Tag: Argentine economyArgentine economy
One of Argentina’ leading international corporations, Techint, made public a 200 pages report sent to the Buenos Aires stock exchange with a devastating picture of the country’s economy which “continues in a state of fragility”.
Argentina has “stronger financial support than other countries” and will adopt tough policies to guard the nine years of economic achievements, said Economy Deputy Finance Minister Axel Kicillof addressing the Lower House Budget and Finance Committee to discuss the main guidelines for next year’s budget.
Argentine former Economy Minister Roberto Lavagna considered the “economic model” led by President Cristina Fernandez administration is entering “a clear downfall” and slammed Kirchnerite politicians, unionists and businessmen “for, out of fear, clapping at political rallies instead of saying what they really believe about the economy”.
The Argentine economy remained flat in the second quarter of the year compared to the same time period of 2011, the poorest performance in three years, according to the national statistics office Indec.
The Argentine economy is expected to grow 1% this year with manufacturing activity virtually stagnant, according to the head of a leading economic consultancy agency in Buenos Aires who nevertheless admits that the government stats “will probably show a better performance”.
While addressing the nation from the Buenos Aires stock exchange floor, Argentine President Cristina Fernández strongly defended the policy of drastically cutting debts, which guarantees “greater independence”, and of stimulating the economy because only with resources can debts be paid, “the dead don’t pay debts”.
Argentina's economy contracted in May and industrial production slumped further in June, according to government data released on Friday. Economic activity fell 0.5% in May year-on-year, slowing from April's 0.6% growth rate and marking the first contraction in 34 months.
Venezuela’s president Hugo Chavez running for re-election received a considerable boost for his campaign from his peer and political associate President Cristina Fernandez when it was revealed that Argentine inflation in the first half was over two digits.
The stagnation of the Argentine economy at the end of the first half of the year is “palpable” and so is tension in the money exchange market because of the restrictions on the purchase of US dollars imposed by the government of President Cristina Fernandez, according to a report from economic advisors Ecolatina from Buenos Aires.
The Argentine central bank will affect 4.165 billion dollars from the bank’s freely available reserves to honour government debt maturing in the third quarter, it was officially announced.