Monday, May 13th 2013 - 22:34 UTC

China to the rescue of Argentina with a 10 billion dollars equivalent swap

Argentina is negotiating with China a new 10 billon dollars equivalent swap of international reserves support based on the experience of 2009 when the global financial crisis. The new accord should theoretically help Argentina strengthen its international position vis-à-vis the run on the dollar (or the flight from the Peso) and which has cost the Central bank 4 billion dollars so far this year.

Cristina Fernandez trying to convince Vice-president Li to accept Argentine Pesos

According to Buenos Aires financial media the issue was addressed and advanced last Friday when President Cristina Fernandez met visiting Vice-president Li Yuanchao and later in the Senate when the Chinese official held talks with Vice president Amador Boudou and the number two man in the Central bank, Miguel Pesce who participated in the 2009 swap agreement negotiation.

The swap does not actually mean an increase in international reserves unless there is a critical situation when a trigger goes off but it is a clear support for Argentina. In reality if the swap were to be used it could cause even more fear among investors, and the successful experience of 2009, not only with Argentina but with several Asian countries, showed there was no need to implement it.

How does the system work? If Argentina’s international reserves continue to deplete then the country could have access to a credit line of 10 billion dollars but in Yuans. In exchange Argentina delivers to China the equivalent in Argentine Pesos.

However there is another catch since pretending to change that sum of Yuans into dollars in international markets won’t be easy, so what matters is the signal, not necessarily the implementation.

The swap is thus another option the government of President Cristina Fernandez is appealing to with the purpose of reinforcing its reserves situation quiet battered because of the loss of confidence in her government and her economic policies by Argentines (and neighbouring countries).

The main instrument is the tax amnesty or whitewashing bill under consideration in Congress which would enable Argentines to exchange their undeclared assets and dollars for equivalent government promissory notes and/or bonds, which can be invested in the real estate and construction industry or in oil and gas development. No tax or costs for surfacing and the bonds will yield 4% annually.

Those dollars would yes automatically help to increase the Central bank’s reserves.
 

66 comments Feed

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1 Chicureo (#) May 13th, 2013 - 10:53 pm Report abuse
Gawd! First Papa Noel Chavez and now the Virgin Manchuria...
China is really being stupid or very scheming...
2 Tegal (#) May 13th, 2013 - 11:16 pm Report abuse
Of course any loan will come with interest rates that would make a loan shark blush!
3 Livin_for_a_better_Uruguay (#) May 13th, 2013 - 11:20 pm Report abuse
This won't work because, as everyone should know, if you give money to people whom don't know how to manage it and/or are corrupt(like in this case), nothing changes. It's like giving 1 billion dollars to the somali government to build schools and hospitals, all they will actually do with the money is keep it to themselves.
4 Captain Poppy (#) May 13th, 2013 - 11:37 pm Report abuse
Desperate measures for desperate times. Do they think the dollars bonds will get paid in yuans? morons.......I guess China feels it is worth it to be able to suck the resources dry........
5 JamesS (#) May 13th, 2013 - 11:38 pm Report abuse
Hmmm interesting, The swap does not actually mean an increase in international reserves unless there is a critical situation.. So does this mean CFK is expecting a critical situation or just anticipating the worse scenario ? and my bet it will not happen until after October..
6 bushpilot (#) May 13th, 2013 - 11:45 pm Report abuse
@ 4
“China feels it is worth it to be able to suck the resources dry”

That is exactly what I was thinking.

@3
I don't think China would want anything to change in Argentina. China wants Argentinas resources. Argentina is just sitting there like a beached whale. It is incapacitated from leftist fantasies and just laying there ready to be skewered. That is good for China.

They have no where to turn and have to turn to China.
7 malicious bloke (#) May 13th, 2013 - 11:46 pm Report abuse
So how long before Argentina refuses to pay this loan back and starts beating it's scrawny little chest and complaining about how unfair the terms of the deal were?

China must realise that lending money to a country as gleefully financially derelict as Argentina is like pissing it up the wall, so my guess is there'll be non-payment clauses and collateral out the wazoo, probably involving mineral and fishing rights. Clever businessmen, the chinese.
8 andy65 (#) May 14th, 2013 - 12:05 am Report abuse
What a desperate old bird Kirchner is becoming,if she hasn't already she will be selling her ass next
9 Pete Bog (#) May 14th, 2013 - 12:30 am Report abuse
“government promissory notes ”

The ones that say 'I promise never to let you have any money back, suckers.'
10 Captain Poppy (#) May 14th, 2013 - 01:19 am Report abuse
Andy, there would only be one buyer and BK would become a capitalist to earn the money for it.
11 JoseAngeldeMonterrey (#) May 14th, 2013 - 01:23 am Report abuse
Cristina giving the country away to China.
12 Captain Poppy (#) May 14th, 2013 - 01:36 am Report abuse
Perhaps China will be her adopted country in exile.
13 Sir Rodderick Bodkin (#) May 14th, 2013 - 02:14 am Report abuse
Next thing you see is a chinese flag flying over Casa Rosada.
She better get that chopper ready.
14 Anglotino (#) May 14th, 2013 - 03:23 am Report abuse
PMSL!

You have got to be joking. This is a clear sign that Argentina CANNOT pay back what it owes. A clear sign that it needs to INCREASE debt because it has destroyed the ability of the economy to grow.

When, and it is a when not an if, this is used, supposedly Argentina will have access to US$10 million worth of Yuan. The amount is still denominated in US$.

And what is the exchange rate between Pesos and Yuan? Or will they take payment in soy? Time for the government to start nationalising farms to pay the bill?

Argentina can't get a line of credit from anyone so now China will provide it. As China is obviously not doing this under any sort of good commercial practices, they can only be doing it because they are gaining something.

And if they are gaining something, then what is Argentina losing?

So much for Stevie's continual protestations that never again would the US own or exploit South America's resources, now it is China in Venezuela and Argentina doing the same.

So much for Nostril's claims that Argentina doesn't need anyone's help but to be left alone. Seems when all your options are disappearing you grasp whichever is offered.
15 Frank (#) May 14th, 2013 - 03:28 am Report abuse
'trying to convince'.... 'negotiating' ......

In the photo I think Mr Li is saying 'tell her she's dreaming.....'
16 Think (#) May 14th, 2013 - 04:34 am Report abuse
To all the “Ecomomy Expert Turnips” in here….

Some Turnips in here seem to ”Think” that Argentina is doomed because of the latest currency swap deal with the Peoples Republic of China……
Well…..
So must be New Zealand….
And South Korea...
And Malaysia...
And Indonesia...
And Hong Kong...
And Belarus...
And Iceland...
And Singapore………..
www.reuters.com/article/2011/04/18/china-newzealand-swaps-idUSL3E7FI0LH20110418

PS:
Anybody heard the good news about Chevron yet?
17 Ayayay (#) May 14th, 2013 - 06:15 am Report abuse
They know they're pulling out of New York. Even Sweden issues out of NY. Guess they like Chinese Democracy.
18 JoseAngeldeMonterrey (#) May 14th, 2013 - 06:23 am Report abuse
Think (16),

The currency swap deals with these countries were “aimed at promoting bilateral financial cooperation and facilitating trade between the two countries”.

The deal with Argentina is intended to be used in case of a collapse of Argentina´s currency.
19 LEPRecon (#) May 14th, 2013 - 06:26 am Report abuse
Is this another case of closing the stable door after the horse has bolted?

How many times has the Argentine government bragged about signing one deal or another over the years, only to find out that they were 'negotiating' and the deal fell through for one reason or another.

They're in negotiation with China. China, whilst being a communist country, is very commercially savvy. They will do what is right for China and nothing else. If this deal does go through, then Argentina will find themselves paying through the nose, when things go completely tits up.

And Argentina better not renege on any agreements with China, that would be very foolish indeed.
20 Stevie (#) May 14th, 2013 - 06:31 am Report abuse
#2
It's a swap, not a loan

#3
It's a swap, not a loan

#4
The Yuan is to protect the reserves, if only the speculative part, not to pay bonds with.

#6
You might be right on China wanting resources.
Instead of enforcing their view of democracy, they offer Argentina a hand should they need it.
Excellent way to form relationships.

#7
It's a swap, not a loan

#9
It's a swap, not a loan

#11
It's a swap, not a loan

Do you people know the difference between a swap and a loan?
21 Anglotino (#) May 14th, 2013 - 06:40 am Report abuse
Yes!

A swap:
something Argentina needs when it's government has fucked up its economy so much that no one else will help.

A loan:
something Argentina doesn't have a good track record on repaying.

Now I understand why the Chinese prefer a swap rather than a loan. Thanks for highlighting that Stevie.
22 Faz (#) May 14th, 2013 - 08:06 am Report abuse
..and, Argentina is the country with reserves of $40 billion! ...my arse! It's broke...
23 DanyBerger (#) May 14th, 2013 - 08:30 am Report abuse
@Faz

Yes Argentina is a country with 40bn in foreign currency reserves but not to give way to speculators that want to get rich overnight.
Sorry...
24 Welsh Wizard (#) May 14th, 2013 - 08:41 am Report abuse
@16 Yup, slightly different. The effectof that is to effectively have cash on account which you can set-off against trade balances. It increases liquidity, stops money from having to flow back and forward continually and allows to quicker deals to be made.

This is an interesting deal. Should Argentina hit a trigger event (which would mean it is in the poo) then China gives Argentina $10bn worth of Yuan. At the same time Argentina gives the equivalent amount in pesos. However, if Argentina is in the poo then it is likely to be an inflation based problem which means that china is probably not going to want to accept a devaluing currency. It may be that Argentina would actually have to print half of this amount to meet its obligations.

I've worked on a couple of these before and they normally have a whole load of contingencies which need to be met before the cash goes out of the door i.e. that the currency is stable, if it isn't the equivalent amount is given in US$, if US$ isn't available then assets will be posted as collateral (soy, wheat, barley, metals, oil, share is nationalised companies (or indeed the actual company itself) etc)...or that if the currency depreciates by x amount after the swap then extra collateral is given (as per above). The take away point is that the person benefiting from the swap not only has to qualify for it but, if they don't then they hand over cash plus a pound of flesh
25 Anglotino (#) May 14th, 2013 - 09:03 am Report abuse
Welsh Wizard

Interesting! I don't think China is going to accept US$10 billion worth of pesos. So when the poo hits the fan, there'll be two sounds in BsAs.

The splatter of the poo over the faces of CFK government ministers, and....

The sputtering of said ministers when China demands upwards of US$10 billion worth of hard assets or produce as collateral.

I, on the other hand, will be pissing myself.
26 Anbar (#) May 14th, 2013 - 09:07 am Report abuse
China just bought Argentina as their bitch.
27 Captain Poppy (#) May 14th, 2013 - 09:44 am Report abuse
In the myopic eyes of the Argentine government, it's a swap.
Considering the worldwide status of the Argentine peso, I am sure the Chinese do not see this as a swap.
Considering the credit rating AND history of Argentine's repayment history, the Chinese do not see this as a loan. I am willing to wager that the Chinese see this an investment, a small fee to own and exploit the natural resources that the Chinese need in SA.
28 lsolde (#) May 14th, 2013 - 09:51 am Report abuse
Oh Argentina, you silly, silly country.
What have you gone & done?
Anbar is right, you will be China's bitch forever.
Even l, don't wish that upon you.
29 darragh (#) May 14th, 2013 - 10:30 am Report abuse
“If Argentina’s international reserves continue to deplete then the country could have access to a credit line of 10 billion dollars but in Yuans. In exchange Argentina delivers to China the equivalent in Argentine Pesos”

Supposing this all happens (and at the moment it's a big suppose) will China want the 'equivalent' in the 'official' fanciful exchange rate or will there be a the 'blue Yuan'' exchange rate especially taking into account the fact that the Chinese government keeps the Yuan artficially low to support exports.
30 yankeeboy (#) May 14th, 2013 - 11:05 am Report abuse
My bet is that sometime after the next election CFK ( if she is still the ruler) will re-institute the Grain Board. Whereby the gov't buys all the grains at a low price and sells at market.
China just pre-paid for their Soy at a highly discounted rate.
Just wait for it.
31 cornelius (#) May 14th, 2013 - 11:07 am Report abuse
They will use the safety deposit box in her house to keep the money.
32 manchesterlad (#) May 14th, 2013 - 11:31 am Report abuse
I agree with most of the comments that the yuan-peso swap will have to be backed by some form of collateral......which in Arg case is soy, wheat & maize

It seems that CFK has just sold the next 5 years harvest for a guarantee of cash flow.......I wonder what 'La Rural' think about all this???
33 yankeeboy (#) May 14th, 2013 - 11:33 am Report abuse
They've had the same agreement with Venezuela for years. Cheap oil for expansive U$.
idiots

BTW the Ks take a 15% “customs fee” on every import and export on top of it all.
34 Conqueror (#) May 14th, 2013 - 12:00 pm Report abuse
@20 Can you read? Then read this: “If Argentina’s international reserves continue to deplete then the country could have access to a credit line of 10 billion dollars but in Yuans. In exchange Argentina delivers to China the equivalent in Argentine Pesos.” In case you're having trouble with “concepts”, credit equals loan. Here's a fun bit. In terms of the US dollar, the yuan is worth slightly less than the argie peso. Work it this way. For every billion yuan argieland BORROWS, on credit, it will have to give China 850 million pesos. Plus interest. BUT it costs more than 6 yuan to buy a dollar. And more than 5 pesos to buy a dollar. Unless it's a “blue” dollar. In which case it costs more than 10 pesos to buy a dollar. Is this what's called “working the margins”? Or is it just hoping the percentages work out?
35 bushpilot (#) May 14th, 2013 - 12:13 pm Report abuse
@20 Stevie

“Instead of enforcing their view of democracy, they offer Argentina a hand should they need it.”
“Excellent way to form relationships.”

North Korea has their own version of democracy too.

In the U.S. democracy the economic gap is huge. Billionaires are allowed to be billionaires! Taxing them enables the poor in the U.S., the ones “way” down at the bottom, to have plenty of food stamps, access to medical care, housing projects, programs for pregnant women, subsidies for heating bills, subsidies for higher education, and free telephones.

Could you give just your first best example of how Argentina democracy differs from the U.S. version? What is the benefit to the Argentine people of that one difference?
36 Mr Ed (#) May 14th, 2013 - 12:43 pm Report abuse
China and Argentina are antipodal, opposite sides of the Earth. The would-be genocidal régime in BA has gone as far as possible for a deal, I suppose they will tap the Man in the Moon next, the only person who might not be aware of their creditworthiness.

And when the PLA Navy and Air Force come to claim back hard assets, should we rent them some space at Mount Pleasant and Stanley Harbour?
37 Chicureo (#) May 14th, 2013 - 12:48 pm Report abuse
#36
The PLA may end up holding an Argentine lease for the islands...
.
38 Simon68 (#) May 14th, 2013 - 01:56 pm Report abuse
Soooooo, now it seems that when the money launderers and narcos wish to redeem the dollars that they are going to inject into the Argentine economy they will be repaid in undervalued Yuans instead of US$, but of course they will get 4% p/y interest which may just about even things out!!!!!!

Now the U$S 10 billion plus the U$S4 billion in reserves will just about pay for the energy imports this Winter, but as it will come as undervalued Yuans it is just probable that it wont quite cover the gas bill so we'll be in hock to China for the forseeable future!!!!!!
39 Pete Bog (#) May 14th, 2013 - 02:17 pm Report abuse
@37
“The PLA may end up holding an Argentine lease for the islands...”

There are more resources in Argentina for China to plunder.
40 Mr Ed (#) May 14th, 2013 - 02:28 pm Report abuse
#37 Thatcher's plans for the islands to be betrayed were thwarted by 'Benito' Galtieri, and the Chinese know we have nukes, a bit more dangerous than Polaris or WE.177B back in '82.

# 38 fuel bills wont be a problem this winter in BA, just get an exchanger to collect the Casa Rosada's hot air.
41 darragh (#) May 14th, 2013 - 02:29 pm Report abuse
#37
“The PLA may end up holding an Argentine lease for the islands...”

And like everything else Argentine it wouldn't be worth the paper it was written on because Argentina doesn't own the Falkland Islands so would be unable to lease them........or then maybe you still think you won the war in 1982.
.
42 Fido Dido (#) May 14th, 2013 - 03:24 pm Report abuse
1 It's a swap.
2 The Chinese Yuan is becoming the worlds reserve currency.
3 The dollar is losing ground. The days of the dollar as the worlds reserve currency are numbered.
43 ElaineB (#) May 14th, 2013 - 03:49 pm Report abuse
At the moment it is a nothing.

If Argentina's economy reaches crisis point (do the K supporters believe this is inevitable ?) then a line of credit will be available, with many conditions attached. If the deal is done.

The dollar is still the world's reserve currency. A few years ago everyone was predicting the Euro would take the place of the US dollar. Look what happened to that. Coincidence? No.

China's economy look ever more precarious. I was talking with an economist at the weekend about the very subject. China's economy is completely arse over tit in the balance of the investment and consumer markets. Over-stretched much.
44 yankeeboy (#) May 14th, 2013 - 04:16 pm Report abuse
China manipulates it currency it will NEVER be a reserve currency. Everyone knows China reports fake economic and trade figures and their economy is on the verge of a major collapse which may bring on a Revolution if some horrible virus doesn't do it first.
Fido my advice is to take whatever U$ you have left from your bitcoin failure and put it all in Pesos or Yuan.
Then let us know how that is working out for you in a year or two.
Good luck
retard
45 Captain Poppy (#) May 14th, 2013 - 04:41 pm Report abuse
Fido dildo.....can you support your claim that the Yuan is becoming thw worlds currency? Everyone talks out their ass now and then. Don't make it a profession.
As for a swap, considering China would be getting a currency that is virtually none tradable, it's a freakin loan. Considering Argentina's payment history on loans.....it's a grant. For China an investment for food and resources.

news.mongabay.com/2013/0329-gen-china-amazon-impact.html
46 Think (#) May 14th, 2013 - 05:05 pm Report abuse
To all my ”Anglo Doomsday Preppers”……
I have some baaad news for you…..

1) The above mentioned swap is just a renewal of the previous, unused one (2009-11) for the same amount (10 Bn U$S)…. A nearly exact copy of the Swap China and Brazil signed a month ago; by the way…..
www.bbc.co.uk/news/business-21949615

2) Spanish government is backpedalling as fast as they can on the YPF issue….
www.ambito.com/noticia.asp?id=688158

3) Chevron is coming next week to sign the Vaca Muerta agreement…
(By the way; it has just been disclosed that the area of Manantiales Behr, Chubut may hold just as much shale oil and gas as Neuquen’s Vaca Muerta formation…..)
www.ambito.com/economia/mercados/monedas/dolar/

4) The ”Dollar Blue” is retracting for the fourth consecutive day down ~15% from 10.55 to 9.25….
www.ambito.com/economia/mercados/monedas/dolar/

5) The Patagonian breeze is nippy and brisk today and the sun is shining on me humble Chubutean shed.:-)

Chuckle chuckle©
47 bushpilot (#) May 14th, 2013 - 05:06 pm Report abuse
10 million Pesos for Yuans

10 million Pesos = 10 million pieces of toilet paper = nothing

Nothing in exchange for Yuans.

That isn't a swap.
48 GeoffWard2 (#) May 14th, 2013 - 05:10 pm Report abuse
Well, I won't reprise my position on the role China will be taking in Argentina, I have posted on this so often.

But the way it breaks conditions the way in which Argentina pays. ...

Say China has a major drought and calls in its debt with Argentina's annual harvest ...
Argentina decides to feed its own people and 'default' to China OR
export its annual harvest and allow the people to starve.
Too black and white.

So, it won't be an 'all or nothing', China will take the maximum in food whilst allowing the Argentinian government to survive .. and take the rest in company ownerships and in LAND.

China will want bases in the South West Atlantic/South East Pacific - not lest to twist the tail of the USA.

And who will send food aid to save the Argentinian people from mass starvation? ... Why, the USA!
Will it be thanked? Of course not, it is neoliberal hegemonic monster!

Actually, Argentina's selling-on of its assets to China will be viewed by most other South American countries as the way to go when the going gets tough.
It may take 50 or 100 years, but I see the South American continent as an eventual major part of the Chinese diaspora.
49 Think (#) May 14th, 2013 - 05:16 pm Report abuse
(48) GeoffWard2

Sounds pretty much like what the English did to Ireland...... and to the rest of the world...... for some 300 years.....

Ps:
Why do you dislike Chinks so much?
Did they ruined tour ancesters Opium Business?
50 Faz (#) May 14th, 2013 - 05:19 pm Report abuse
Think, why are they coming to Britain? They are just trying to find homes for their excess population. So backward places like Africa and SA are obvious places to go. The rich ones want to get into Britain and America. Go back to your country and make a stand. You will miss the porridge but do your country a better service than trolling around here.
51 yankeeboy (#) May 14th, 2013 - 05:31 pm Report abuse
Think routinely praises the Ks thuggery.
What's new?
I see a Romanian retirement party for the op 500-1000 Ministers in the very near future.
I wonder if they'd like a USA jail better?
maybe
52 Ayayay (#) May 14th, 2013 - 05:43 pm Report abuse
@16, aren't all the countries mentioned in the article Asian, (w the usual good credit ratings )..except for Iceland, which had an official currency plunge. Like the people live on half the value.
Looks like China is saying something.
53 ChrisR (#) May 14th, 2013 - 06:01 pm Report abuse
Vice-president Li Yuanchao explained to TMBOA that she was only a two Yuan whore and all he really wanted was the country: all of it.

There is often a lot of thruth spoken in jest.

LOLs
54 commonsparrow (#) May 14th, 2013 - 07:09 pm Report abuse
That picture is interesting “Cristina Fernandez trying to CONVINCE Vice President Li to accept Argentine Pesos.” China always had the stomach for high risk.... and good luck. Much too volatile for me.....
55 Redrow (#) May 14th, 2013 - 07:10 pm Report abuse
@46 Think

I am delighted to hear how well your country is doing. Perhaps you should consider going back to enjoy the national bounty. Then with things going so well in Argentina then at least the Falkland Islanders might get some peace at last.
56 briton (#) May 14th, 2013 - 07:30 pm Report abuse
China china will you marry me,
Im a virgin, come and you will see,

Argie Argie no I bloody wont,
Its not a ring-its just a swap and see,

Can I can I tell the world you care,
You just try it and see,
We don’t love you, and we never did,
It is just a silly swap and see,

So china wont you get the Falklands back
So CFK can claim her victory,

No you bitch we told you once before
Just make sure you don’t embarrass me .

.justa joka
57 Think (#) May 14th, 2013 - 10:49 pm Report abuse
To the Anglo “Doomsday Preppers”……
I have some more baaad news for you…..
Fresh from the oven…..:

The latest report from the United Nations Economic Commission for Latin America and the Caribbean (ECLAC)….:

Invard Foreign Direct Investment in Latin America, By Country
Argentina’s Growth rate 2011-2012 (in %)…: 27%
www.eclac.org/prensa/noticias/comunicados/8/49848/tabla_ied2012__ING.pdf

Chuckle chuckle©
58 Chicureo (#) May 14th, 2013 - 10:53 pm Report abuse
#141
Darragh,
Actually, MY country DID win the 1982 war by providing logistical support, safe harbor, sophisticated radar monitoring, on the ground intelligence and many other services to our ally at the time, which was the UK.
(And don't quote some erroneous history analysis from the Internet as much of it is bull feathers)
You need to know that the reference of China being given a lease on the mythical “Malvinas” was sarcasm.
There still remains a strong bond between Chile and the UK, despite our lip service to our neighbors as we have substantial trade between the two countries and we're supposedly friends...
59 Captain Poppy (#) May 15th, 2013 - 01:27 am Report abuse
”Brazil remains the main recipient of FDI, despite the slight 2% decrease recorded in 2012, when it received 65.272 billion dollars - or 41% of regional inflows. In 2012, the largest increases were represented by Peru (which received 12.240 billion dollars) and Chile (30.323 billion dollars), making the latter the second largest recipient of FDI.“

Perhaps now they can build infrastructure and get there own doctors, unless of course Cubi's are cheaper.

According to the report, as little as less than 6% of the entire DFI was industrial and the majority was related to mining and natural resources.

As for the blue dollar..........did you see all those AFIP storm troopers patrolling Florida Ave? People are afriad......kirchner's nazi's and their ”dollar sniffing dogs” are out.......you can only repress that desire for the dollar so long. But things aare so good.....are the trolls moving back to Argentina......or are they like the cheer leaders on the sidelines as the athletes play the game?

There is no new deal with Chevron:

www.foxbusiness.com/news/2013/05/14/ypf-chevron-executives-meet-in-argentina-for-energy-deal-talks/

bigstory.ap.org/article/chevron-court-order-harms-its-future-argentina

Again will this bring you back to the nazi land.....or still no faith in SA?
60 DanyBerger (#) May 15th, 2013 - 09:57 am Report abuse
@Craptain Poopy

Good that AFIP make inspections to send to jail criminals that trade illegally currency that can be from drug dealers, tax evasion and who knows from what can of criminal activities.

Do you want to leave under the rule of law?

BTW, JP Morgan uses a sophisticate network to provide money laundry thought its private banking service.

Do you think if Argentina ask for the head of those criminals from US the OBOSO govt. will collaborate of will protect the criminals as usual?

What its your opinion about the subject?
61 Captain Poppy (#) May 15th, 2013 - 12:23 pm Report abuse
Just as you don't, I would never want to live under the Argentine rule of law. I respect your decision to flee Argentina.......I would also. I tip my hat to your decision to run from Argentina.
62 GeoffWard2 (#) May 15th, 2013 - 01:07 pm Report abuse
Think (#49)
'Why do you dislike Chinks so much? Did they ruined your ancestors' opium business?'

No, my ancestors were consumers, not purveyors ... Sydenham's Laudanum (tinctura opii crocata),
As was I.
Throughout my childhood my alimentary tract was stabilised with the now- banned Boots product Kaolin and Morphine.

It's not that I am anti-Chinese, Think; I am pro-South America.
It upsets me when I see our leaders selling off unsustainably their national birthrights.

Trade fluxes are all well and GOOD,
but ripping open the Latin American femoral artery to feed Chinese needs is just the action of Latin American idiots.

Sustainable market economics, sustainable market economics, sustainable market economics.

These spasmic and 'last stand' responses to BAD political economics and BAD trade management lead only to .... 'unsustainable' and 'selling off the family silver'. And the Chinese are buying.
63 ChrisR (#) May 15th, 2013 - 04:25 pm Report abuse
@62 GeoffWard2

But do you recall WHY they banned Kaolin and Morphine? Apparently the morphine could be so strong in some people as to blind them to the 'nasty' bugs that were fomenting in their gut and they were likely to die!

When the child-like pharmacist at the chemists I went to get a bottle for my youngest son told me that I just laughed at him and asked for the written evidence to support the nonsense as all my family back to whenever and all my friends families had done the same and none of us had ever known anyone who had been hospitalised never mind had died.

The poor thing looked sheepishly at me and admitted that his family had said the same as me and he was fed up of everyone coming into the shop and going back out again muttering ‘I bet moms got a bottle somewhere’.
64 Think (#) May 15th, 2013 - 06:41 pm Report abuse
(62) GeoffWard2 You say:
“Think; I am pro-South America........”
I say:
.... in your Kaolin & Morphine English Colonial kind of way”.
65 GeoffWard2 (#) May 15th, 2013 - 09:59 pm Report abuse
..... in my lotus eater kind of way.
66 Chicureo (#) May 15th, 2013 - 10:45 pm Report abuse
Geoff, I see you were educated with the classics.
Think, did you mother ever give you the special tea from Bolivia? It certainly solved stomach illnesses in my family and we still use it. The mothers in the poorer neighborhoods used milk mixed with vino tinto... The guaguas slept all day... Sometimes the old cures were the best.

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