MercoPress. South Atlantic News Agency
Argentina spending more than it produces; “default situation” can’t be discarded
Argentina currently consumes more than it produces and only with strong growth can it avoid another default situation since liabilities continue to increase, warns economist Diana Mondino. Read full article
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Disclaimer & comment rulesIt's coming!... we can all see it coming!
Feb 29th, 2012 - 07:32 am - Link - Report abuse 0and i thought the UK was finished. Even Argentine economists know that time is ticking and Argentina is running out of real cash.
Feb 29th, 2012 - 07:41 am - Link - Report abuse 0They could always buy some shares in RKH or take a gamble on BOR or FOGL.
With a report like this it's not wonder Argentina are kicking up a fuss over the falklands again. Seems to me that they need the oil revenue. I did not think things were quite that bad in Argentina. Then again its pretty bad every where at the moment. Even at home things are gloomy. Trying to get a mortgage together for a new house and a baby on the way I'm scratching my head wondering if I can afford it and I make a decent living. Makes you think what it is truely like in Argentina. Maybe I should ask boss if I could move to Argentina and work from there. I will get more for my pounds. Then again do I want to live under CFK? No I think I will stick with the devil I know or the lesser evil. Which ever way you want to see it.
Feb 29th, 2012 - 07:43 am - Link - Report abuse 0They simply have not a pot to pyss in.
Feb 29th, 2012 - 07:53 am - Link - Report abuse 0Thing is they are cutting there nose of to spite there face. Turning a way cruise vessels, unions radomly blocking vessels, and now trying to stop large organisations to cut the amount they trade with us. If the above article is right then things will only get more difficult for Argentina with that kind of attitude.
Feb 29th, 2012 - 08:15 am - Link - Report abuse 0Morons, idiots, prats, bullies, narrow finded, pillocks. I dont which word best describes the current RG government. Its as they care more about a cause and self interests than the people. I know govenments can be like that but not to the extent of what is going on. I mean look at the teacher strikes going on because the amount of wage cuts.
For once I feel for the average person who lives in Argentina. Hope they find away through it. However, please leave the Falklands alone. It's not the solution to your problems. So bog off.
@5 'sociopathic incompetents' might be a better term.
Feb 29th, 2012 - 08:57 am - Link - Report abuse 0Argentine implosion, now there's a sweet sound.
Feb 29th, 2012 - 10:17 am - Link - Report abuse 0We were warning them that their economic bubble was about to pop, looking at this report it clearly is on the verge of popping, and the economy self imploding.
Feb 29th, 2012 - 10:43 am - Link - Report abuse 0Oh and for all the argentine muppets that were saying the UK was finish due to us printing a billion pounds of money, well atleast we have not been printing money equal to 40% GDP LMAO.
Yet again, the argies fap while Buenes Aires burns.
Feb 29th, 2012 - 10:45 am - Link - Report abuse 0And they want the Falklands ........ They are not that cheap! The Falklands would bankrupt them and then they would have to take Argentina on as a colony!
Feb 29th, 2012 - 11:20 am - Link - Report abuse 0http://www.energytribune.com/articles.cfm/9962/Fuelling-the-Rise-of-the-Anglosphere
Feb 29th, 2012 - 11:38 am - Link - Report abuse 0Funny I have been saying this for a long time and all of our friends who called me a liar are gone. I wonder why? Maybe their $1 peso a post has been cut too.
Feb 29th, 2012 - 11:46 am - Link - Report abuse 0BCRA already announced they would inflate the currency 30% in 2012 so inflation will be at least that amount. They already said they would depreciate the peso to $5 but my guess is that the currency depreciation will not be controllable and it will run.
Add a trade war on top off all of this mess and they will look like Bolivia next year. UK should immediately stop all Arg products into EU/UK in retaliation for CFK import restrictions and let China and India buy the Soy cheap. That would destroy their economy by Sept. maybe sooner.
As I have said this is going to be fun to watch from afar.
@12 I'm going to watch the Argentinian economy show, like I watch fireworks on November 5th ... with a sparkler in one hand and a shandy in the other.
Feb 29th, 2012 - 12:33 pm - Link - Report abuse 0The sad story here is the average Argentine just wants to live a good life without the constant uncertainty of their money being worthless, or can they get to work today, or will their children be educated. I have no argument with them.
Feb 29th, 2012 - 01:14 pm - Link - Report abuse 0The government is out of control and being run by a child in a woman's body, who is mentally ill and with an uncontrollable temper. She has no clue how to manage the economy or get the country out of the shit. Her puppet master is dead and Chavez is distracted with the business of dying, so she has no one to tell her what to do.
I hope the coming disaster will be the end of her reign.
As I said before they need a smart ruthless dictator like Pinochet. Rout out the corruption and make people work or starve. It will take a good 10-20 years but eventually they could fix this mess. RGs are too uneducated and corrupt to have a functioning democracy and it has been well proven over the last 30 yrs.
Feb 29th, 2012 - 01:26 pm - Link - Report abuse 0@15 Maybe they just need a big machine like in the film Logan's run, where at the age of 30 their light goes on and then they happily go to Carousel and get vapourised.
Feb 29th, 2012 - 02:24 pm - Link - Report abuse 0And what planet are they from when they think someone actually wants to freely join their country? like seriously, it's a hole.
Argentina can grow more. yes I'm sure!
Feb 29th, 2012 - 03:10 pm - Link - Report abuse 0Their economy is comparable to West Slavic countries, Czech, Poland, Slovakia.
Argentina is much better than Portugal or Greece.
Comment removed by the editor.
Feb 29th, 2012 - 04:05 pm - Link - Report abuse 0#14 - You are the one really making sense here.
Feb 29th, 2012 - 04:19 pm - Link - Report abuse 0Turning away those two cruise ships and threatening a trade war - Oh what simple fools the Argies are.
Feb 29th, 2012 - 04:29 pm - Link - Report abuse 0@ 18 DanyBerger, you are a f*cking idiot. You are an Argentine too, am I right? Where do you live, in Denmark like Thin? Why don't you come to live in Argentina with us? If things are so great with Cristina, then why are you living in Europe? You f*cking peronistas de m*erda. Te vas a quedar sin Malvinas, y sin Argentina, imbécil. ¿Pero qué te puede preocupar si no vivís en Argentina? La p*ta madre que te parió. Malvinista del or to.
Feb 29th, 2012 - 04:37 pm - Link - Report abuse 0At most will be as half bad as 2001. And from then on it will be to us to grow again. Without government taking loans ever and without importin stuff for at least 15 years. These both should be laws.
Feb 29th, 2012 - 05:33 pm - Link - Report abuse 0@22 What happens when countries decide not to trade with Argentina?
Feb 29th, 2012 - 05:46 pm - Link - Report abuse 0I suggest that for a start they employ Diana Mondino instead of that clothes horse Debora Giorgi as the Industry minister.
Feb 29th, 2012 - 06:28 pm - Link - Report abuse 0Oop! That would never do to have someone who could show CFK for what she is - a complete failure.
@22
Feb 29th, 2012 - 06:46 pm - Link - Report abuse 0Local production replaces it one way or another. Isolation for some years is not out of the question. But if prosperity is achievable, is worth a try.
One wont kick a country when it is down, mmm
Feb 29th, 2012 - 07:59 pm - Link - Report abuse 0Kick, kick ,
.
25. What about the items that are not and can not be produced within Argentina? Chemicals, medicine, car parts, Argentina has a VERY small manufacturing base and business must have imports to make finished products.
Feb 29th, 2012 - 08:38 pm - Link - Report abuse 0If you think this next crash will be 1/2 as bad as 2001 you have no idea what is in store for you. A storm is coming and it is bad. Remember Patacones? They're right around the corner.
ok seriously now where is the problem
Feb 29th, 2012 - 09:00 pm - Link - Report abuse 0Do you know the Twin deficits hypothesis?
Traditional macroeconomics predicts that persistent double deficits will lead to currency devaluation/depreciation that can be severe and sudden.
Argentina has a Current account deficit(trade)? how much?
Argentina has a Government budget deficit? how much?
http://www.economist.com/node/21547830
From what i see Argentina is fine. but USA, UK, Europe have massive Twin deficits.
get a life haters.
@27
Feb 29th, 2012 - 09:08 pm - Link - Report abuse 0Free trade with the world would only diminish it more and more. If we really need them we will eventually produce them. When you are hungry, you eventually eat. We have the resources and we have educated people.
Lets wait and see. A lot of how bad the crash goes happens in the month before it. And it's not like we would die if it was as bad as 2001. My parents lived in '75 and are alive. I lived in '89 and I'm alive. My son lived in 2001 and he's alive and studying. It's not like in every crisis the world ends for us. Money comes and goes, the education is what stays and there are lots of us educated in Argentina.
http://blogs.reuters.com/macroscope/2012/02/29/vultures-swoop-on-argentina/
Feb 29th, 2012 - 09:29 pm - Link - Report abuse 0http://blogs.reuters.com/macroscope/2012/02/29/vultures-swoop-on-argentina/
http://blogs.reuters.com/macroscope/2012/02/29/vultures-swoop-on-argentina/
This is starting to unravel economically for Argentina.
WE hope they get their house in order, as it's in Chile's interest, but they are running out of time. They can still rescue their economy, they must lift interest rates, relax export taxes and restrictions (beef,soy,etc) reduce the money supply, relax import tariffs and barriers to productive imports (machinery, spare parts, etc.), drastically reduce subsidies and introduce a draconian tax id card for all Argentines (business and the public). This id card should have a chip on it with all the owners tax, employment and retail buying info (vat tax). It must be used whenever there is a monetary transaction. This will eliminate the black economy in a flash. Sounds a little draconian but they have a huge problem to fix, and making sure everyone pays their fare share of tax is imperative.
Feb 29th, 2012 - 09:41 pm - Link - Report abuse 0This economist best be careful with voicing such blunt analysis, she'll be arrested. Argentina is not kind to people who use their free speech to the detriment of the government's official policy. Best not to go about ruffling feathers. Eventually being vindicated by reality will be no consolation to an imprisioned private economist whose had all her wealth confiscated and is serving a 15 year prison sentence for speaking freely.
Feb 29th, 2012 - 09:42 pm - Link - Report abuse 0#15 At least your honest about that, and I think thats the subtext of a lot of the crap on here, but I don't think latin America's going back to the days of shoving rats up women's genitals (as Sean penn reminded us Pinochet did) anytime soon. Sorry about that to those it will dissapoint
Feb 29th, 2012 - 10:08 pm - Link - Report abuse 0@ 28 Seriously, you f*cking peronista, why don't you just go away so this country can finally grow up? Argentina has a mental deficit, if you lived in Argentina you would know this.
Feb 29th, 2012 - 11:06 pm - Link - Report abuse 0Evita did then same thing.......gave all the money and assets away trying to buy popularity. How about a line from the Evita song...“Statesmanship is more than entertaining peasants”
Feb 29th, 2012 - 11:44 pm - Link - Report abuse 0It's coming!... we can all see it coming!
Mar 01st, 2012 - 02:23 am - Link - Report abuse 0Oh no yogurt,she is not that sexy..
But CEMA...were “economist” jorge Avila,Robero Aleman,cavallo, etc are My God...all of them sayd everithing fine in the menem era,togheter with the financial times,the economist....I had enougth BS with those crooks speculators....They have produced the worst crisis in 200 years of Argentina...
No thanks,Diana.....I had enough of the rockefeller,the mountbattens,the rotschilds.......It is time for new system,new relations....I think the system is EXHAUSTED....
Not one of you (both sides of the argument), make any sense whatsoever.
Mar 01st, 2012 - 04:20 am - Link - Report abuse 0You cannot “force” manufacturing out of necessity.
You cannot “ID” chip people.
You cannot “impose a Pinochet”
The “speculators” did not cause the crisis in 2001.
There won't be a crisis like 2001 (not with high commodities, low debt, and a floating currency).
You all can, however, land back to Earth... or at least around the vicinity.
# 37 tobias.
Mar 01st, 2012 - 05:22 am - Link - Report abuse 0Is the Arg peso really floating?????
@37 spot on tobias!
Mar 01st, 2012 - 08:10 am - Link - Report abuse 0you read some of deluded muppets posting here you'd think 2001 was right around the corner again.
Some of these muppets seem to consume to much sci-fi
Argentina peso has a managed/dirty float. like many currencies.
Mar 01st, 2012 - 09:17 am - Link - Report abuse 0http://en.wikipedia.org/wiki/File:Currency_Exchange_regimes.png
40 Retroqqq, Helber Gaga and regretably tobias
Mar 01st, 2012 - 12:50 pm - Link - Report abuse 0“Argentina peso has a managed/dirty float”
But to manage anything youy have to understand WHAT is happening. Regrettably, Argentina has demonstrated by what it is doing on the international stage that it couldn't manage a piss-up in a brewery.
In Spanish speaking countries they don't really do any work anyways, they just hang about having 6 hours lunch break and 3 hours work, but they're really just checking out their mullet and gold medallions in the mirror.
Mar 01st, 2012 - 04:44 pm - Link - Report abuse 0So much for Argentinians on here saying the UK economy is near death. There is no mention of the UK defaulting or even anything close to it.
Mar 01st, 2012 - 11:26 pm - Link - Report abuse 0Everyone knows Argentina's economy is failing - they won't admit it.
40 Retroqqq
Mar 02nd, 2012 - 05:59 am - Link - Report abuse 0Hang on a sec. Is it floating or is it not?
What you are saying is something like ....... That guy is a little bit gay.
Well amigo let me tell you, there's no “a little bit gay”. You either suck c*cks or you don't. Simple.
So their currency, as I suspected and probably the reason it hasn't had a meltdown is purely because it is priced by the state.
Hey Elaine you should be blogging about Englands crappy state of affairs,
Mar 05th, 2012 - 10:01 pm - Link - Report abuse 0Its so funny to see Bitt whingers on this site all they do is complain
you pomms are so weak lol, you guys need to get a life or retire in a nursing home with your tea and biscuits.
@Tigre2000
Mar 06th, 2012 - 12:58 am - Link - Report abuse 0“tea and biscuits”
National debt
http://www.debtbombshell.com/
plus 9trillons external debt.
I don’t think they can afford such expenditure they are already broke and highly indebted you know.
45 Tigre2000
Mar 06th, 2012 - 10:13 am - Link - Report abuse 0Firstly, you have demonstrated a complete and utter lack of understanding the fiscal situation in Argentina.
Now, you have misunderstood what it means when Brits are unhappy with the state of the UK. Unlike the Argies, we face the truth of what our government is doing AND we say it to their faces because we do not fear a 'nock on the door in the night' as do a lot of you.
Also, our 'crappy' situation as you put it has to be considered against yours. There are NO slums in the UK, we do have some lazy bastards caused by New Labour's profligacy in buying votes by giving people money NOT to work. We do not have gangsters in the government pulling guns on their constituents (pistols have been banned here) and we have a AAA rating.
Do you see the differences now. You think you are in a world leading country, we KNOW we are. You are actually in a rogue state run by wannabee gangster and thugs, led by a plastic woman with bi-polar syndrome.
Happy to help.
@Tigre2000
Mar 07th, 2012 - 03:42 am - Link - Report abuse 0ChrisR is a professional liar, don’t pay attention to him and what he says.
Take a look of his “world leading country” he believes is living in.
Quite shocking isn’t it? Now you can figure out how is the state of their poor Royal Navy.
Like in the third world. : )
UK living conditions
http://www.youtube.com/watch?v=8TjpjYfsDIs
Shanty Town Slums of London and they are charged 500/800 pounds for this rubbish.
http://www.youtube.com/watch?v=8TjpjYfsDIs
http://www.youtube.com/watch?v=8TjpjYfsDIs
London is full of council estate building (Fuerte Apache/Lugano style) with drug dealers and cime everywhere.
http://www.youtube.com/watch?v=8TjpjYfsDIs
Middle class falling into poverty
http://www.youtube.com/watch?v=8TjpjYfsDIs
Watch this until the end! (the woman on the video is out of clue, Scotland one of the wealthy countries y the world she said???) bloody ‘ell what the f@ck the other woman says does she speak english?
http://www.youtube.com/watch?v=8TjpjYfsDIs
Riots and looters everywhere
http://www.youtube.com/watch?v=8TjpjYfsDIs
http://www.youtube.com/watch?v=8TjpjYfsDIs
http://www.youtube.com/watch?v=8TjpjYfsDIs
http://www.youtube.com/watch?v=8TjpjYfsDIs
48 DanyBerger
Mar 07th, 2012 - 09:56 am - Link - Report abuse 0I have to admire your 'spin' aka lies on things: you are such a good liar that you must work for CFK. I wonder if your position is senior arse licker: do tell.
The Handsworth vid is genuine - did you notice the barriers up against the walls. Wonder what they were for, NO? They were houses in the process of being demolished to build new property for the blacks who fcuked up the original houses in the first place.
I imagine that some of your population living in the 40% slums that you have in Argentina would love to live in these about to be demolished places: it would be paradise for them.
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