drinks, and horrendous service. Ain't paying.
13 JoseAngeldeMonterrey (#) Feb 02nd, 2013 - 03:53 am Report abuse
The Argentinian government is doctoring inflation and economic data, the IMF has said what everyone else knew all the time. The Argentinian people will suffer the consequences of this irresponsible behavior from their President. The economy is build on trust, credibility, you take that away, and it collapses.
14 DanyBerger (#) Feb 02nd, 2013 - 05:44 am Report abuse
Why to wait to September when this if you can resolve it tomorrow morning?

Please, please, please... Expulse Argentina from IMF right now Argentina will save 4bn dollars that only serves to fed these good for nothing pseudo economists.

Then lets get out of the EU too...

Oh! Wait a minute argies! none want to end a pariah am I right?

So forget the last statement because only Brits will be in that list.

Viva Pinochio
15 mastershakejb (#) Feb 02nd, 2013 - 06:04 am Report abuse
lol SOOO hard @ Argentina!!!! Thanks for the comedy, argies!
They should replace Argentina with Chile for the G20. Chile's awesome. I'm not really such a fan of Colombia, so many hookers and cocaine, poverty, and filth. Not that the whole country is like that......but a lot of it is. Chile's a jewel though!
16 Ayayay (#) Feb 02nd, 2013 - 06:12 am Report abuse
So Cuba & Argentina are together finally (leaving IMF). I think they'll like each other's company
17 Shed-time (#) Feb 02nd, 2013 - 09:23 am Report abuse
Watching DanyBerger, Raul and Nostrol (Tobias) commenting is like watching a fish a caught fish gasping for air on the fisherman's boat.

The Argentines are struggling. Their commenters are struggling. Their politicians are struggling.

... and this Ferkshow has only just started.
18 toxictaxitrader2 (#) Feb 02nd, 2013 - 09:39 am Report abuse
How are the mighty fallen!
1925 Argentina richest country in South America,2025? poorest country in South America?
What happened?devastating natural disasters? foreign wars that depleted the treasury? NO! all caused by idiotic divisive politics,, coups ,etc.
Have you ever noticed how every one calls themselves a Peronist? from the rabid right to the loony left,
Argentina needs to rid itself of a poison obsession with a corrupt dictator and his inept wife. GROW UP!!
19 DanyBerger (#) Feb 02nd, 2013 - 11:22 am Report abuse
@mastershakejb
“They should replace Argentina with Chile for the G20”

And who cares? what G20 is useful for? absolutely nothing just another group for photo opo. that's all.

BTW Chile? there are so may countries before Chile can fit into it.
20 Xect (#) Feb 02nd, 2013 - 12:03 pm Report abuse
I have to say, whats new? Nothing

Just another Argentine financial catastrophe. This is Argentina being Argentina and we are just witnessing another event like we've seen many times before.

Country sits on a mountain of valuable resources, is financially managed in the most idiotic fashion, collapses and the poor souls who know no better blame it on external bodies. It seems to be in the Argentine psyche to never accept responsibility for its own mistakes which is also and ironically why it continues to repeat them. It's the nasty westerners or the IMF or **insert country or international body**

For one of the best educated SA countries there sure are a lot of dumbo's in power and if this forum is anything to go by, civilians too.
21 Shed-time (#) Feb 02nd, 2013 - 12:04 pm Report abuse
@19 does your president even turn up for the group photo? I thought she just stamped around getting upset about no one engaging with her monomania about some world-problem she keeps chuntering on about.

Chile or Singapore in the G20 next, and take out the trash.
22 Conqueror (#) Feb 02nd, 2013 - 01:50 pm Report abuse
@9,10 Are you going? Good. You're not needed or wanted. Please leave the UN. Then you'll have no-one to whinge to, will you? It's quite amazing really. You lot like to whinge to the UN. You like to list all the UN GA resolutions that you think support your illegitimate claim. All of which are NON-BINDING. Why don't you ever mention the BINDING UN SC resolution that you ignored? Remember UN SC 502? The resolution that told you to get off the Falkland Islands?
@12 You know what happens to “customers” that don't pay their bill? They get duffed up!
@14 Can't resolve it tomorrow morning. It's Sunday. But you can deliver your letter of resignation tomorrow. To take effect on Monday morning.
@19 Yeah? But we like Chile. And we think it'll be fun if you get to watch your next-door neighbour trotting off to G20 meetings where you can't go. It'll be in all the papers. “Chile welcomed to G20”. “Chile invaluable, says G20”. “G20 contrasts Chile with 'useless' Argentina”.
23 yankeeboy (#) Feb 02nd, 2013 - 01:52 pm Report abuse
I can't seem to find it now but I don't think IDB or WB can disburse during IMF censure.
The Rgs think not being in the IMF won't hurt them but there goes:
Jefe and Jefa Payments
The Child Allowance
Environmental Clean up ( Riachuelo)
Healthcare funding ( hospital funding)
Loans for:
Sanitation
Water
Dams
Roads
Bridges

It is U$Billions a year that CFK is going to have to try to make up somewhere
and it's U$ not Peso
She can't just print more
24 andy65 (#) Feb 02nd, 2013 - 02:05 pm Report abuse
@DanyBerger LOL you still pretending you sucker.
25 ElaineB (#) Feb 02nd, 2013 - 02:08 pm Report abuse
The problem here is the lack of understanding by the Argentine contributors. They think they can be self-sufficient but they really cannot. They are an economic disaster and need all the help they can get. Argentina owes money everywhere and relies on loans and handouts to pay for their social programmes.

The IMF are taking the right course and it cannot be taken lightly because the consequences are huge. Something many Argentines cannot grasp as they tend to be very inward looking.

The IMF is showing concern and pity for the Argentine people because they know it will be the general population - the poor and lower middle classes - that will truly suffer. Do you think for moment CFKC and the whole Kirchner oligarchy will suffer? Not one bit because they have the money stashed and the bolt-hole furnished and ready.

I doubt Argentina will be able to remain in the G20 or any of the organisations so loved by CFKC and Timerman. They claim to not care but they really do. Is there anything CFKC won't turn up to if she can get her photograph taken with powerful leaders?
26 cornelius (#) Feb 02nd, 2013 - 02:08 pm Report abuse
Pueblo Argentino (Peron addressing the nation) you are nut's!!
27 warteiner (#) Feb 02nd, 2013 - 02:15 pm Report abuse
IMF Who?? ...Who freaking care!
28 andy65 (#) Feb 02nd, 2013 - 02:21 pm Report abuse
@ElaineB, Not knowing how IMF might work can other countrys put pressure on these organisations after all it's a bitter pill to swollow when other countrys play by the book and Argentina are behaving dishonestly. I also read somewhere that Argenntine lies on the data it produces effects the interest on it's debts,if true this is really outrageous.
29 yankeeboy (#) Feb 02nd, 2013 - 02:27 pm Report abuse
Andy, The US Treasury is making this happen. I told everyone when Timmerman boarded our military jet it was going to happen. It is a slow grind but soon enough Argentina will either come into compliance, abide by the rules and customs every other country does or be put out in the cold.

We will do it all “legally” and “by the books” but it will happen slowly buy surely.

Is the timing coincidental with an election year?Hmmm maybe.

It is estimated Argentina has underpaid (defaulted) on their Inflation linked bonds by U$20B

Argentina is bankrupt they just don't know it yet.
30 commonsparrow (#) Feb 02nd, 2013 - 02:31 pm Report abuse
I will say it over and over again. Its all about THE PEOPLE whether in Falklands or Argentina or USA. The PEOPLE of Argentina WILL SUFFER, that is why IMF is so patient and gives so much time.
31 andy65 (#) Feb 02nd, 2013 - 02:34 pm Report abuse
@yankeeboy Thanks for your clarification it really is unbelievable that these people are strutting around believing they can behave like this and get away with it is it true the countrys reserves are held in banks where they can not be touched?? aparently they have enough reserves to pay these debts.
32 yankeeboy (#) Feb 02nd, 2013 - 02:47 pm Report abuse
Well that is where it gets interesting, usually a country's foreign currency reserves are immune from seizure since USUALLY the Central Bank is a legally separate entity.
I am not sure that BCRA could be considered a separate entity any longer. Using the funds to pay bills is a no-no and CFK has done this for years. Elliott lost a case 2 yrs ago when they asked Griesa to embargo the funds in NYC but now there is plenty of evidence to show that BCRA acts under the direction of CFK. We'll see where this comes out.
The funds are kept in Switzerland @ BIS, what is left of them. Since there has not been an audit in many years I think the $42B they claim to have in liquid funds is more like $7-10B. Who's to say with these liars.

They don't have near enough reserves to pay even what immediately owe in judgments from ICSID which I think is U$65B, Paris Club U$9B way way way overdue and these countries aren't going to wait forever.

CFK will never work this out. The people will suffer hyperinflation, huge devaluation, depression and high unemployment probably for a generation.
It is a mess.
33 ElaineB (#) Feb 02nd, 2013 - 03:07 pm Report abuse
The Argentines posting here 'who cares' like they are 5th graders in the playground have absolutely no idea how dependent their country is on the financial markets. They are taught that they are the greatest country, the greatest people, they don't need anyone and God loves them best. It is a pity their education and media does not explain that they live in a global society. The Argentine government acts like a petulant child in public, about to be kicked out of a club they wanted to join and enjoy the benefits of, crying that they didn't want to belong anyway. They did and they do.
34 Nostrolldamus the 8th (#) Feb 02nd, 2013 - 03:20 pm Report abuse
@33

So dependent on financial markets it has not taken a cent from bond auctions in years, took one 5 billion dollar loan to venezuela (really think that's enough for 10 years, when AR alone cost 2 billion), and no IMF loans at all.

I'd say that's pretty self-sufficient.

It's a pitty you don't got a clue, go back to Whitegreckiwka~~!! My Britain is fuck all now!

lol
35 yankeeboy (#) Feb 02nd, 2013 - 03:27 pm Report abuse
Toby, You have no idea about your own borrowing or economy. It is really embarrassing.

just 2 lenders in the many loan programs you have ongoing:

maps.worldbank.org/lac/argentina
www.iadb.org/en/projects/advanced-project-search,1301.html?Country=AR

U$Billions yearly
36 ElaineB (#) Feb 02nd, 2013 - 03:37 pm Report abuse
@34 You just proved my point about the lack of understanding.

TTT, the grown-ups are discussing the article, your contribution of 'but look over there' adds nothing useful.
37 yankeeboy (#) Feb 02nd, 2013 - 04:12 pm Report abuse
Oh how the story changes now the economy minister with the long greasy hair is saying they are going to release a new CPI regime later this year.

I can smell the desperation from here

Too many sticky fingers in the WB and IDB projects. Hard to keep up their lifestyle without the stolen millions (billions) the politicians are stealing from the people.

BTW did you see the head of AFIP makes P$1,200,000 a year salary!! OMG it is scandalous!!
38 Alexei (#) Feb 02nd, 2013 - 05:14 pm Report abuse
Credit is a great thing, but can be dangerous in irresponsible hands. A bit like alcohol. Argentina is like a drunk, it's not allowed any alcohol at home, and is now being kicked out and barred from licensed premises.
39 Captain Poppy (#) Feb 02nd, 2013 - 05:27 pm Report abuse
I find it quite interesting that the average Argentine here, that I have come across over the past few weeks do not think anything like those that blog here, in fact they are deeply troubled by all this and see the worst of times ahead of them. These moronic la campora bloggers will soon be coming to an end, the Argentines are getting sick of all of them. And Yankee, we did finally loss power here last night just before the storm.
40 yankeeboy (#) Feb 02nd, 2013 - 05:41 pm Report abuse
Cap, I saw Barrio Norte was out but that was a crazy storm! I think Argentina is not going to fare very well with the coming climate change.

My friends are sick to death of CFK and besides themselves knowing another major crash is just around the corner.

So that 800 peso meal you were talking about was that for 4 people?
41 Tobers (#) Feb 02nd, 2013 - 05:47 pm Report abuse
I dont remember when I last experienced -a- blackout in the UK. A decade ago? In Argentina it seems they have very low standards.
42 yankeeboy (#) Feb 02nd, 2013 - 05:59 pm Report abuse
41. I have an RG friend who has lived in the USA for 5 years and every time he leaves for a weekend trip or longer he unplugs everything and turns off the heat/ac not to save $ but because he is afraid it will burn his place down.

I've told him don't worry about it but he does it anyway.
43 Shed-time (#) Feb 02nd, 2013 - 06:28 pm Report abuse
@42 'be prepared' is their motto, and your friend is a good cub-scout.

The fact is, resident greaseball came on to announce a new index, but there is no way that in 6 months they are going to go from 'utter lies' to 'actual facts' given that INDEC will still be producing the statistics and anyone who goes against these statistics will still be fined for 'stating the truth'. It'll be the same story in 6 months, with more ranting from greaseball in residence.

Now I don't claim to be an expert on women, but can someone tell me why British women would like these sort of men with really greasy lacklustre mullets? I think they must find the greasiness and 1980's hair exotic or something.

I find it puzzling.
44 Captain Poppy (#) Feb 02nd, 2013 - 07:42 pm Report abuse
It was four people and wine.....actually was closer to 900 891 pesos.
45 ElaineB (#) Feb 02nd, 2013 - 07:45 pm Report abuse
@43 Do they? I think men with mullets are generally ridiculed and greasy hair is an absolute turn-off.

When I first went to Argentina I think I must have been taken in by the hype and wondered what had become of the 'famed' beautiful men. The majority were short with pot-bellies. I am not saying there were no attractive men but no more than most countries.

This rushed-out statement about a 'new' index tells me Argentina were not expecting the sanction.
46 Ayayay (#) Feb 02nd, 2013 - 08:29 pm Report abuse
@45 exactly. I was expectins something special but it in no way compared to parts of LA.
I think they USED to have more pretty people, when extended breastfeeding was more common because it has a HUGE influence on facial.porportions-plus the factor of them being 'white' surrounded by mixed & indigenous countries. They have an exaggerated tendency to see white as attractive.
47 Shed-time (#) Feb 02nd, 2013 - 09:06 pm Report abuse
Where is that supposedly wondrous jewish Killikovberg chap whose economic plan was supposed to save Argentina from economic ruin?

Why isn't he getting pilloried?
48 juliana_68 (#) Feb 02nd, 2013 - 09:11 pm Report abuse
@ 44 Captain Conqueror
if you cannot afford argentina food prices ....don't leave your USA!
Stay in the USA where you can afford the cheapest McDonald food!..
and buy cheap shoes made in China!...uuuuuuujajaja!
49 axel arg (#) Feb 02nd, 2013 - 11:03 pm Report abuse
Maybe the best that might happen to arg., is to be expealed from the i. m. f., since we could cancell the debt with that institution in 2005, we didn't need them anymore.
In the decade of the 90's, we were the best example for the i. m. f., however, there were much more unemploit people than now, the contracts for working were very precarious, and most our national patrimony was being sold, with that so called privatizations.
If there is an institution that we don't need, in order to continue improving the situations of millions of compatriots who still are poor, is the i. m. f., since we got rid of it, we could continue having a huge economic expansion, which created millions of jobs, beside, we could improve the social situation of millions of compatriots who were going through a vulnerable situation, so, we don't need in absolut any of the i. m. f's loans, there are others sources where we can go to ask for loans.
There are a lot of people in this forum, and among the irrelevant politicians that we have in the different politic parties, who criticise the inflation level, however, none of them say anything about what they would do, in order to solve the problem, if they were chose to rule arg.
Most the, just emphasize the lack of credibility of the indec, and don't say anything about the huge oligopolic concentration that we have in the most important sectors of the economy (food and metal mechanic), those sectors, don't make enough inverstments, and increase the prices of the products. On the other hand, just the public banks give economic support to the enterpices for inverstments, which is not enough, and most private banks, just give economic support for the adquisition of goods, but not for inverstments. All this situation is starting to change, with the reform of the charter of the central bank.
Accept it or not, the problem of inflation is much more complicated than the usuall analysis that you and the irrelevant politician use to do.
50 Pirate Love (#) Feb 02nd, 2013 - 11:03 pm Report abuse
“remedial measures” ???
damn, I was expecting an article on Timerman using an elastic ruler!!

however, isnt argentina already barred from imf loans through US/UK blocks?
51 Nostrolldamus the 8th (#) Feb 03rd, 2013 - 12:50 am Report abuse
So let's recapitulate:

A British female discussing beauty standards she expects on foreign men.

A yanki male from New York worried about storms and climate change.

You would think this is some comedy sketch where the most obvious topics NOT to be discussed by a certain group are used for parody and laugh... but in this case, they were serious.

So...

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!
52 toxictaxitrader2 (#) Feb 03rd, 2013 - 01:15 am Report abuse
I submit that the basic problem is C K,s partial legal training,always looking for a loophole instead of facing up to Argentina's financial and moral responsibilities,pulling stunts like fiddling inflation figures to defraud bond holders,nationalizing foreign companies without compensation (yes , making agreand against the constitution)refusing to comply with the rulings of international courts you have signed up to,refusing to pay the fees of said courts, breaking trade agreements made with Mercosur and individual counties .Confiscating the property of political opponents,insulting and attempting to intimidate the judiciary,breaking contracts with mining companies on the level of royalties after they have invested it goes on and on ,can anyone justify this sort of behavior or is it ?BASICALLY IF I DO NOT STEAL SOMEONE ELSE WILL STEAL!because if is your credibility is gone forever.
53 Shed-time (#) Feb 03rd, 2013 - 09:30 am Report abuse
@51 you're just sour because you, like most Argentine males (Don Lorenzinio, Herr Maximo,etc), have got a greasy 1980s mullet.

@52 Just so you know, claiming that KFC has any kind of legal training is generally seen to be a joke. There is no proof in existence that suggests she ever completed a law degree nor that she ever practised by passing any kind of bar exam. The $520mil in an offshore personal wealth fund that she claims was gathered from a lengthy and successful law career was actually what Nestor and She took from the original sale of YPF and was supposed to go to the state of Santa Cruz.

Having her say she was a successful lawyer is just perception management on her behalf.

Just so you know.
54 DanyBerger (#) Feb 03rd, 2013 - 09:34 am Report abuse
Meanwhile in the real world Argentina growing faster, consumption steady and everything all right.

No black out in UK and US are you kidding?

New your have no electricity in some parts and are rationalising fuel due to the last storm.

UK will suffer major blackout in near future...
www.youtube.com/watch?v=k7xODfTFJHM

Have you bough candles?
55 mastershakejb (#) Feb 03rd, 2013 - 12:08 pm Report abuse
lol, these Argie nutters will be begging for US dollars on this forum very soon
56 toxictaxitrader2 (#) Feb 03rd, 2013 - 01:25 pm Report abuse
@53 I do know CK is not fully trained,thats why I wrote partial training!please read more CAREFULLY LOL
57 yankeeboy (#) Feb 03rd, 2013 - 04:07 pm Report abuse
54 DanyBerger (#) Meanwhile in the real world Argentina growing faster, consumption steady and everything all right.

As inflation goes to 2.9%/month
As the peso goes to 8/1
40,000 construction jobs lost last year
Construction activiy lowest since the last crash
Real Estate market dead stopped
Soy/corn withering in the bone dry fields
Car Mfg falling
Taxes up
Utilities up
Transprotaion up
Blackouts every 3 days lasting multiple days
Garbage strewn streets

Yeah Dany it all is going swimmingly!!
58 mastershakejb (#) Feb 03rd, 2013 - 06:09 pm Report abuse
anyone up for a good laugh? google “argentina economy”
59 josefa malvinera (#) Feb 03rd, 2013 - 06:11 pm Report abuse
@57
You have to pay Captain Poppy restaurant expenses of $800 pesos!
Poor Captain Poppy!
No money No class!
60 mastershakejb (#) Feb 03rd, 2013 - 07:04 pm Report abuse
These same Argies on here who claim to be anti-USA/UK, if offered a green card/UK residency, would leave Argentina the SAME day they received the offer, wouldn't even stop to tell their families. Would call their families from USA/UK to tell them they've arrived in the greatest country in the world. They would sell their own internal organs or chop off one of their hands or feet if they thought it'd get them permant residency in USA or UK
61 Agent999999999999999999 (#) Feb 03rd, 2013 - 09:27 pm Report abuse
@61 Mustardshaker
what are you talking about?
if you don't like the argies...that is your choice...do something else instead of wasting your time!
62 St.John (#) Feb 03rd, 2013 - 11:33 pm Report abuse
ElaineB

you are unfortunately quite right.

The Argentine commenters have either zilch knowledge of national and international economy or they just pretend that the coming disaster won't happen because they don't want it to happen.

Reading their idiotic comments about “doesn't matter” or - like TobiasWithTheBigNostrils - thinking or pretending that Argentina can make it in isolation makes me sick.
I have good friends in Argentina and many of them will suffer severely from the emotional actions of her erratic government.
63 Captain Poppy (#) Feb 04th, 2013 - 01:28 am Report abuse
Yankee the garbage in the streets was appalling! They just seem to toss is out there without any regard. And the stench is enough to make you gag. In less than a one year period, the decay is grossly apparent. Even my in laws have said that their favorite restaurants have decayed, they said the beef is awful. The only thing that seems to be growing is the poor villas like 31, tossed together haphazardly with blocks. The people without power for days were burning fires in the streets as some sort of pissed off statement.
There is so much incomplete construction, like a highway that was started and never finished. I asked my father in law about it, he said it's been there so long he has no idea what it was for. Talk to the old timers in BsAs and they long for the military versus asslips. Argentina really reminds me of the early 1900's, they are so far behind in everything and until the corruption is beheaded and a competent, visionary elected to the national government, Argentina will be just another Venezuela, a country rich and mismanaged into a poverty. And as I said before, no one I came across supports asslips way of doing things, only the mindless la camporas that blog here. I thought it was funny that many think Aerolinas is for la campora and run by them, maybe that is why they are redlining. But I also retorted that unless they make a statement in the midterm elections, asslips will think she is being empowered.
If nothing else, they still put on a great Tango show. I had heard that Ford is putting off that big expansion, I saw a Ford plant just outside of the city, not sure if it's the same one.
64 Nostrolldamus the 8th (#) Feb 04th, 2013 - 02:08 am Report abuse
@57

HAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAAHAHAHAH!!!!

HAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHA!!
65 DanyBerger (#) Feb 04th, 2013 - 09:21 am Report abuse
Ha ha C poppy telling crap as usual about BA when in New york still cannot get fuel supplies by a storm.
66 Captain Poppy (#) Feb 04th, 2013 - 02:27 pm Report abuse
#65 hey dickhead....GO TO NYC then tell me what you can and cannot get? Wikipedia and utube means nothing. And dickburger....the Portena's just love all the Bristish tourists there and there where plenty......they were even all over Misiones. There were so many British I almost thought it was the UK, but again....they all love the British and USA tourists. Oh and my apolgies.....I forget you cannot afford to travel to the USA.........but a lot of Argies do. Are they still burning fires in the streets of protest over the lack of electricity? Two weeks is a long time without electricity.........
Yankee gas was about 8.25 pesos per liter......31.97 pesos per gallon, at the official exchange that's 6.41 per gallon.....and that is expected to increase according to c5n....the station that spews all of kirchner's vomit.
67 DanyBerger (#) Feb 05th, 2013 - 10:57 am Report abuse
@ C Poopy

Do you mean the porteños or “Porteros”?
What I would go to NY? to learn Spanglish and dance salsa?

A week is too much and what about months in New york?
100,000 N.Y. Homes, Businesses Face Months Without Power
www.bloomberg.com/news/2012-11-10/100-000-n-y-homes-businesses-face-months-without-power.html

Doesn't look any good for a super power without power. Isn't it?
68 Captain Poppy (#) Feb 05th, 2013 - 12:47 pm Report abuse
Your idiocy knows no limits does it? You compare a hurricane electricity outage in the NYC area to HEAT putting electricity out in Argentina. Does your brain always generate flatulence like this?
69 DanyBerger (#) Feb 05th, 2013 - 04:59 pm Report abuse
@Crap tain Poopy

Buenos Aires had in the former and current years plenty of storms or hurracanes like you want to call with wind speed ranging from 181 to 260km per hour similar to Sandy and?

last week was another storm and?
Do you only believe that storms only affects NY?

Now the storm (sandy) can be the excuse but was 4 months ago mate.
4 months how super power US cannot fix the problem in 4 months?

And for your knowledge in US had a blackout for the Guinness records of 55 millions people.

And the idiots here say that in UK were o are not blackout what about in the 2009 where more that 400.000 persons were without power just in London?
70 Captain Poppy (#) Feb 05th, 2013 - 06:35 pm Report abuse
Argentina never had a hurricane now you are making upo history like all you lying bags of feces.
1- Storms called hurricanes kill thousands of people in th world, Sandy destroyed 1000s of houses, that is what 170km per hour winds do fool
2- I never said the USA never had a blackout, tell that to the sperm recpticle tyou bought as a wife.
3- Cleaning up Sandy is like cleaning up the Twin Towers. Now stay on track asswiper, this is about Rgentina lying can getting censured.
71 Pirat-Hunter (#) Feb 05th, 2013 - 06:45 pm Report abuse
This is great news for us Argentine's who know that IMF and corrupt leaders funnel tax revenues from a nations accounts without any oversight or regulation, the lack of accoutabilty made this theft a threat to national security and economic stability.
www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
We can finally be sure that Argentina will not be dealing with leaches and we can sleep better knowing that only Argentines will ultimately be responsible for our future. Not IMF or some over seas vulture founds.
72 Captain Poppy (#) Feb 05th, 2013 - 09:22 pm Report abuse
Rgentina will not be dealing with anyone, including some other SA countries and they are starting to realize Rgentina's stink is getting on them. You would not know that as you are no longer an Rgentine, only an Rgentine immigrant hiding in Canada.
73 DanyBerger (#) Feb 06th, 2013 - 06:02 am Report abuse
@Crap tain Poop y

BTW storm, hurracane or whatever 260 km wind speed is more destructive than 170 km.

May be if you try to make your houses on solid concrete instead of that crap prefabricada shantytown style in wood, you will avoid such disasters.

Can you see how buildings in concrete on the back stay there?
www.youtube.com/watch?v=yOla5Yq4FEs

www.youtube.com/watch?v=RbMX2A545Wo

Oh!
Wait a minute you cannot afford it so you keep using wood because people in shantytowns because are cheaper.

BTW you live in a house prefabricated made of wood shantytown style?

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