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Montevideo, February 22nd 2019 - 06:16 UTC
Argentina’s central bank moved on Wednesday to improve its debt profile by offering to swap some of its one-month Lebac securities for paper of longer duration, the bank said in a statement. Read full article
Another success of Mauricio Macri and the 'best team in the last 50 years.'
The move to sell mid-term debt instead of short-term debt is one more step into financial quagmire for Argentina--but not for members of the Macri team, banks and financial institutions which are making juicy gains each time the dollar climbs up.
The current Argentina government's only plan so far has been to borrow, then borrow some more, and lastly going to the IMF to still keep borrowing.
The current fiscal deficit the government wants to reduce is pretty much self-inflicted through the cancellation or steep reduction of export taxes on agri-food and mining products, as well as through the elimination of taxes on the wealthy.
In addition, there was never a plan to enhance the country's productive capacity, but just the opposite--opening wide the doors to imports is killing thousands of small and medium-size domestic business.
Argentina's next financial crisis is not longer in doubt--the only unknown is when it will happen.
This narrative has much akin to that of the Israelites wandering in the wilderness.
What exactly you may ask?
This: These corrupt, degenerates will never enter the economic promised land.
That will be reserved for a future generation - if at all.
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