Friday, August 2nd 2013 - 03:49 UTC

Lagarde again warns Argentina about the need for ‘credible stats’

The Managing Director of the International Monetary Fund (IMF) Christine Lagarde has once more requested that Argentina present economic figures based on “trustworthy and credible numbers and statistics”.

IMF has given Argentina until September 29 to correct and improve current stats on inflation and economic growth

Ms Lagarde refused to speculate on possible consequences for non-compliance, but left open the chance that the nation could be sanctioned if they refuse to cooperate.

“I do not want to speculate on what could happen. But the issue is respecting the obligation that all IMF members have to supply trustworthy and credible numbers and statistics” Lagarde stated during an interview with several journalists including a representative from Buenos Aires, La Nacion.

Argentina had previously been given until September 29 to correct and improve current statistics on inflation and economic growth.

Ms Lagarde said ‘we have some weeks left’ and revealed that there is a dialogue in process with Argentine authorities, but ‘it still has to reach its goal”

Lagarde added that there “was no way” the IMF could intervene before the US Supreme Court in the ongoing case between Argentina and its hedge fund creditors, the so-called 'vulture funds', if the United States “does not change” its refusal to support the country.

“We can’t do it without them” confessed Lagarde who again expressed concern about the situation, “not because of Argentina, but rather about the consequences for the international financial system”.
 

17 comments Feed

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1 yankeeboy (#) Aug 02nd, 2013 - 06:05 am Report abuse
I just don't see them coming clean before Sept and the elections considering the IMF laughed at the “ I want to go” finance minister when he brought the proposed algorithm/methods for review a few months ago.
2 GFace (#) Aug 02nd, 2013 - 08:52 am Report abuse
I remember that algorithm!

www.sciencecartoonsplus.com/gallery/math/math07.gif
3 Trunce! (#) Aug 02nd, 2013 - 10:22 am Report abuse
@2

Funny! I thought they used this -

thinkofanumber.net/
4 The Truth PaTroll (#) Aug 02nd, 2013 - 10:58 am Report abuse
IMF in Argentina = 100% irrelevant
5 Biguggy (#) Aug 02nd, 2013 - 11:04 am Report abuse
@4
We shall see!
6 ChrisR (#) Aug 02nd, 2013 - 11:25 am Report abuse
@4 TTT

No, it's The Dark Country that is irrelevant.
7 The Truth PaTroll (#) Aug 02nd, 2013 - 11:45 am Report abuse
IF that is so, you think that bothers or is any of my concern? I worry about myself, not a country. Country-jingoist crutches are for losers with no personal achievements of their own.
8 Brit Bob (#) Aug 02nd, 2013 - 11:58 am Report abuse
@4 Argentina is already regarded as a pariah state by international money lenders. IMF sanctions and being thrown out of the G20 will only add to the country's woes and the credibility of the CFK regime.
9 Captain Poppy (#) Aug 02nd, 2013 - 12:19 pm Report abuse
Tobi.......good to see your electricity is back on in Mendoza.

Of course IMF and the world does not matter to Argentina, you guys are an autarky in the making, however:

*Resign from the G20
*Pull out of the WTO
*Stop all exports because you do not need the world
*Stop the few imports you do allow
*Renege on the Chevron deal, oh wait, the opposition took that to court
*Get Ford, GE , John Deere and all the other American and international businesses out of Argentina
*stop trying to borrow money outside of Argentina

You do that and we all will believe Argentina is sincere that they do not need the world. For the sake of Argentine people, it's a good thing you are a tot and not in politics.
10 Pete Bog (#) Aug 02nd, 2013 - 03:23 pm Report abuse
“Ms Lagarde said ‘we have some weeks left’ and revealed that there is a dialogue in process with Argentine authorities, but ‘it still has to reach its goal”

I applaud your optimism Ms Lagarde, but it isn't an Argentine goal to produce accurate figures or accurate historical accounts.

”Argentina had previously been given until September 29”

2013 or 2513?
11 yankeeboy (#) Aug 02nd, 2013 - 03:46 pm Report abuse
4. Tobi, Membership in the IMF is a requirement to be part of the World's financial community. You need them much more than they (us) need you.
Upon suspension you immediately lose, IDB and WB loans, will have a difficult/impossible ability to trade, most likely EVERY Int'l company will have to suspend operations in the country due to not being part of ICISD.
It's not just IMF loans, there's a lot tied to the membership.
and
I hope CFK is arrogant and stupid enough not to realize how difficult it wil l be to work outside of the World's financial system.
12 bushpilot (#) Aug 02nd, 2013 - 04:00 pm Report abuse
How many times is Mercopress going to trot up this IMF sanctions malarky?

It was last September when there was an article that the IMF was about to drop the hammer on Argentina?

Then it was January. Then it was next September, “OR ELSE!.

Now, Lagarde, ”has once more requested“ and,

”I do not speculate what could happen“.

What do you mean, ”speculate“, haven't you given this any thought. Don't you know what the IMF needs to do if Argentina doesn't comply with your ”request“.

It has been a year and sanctions ”COULD be applied“ if they don't co-operate?

The IMF is a limp dick. They'll never do anything.

You'll see. Mercopress will be putting these imminent IMF doom articles up for a long time to come. Don't hold your breath for 9/29.

Argentina will change their false inflation estimates by a percent or two, and La Garde will say she appreciates the cooperation.

Meanwhile, the bondholders who got hammered are being robbed further due to false statistics and La Garde can't get hard and do the right thing. Is the IMF going to make Argentina re-calculate past payments to those bondholders?

She is a thief herself for taking a paycheck and not doing anything for it. La Garde herself is a bigger ”consequence for the international finance system' ” than Argentina is.
13 Conqueror (#) Aug 02nd, 2013 - 04:53 pm Report abuse
Why is Lagarde giving the “Shit of the South” a chance? It's incapable of honesty. Remove the slags from all reputable international organisations, including the UN. Then determine that they will be sanctioned, “with extreme prejudice”, for the next 50 years.
14 A_V0ice (#) Aug 02nd, 2013 - 06:57 pm Report abuse
Sadly, the “K Corruption List” is very long: 
In 1993 as governor of Santa Cruz Province he expatriated 654 million dollars in public funds into tax havens of which only small amounts trickled back; when a local lawsuit was filed on this case he maneuvered the case and ended up being acquitted by judge Santiago Lozada who is his nephew-in-law; 
Widespread public works bribery in the Infrastructure Ministry run by crony Julio De Vido; when former economy minister and whistle-blower Roberto Lavagna publicly disclosed this in 2005, Mr. K promptly fired him;
Embezzlement of government railway subsidies under crony transport ministers Ricardo Jaime and Juan Pablo Schiavi; both are under investigation over a railway accident that killed 51 passengers in February 2012 in Buenos Aires’ derelict, run-down and unmaintained passenger trains;
Cristina Kirchner’s 2007 presidential campaign funding where a Venezuelan crony was caught trying to bring into the country a suitcase stashed with 800.000 dollars cash “for Cristina’s campaign”, as well as campaign contributions from illegal drug front-companies;
Public funding for the “Madres Plaza de Mayo” NGO - a front for 70’s terrorists’ rights – embezzled by its head Sergio Schoklender (who spent decades in jail for murdering his parents in 1981), whose treasurer is Felisa Miceli, a former K economy minister forced to resign in 2005 after bundles of hard cash were found in her ministry toilette.  
15 GFace (#) Aug 03rd, 2013 - 01:00 pm Report abuse
@13, the cold hard fact is that if Argentina faces the consequences for its choices by being called out and tossed out by the IMF, enough people will see the IMF and not Argentina as the ogre, namely many of the debtor states. This enablement is going to continue until it is impossible for the government to hid the downward spiral even from the most denying eyes at home. Then ruling party, who can't invade the Falklands as is “what-is-done” in Argentina when the gig is up and you need to buy time from a nation of pavlovian suckers, may be sent packing. CFK is hoping for that bubble to pop after she's out of office... and has her nest egg of stolen dollars safe overseas where she can join it.

Poppy and Saddam=Poland XIII: I believe The Juche Strategery has been tried elsewhere it is not the best business model unless you have a flailing nuclear program and a massive population starving military on which you can blackmail nations who IMF need to be the “nice guys” with, and that's not all that sustainable either.

Tough love is not a tool of statecraft.
16 The Truth PaTroll (#) Aug 04th, 2013 - 06:56 pm Report abuse
GFface and yankeeboy,

You have no idea about what you are talking about. It is as simple as that.

Worry about the numerous problems in your troubled countries.
17 Captain Poppy (#) Aug 04th, 2013 - 09:11 pm Report abuse
Tobi......go suck mommas tits, you're an idiot when you don't......it is as simple as that!

Your lactose deprived.

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