MercoPress. South Atlantic News Agency
Argentine economy expands 8.8% in 2011; capital outflow reaches 21.5bn dollars
The Argentine economy expanded 8.8% in 2011 according to the controversial National Statistics office, Indec, while the Central bank reported that 21.5 billion dollars fled from the country last year, which is 88% higher than in 2010. Read full article
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Disclaimer & comment rulesMean while a big mac has now gone up to 35 peso lol ;-))))
Feb 21st, 2012 - 09:23 am - Link - Report abuse 0In the interests of 'balanced reporting', it may not be that all the out-flow of capital is 'fleeing'.
Feb 21st, 2012 - 10:44 am - Link - Report abuse 0To 'flee' means to fear the implications of staying put and, whilst this may be a rational response to present circumstances, much of the capital movement overseas is not this.
It is the transfer of capital returns back to the countries that put the capital into Argentina in the first place.
In a country where so much of industry is not Argentinian, this is inevitable
- unless, of course, the Government stops the money getting out of the country.
The result of too much capital export control will naturally arrest rapidly further investment in the country - and accelerate its already rapid decline.
Very bad and insensitive handling of the levers of power and control.
2. That is partially correct but how many countries do you know that have money sniffing dogs at the borders? Cash is leaking out of that country like a sieve. Everyone knows there is a HUGE peso depreciation coming sometime this year unfortunately the big $ is already out of the country now its the middle class trying to save their capital and getting caught.
Feb 21st, 2012 - 12:34 pm - Link - Report abuse 0It is becoming increasingly problamatical for small businesses to survive in Argentina if they rely on imports to sell directly or incorporate them into products for sale.
Feb 21st, 2012 - 01:08 pm - Link - Report abuse 0My next door neighbour and his family own four small businesses in BA and he is terrified of the coming rampant inflation / depreciation of the pesos. He has seen it all before and got mauled badly in the process.
The family are very nice, hard working people and I just feel so sorry for them and others like them that they can see the train wreck coming but can do virtually nothing about it.
4. There was an article in WSJ about Apple not being able to sell in Argentina since they don't mfg there. They have given up trying to promote their products in country.
Feb 21st, 2012 - 01:25 pm - Link - Report abuse 0I little while back I asked O'g how were iphones and ipads were selling there and he said availability was great, they're everywhere and cheap! In a few years they will be so far behind the rest of the world in technology it is scary.
“Argentine GDP in the third quarter of 2011 expanded 9.3% compared to the same period a year ago, while in 2010 the increase was 9.2%, thus accomplishing eight years of sustained growth”
Feb 21st, 2012 - 04:11 pm - Link - Report abuse 0And Britain:
Interesting video :-))
http://www.guardian.co.uk/politics/video/2012/feb/20/andrew-lansley-heckled-video
6. That is as much of a lie as Inflation being 9%! I am sure when IMF does their audit this year all of the last 8 yrs of Indec numbers will be proven grossly inaccurate with the poverty number jumping 3x. What then?
Feb 21st, 2012 - 04:52 pm - Link - Report abuse 0Don't cry for most Argentines, they voted for this hoping CFK would give them a mordida of someone else's wealth. I do feel sorry for those who oppose the CFK tyranny but are caught with no way out. Unfortunately, I think that Argentina shows the blueprint for the rise of totalitarianism in the USA
Feb 21st, 2012 - 06:17 pm - Link - Report abuse 08 wesley mouch
Feb 21st, 2012 - 07:00 pm - Link - Report abuse 0I agree completely with your statement.
I, nor any member of my family, will ever go back to the USA because of the latest Homeland Security nonsense.
This is even though I have been going there for 35 years and have a number of American friends who I will miss very much. They are as fed up with the situation as me.
I am white, a retired businessman with no convictions and present zero risk to them but I was put through the most rediculous personal examination the last time I was there and decided then that that was the end of it.
I agree, the US Homeland Security I meet at international US airports feed me at least as much threatening unease as I ever experienced over the years at middle eastern airports.
Feb 21st, 2012 - 07:08 pm - Link - Report abuse 0Sorry, my US friends, but I have no desire to go there again.
Sky rocketing inflation and enormous amounts of money leaving the country.
Feb 21st, 2012 - 07:15 pm - Link - Report abuse 0Rats fleeing a sinking ship comes to mind.........
... meanwhile in Argentina normal people's savings are gone, the vacuous un-proven statement of 10% growth keeps getting higher, and foreign direct investment drops like a rock.
Feb 21st, 2012 - 09:01 pm - Link - Report abuse 0Even someone who knows basic economics will know this doesn't make sense.
9 ChrisR “I am white, a retired businessman with no convictions and present zero risk to them but I was put through the most rediculous personal examination the last time I was there and decided then that that was the end of it”
Feb 22nd, 2012 - 04:36 am - Link - Report abuse 0May be they read your comments on MercoP. You know, those stories about your pocket knife...
We will not fall. At most a recession. Exports to the rest of the world(which are THE source of revenue for Argentina) are in dollars. The wealth is roughly the same. Salaries, subsides, and that are paid from that. Salaries of the public employees are raised. They buy stuff from the privates. Then privates raise salaries too. End of story.
Feb 22nd, 2012 - 06:46 am - Link - Report abuse 0@14 your North Korean economic fail-logic will lead your pensioners and savers to the world of 'tree bark soup' quicker than we can say 'Kirchnerism is hilarious'.
Feb 22nd, 2012 - 07:38 am - Link - Report abuse 013 Marcos Alejandro
Feb 22nd, 2012 - 11:28 am - Link - Report abuse 0My 'pocket knife' as you call it is waiting for you if ever you come to Uruguay.
Just let me know where and when and we will soon see what a brave Argie you are. ONLY one on one though. :o)
@16 Don't be silly. Argies only believe in numerical superiority. For example, 66,000 troops and 4 naval task groups to confront the might of 1,000 Islanders and 80 Royal Marines. I make that slightly in excess of 61:1.
Feb 22nd, 2012 - 03:58 pm - Link - Report abuse 016 ChrisR
Feb 22nd, 2012 - 05:29 pm - Link - Report abuse 0“Mishaps are like knives, that either serve us or cut us, as we grasp them by the blade or the handle.”
Be Safe! If you carry a knife you are 10x more likely to stabbed yourself.
Why do you carry a knife in Uruguay? You must be afraid of Uruguayans hitting you with those thermos that they carry everywhere.
@17 It's typically a 1:10 advantage to the British, taking examples from history like the Battle of Imjin River, Korean War when the 1'000 Gloucestershire Regiment were lost versus 10'000 Chinese volunteers.
Feb 22nd, 2012 - 05:48 pm - Link - Report abuse 018 Marcos Alejandro
Feb 22nd, 2012 - 06:40 pm - Link - Report abuse 0I use it to cut things in everyday live: I have always carried a knife of some sort for that reason AND I have never been stabbed myself.
Uruguayos are very peaceable and helful people, just like the Argentinians I know personally.
It is such a shame that Argies on here (with a few exceptions) are crass, delusional and indoctrinated individuals.
BTW I do not recognise your quote or the 10x claim: please elaborate.
16/20 ChrisR, You are sick, don't forget to stick that little knife of yours up your.....
Feb 23rd, 2012 - 05:11 am - Link - Report abuse 021 Marcos Alejandro
Feb 23rd, 2012 - 07:47 am - Link - Report abuse 0Insults again Marcos?
You just cannot help yourself can you, silly little child?
16 ChrisR You wrote: Marcos Alejandro
Feb 23rd, 2012 - 08:39 pm - Link - Report abuse 0“My 'pocket knife' as you call it is waiting for you”
People who make threats are really just boasting or being defensive or egotistical.
I don't fear anybody and you seem to be a scared cat.
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