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Bargains forecasts in Uruguay as Argentine investors withdraw funds following new bank rules

Monday, May 21st 2012 - 01:25 UTC
Full article 61 comments

By Dean Steinbeck (*) As much as it defies common sense, Uruguay entered into a tax sharing agreement that will scare off Argentine investors; the same group of people who are Uruguay’s biggest source of capital, investment, and innovation. Read full article

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  • Chicureo

    Panama is a great alternative, but a long flight away. There are other places, but I agree with the author that the real losers will be the Uruguayans.

    May 21st, 2012 - 02:00 am - Link - Report abuse 0
  • tobias

    The problem is not Uruguay in this agreement. The problem is countries like Panama, Switzerland, and the famous banking islands are not forced to follow suit.

    Why does the OECD not go after them?

    I am against all banking “havens”. Why should they exist? I understand people hiding money outside their country if the government is ravenous, that's fine. But why is such secrecy needed unless you think your gains are questionable?

    That's why I don't really respect countries like Switzerland, they have for centuries made money on the back of corruption, criminality both governmental and private, and war. And they defend it by stating “neutrality”. My arse. Neutrality is only valid for geopolitical processes, not for what are clearly lawful rights and wrongs.

    Everyone knows a ton of cash in Swiss banks is shady.

    May 21st, 2012 - 02:27 am - Link - Report abuse 0
  • cmazzoni

    I wish not to be an aggressor, nor I pursue to attack ones opinions based on ones intellect, but for all the qualifications this articles author have he is making some weird assumptions that don't follow any kind of textbook knowledge and sounds more like a rant than a smart opinion. Push comes to shove this will help lower our high inflation rates and will free Uruguay from the little politico/economical pressure Argentina might have! This is great for U, foreign investors trust our nation and know breaking ties with Argentine investors leave open fields for more secure and better profits!

    May 21st, 2012 - 02:49 am - Link - Report abuse 0
  • Think

    TWIMC

    Article says:
    “The truth is that a large percentage of money held in Uruguay by Argentines is undeclared in Argentina because Argentines don't trust their own government. They've seen their government unfairly seize pension funds, and expropriate private businesses. The Argentine people are justifiably concerned and they've responded by moving their money out of the Argentina and hiding it from their government........”

    I say:
    ”The truth is that a large percentage of money held in Uruguay by Argentines is undeclared in Argentina because tose Argentines are evading tax.........................................
    This is finally coming to an end. Good for Argentina and good for our Uruguayan brothers.

    May 21st, 2012 - 03:30 am - Link - Report abuse 0
  • jerry

    I think that this may be a two-way street. It is not always that Argentines are evading taxes, but they realize that the K government will probably find a way to seize their dollars already declared and held in Argentina bank accounts.

    May 21st, 2012 - 05:37 am - Link - Report abuse 0
  • ElaineB

    @4 I agree that much of the Argentine's money held in Uruguay is undeclared for tax purposes. Tax avoidance is a curse in Argentina and one of the key problems that led to the crash in 2001/2. I would add that it is not just the wealthy that indulge in tax-dodging. It is estimated that 50% of the work-force is on the 'black' and, therefore, not paying tax.

    May 21st, 2012 - 05:38 am - Link - Report abuse 0
  • MurkyThink

    This news can not be true...not possible to withdrawing money from Uruguay under the Mercosur agreed principal protocols.

    Very funny ..the people comment here who never live in Mercosur countries.

    May 21st, 2012 - 09:39 am - Link - Report abuse 0
  • British_Kirchnerist

    Interesting the article notes the OECD was on Argentina's side; hardly likely if they were taking an anti-business or pro-corruption position?! This is really great news, well done to the brilliant and beautiful Cristina, and Mujica, for closing one of the “tax loopholes” which have caused so much havoc in the world =)

    #2 “The problem is not Uruguay in this agreement. The problem is countries like Panama, Switzerland, and the famous banking islands are not forced to follow suit”

    Exactly. Of course its the UK who could force some of the banking islands to follow suit, but Cameron doesn't seem interested

    #6 “I say:
    ”The truth is that a large percentage of money held in Uruguay by Argentines is undeclared in Argentina because tose Argentines are evading tax.........................................
    This is finally coming to an end. Good for Argentina and good for our Uruguayan brothers”

    Well said!

    May 21st, 2012 - 10:26 am - Link - Report abuse 0
  • yankeeboy

    When I was looking for a house in Montevideo (Carrasco) or a please in PDE. the real estate agents often pointed out houses owned by drug dealers/tax evaders etc.
    It is huge problem for such a small country to have unrestricted cash flowing into it with no where to go. It drives up property values way beyond where a normal market would take them. Property in PDE should be about 1/3 ( BA too) of what it currently costs based on similar properties you can buy in USA or EU. It is crazy expensive because it is all undeclared and drug $ money!

    May 21st, 2012 - 10:28 am - Link - Report abuse 0
  • Guzz

    No matter how much Uruguay suffers, the Argentinians shouldn't use our country to avoid taxes. Taxes ahould be paid by all, and no matter what this article says, there is no excuse whatsoever to illegally escape paying taxes, there is NO justification.
    This article also fails to mention the Peiranos, banking family who emptied banks in Uruguay and sent the money to the Cayman Islands during the crisis in 2002.

    And yanqui, only reason they told you that is because we don't want you here. If drug dealers/tax evaders keeps you out of our country, we're bloody all drug dealers and tax evaders. Instead of looking for houses here and critisize Argentina, you should start at your own front door and persuade your own government to send Juan Peirano to Uruguay, he is currently living of stolen money in Miami, claiming Uruguay doesn't respect human rights.
    Don't worry, we'll send him back to you as soon as he served his sentence here.

    May 21st, 2012 - 10:52 am - Link - Report abuse 0
  • yankeeboy

    10. There are a lot of ex-rulers and foreign thieves living in Miami. That's where they go. I don't care. If you want hims send Uruguay special forces to kidnap him and bring him home that is what we would do.
    I'm sure CFK has a beautiful safe house in Miami somewhere all ready for when she has to flee.

    I wouldn't move back to SA ever again it is gross and dangerous. I tried it didn't like it and moved back to civilization and here I will stay.

    May 21st, 2012 - 11:01 am - Link - Report abuse 0
  • Guzz

    11 So maybe you should clean your own front door before you comment on other peoples lawn. Or mayhap you call a safe haven for criminals “civilization”.
    By the way, I'm very glad to hear you gave up plans on coming here, if more people like you would take the same decisions as you, Uruguay would be a much better place...

    May 21st, 2012 - 11:05 am - Link - Report abuse 0
  • yankeeboy

    So I have no idea who this person is or what he did and I really don't care but if you gov't has an extradition treaty with the USA and they meet the criteria he should be sent home. If not and he has not broken any USA laws what right would we have to kick him out? Your argument is not very well thought out.
    I like Uruguay for brief periods when it is warm. I go sometimes in the Summer. Do you want a job cleaning the pool?

    May 21st, 2012 - 11:21 am - Link - Report abuse 0
  • Guzz

    Don't worry about Peirano, I was not up to date on the matter, and it seems yanquilandia sent him to justice back in 2008 (your goverment only protected him for 6 years, impressive!!)
    Regarding the job offer, thank, but no thank you, you can't afford my salary :)

    May 21st, 2012 - 11:26 am - Link - Report abuse 0
  • yankeeboy

    I think we talked about your salary before, I'm pretty sure my Secretary makes more than you do so yeah I can afford it no problem but that pool better be spotless! hahahaha

    May 21st, 2012 - 11:29 am - Link - Report abuse 0
  • Guzz

    yanqui, I understand your need to show off, but lets face it, you have no pool... Not to mention a secretary... Why do you feel the need to appear important? It's not like we care :)

    May 21st, 2012 - 11:33 am - Link - Report abuse 0
  • yankeeboy

    You can believe whatever you want..
    You are the one who talks about his HUGE salary, multi-languages, multi degrees etc etc etc.
    Yet you live in a poor 3rd world country, with your parents, taking the bus home everyday.
    I'm just pointing out that my secretary makes more than your Doctors that is why the USA has so much immigration from SA. You can make more, do more, establish a better life for your kids than having a professional job in a backward country 13 hrs by plane to civilization.

    May 21st, 2012 - 11:39 am - Link - Report abuse 0
  • Guzz

    Mayhap we are poorer, but at least we live with the knowledge that we aren't the ones responsible for the abuse of the worlds natural resources, nor are we the ones to invade sovereign countries to sack, torture, rape and kill.
    If that is the price to pay for your standard of life, then be my guest and pay it.
    We don't want your ways of living, as little as you have anything to envy.
    We need eachother in order to survive, that makes us come together in a way that brings us another form of happiness, another form of richness. Something you will never understand, appreciate or even live :)

    May 21st, 2012 - 11:45 am - Link - Report abuse 0
  • yankeeboy

    Wow what a load delusional clap trap!! You are a country that has survived on illegal money flowing into it for DECADES! If not for your lack of ethics you wouldn't even have a 5 story building in your sh*thole country!
    You are surviving on ill gotten gains. You are no better than all the slimy claudillos who's money you have hidden all these years.
    Take your rose colored galss es off so you can see real SA.

    May 21st, 2012 - 12:00 pm - Link - Report abuse 0
  • Leiard

    @18

    According to the National Directorate of Forests, Argentina is experiencing the most intense deforestation in its history due to the replacement of forests with soy plantations, and Córdoba is the province where the most devastating environmental damage has occurred.

    Over the past decade, as the output of soy rose steadily, the province lost an average of three percent of its native forests annually. Of the 10 million hectares of forests found in Córdoba a century ago, only 12 percent are left.

    May 21st, 2012 - 12:04 pm - Link - Report abuse 0
  • Guzz

    As you can see, Uruguay is dealing with their flawed banking laws, what is your country doing to stop being a nation of criminals?

    May 21st, 2012 - 12:04 pm - Link - Report abuse 0
  • yankeeboy

    21. As far as I can see that is only a bi-lateral agreement with Argentina any other country still is subject to existing banking privacy laws. Am I wrong?

    May 21st, 2012 - 12:16 pm - Link - Report abuse 0
  • Guzz

    70% of the foreign deposits in Uruguayan banks come from Argentina, so it's a big step on the way, I would say...
    Again, what is your country doing to stop being a nation of criminals?

    May 21st, 2012 - 12:29 pm - Link - Report abuse 0
  • yankeeboy

    USA Military:
    http://www.youtube.com/watch?v=tYrBSTBHCS4

    Urguayan Military:
    http://www.youtube.com/watch?v=tYrBSTBHCS4

    May 21st, 2012 - 12:41 pm - Link - Report abuse 0
  • Guzz

    US military:

    http://www.youtube.com/watch?v=MWQDVF_AIdg

    http://www.youtube.com/watch?v=MWQDVF_AIdg

    http://www.youtube.com/watch?v=MWQDVF_AIdg

    http://www.youtube.com/watch?v=MWQDVF_AIdg

    http://www.youtube.com/watch?v=MWQDVF_AIdg

    I could go on and on forever... Not to mention Vietnam and the bombs over Hiroshima and Nagasaki...

    But yes, those Uruguayan military should be castrated and put in jail forever, as well as we should disband our small army. They are being processed by the way, what are you guys doing to bring justice to the Iraqui people? What did you do to compensate for the atrocities made in Vietnam (even though they kicked your glorious butt)?

    May 21st, 2012 - 12:50 pm - Link - Report abuse 0
  • yankeeboy

    Wahh wahh I don't care...Might is Right. We can go in any country take what ever we want it will be like that for as long as all of us are alive.

    AND I LOVE IT!

    glorious butt...is that what your soldiers were saying about that boy?

    May 21st, 2012 - 12:58 pm - Link - Report abuse 0
  • Guzz

    Mayhap you can, that's why you almost defended Taiwan :)
    That boy is currently in Uruguay making sure justice is being made to those warmonkeys. In contrary to you, I will never defend atrocities made by any military.
    I take it “all of you” are very very old, because the sacking will stop within the next ten years, and your nation of criminals will have nothing left but the good memories of killing woman and children while China spends your money :)

    May 21st, 2012 - 01:04 pm - Link - Report abuse 0
  • yankeeboy

    A decade is nothing one simple boom and bust for Argentina.

    We have 20-30yr planning outlines for our military 10yrs is already well accounted for...so you are sadly uniformed little man.

    China may not be around in it's current for in 10 yrs maybe not even 5 it is falling apart rather quickly and they only need 1 or 2 provinces to break away for it all to start breaking apart. Do you not read at all?

    May 21st, 2012 - 01:11 pm - Link - Report abuse 0
  • Guzz

    China has “been around” for over 5000 years, fool :)
    I admit your military strategy is well planned, but your economic system is collapsing and your health system is non-existant. Try to shoot your way out of that one :)

    May 21st, 2012 - 01:15 pm - Link - Report abuse 0
  • ChrisR

    23 Guzz

    Shooting our mouth off again without engaging brain, eh?

    Where do you get the mythical '70%' figure from or are the Uruguayo Ministers lying?

    Go back to school to finish you Marine Engineering course and stop baiting yankeeboy with all this nonsense.

    Yankeeboy: I have been here for 12 months and I am fed up with Americans who come to live here to escape tax moaning that they have to pay taxes here as well!

    Are these people stupid? Or is it listening to the likes of Dean Steinbeck, an American Lawyer living in Punta, and thinking that Uruguay is the land of milk and honey?

    If these Americans want to whine and are unhappy they should do what you did and go 'home'.

    Mr. Steinbeck fails to realise or is not explaining that the legal businesses that Argentinians own will be exempt from this law. IT IS MONEY IN BANKS held by Argentinos that the Argentinian Government is going after. Scaremongering and exaggerating the likey outcome is not helpful.

    As I understand it, this agreement was done to allow Uruguay to go further along the road to getting a better financial grading. This seems to have worked.

    And as for “This summer, for example, tourists spent 17% less in Punta del Este than they did the year before.” the reason is blindingly obvious - the ban on taking USD outside of Argentina and refusing to have the Argentine Pesos back in their own country.

    I thought when this was announced by BA that it would have an absolutely devastating effect on Uruguay and quite frankly I am amazed at how little effect there has been throughout the country.

    I nearly bought a property in the centre of Punta before I woke up to the grossly inflated prices being asked. Some people will get burned when the prices collapse (I think a lot have done so already) if they need to liquidate their position but I do not subscribe to or support this hysterical over-reaction to what in essence is a reasonable attempt of tackling the problem of tax-dodging.

    May 21st, 2012 - 01:21 pm - Link - Report abuse 0
  • Guzz

    24

    http://investba.com/2011/07/70-uruguayan-bank-deposits-argentine/

    Of course I can't confirm the source, as I don't work in that sector, but according to investba.com (or a blog within, a source that is fully appreciated in these threads) the number is 70%...

    The reason Uruguay made this agreement with Argentina was to be excluded from Argentinas new export principles, amongst other things. If you truly are in Uruguay, mayhap you should listen to what Pepe Mujica says about the matter, he should know, as he was the one who made the deal with Cristina :)

    May 21st, 2012 - 01:32 pm - Link - Report abuse 0
  • yankeeboy

    30. It is hard to collapse pricing when there are basically no mortgages. Expenses are pretty low so there is no reason to give the property away. You may see a downturn if there is a lot of unsold new residential units available but I think it will level off.
    I came home basically because I figured out I was too young to retire (late 30s) and could not take the general poor quality of life as compared to the USA. All the little things that I thought $ would insulate me from when I first moved there proved to be too bothersome.
    Guzz, All I can say is watch china (and to a lesser extent india) there is trouble brewing and neither has enough reserves to keep their countries afloat when the population has mass civil unrest. The civil unrest has mainly been in the outer provinces but if it moves to the coast it will get UGLY fast. China may have been around for 5000 yrs but not in its current form and I don't think they can get themselves out of this mess easily. If not it will be scary for them but in the end good for the USA.

    Also our healthcare is one of the best in the world it is only the liberal media bleating on and on that makes it seem like there is some sort of issue with it. Most people don't see it as an everyday problem. And economic system, also best in the world, all we need to do is get Obama out of office so we can get it rocking again. Americans hate Socialists and his poll number are looking worse and worse everyday THANK GOODNESS!!

    May 21st, 2012 - 01:43 pm - Link - Report abuse 0
  • Brit Bob

    Argentinians can get a good return for their money by investing in the Standard Chartered Bank in Stanley. The have standard and term deposit accounts available. Stanley is on the Falkland Islands that are approximately 400 miles west of Argentina...

    May 21st, 2012 - 01:51 pm - Link - Report abuse 0
  • ChrisR

    31 Guzz

    Thank you for the link, but given the prevenance (BA) do you really believe it given that Pepe played down the effect of the law and the risk to Uruguayo banks?

    The number quoted was under 25% and was a topic in Mercopress.

    33 Brit Bob

    I realise that was probably a tongue in cheek post but as a BOT the Falklands (there are no Malvinas) are subject to disclosure under UK law. :o)

    May 21st, 2012 - 02:10 pm - Link - Report abuse 0
  • MurkyThink

    @ 29....plus pension system.

    May 21st, 2012 - 02:21 pm - Link - Report abuse 0
  • Guzz

    CrisR
    Knowing our historical dependence on Argentina, I am quite sure these new measures will have a major impact on Uruguayan economy, but as I firmly believe that banking privacy laws only benefits the rich and puts the country in a false state of prosperity, I also believe that these measures are good for Uruguay in the long run.
    I must admit that I still question mercopress more than I question BA sources though (don't pretend MP isn't biased), so yes, I think Pepe played down the effects, but as I said, it's good in the long run

    May 21st, 2012 - 03:00 pm - Link - Report abuse 0
  • MurkyThink

    @ 36 ... There are legitimate (Argentina--Brazil--Paraguay) official money in the Montevideo bank accounts to funding Uruguay Economy.

    May 21st, 2012 - 03:09 pm - Link - Report abuse 0
  • Guzz

    Of course there is Murky, and I don't expect our brother nations to withdraw all savings from Uruguayan banks. When it really comes to it, we only have eachother (although we all benefit from China these days), and we all know who our common enemies are. They think we forgot already :)

    May 21st, 2012 - 03:17 pm - Link - Report abuse 0
  • ChrisR

    36 Guzz

    I agree in pricipal to what you say about the overall effects of this tax agreement.

    What also matters is the stability in the Uruguayan legal system and the fact that contracts are honoured, certainly in my albeit limited experience.

    Why should international investors risk Argentina when Uruguay can offer them what they are looking for?

    May 21st, 2012 - 03:28 pm - Link - Report abuse 0
  • Brit Bob

    According to a International Narcotics Control Strategy report published in the US, numerous observers both international and from within Argentina have said that the country's financial system is a site for laundering money from drugs trafficking, corruption and contraband.

    Perhaps now even more drugs money will flow in to Argentina...

    May 21st, 2012 - 03:32 pm - Link - Report abuse 0
  • MurkyThink

    @ 38 .. they do not want to and can not withdraw ..also big money permanently soaring ....

    May 21st, 2012 - 03:34 pm - Link - Report abuse 0
  • Guzz

    CrisB
    We are a small nation, and I don't think for one second that we can compete with Argentina when it comes to attract foreign investors, as we have much less to offer than our big neighbour. At the end of the day, it all comes down to profit...
    It might be true that the Uruguayan law system is quite fine, but it's not without its flaws, we still have, in contrary to Argentina, this horrible law preteding us from making justice for what happened during the military dictatorship. What disturbs me is that in EU/US hunt for friends in the region, they try to play us against eachother. Argentina is far from perfect, and we have our disagreements. But so is Uruguay, and if we disregard what is being said and take a look at the history, we do know who are our common enemies in actions and not in words. What has EU/US ever done for any SA country, but bringing misery? As the murga says, el tiempo me enseño que la miseria es culpa de los hombres miserables...

    May 21st, 2012 - 03:39 pm - Link - Report abuse 0
  • MurkyThink

    @ 40 ...drug money is in all countries..in Wall Street....in City...in all bourses of the world...not only in Argentina !

    May 21st, 2012 - 03:44 pm - Link - Report abuse 0
  • Brit Bob

    @43

    But Argentina's refusal to IMF to comply with 47 of 49 recommendations to combat terrorist financing and MONEY LAUNDERING makes it worthy of note.

    May 21st, 2012 - 04:07 pm - Link - Report abuse 0
  • Guzz

    ...and IMF are the ones to talk about terrorist financing and money laudering??? Maybe because of the fact that they know all about it, financing USA and Europe in their war for natural resources, charging loans 5 times and still think countries should continue to pay...

    May 21st, 2012 - 04:18 pm - Link - Report abuse 0
  • yankeeboy

    45. Nobody forces countries to borrow from the IMF, IDB, WB etc if you don't like the terms don't take the loans.
    And your hysterical, nonsensical ranting against the USA and EU is tiresome. Grow up you sound like a child.

    May 21st, 2012 - 04:49 pm - Link - Report abuse 0
  • Guzz

    You are right yanqui, that's why we created Banco del Sur, to borrow money at honest rents and not to be under your shoes no more.
    It's not me being hysterical, it's a well known fact that you invade sovereign nations for natural resources, killing women and children in the process...

    May 21st, 2012 - 04:52 pm - Link - Report abuse 0
  • yankeeboy

    Whatever... if you were living here you'd probably be one of the OWS numbnuts. Loser.

    May 21st, 2012 - 05:22 pm - Link - Report abuse 0
  • Guzz

    Would never happen, my soul does not have a price tag :)

    May 21st, 2012 - 05:26 pm - Link - Report abuse 0
  • Think

    Argentina’s Critics Get it Wrong…………….. Again

    The Argentine government’s decision to re-nationalize its formerly state-owned oil and gas company, YPF, has been greeted with howls of outrage, threats, forecasts of rage and ruin, and a rude bit of name-calling in the international press.

    We have heard all this before. When the Argentine government defaulted on its debt at the end of 2001, then devalued its currency a few weeks later, it was all gloom and doom in the media. The devaluation would cause inflation to spin out of control, the country would face balance of payments crises from not being able to borrow, the economy would spiral downward into deeper recession.

    Nine years later, Argentina’s real GDP has grown by about 90 percent, the fastest in the hemisphere. Employment is at record levels, and both poverty and extreme poverty have been reduced by two-thirds. Social spending, adjusted for inflation, has nearly tripled
    http://www.cepr.net/index.php/op-eds-&-columns/op-eds-&-columns/argentinas-critics-get-it-wrong-again

    A nice set of Data.....:
    http://www.cepr.net/index.php/op-eds-&-columns/op-eds-&-columns/argentinas-critics-get-it-wrong-again

    May 21st, 2012 - 05:41 pm - Link - Report abuse 0
  • Brit Bob

    Banking- the Argentine Way

    In 2009 a wealthy Venezuelan working for the Chavez government was stopped at Miami with a suitcase full of money and was sent to a US prison for 4 years for illegally bringing money into the country. Testimony in the two-month trial heard allegations that the suitcase was part of a larger gift of $5 million dollars from Chavez to CFK.

    May 21st, 2012 - 06:54 pm - Link - Report abuse 0
  • geo

    44, 51 / Boby

    According to the US Justice Department records...Wachovia Bank( now owned by Wells Fargo Bank) laundered 378,3 billions US$ between May /2004 -- May/2007................................................................

    May 21st, 2012 - 07:24 pm - Link - Report abuse 0
  • Brit Bob

    @52

    But the $5 million was for your queen...

    May 21st, 2012 - 07:50 pm - Link - Report abuse 0
  • geo

    53/

    Why not !

    May 21st, 2012 - 08:10 pm - Link - Report abuse 0
  • Conqueror

    @42 Anybody happen to recall which country did the mediation that enabled the establishment and independence of Uruguay?
    Regarding the twerp @50, it is worth noting that the argie “currency” was devalued by a factor of 1,000 in 1985. The “economy” leapt ahead, fuelled by the fact that realistic comparisons couldn't be made with the pre-devaluation “costs” whilst debts were, literally, a thousand times easier to pay. Or at least the interest was a thousand times easier to pay. But, nevertheless, argieland managed to attain an inflation rate of 12,000%. An awesome achievement! Nevertheless, by March 2000, argieland only needed a $7.2 billion stand-by arrangement with the IMF. By December of that year, it only needed a $40 billion assistance package arranged by the IMF. But by the last week of 2001, argieland had reached the enviable position of needing to meet debt payments on no less than $132 billion. In 2002, argieland “fixed” this by allowing devaluation of about 80%. I think we can all see where this is headed. With current argie inflation at around 25%, the argie currency is worth a quarter of 80% of a thousandth of what it once was worth. Get out those banknotes, argies. And the cellotape. Fix two together and you can wipe your ass. It'll be cheaper than going down to the store and buying toilet paper. How can such a cuntry fail? Well, it fails when a real nation (e.g. Britain) stands up and says “Get lost, wankers!” At that point, the sh*t hits the fan and argies realise that they've been taken for mugs for years. Not that it saves them because they are still argies. And they are condemned, worldwide, for being sick, imperialist, colonialist, thieving, queer, murderous, genocidal psychotics. I believe that the relevant phrase is “The only good argie is a dead argie!” Is there a reason to let this stain on the face of humanity continue to exist? It is easy to refer to them as “scum”. The question is - have they aspired to that level?
    Twinky doesn't thinky!

    May 21st, 2012 - 08:46 pm - Link - Report abuse 0
  • yankeeboy

    55. You're a little light on the current inflation figures:

    Argentina's 12-month inflation expectations held steady for a third straight month at 30% in May, according to the median estimate in a survey published by the Torcuato Di Tella University.

    The average response eased to 33.9%, from 37.1% in April, the university, known as UTDT, said Monday in its closely watched monthly report.

    and El Think...I think Krugman agreed the Argentine path was best for everyone too. BUT He is probably the most quoted and dumbest progressive economist around except for maybe your Finance Ministers and current BCRA Prez.

    May 21st, 2012 - 08:54 pm - Link - Report abuse 0
  • Fido Dido

    According to the US Justice Department records...Wachovia Bank( now owned by Wells Fargo Bank) laundered 378,3 billions US$ between May /2004 -- May/2007

    They paid a “fine”. how much? $100 million dollar :D. Why? Barack Obama's “economic friend Warren Buffet” is a share holder of Wells Fargo. But ach, doesn't matter..it's normal in a Banana Republic. Oh by the way, it well through “City of London”. ..The Banana Capital of a Oligarchy.

    “Krugman agreed the Argentine path was best for everyone too. BUT He is probably the most quoted and dumbest progressive economist ”

    He's a Statistic Keynesian idiot. It's a shame that still to many people read what that clown writes in the NY Times.

    May 21st, 2012 - 09:03 pm - Link - Report abuse 0
  • Guzz

    Conqueror
    My favourite warmonkey :)
    So now it was the british that won our independancy, and not Artigas?
    Why don't you go shoot at something...
    By the way, did you enjoy the myotonic goat? Don't bother thanking me...

    May 21st, 2012 - 09:06 pm - Link - Report abuse 0
  • cmazzoni

    This will only benefit the people of Uruguay, another tool with he purpose of pushing for diversification of our portfolio of investors. I wished they would cut cable TV too on the hopes the move would push an increase on the population :P, then on the long run we wouldn't need foreigners!

    May 21st, 2012 - 09:51 pm - Link - Report abuse 0
  • PirateRock

    If the RG government is so concerned with tax evasion why do they promote it in their worker laws and activly “help” the the temporary self employed worker who has never paid tax to sue the employer?

    May 22nd, 2012 - 01:43 am - Link - Report abuse 0
  • BLACK CAT

    Is “Guzz” the Spanish term for “Social Spastic?”

    May 26th, 2012 - 09:33 am - Link - Report abuse 0

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