With some eight months to the Argentine primaries when presidential hopefuls for the October election to reelect or oust Mauricio Macri will be chosen, pollster Opinaia, shows that most pre-candidates have a greater negative than positive image. This is possible because of the disenchantment of Argentines with their political system and economic situation.7 comments
Sunday's presidential debate in Argentina will most probably concentrate on economic policy mainly for two reasons: one that the current system with a dollar clamp, export duties, heavy influence of the government and wild spending has the economy on the verge of collapse; but the option of orthodox policies with drastic cuts in spending, salaries and possibly jobs and consumption is also seen as fearsome.
On Sunday 35% of Argentines voted for continuity of Kirchnerism and 65% voted for a political change, and between the two options, change overwhelmingly won, said Sergio Massa, the third ranked candidate who with his 21% has become kingmaker between the two presidential hopefuls for the November runoff, incumbent Daniel Scioli and market friendly opposition, Mauricio Macri.
Argentina's former Economy Minister and architect of the 2005 rescheduling of defaulted debt, Roberto Lavagna called for “calm” and “seriousness” to rethink the country's legal strategy following the setback suffered on Monday when the US Supreme Court decided not to hear its appeal against holdout hedge funds.
Former minister and ex-presidential hopeful Roberto Lavagna warned that the Argentine economy is going through “the worst scenario possible” since the market has already adapted to the devaluation of the Peso, but the government of President Cristina Fernandez in its fantasy refuses to acknowledge it.
An Argentine appeals court threw out the fines that Domestic Trade Secretary Guillermo Moreno had slapped on private firms that issued inflation estimates that were much higher than the government’s official rate.
Economy Minister Hernán Lorenzino announced on Thursday Argentina will be making payments for more than 3.5 billion dollars in GDP-linked bonds, at the Economy Ministry.
Lorenzino presented the payment as a triumph against the hedge-funds.
Former Economy minister Roberto Lavagna said that it will take Argentina “at least three years” to liberate the country from the ‘dollar clamp’ if as of this month it was decided to execute a policy to end restrictions on the purchase of foreign currency.
For the first time since 2002 Argentina is forecasted to end the tourism year with a negative balance totalling 2.3 billion dollars compared to a positive one of 304 million dollars in 2011, according to consultants Ecolatina.
Switzerland’s government rejected a law suit filed by US hedge funds asking to set an embargo on Argentina's assets deposited in Switzerland based Bank for International Settlements as they claim the payment of a 1 billion dollars debt.