MercoPress. South Atlantic News Agency
Third quarter capital flight from Argentina reaches 8.433bn dollars, reports Central bank
Capital flight from Argentina during the third quarter of this year totalled 8.443 billion dollars, almost four times during the same period a year ago, according to the latest report from the country’s central bank. Read full article
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Disclaimer & comment rulesThis is pride of Argentina as a conquest tool of the world.
Dec 02nd, 2011 - 10:43 am - Link - Report abuse 0There will be some who will read a lot into this report.most will be messengers of doom.in the context of the current crisis some people have faith in the ability of the USA and Europe to resolve it.I'm sure the 3% who bought euros had practical reasons for that.
Dec 02nd, 2011 - 12:05 pm - Link - Report abuse 0So anyone who posts an opinion not following the CFK party line is a doomsayer?
Dec 02nd, 2011 - 12:32 pm - Link - Report abuse 0Why do you think so many Argentines are desperate to get their money out of the country?
Funny countries that are doing so well economically usually have net inflows hmm wonder who is lying here?
Dec 02nd, 2011 - 12:53 pm - Link - Report abuse 0What a confidence over the economic policies applied by the CFK Gvt. ....!!!!
Dec 02nd, 2011 - 03:23 pm - Link - Report abuse 0So, the Argentine economic model is as successful as they are saying ???
It seems that NO is the answer....!!!
Ouch! We need to solve this problem. 2012 is going to be a tough year for Argentina. The government has to pay the last coupon and capital of the BODEN 2012 (which is a dollar denominated bond). This bond represents the 80% of the money that we have to return, the totat amount of debt to be paid next year is 16.000 million dolllars. For us thats a lot of money. Luckily for the last two weeks bank deposits have risen, but the uncertanty is stsill out there. Things are more calm that in the first week of november. However i dont see a way of solving tsi problem if the governement is not willing to curve inflation. People save in dollars because its a way of protectimg their purchasing power from rising prices. As people expections about inflation continue to increse, they will for sure buy more dollars which devalues he peso, which puts more pressure on prices, and so on.... Hence teh overnement haso attack expectation!! Why can they see this??? Its a problem for them as well. Ok, enough off catarsis, i just need to share my thought here!! Jaja.ajaja... Lets hope they fix the problem so that we can continue growing.
Dec 02nd, 2011 - 03:55 pm - Link - Report abuse 0Elaine-I was predicting,you know like you keeping predicting,not wishing the people of Argentina any harm,that CFK will have bad consequences for them.That is a prediction isnt it.You don't know do you?
Dec 02nd, 2011 - 04:59 pm - Link - Report abuse 0#6 at this time the global situation is different to other times.In Europe,the authorities are depending on Asia and Latin America to create the growth that will get them out of the mess they are in.that needs to be factored in to how argentina's economy preforms.maybe it has to take into account these things but in 5years willanother election change any of that.No,because the IMF ,world bank and other capitalist organs will heavily influence many things
@7 When developed countries look for growth in emerging economies they are not necessarily looking at ALL countries in an area. Trade = wealth. Most of the 'old' developed economies made their money through trade and will always look for new markets. I know the UK are keen to work closely with some Latam countries but not all, for obvious reasons.
Dec 02nd, 2011 - 05:41 pm - Link - Report abuse 0I think the capital flight is a very serious problem for the credibility of Argentina, which is not strong anyway. How CFK's government handles it is very important. I am sure you are well aware of the events that led the IMF to stop funding Argentina in 2001. (If you have read my previous posts about it you will also know that I lay blame with both the IMF and the Argentine government). One of the key mistakes the Argentine government made back then - against the advice of the IMF - was to introduce ill-thoughtout plans to stop capital flight. They restricted what the average Argentine could do with their own money and how much they could take out of the banks. This was a grave error that led to panic, the ultimate collapse of banks and the ecnomy, and people losing everything. People have memories. It was only ten short years ago. CFK needs to tread very carefully indeed. Instead of trying to force people to keep money in the country - and they will always find ways to get it out - she should be concentrating on establishing confidence in the economy. To do that she needs to produce accurate figures - verified independently - and to start making payments on outstanding loans. She needs to encourage outside investment by allowing free trade and stop nationalising, and stealing from, everything she can lay her hands on. JMO
The BBC World News today was trying to 'talk up' Argentina's economy.
Dec 02nd, 2011 - 06:14 pm - Link - Report abuse 0The reason can only be to try to slow the flight of capital and to encourage the building of confidence. It is in nobody's interest that Argentina's 'boom' should transform to a 'bust', so the UK does what it can to help in this way. This is, in itself, a 'non-story', so some hand of Government must have thought this was a timely thing to suggest that the BBC should do.
The BBC report made no reference to inflation or to dual inflation statistics, so it really is trying to help the situation.
But it can do nothing on its own. Argentina must show its desire to pay its 'private' debts, and she would be wise to start fulfilling her promises to the IMF. There is an urgent need for the injection of capital to buy time to address the inflation because relying on deflation is no answer in this instance.
British Virgin Islands + Isle of Man +Guernsey +Jersey
Dec 02nd, 2011 - 06:30 pm - Link - Report abuse 0Off Shore Banks' accounts are full of UK origin money flights as well as
from some other countries too....!!
These four off Shore centers are used by British money which are
~ 250 billion US $ in individual accounts..not institutional !!
@9 I saw a similar report on BBC News 24 at about 3.00 am. : ) Though at the end they talked to an Argentine who lost everything ten years ago and was very aware that it could happen again. No mention of the poverty, corruption, false figures, high inflation or any of the recent warnings from the IMF and the US.
Dec 02nd, 2011 - 06:35 pm - Link - Report abuse 0I was not sure if the BBC was trying to help Argentina or some intern had put together a filler.
A vibrant Argentina; ten years after……………………
Dec 02nd, 2011 - 07:10 pm - Link - Report abuse 0http://www.bbc.co.uk/news/15997416
Thanks Mr. & Mrs. Kirchner.
So why do you think Argentines are getting their money out of the country? Do you have an opinion on the subject?
Dec 02nd, 2011 - 07:12 pm - Link - Report abuse 0You talking to me?
Dec 02nd, 2011 - 07:17 pm - Link - Report abuse 0http://www.youtube.com/watch?v=XzPBUGUM7KQ
#13 So tell us what YOU think, Think.
Dec 02nd, 2011 - 07:49 pm - Link - Report abuse 0I'm glad people are being asked what they think,because others post with a certainty that they know.I don't think that a so-called flight of money is worrying when all things are considered.I would include in that the panic some posts reflect.If a more positive attitude was applied to the economy of Argentina a different opinion would result.As other posts reflect.However,it is not in anyone's interest for argentina's economy to fail,and(without imagining any illusory reasons)the UK want it to remain buoyant as it needs to export to increase it's economic growth.Now I think you have to agree that is a fact.As much as your logic tells you different
Dec 02nd, 2011 - 08:38 pm - Link - Report abuse 0Going well so far Geoff:-)
But for Carina Etchegaray, the lesson of 10 years ago is clear.
Dec 02nd, 2011 - 08:53 pm - Link - Report abuse 0She does not, she says, keep her money in banks any more.
http://www.bbc.co.uk/news/world-latin-america-15981406
What I ”Think”?
Dec 02nd, 2011 - 09:12 pm - Link - Report abuse 0I ”Think” that Ten Years After are great!
http://www.youtube.com/watch?v=LFpfureaCVs
The Alvin Lee years were the best, then bands became heavier metal but no the better for it.
Dec 03rd, 2011 - 09:53 am - Link - Report abuse 0@16. I often ask because I am genuinely interested but I rarely get an answer.
Dec 03rd, 2011 - 09:57 am - Link - Report abuse 0#16
Dec 03rd, 2011 - 11:07 am - Link - Report abuse 0I certainly do not want serious monetary problems with any economy, but looking at Argentina in the last 6 months it is difficult not to see similarities with previous disasters.
Restricting capital flows, either by individuals or companies, is bound to put stresses elswhere and was one of the reasons for the 2001 difficulties.
Just hope CFK et al can raise the game somewhat.
21.Ahh Chris your kindness is touching only matched by your utter hypocrisy.You are down on bended knee every night praying that Argentina hits a big big crisis.But dont hold your breath buddy
Dec 03rd, 2011 - 12:29 pm - Link - Report abuse 0# 22 O gaga
Dec 03rd, 2011 - 02:12 pm - Link - Report abuse 0I did not realise you were psychic. But you are wrong in thinking I wish the Argentinean economy harm.
What I do get frustrated with is the utter febrile nonsense spouted by the likes of you over the Falklands.
I do understand that real Argentineans, born and brought up in the school system have been indoctrinated with the lies of the Peronistas’ and now the Kirchner Dynasty.
Not that the likes of you will believe me, but I meant what I said in the posting.
@23 You are with them or against them, the way children argue. I think the difference is that we are taught to analise and question the actions of our government even if we agree with their politics in general. Free speech and democracy in action. I find it absolutely fascinating that people can blindly defend their governments words when fact to the contrary are staring them in the face. They cannot offer a counter-argument, but attack instead. It is the same fanaticism of a football supporter who has picked a naff team but has to defend them even when they are bottom of the league.
Dec 03rd, 2011 - 02:44 pm - Link - Report abuse 0#24
Dec 03rd, 2011 - 04:10 pm - Link - Report abuse 0Absolutely right Elaine.
The sad thing is of course Argentina is almost bottom of the corrupt governments index (top being the best, least corrupt ones).
Well Elaine and ChrisR.assuming you claim to be British,why are the people of that state paying the price for wars in Iraq,Afganistan and Libya.Bear in mind they did not do much in Sudan.That is ,what remains of it,and was a Muslim government.
Dec 03rd, 2011 - 05:05 pm - Link - Report abuse 0Also,you need to remember the saying,history never repeats itself,when looking at the current situation in Argentina.If the economy grows by x% points that means other indicators will be different does it not.That would probably affect the 'flight' of capital.
If you got off the 'I love argentina' pretensions,and the indoctrination theory(which some posters appear to have issues with themselves),you could bring a clear and balanced opinion to matters,would you not?
Chris #25
Dec 03rd, 2011 - 06:38 pm - Link - Report abuse 0”The sad thing is of course Argentina is almost bottom of the corrupt governments index (No1 being the best, least corrupt ones).”
Not quite, Chris:
Bottom quartile:
(Somalia: worst . . . . 182; 1.0),
Venezuela. . . . . . . . .172; 1.9,
Paraguay . . . . . . . . 154; 2.2,
Nicaragua. . . . . . . . 134; 2.5,
Guyana. . . . . . . . . . . 134; 2.5,
Third quartile:
Honduras. . . . . . . . . . 129; 2.6,
Ecuador. . . . . . . . . . . 120; 2.7,
Guatemala . . . . . . . . 120; 2.7,
Bolivia . . . . . . . . . . . .118; 2.8,
Argentina . . . . . . . . .100; 3.0,
Mexico . . . . . . . . . . . .100; 3.0,
Suriname . . . . . . . . . 100; 3.0,
Panama . . . . . . . . . . . .86; 3.3,
Colombia . . . . . . . . . . .80; 3.4,
El Salvador . . . . . . . . .80; 3.4,
Peru . . . . . . . . . . . . . . 80; 3.4,
Brasil . . . . . . . . . . . . . 73; 3.8,
(Cuba . . . . . . . . . . . . . 61; 4.2),
Second quartile:
Uruguay . . . . . . . . . . .25; 7.0,
Chile . . . . . . . . . . . . . .22; 7.2,
Top quartile:
[None from South America]
(New Zealand . . . . . . . . 1; 9.5).
And where is the USA,UK and Algeria in this amazing index
Dec 03rd, 2011 - 10:18 pm - Link - Report abuse 0#28 Yuleno
Dec 04th, 2011 - 10:08 am - Link - Report abuse 01 New Zealand.... 9.5
2 Denmark ......9.4
2 Finland ......9.4
4 Sweden ......9.3
5 Singapore ......9.2
6 Norway ......9.0
7 Netherlands .....8.9
8 Australia ......8.8
8 Switzerland ......8.8
10 Canada ......8.7
11 Luxembourg ....8.5
12 Hong Kong ......8.4
13 Iceland ......8.3
14 Germany ......8.0
14 Japan ......8.0
16 Austria ......7.8
16 Barbados ......7.8
16 United Kingdom 7.8
19 Belgium ......7.5
19 Ireland ......7.5
21 Bahamas ......7.3
22 Chile ......7.2
22 Qatar ......7.2
24 United States ..7.1
112 Algeria .....2.9
See the data for yourself @
http://cpi.transparency.org/cpi2011/in_detail
it is objectionable “”the capital flight in“” as - debts- borrowings-
Dec 04th, 2011 - 10:13 am - Link - Report abuse 0as well as “” the capital flight out “” .
Thanks for that Geoff:-)
Dec 04th, 2011 - 10:53 am - Link - Report abuse 0Geoff forgot to write of the institutional corruption list
Dec 04th, 2011 - 02:03 pm - Link - Report abuse 0JUST LIKE
UN,Unesco...Wall Street ,City...UEFA,FIFA...Hollywood,Bollywood...!!
Apologies to ChrisR and thanks for information on corruption index
Dec 04th, 2011 - 06:52 pm - Link - Report abuse 0Just to comment on it.It's not very scientific and as it says corruption tends to be not too visible.
#33 Yuleno
Dec 04th, 2011 - 09:15 pm - Link - Report abuse 0Thankyou.
I agree that how they arrive at the numbers is 'loose' but think of the problems in discovering meaningful data on corruption. Anyone being corrupt or attempting to corrupt others is bound to be devious and 'not too visible;-)
Thanx geo.
Dec 04th, 2011 - 10:39 pm - Link - Report abuse 0its important that we remember that agencies can be corrupt as well as governments.
Nobody seems to notice here that Argentina has a “black” economy that moves almost exclusively in dollars and has a direct relationship with consumption growth.
Dec 05th, 2011 - 06:22 pm - Link - Report abuse 0This economy is almost equal to the GDP currently
Many things are illegally imported from countries like USA, and they charge in U.S. dollars, and that is measured as capital flight.
Common and ordinary Argentines did not migrate to other countries our money: just turn it into dollars and store it in the mattress, or directly invest in houses or apartments to protect us from the crisis.
Either way the government has placed limits on the purchase of dollars by individuals, reasonable measures, such as showing genuine income to buy dollars.
2012 will not be a problem because for these cases, should be seen as acting with the flight of capital from business-
Take this opportunity to repeat that, because the party proposed by Cameron, Argentina should immediately cut flights to the islands, as well as special taxing companies whose signatories have different interests with those piercing the ground in dispute-
Greetings to all South American islanders-
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