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Argentine former central bank chief anticipates “de facto devaluation”

Friday, May 18th 2012 - 09:41 UTC
Full article 38 comments

A former Argentine central bank president warned that if the economy follows on the current course, a “de facto devaluation” is round the corner because of the growing gap between the official and parallel exchange rates for the US dollar. Read full article


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  • Idlehands

    Why is he not shackled and chained? He needs to be paraded around BA with a billboard that says “Bite Me” front and back.

    I assume it's because CFK is in Angola - you just wait til she gets back you traitor.

    Big twubble for you.

    May 18th, 2012 - 10:15 am - Link - Report abuse 0
  • British_Kirchnerist

    #1 Thats not how she rolls, as you should know by all the right wing destabilising shite being freely spouted in Argentina and reprinted here whether she's in town or not. I wonder if this guy was head of the Central Bank under Menem or de la Rua, orthodox economics was really successful then wasn't it?!

    May 18th, 2012 - 10:55 am - Link - Report abuse 0
  • wesley mouch

    When they lose another 30% of assets to devaluation will the stupid Socialists in Argentina realize they made a mistake? I think not.

    May 18th, 2012 - 11:06 am - Link - Report abuse 0
  • LEPRecon

    @2 BK. The truth is the truth, the problem with CFK and her government that they bury their heads in the sand and hope all the badness goes away. It doesn't work, problems don't just solve themselves, they take a lot of hard work and sacrifice. Even the sacrifice of popularity, which CFK is unwilling to give up.

    @3 WM. The real problem with 'socialists' is their belief that they are right and that EVERYONE else is wrong. Therefore, if their 'right' policies don't work, it must be someone else's fault, those on the right, liberals, foreigners etc...

    Socialists refuse to accept that their policies bankrupt countries. As Margaret Thatcher once famously said, “The problem with socialism, is that you will eventually run out of OTHER people's money.”

    May 18th, 2012 - 11:18 am - Link - Report abuse 0
  • yankeeboy

    The “leak rate” was $6 yesterday and the new AFIP controls have spooked savers. It is just short time before CFK is forced into a huge devaluation.

    What have I been saying :
    Stagflation..Devaluation...Hyper Inflation..More Devaluation....Crash

    ARG is moments away from step 2

    May 18th, 2012 - 11:49 am - Link - Report abuse 0
  • toooldtodieyoung

    SShhhhhhh!! what's that? can you hear that whislting sound??

    That's the sound of Argentina's economy nose-diving. Better get out the way or you'll all get caught in the crash.

    May 18th, 2012 - 11:57 am - Link - Report abuse 0
  • yankeeboy

    Life in BA is really really terrible right now, they have a subway strike so the commuters are taking hours to get to and from the city. Traffic is in total collapse! AND they have a garbage strike so there are piles and plies of garbage everywhere on the streets!

    It is falling apart faaaaaassstttt.....

    I am sure people are starting to panic

    May 18th, 2012 - 12:11 pm - Link - Report abuse 0
  • ChrisR

    I don't know where this guy gets his information from about Uruguay or how far he is going back BUT, in the last 18 months the dollar / UY$ rate has HARDENED not devalued.

    It used to be 25.5 UY$ = 1 US$ it is now 19.5 = 1. It has been the US dollar devaluing.

    May 18th, 2012 - 12:43 pm - Link - Report abuse 0
  • Ernie4001

    In the border countries the situation is already assumed, making the conversion argentinian peso is already 5,5 for dollar.

    May 18th, 2012 - 01:51 pm - Link - Report abuse 0
  • Stendec

    @4 - you hit the nail right in the head talking about popularity - CFK tries to evoke Evita and portrays herself as the new “Spiritual Leader” when the delusional old hag is leading her country down the toilet. Truth will out, as they say - and soon.

    May 18th, 2012 - 01:56 pm - Link - Report abuse 0
  • Μax

    @2 BK
    Have you lived ever in Argentina?
    You know nothing of my country.
    CFK is my president not yours.
    We don't want you british traitor.
    You are worst than the honest ex-empire losers.

    May 18th, 2012 - 02:32 pm - Link - Report abuse 0
  • ElaineB

    @10. CFKC has miss one major point. Eva Peron was only immortalised by the people because she died young. CFKC is far too old now.

    May 18th, 2012 - 02:33 pm - Link - Report abuse 0
  • Lord Loverocket

    @10 Stendec
    Her messianic complex bears some very disturbing parallels. When the going gets tough, the tough go cuckoo:

    May 18th, 2012 - 02:37 pm - Link - Report abuse 0
  • Idlehands

    “Eva Peron was only immortalised by the people because she died young”

    I'm not sure that's entirely true. I'd say it's more because she died before her chickens were able to come home to roost.

    Argentines seem to confuse her charitable works with Peronism as a whole. The two of them were a bit like the Kray twins. Handing out gifts to maintain popularity but still shooting people in the streets.

    May 18th, 2012 - 02:46 pm - Link - Report abuse 0
  • ElaineB

    @14 That is exactly the point I was trying to make. : ) Given time she would have been exposed. Interestingly, I had quite a conversation with a young Argentine in Bs As who spoke of Eva as if she were a saint and Juan as if he were the devil incarnate.

    May 18th, 2012 - 03:08 pm - Link - Report abuse 0
  • British_Kirchnerist

    #11 Your a racist embarrasment

    #12 Better to live longer, then you achieve more =)

    May 18th, 2012 - 03:11 pm - Link - Report abuse 0
  • reality check

    Peronism, bit like the Stockholm Syndrome really, becoming friends with those who hold you hostage.

    May 18th, 2012 - 03:12 pm - Link - Report abuse 0
  • Μax

    Who mention race?
    Just becasue you like her handbags and shoes means nothing.
    You no nothing of her or what she does.

    You are embarrasment, adoring a leader for what you looks like and knowing nothing of what she does.

    May 18th, 2012 - 03:25 pm - Link - Report abuse 0
  • Idlehands

    I was a bit puzzled by the “racist” accusation too.

    I think BK is just playing the part of a parody role - but that sort of thing is only funny for a short while. Whoever it is just makes themselves look stupid now.

    May 18th, 2012 - 03:53 pm - Link - Report abuse 0
  • Britworker

    “Kristina, our inflation is at 30% and rising” “Yes but what about the Malvinas” How long are the Argentine people going to believe her lies, are they that gullible?

    May 18th, 2012 - 03:53 pm - Link - Report abuse 0
  • jerry

    When you honestly evaluate what she has done, you will realize that both looks and actions are bad - bad - bad.

    May 18th, 2012 - 03:58 pm - Link - Report abuse 0
  • Simon68

    20 Britworker (#)
    May 18th, 2012 - 03:53 pm

    Unfortunately a majority of us are that gullible. This is a problem caused by a bad educational system. Argentine education was very good until the 50's when it started going downhill and sadly it still is. This is because the governments of all political colours seem to be happy with an uneducated population which is easy to fool.
    Just think about this: Kretina is a product of our educational system!!!

    May 18th, 2012 - 03:59 pm - Link - Report abuse 0
  • yankeeboy

    Class Action law suit filed by YPF shareholders against Arg. ( Another of Many).
    I think this mixing of public and private Arg Gov't assets is going to go against them in the long run.
    I wonder what they would do if all the BCRA reserves outside of Arg are confiscated? I don't think it has ever happened in peacetime before but CFK has done so many shady deals it absolutely could happen soon.

    I don't see this turning out well for them...

    May 18th, 2012 - 04:55 pm - Link - Report abuse 0
  • xbarilox

    @ 3 socialists are like this, they will never change.

    @ 16 and you are a black man, like tobias. Stop crying you stupid negro. You have achieved lots of nappy hair, that's what you've achieved.

    @ 4 you're really kind, you have no idea what is coming for Argentina, you just wait and you'll see.

    Think, I know you're there reading this article, what happens? Why are you not making comments on this article? hahaha Hello?? Come out come out wherever you are :)

    May 18th, 2012 - 04:57 pm - Link - Report abuse 0
  • scarfo

    a light hearted look back at the weekly news :)

    May 18th, 2012 - 05:01 pm - Link - Report abuse 0
  • British_Kirchnerist

    #18 I don't just like her for her (brilliant, by the way) clothes shoes and looks, but even if I did would that be a reason to call me a traitor and am imperialist and call for my death, giving succour on another thread to the vile Conqueror?! Even he when arguing with Greek Yoghurt started by saying “I don't like infighting but”!

    And whats your point of view on YOUR President (not mine as you pointed out, though looks and especially policies wise Iwish she was)?? More a Galtieri man methinks...

    May 18th, 2012 - 05:40 pm - Link - Report abuse 0
  • Stendec

    @26 - there's no such thing as a British Kirchnerist. It's oxymoronic (in your case with the emphasis on the “moronic”). You're just a not-very-good-troll. ;)

    May 18th, 2012 - 05:54 pm - Link - Report abuse 0
  • tobias

    Anyone read today's manufacturing and activity numbers from the US? Scary.

    And how about Europe? Today once again, several economists predicted that Spain and the UK are now back in recession, Italy has been in one, and France is sliding to it. Problems in the Netherlands with the goverment and their debt risk shot up recently.

    For all the talk of US/EU trade sanctions on Argentina, I think by the time they are through and win at the WTO, the sanctions won't be necessary.

    The economic depression that seems to be looming in the north will take care of any imports from Argentina by default! :(

    May 18th, 2012 - 06:11 pm - Link - Report abuse 0
  • TipsyThink

    III 28 III
    you forgot Ireland ?


    interesting, Max changed his start sign from (&)to (@) before changing his name.!

    May 18th, 2012 - 06:46 pm - Link - Report abuse 0
  • zulu99

    BK, I'm just trying to figure out the level of your creepiness/weirdness. Are you making a skinsuit of CFK to wear around, a la Silence of the Lambs?

    You're a freak dude.

    Tobi, which numbers that were released today were scary?

    May 18th, 2012 - 07:20 pm - Link - Report abuse 0
  • reality check

    Argentine imports to Europe are miniscule in comparison to others, from Japan, China, US and in the case of oil, the Middle East. They could cease tomorow and it would not make one iota of difference to the EU economy as a whole.

    May 18th, 2012 - 08:00 pm - Link - Report abuse 0
  • Condorito

    Very true.

    May 18th, 2012 - 08:47 pm - Link - Report abuse 0
  • xbarilox

    @ 28 so you are the famous dickhead, aren't you?

    May 18th, 2012 - 09:11 pm - Link - Report abuse 0
  • yankeeboy

    28. Toby, Time and agian I advise you not to bring in EU or USA into comparisons to 3rd world counties. It makes you look like a fool.

    A modest 2% GDP rise for the USA is more than your whole yearly GDP!!!

    Our mfg # and activity # (what ever that is) could fall 2%yr for 25 yrs and we would still have the highest gdp in the world.

    May 18th, 2012 - 09:18 pm - Link - Report abuse 0
  • British_Kirchnerist

    #15 “I had quite a conversation with a young Argentine in Bs As who spoke of Eva as if she were a saint and Juan as if he were the devil incarnate”

    A bit extreme on both counts, but she was definately the better half, not least because he turned so decisevely to the right in 73-74 and betrayed his most loyal followers (like the young Nestor and Cristina). What did your young aquaintance theink of Isabel (bad?) Menem (bad?) Nestor (good?) and Cristina (good?) am I right?

    #27 “there's no such thing as a British Kirchnerist”

    And yet it here I am =) Or as Gallileo said, and yet it moves. Old/Real Labour and Kirchnerism are pretty much the same thing anyway, just different names for different countries

    #29 I'm not creepy at all, I just agree with Cristina's radical politics and also note the unbiased consensus on her beauty, usually when someone on here is ranting about how awful she looks. Anyway you'll have to get your line right; the latest theory from conqueror is that I'm a gayboy!

    May 18th, 2012 - 11:06 pm - Link - Report abuse 0
  • lsolde

    l don't think that CFK is beautiful, but thats just my opinion.
    l don't condemn you, B_K, if you think she is, thats your opinion.
    But her policies are NOT good for Argentina.
    She also has an unhealthy obsession with the Falkland lslands.
    She is a threat to us & a warmongering hypocrite.
    The only reason that she hasn't invaded is because she can't.
    Her mind must be fluctuating. (+ to -, then - to +, ad infidum).
    “Do l build up the armed forces so that l can invade the Falklands?”
    “But then there may be a coup against me!”
    “Do l keep the armed forces weak so that there can be no coup?”
    “But then l have no way of invading the Falklands!”
    Decisions, decisions!
    Concentrate on rebuilding your own country, you crazy fool, Cristina.

    May 20th, 2012 - 10:58 am - Link - Report abuse 0
  • British_Kirchnerist

    That would indeed be quite a dilemma, except she doesn't want to invade the Falklands and has repeatedly attacked the junta for doing so in 1982 which was a disaster for Argentina too

    May 20th, 2012 - 12:42 pm - Link - Report abuse 0
  • Simon68

    36 lsolde (#)
    May 20th, 2012 - 10:58 am

    “She also has an unhealthy obsession with the Falkland lslands.”

    I think that you're wrong on this point, she has an unhealthy obsession with money (our money) and uses the Argentine obsession with the Falklands to hide behind as she steals every last cent she can.

    May 20th, 2012 - 04:26 pm - Link - Report abuse 0

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