MercoPress. South Atlantic News Agency
Argentina claims IMF wants rich world’s “stagnation” exported to developing countries
“The IMF wants to make us believe that the policies which caused the crisis are now going to be part of the solution”, said Argentina’s Central bank president Mercedes Marcó del Pont following the opening of the IMF/World Bank annual assembly. Read full article
Comments
Disclaimer & comment rulesArgentina tends to subject whatever it fears to vocal attack ..... so why does it fear the IMF ??
Oct 09th, 2010 - 01:19 am - Link - Report abuse 0I cannot understand why Argentines let their governments defile their wonderful country and make them a laughing-stock (they are certainly not, I love Argentina and the people). I read some very good commentary at Mainline Security - never sure if these guys really like the government or their articles are somewhat tongue-in-cheek.
Oct 09th, 2010 - 12:41 pm - Link - Report abuse 0http://www.bastay.com/buenos-aires-real-estate/argentine-budget-2011-amado-boudou-deserves-dialouge-not-just-opposition
Hoytred: They fear an IMF audit because it will expose their manipulation of economic figures. Inflation has been 3-4X greater than they have been reporting for the last 7 years! When they did the initial swap of the defaulted bonds most of the new bonds were tied to GDP and Inflation for the interest payments. When the IMF audits the corruption will be exposed and Argentina will face Multi Billion $ domestic and international lawsuits for repayment of back interest that they can't afford.
Oct 09th, 2010 - 01:12 pm - Link - Report abuse 0From what I understand they can pay the Paris Club debt in one payment and forgo the audit. I think the balance is about U$9B I don't know why they don't do that, it worked with the IMF loans. They must be getting pressured somewhere else too.
@Hoytred
Oct 09th, 2010 - 03:10 pm - Link - Report abuse 0“Argentina tends to subject whatever it fears to vocal attack ..... so why does it fear the IMF?”
Duh.
The IMF is clearly advising policies that are not in the interest of emerging countries. For instance, it is praising currency evaluation in Latin American economies - something that can hurt bad the region's economies by decreasing its export capacity. Some of such economies, specially Brazil, Chile and Colombia, are trying hard to avoid further evaluation. Mercopress itself reported some weeks ago that Colombia is losing jobs because its export oriented economy is losing space in the international market due to its strong currency.
@bigron
That Argentina is alone in being that outspoken about IMF ill advices, doesn't mean it is incorrect. And that it is, as you say, “a laughing stock” now, doesn't mean it will be so in the future. When Malaysia ignored the IMF during the 90s Asian crisis, it was probably a laughing stock, too, for it was the only country affected by the crisis that didn't buy into the clatrap of such a prestigious institution (the IMF). But when it showed a recovery faster than that of the region - directly contradicting the IMF in such issues as capital controls and not taking a cent from the IMF - it was the IMF that lost its face.
3 fredbdc (#) - I believe that you have hit the nail on the head!
Oct 09th, 2010 - 04:24 pm - Link - Report abuse 0(2) Bigron
Oct 09th, 2010 - 05:31 pm - Link - Report abuse 0You can’t see the irony in your own words….. Can you?
You say ” I love Argentina and it’s People”…..The question is which Argentina and which people do you ”love”.
Easy to deduce bearing in mind the Internet Sites you get your information about my Country
An Belize based Company designed to serve rich Americans that want to invest their hard earned Dollars long away from the piercing eyes of the IRS….
http://www.bastay.com/buenos-aires-real-estate/mainline-security
You know what…
You better keep your love for yourself…….
It is quite a ”toxic love” for us…
6 Think - I believe that this statement is slightly misleading: “An Belize based Company designed to serve rich Americans that want to invest their hard earned Dollars long away from the piercing eyes of the IRS..” I “think” that this website comes from the U.K.
Oct 09th, 2010 - 07:59 pm - Link - Report abuse 0“IMF said that inflation was 6.3% in 2009 and is estimated at a 10.6% for 2010 and 2011. It also warned that according to private analysts, the consumer price index has been “considerably higher”, and adds that they also believe “the real GDP growth has been significantly lower than the official reports since the last quarter of 2008”.
Oct 10th, 2010 - 04:25 am - Link - Report abuse 0Yeah, they don't have any problem kicking around Argentina, but if they had any guts, they'd come up here and talk about some real hallucinogenic fantasy inflation numbers, and some cooked up GDP numbers that are a total joke.
What country am I talking about? Why Ben Bernanke's Estados Unidos of course.
The U.S. has fooled around with the way they compute inflation so many times that comparing one year to another is really meaningless at this point. It's like trying to compare an apples to pumpkins.
My favorite recent innovation is the on Greenspan came up with - and Bernanke still uses. They take the inflation index and strip out the price of oil and food, because they are ”volatile“. So I guess as long as you don't eat or drive, U.S. inflation numbers are a fine gauge of consumer prices in the U.S.
Then there are the unemployment numbers. They've been playing with those for years too. If we measured unemployment the way they did during Bill Clinton's administration, it would probably be about 16%. And then there's the cute way they put a ceiling on the figure.
If you've been out of work for over a year here, well they just drop you from the calculations. The justification is that you are considerered ”out of the labor force.” See, once you drop out of the middle class here, you're just a piece of garbage. No need to pay attention to you anymore.
We're right behind you guys in Argentina, I think we'll be lucky to make it past Christmas without a total banking collapse engineered by our criminal banking class, so don't worry, once we get knocked down off our high horse the IMF ghouls will be up here.
THIMC
Oct 10th, 2010 - 10:28 am - Link - Report abuse 0Extremely interesting article by Jamaica’s ex-High Commissioner, Jeremy Cresswell about Malvinas oil…..
energy.pressandjournal.co.uk/Article.aspx/1925981?UserKey=
Kindly notice that Rockhopper shares has plunged 25% or so during last week. (from 5,50£ to 4.30£)
Maybe Argentina should consider buying shares if they plummet to a “good” price.
Ohhh. No………. I forgot………. Argentina can’t do anything :-)
Argentina can’t do anything
Oct 10th, 2010 - 12:03 pm - Link - Report abuse 0About the Falklands beloning to another,aint that true:-)
Comment removed by the editor.
Oct 10th, 2010 - 02:39 pm - Link - Report abuse 0Comments do not reflect MercoPress’ opinions. They are the personal view of our users. We wish to keep this as open and unregulated as possible. However, rude or foul language, discriminative comments (based on ethnicity, religion, gender, nationality, sexual orientation or the sort), spamming or any other offensive or inappropriate behaviour will not be tolerated. Please report any inadequate posts to the editor. Comments must be in English. Thank you.
Oct 10th, 2010 - 03:18 pm - Link - Report abuse 0agreed
Oct 10th, 2010 - 09:04 pm - Link - Report abuse 0I've been reading your comments, and the whole situation is so funny. Users from Chile, Peru, England, Malvinas, Uruguay, Brasil, Mexico, maybe?, USA, saying how bad things are in my country, and wishing bad things to happen to my country, Argentina lol. It is hilarious and childish, grow up people.
Oct 12th, 2010 - 01:03 am - Link - Report abuse 0IMF = joke and greatest lie ever told.
Greets from Argentina.
agree
Oct 12th, 2010 - 03:00 am - Link - Report abuse 0(14)xbarilox
Oct 12th, 2010 - 05:43 am - Link - Report abuse 0I've been reading your comments, and the whole situation is so funny......
You start presenting yourself in your first posting as a “little naive 19 years old Argentinean boy” that hates the Kirchners, wants to keep the Malvinas British and live in peace with everybody.......
Then you begin a “serious rambling” about the failing “world macroeconomic system”......
Then you tell us that you have attended three of Vargas Llosa's conferences.......
And now you ask other posters to “grow up”
Ja Ja Ja
and if your first lady says jump, how high will YOU jump
Oct 12th, 2010 - 08:59 pm - Link - Report abuse 0Twinky is another one to be ignored from now on. He's not even as funny as axel.
Oct 13th, 2010 - 10:41 am - Link - Report abuse 0nothing new then .
Oct 13th, 2010 - 09:54 pm - Link - Report abuse 0Good to see Argentina's economy isn't stagnating. You can't call 33.7% inflation “stagnation”!
Oct 15th, 2010 - 08:21 am - Link - Report abuse 0Commenting for this story is now closed.
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