Friday, March 1st 2013 - 00:11 UTC

World's richest man says Argentina is great and predictable: “you can never get hold of dollars”

Mexico’s Carlos Slim, probably the world’s richest man according to Forbes has referred to Argentina with certain irony when he was asked about the current foreign currency restrictions and changing regulatory framework implemented by the government of President Cristina Fernandez.

Carlos Slim loves Argentina, a great and magnificent country

“I love Argentina, a great magnificent country. It is highly predictable place: you can always be sure that in Argentina you can never have access to US dollars”, said the Mexican telecommunications and construction tycoon.

This is a decisive year for Carlos Slim since the Mexican government could open the telecommunications market to competition putting an end to his monopoly, but at the same time if President Enrique Peña Nieto makes the decision, he must also do something similar with the television market and this could benefit him.

In an interview with the Financial Times and reproduced in the Argentine newspaper El Cronista, Slim who did not have a fortunate start in 2013 since he lost 2 billion Euros in Europe as a consequence of a failed subscription issue and the collapse of the shares from Holland’s’ telecommunication corporation KPN, was not entirely discouraged because “fortunately” he never had the virtue of turning everything he touches into gold.

Last June and a few weeks after Argentina seized a majority stake in YPF, from Spain’s Repsol, President Cristina Fernandez celebrated the fact that Slim had invested in the now Argentine company by acquiring an 8.4% stake which belonged to the Eskenazi family, close business friends of the Kirchner couple.

In effect the operation had been started before the nationalization of YPF, and not long after the son of Slim said that his father’s participation in YPF was “circumstantial”.

11 comments Feed

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1 Ayayay (#) Mar 01st, 2013 - 03:08 am Report abuse
Yeah, Carlos Slim didn't BUY YPF shares, he got them because the Eskanazis couldn't pay him back. AFAIK
2 mastershakejb (#) Mar 01st, 2013 - 03:15 am Report abuse
lol, Argentina gettin dissed by its own investors/neighbors
3 Stevie (#) Mar 01st, 2013 - 08:29 am Report abuse
This guy is no human example whatsoever. People like him are the reason the world goes hungry. For dollars, even his grandmother is for sale.
4 Captain Poppy (#) Mar 01st, 2013 - 11:25 am Report abuse
Anti EVERYONE that speaks out against Argentina. Are we seeing a trend here yet?
5 Philippe (#) Mar 01st, 2013 - 12:19 pm Report abuse
Yes indeed, anybody who knows anything about fascist Argentina
knows how 'predictable' IT is!!

6 Elena (#) Mar 01st, 2013 - 04:47 pm Report abuse
Slim doesn´t have a monopoly, Slism has had at least three other companies openly competing with him since at least 10 years ago. What he does have is a dominance of the market in Mexico and a participation at other markets. That and a share in actions at other companies inside and out of the country. For him to have less dominance would be needed a lot more participation of different telecom companies and for them to offer good promotions. so far most have been way too quiet promoting themselves and similar in services.

And now, about the comment, I think it was taken out of context but then again he is known for being a little excentric, I it was taken from here: ”It is past 10pm and Mr Slim breaks off from the discussion to fumble with his cell phone, thumbing out a text message to a relative to come and pick him up. But before he goes, the conversation turns to Argentina. Most businessmen find its regulatory unpredictably and currency restrictions a stiff challenge. How does he find it?

“I like Argentina, a magnificent country,” he says. “It’s very predictable: you can always be sure you can’t get dollars there.”
7 olibeira (#) Mar 03rd, 2013 - 01:16 am Report abuse
You don't need dollars. You can use pesos. That way you have to reinvest the profits in Argentina. Not bad, hum.
8 Carlson (#) Mar 03rd, 2013 - 03:07 am Report abuse
He must be so stupid in investing in Argentina then.
9 Elena (#) Mar 03rd, 2013 - 06:58 am Report abuse
Well he does have a tendency to make risky inversions XD
10 Captain Poppy (#) Mar 03rd, 2013 - 02:04 pm Report abuse
He's done something right, he is a billionaire
11 olibeira (#) Mar 03rd, 2013 - 06:11 pm Report abuse
He can always sell and pack his bags.

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