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Argentine nervous savers withdrew 522 million dollars in the last week

Sunday, June 24th 2012 - 02:54 UTC
Full article 69 comments

The outflow of foreign-currency deposits from Argentina's banking system showed no sign of slowing last week, as nervous savers withdrew 522 million dollars from bank accounts. Read full article

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  • ElaineB

    People have lost faith in CFKC's government. She cannot stop the money flowing out now........

    Jun 24th, 2012 - 03:30 am - Link - Report abuse 0
  • LEPRecon

    And so it begins.....

    Jun 24th, 2012 - 08:14 am - Link - Report abuse 0
  • Self Determination

    Get in quick, 10 peso dollar is coming soon.

    Jun 24th, 2012 - 08:18 am - Link - Report abuse 0
  • TipsyThink

    One of Argentina people's routine behaviours.very normal..

    At least they know to make saving not like broke countries as UK :3 % saving rate.

    Jun 24th, 2012 - 08:59 am - Link - Report abuse 0
  • geo

    This website makes nescient,cosmetic article comments sometimes.

    Argentina's Foreign Currency Deposits (public + private) has already lowering tendency since September 2011 where has .. 14 Billions US$......down to ..11 Billions US $ in May 2012..

    Argentina's Domestic Currency (Peso) Deposits(Public+ Private) soared from September 2011 ..370 Billions Peso ..up to.. 420 Billions Peso in May 2012..

    Jun 24th, 2012 - 09:27 am - Link - Report abuse 0
  • scarfo

    4
    One of Argentina people's routine behaviours.very normal..

    would that be the one about quickly changing the subject to something else? (At least they know to make saving not like broke countries as UK :3 % saving rate.)
    or the one where you just open youre gob and spew forth any old shite?

    Jun 24th, 2012 - 09:54 am - Link - Report abuse 0
  • geo

    5/correction

    merely Private Sector Foreign Currency Deposits 14...11 Billions US $

    Jun 24th, 2012 - 09:58 am - Link - Report abuse 0
  • Frank

    @ 5 .. 'peso deposits soaring'... oh jolly good... always high demand for bog paper....

    Jun 24th, 2012 - 10:10 am - Link - Report abuse 0
  • geo

    4 /

    3 % could be saving rate of household disposable income .

    total saving ratio of UK household is 7.15 %(2011) ...was 8.5 % (2010)

    real UK household income increasing rate was ..-- 1.4 % (2010)..+ 1 % (2011)

    Jun 24th, 2012 - 10:46 am - Link - Report abuse 0
  • Teaboy2

    @4 “At least they know to make saving not like broke countries as UK :3 % saving rate.”

    Yes we are so broke here in the UK that we have the strongest currency in the world, when it comes to what investors view as safe. We are able to build billion pound aircraft carriers and 6 type 45's worth billions in total. Oh not to mention the billions to be spent on the F35 fighter jets.

    You know it amazes me how people on the other side of the world seem to think Britian is broke and people here are starving and have no money, when those of us that actually live here can tell you we have plenty of money and the recession has hardly impacted the majority of us. In other words, the recession has had no impact on our personal finances apart from increased taxes that are very managable.

    Now i have said this before and i will say it again. Just because the Euro Zone is on the brink (which britain is not part off), despite such a collapse, if it were to happen, having a impact on our economy. We will still bounce back to where we are now economically within 2-3 years. In the 1950's we were in a much worser state then we are today, and what happened then. We bounced back to remain one of the world biggest economies and richest countries.

    Jun 24th, 2012 - 11:14 am - Link - Report abuse 0
  • Forgetit87

    Well said, geo. Put the Brutes in their place; they're in no position to pointificate other country's on their economic management when the UK economy itself is going to the dogs.

    Jun 24th, 2012 - 11:27 am - Link - Report abuse 0
  • Xect

    Lol Forgetit87, yet more uneducated nonsense.

    Comparing the UK's economy to Argentina's is like comparing a Ferrari to a fiat.

    Really to even compare them is pointless given how very different they are.

    So actually if we wish to talk about the Argentine economy we will do with impunity given how strong our economy has remained in terrible economic conditions and if that wasn't bad enough, Argentina's economy has been busy imploding when nearly all other countries in the same region have been enjoying very strong growth until recently.

    If there was ever an economic model to avoid its Argentina's, although I'm being a little kind calling it a model given the random uneducated and ridiculous decisions made by CFK's corrupt government.

    Jun 24th, 2012 - 12:02 pm - Link - Report abuse 0
  • yankeeboy

    The Argentinian Banks are in effect bankrupt. The gov't has allowed them to decrease their reserves to maintain an appearance of stability. As U$ continue to flow out and into people's mattresses the gov't will continue to panic and act irrationally.
    This is one of the straws that could break the back of the economy, but which one will actually do it who is to say.
    Not long now...panic with the people is just about to set in and when it does watch out below.
    I think I heard Patacones being printing this weekend so BA Province can pay salaries on Tuesday....click click click

    Jun 24th, 2012 - 12:03 pm - Link - Report abuse 0
  • Forgetit87

    “Comparing the UK's economy to Argentina's is like comparing a Ferrari to a fiat. ”

    Because the Ferrari is so much more indebted and unemployed?

    Jun 24th, 2012 - 12:31 pm - Link - Report abuse 0
  • Xect

    Actually its widely speculated Argentina's unemployment level is now at over 8.5% and rapidly rising vs the UK's 8.2% but given your expertise you knew that right?

    And as for debt, I may need to explain to you that the UK unlike Argentina pays its debts and can create debt at will whereas nobody will lend to Argentina given its history of reneging on agreements and debts.

    I'd all point out the UK's economy is 6 times larger than Argentina's even though we have less than 20 million more people and hence our ability to pay debts is also 6 times higher.

    I hope this helps you understand some very basic concepts.

    Jun 24th, 2012 - 12:38 pm - Link - Report abuse 0
  • Pirat-Hunter

    A 30% charge on withdrawal, exchange and deposits of us$ dollars will help a lot. Western unions charches at least 10% in USA and nobody complains, Argentina should use the economic decline as an excuse to fine all US dollar transaction. In any case Argentine worker get payed in pesos, dollar gives jobs to USA not Argentina, if anyone wants dollars they can move to USA. US dollars should be illegal tender in Argentina to keep the drug and gun traffic away from Argentine ports.

    Jun 24th, 2012 - 12:39 pm - Link - Report abuse 0
  • Forgetit87

    “Actually its widely speculated Argentina's unemployment level is now at over 8.5%”

    Did you just wake up after hearing that?

    “I'd all point out the UK's economy is 6 times larger than Argentina's even though we have less than 20 million more people and hence our ability to pay debts is also 6 times higher. ”

    If the UK was a person, its network would be negative. You're living off of an illusory sort of prosperity based on financial speculation. Your bubble is not sustainable, and when it pops, it's going to be a nasty fall.

    Jun 24th, 2012 - 12:42 pm - Link - Report abuse 0
  • Xect

    Well given INDEC the agency known for lying has put unemployment over 7% its hardly a stretch for independent economists to put a more realistic figure out there or do you believe the inflationary figures? lol

    And it seems you've been asleep, the UK has had a very nasty fall over the past 5 years.

    'illusory sort of prosperity based on financial speculation' - I'm sure that made sense in your head, its just a shame its clearly not connected to reality.

    Jun 24th, 2012 - 12:45 pm - Link - Report abuse 0
  • Forgetit87

    Whatever will make you sleep better at night. :)

    Jun 24th, 2012 - 01:03 pm - Link - Report abuse 0
  • British_Kirchnerist

    #2 “And so it begins.....”

    You always say that! When are we going to move on to the middle and end?!

    I think it may be a good idea for Cristina to stop the dollar being legal tender. What do people think...

    Jun 24th, 2012 - 01:04 pm - Link - Report abuse 0
  • Pirat-Hunter

    Do you guys know what the best busyness is in Buenos Aires is?? Printing US dollars. Not only its lucrative but also beneficial for Argentina, let's give all Argentine's the best copy of a 100$ bill, next year people will think twice before trading US$. I hear there is a super dollar going around if anyone can get a bundle to me I will make sure to make their time worth it.

    Jun 24th, 2012 - 01:09 pm - Link - Report abuse 0
  • yankeeboy

    20. Since you have never been to Argentina you have no idea how little faith people put in their own currency.
    I'm sure that people that put all their faith in the Austral are living on the streets!
    The Arg peso will be worth 1/2 in the next year and that is probably being overly optimistic.
    The futures market has it at 8/1 eom July!

    Jun 24th, 2012 - 01:14 pm - Link - Report abuse 0
  • LEPRecon

    @20 - BK

    People think you are a deluded idiot.

    US$ are the business currency of the world, so to stop using them would only hurt Argentina's economy further, not help it.

    Jun 24th, 2012 - 02:10 pm - Link - Report abuse 0
  • yankeeboy

    Didn't Uruguay get stuck with a few truck loads of pesos they couldn't return to Argentina this summer?

    Why oh why would anyone take Arg peso in exchange for a hard asset?
    When I travel there I only use them to pay for taxis everything else I pay with U$ and believe me the shopkeepers and barmen are very happy about it.

    Jun 24th, 2012 - 02:26 pm - Link - Report abuse 0
  • ChrisR

    24 yankeeboy

    No, it never happened in the end.

    Most businesses insisted on payment in USD via a credit card.

    Jun 24th, 2012 - 03:37 pm - Link - Report abuse 0
  • yankeeboy

    Oh that's good! I think this peso will go the way of the Austral in a little while anyway.
    If they don't loosen up U$ purchases it is going to be a hard summer in PDE come January.

    Jun 24th, 2012 - 03:44 pm - Link - Report abuse 0
  • briton

    That’s what we love about you indocronoughts,
    The ship is sinking,
    The captain and crew are away in the boats,
    And the people are singing life on the ocean wave.

    Very clever.
    .

    Jun 24th, 2012 - 06:04 pm - Link - Report abuse 0
  • Conqueror

    @4 I'm not surprised to learn that panic is normal argie behaviour. Your troops were good at it as well. AHAHAHAHAHAHAHAHAHAHAHAH!!!!
    @5 That's a lot of toilet paper! Do you like to wipe your ass on the bits that show your genocidal “Conquest of the Desert”?
    @11 Our economy is “going to the dogs”? Ah, yes, greyhound racing. Where we bet hundreds of pounds virtually every night. Could you bet hundreds of pesos every night? Of course not. You need your pesos for bog paper.
    @16 Of course. CFK needs the money. It's getting close to palace-buying time!
    @19 I don't sleep at night. Too busy laughing myself sick at argieland, CFK and you. Not necessarily in that order.
    @21 Haven't you said that US dollars makes employment for Americans not argies? So printing loads of them is good for whom? And printing counterfeit currency is a crime everywhere.

    Jun 24th, 2012 - 06:33 pm - Link - Report abuse 0
  • Max

    & 27
    You mean this ?
    www.youtube.com/watch?v=8q_HNWv6ADo

    Jun 24th, 2012 - 06:35 pm - Link - Report abuse 0
  • Yomp to victory

    The fact that it is only 522 million dollars shows how desperately poor people in Argentina now are.

    Jun 24th, 2012 - 06:38 pm - Link - Report abuse 0
  • Max

    England(not UK) -- Italy match is later on..
    go /watch the English multi-coloured callow group against Italy..

    Jun 24th, 2012 - 07:06 pm - Link - Report abuse 0
  • briton

    we lost on penalties,
    great match,
    great show

    Jun 24th, 2012 - 09:45 pm - Link - Report abuse 0
  • ElaineB

    Yeah, it was a good match. I watched it in a bar in a LatAm country, the only English person in the bar but the locals were all cheering for England. : )

    Jun 24th, 2012 - 10:34 pm - Link - Report abuse 0
  • Steve_L

    Am I just excessively lecherous, or did anyone else notice the lady in the blue top in the photo?

    Jun 24th, 2012 - 10:42 pm - Link - Report abuse 0
  • Forgetit87

    I meant “networth” on message #17.

    Jun 24th, 2012 - 10:59 pm - Link - Report abuse 0
  • Marcos Alejandro

    33 ElaineB
    “Yeah, it was a good match” Don't cry for me England...
    What a bunch of wooden paralysed players England had today on the field.
    Grandpa Pirlo humiliated England with his penalty kick.

    Jun 25th, 2012 - 03:01 am - Link - Report abuse 0
  • ElaineB

    You so didn't watch the game.

    Jun 25th, 2012 - 03:21 am - Link - Report abuse 0
  • brit abroad

    simian marcos,

    why are RG's nervous? I remember you and your monkey friends telling us many times how solid your Government was and its policies!!!!

    So why are they nervous??????

    Jun 25th, 2012 - 03:50 am - Link - Report abuse 0
  • Marcos Alejandro

    37 How many beers did you have? :-)
    England was totally outplayed.

    Jun 25th, 2012 - 04:01 am - Link - Report abuse 0
  • brit abroad

    Marcos Why are RG's nervous?

    Marcos Why are RG's nervous?

    Marcos Why are RG's nervous?

    Marcos Why are RG's nervous?

    Marcos Why are RG's nervous?

    Simian, why are RG's nervous?

    Jun 25th, 2012 - 04:10 am - Link - Report abuse 0
  • Forgetit87

    Simian? Once again the Brits let escape their racist rancidity.

    In any case, it's curious that a Brit, who typically displays inbred features, is calling someone else a simian.

    Jun 25th, 2012 - 04:33 am - Link - Report abuse 0
  • brit abroad

    1) How is that racist?????
    2)“ typically display inbred features” ??????? Hmmmmm now that was wild stab in the dark with blunt pencil!

    ForgetTit, Why are the RG's nervous?

    Jun 25th, 2012 - 04:40 am - Link - Report abuse 0
  • Marcos Alejandro

    Mr brit abroad
    Are you related to a “Simian” in any way? Since you like to call people that way..

    Jun 25th, 2012 - 05:17 am - Link - Report abuse 0
  • brit abroad

    marcos,

    Why are the RG's so nervous?

    did you go to school?

    Why are the RG's so nervous?

    Why are the RG's so nervous?

    Jun 25th, 2012 - 05:25 am - Link - Report abuse 0
  • Marcos Alejandro

    44 Didn't answer my question, I wonder why...

    Nervous for what?
    I am sure that you are talking about yourself...

    24 Jun 2012

    “Bank of England's money printing is putting UK economy at risk”

    http://www.telegraph.co.uk/finance/financialcrisis/9352844/Bank-of-Englands-money-printing-is-putting-UK-economy-at-risk.html

    Jun 25th, 2012 - 05:35 am - Link - Report abuse 0
  • brit abroad

    Why are the RG's nervous?

    I answered your question with a question and by doing so illustrated my point.

    FYI:

    simian
    [sim-ee-uhn]
    adjective
    1. of or pertaining to an ape or monkey.
    2. characteristic of apes or monkeys: long, simian fingers.
    3. brainwashed Malvinist, usually of S. American orgin.

    noun
    1. an utterly foolish Malvinist

    Jun 25th, 2012 - 05:41 am - Link - Report abuse 0
  • Marcos Alejandro

    Are you insecure of your skin colour by calling others “simian”?

    Jun 25th, 2012 - 05:45 am - Link - Report abuse 0
  • brit abroad

    In your eyes what colour are Simians??

    Jun 25th, 2012 - 05:48 am - Link - Report abuse 0
  • Marcos Alejandro

    I don't know you tell me, after all you like to call people“simian”...Mr jamaican stock from Brixton.

    Jun 25th, 2012 - 05:56 am - Link - Report abuse 0
  • brit abroad

    why has skin colour got anything to do with the word Simian?

    Jun 25th, 2012 - 06:01 am - Link - Report abuse 0
  • Marcos Alejandro

    Why are you so nervous now?

    Jun 25th, 2012 - 06:05 am - Link - Report abuse 0
  • brit abroad

    what has skin colour got to do with the word simian?

    Jun 25th, 2012 - 06:07 am - Link - Report abuse 0
  • Marcos Alejandro

    Why are you so nervous now?

    Why are you so nervous now?

    Why are you so nervous now?

    Jun 25th, 2012 - 06:11 am - Link - Report abuse 0
  • brit abroad

    Why are the RG's nervous about the economy?

    did you go to school?

    In your eyes what colour are Simians??

    what has skin colour got to do with the word simian?

    Why dont you answer questions?

    Jun 25th, 2012 - 06:18 am - Link - Report abuse 0
  • Frank

    @53 Awk...Marcos wants a cracker..... Awk... Marcos wants a cracker......

    Jun 25th, 2012 - 06:38 am - Link - Report abuse 0
  • brit abroad

    Sorry everyone, had some time to kill at the airport and I just couldn’t help playing with marcos….just wanted to see if he answered any of my questions!

    Anyway got bored now, however:

    Marcos,

    Why are the RG’s so nervous about the economy??

    Jun 25th, 2012 - 06:41 am - Link - Report abuse 0
  • Forgetit87

    You're hardly in a position to condescend over people's economic anxieties, fag abroad.

    Jun 25th, 2012 - 07:49 am - Link - Report abuse 0
  • brit abroad

    Hi ForgeTit,

    Oh yes I am in a position........, and yes I can condescend when I like and yes I can be condescending to whom ever i like!

    reality is that i am just asking a simple question on a forum, where previously i have had to listen to your monkey friends go on and on about how good RG policy is.........yet what i read here doesnt not seem to suggest such.....so perhaps you could put some light on the situation!

    Why are the RG's so nervous about the the economy??

    BTW just put you name on the list of Monkeys! Congratualtions, will mail you your complimentary bag of peanuts and rubber tyre!

    Jun 25th, 2012 - 08:07 am - Link - Report abuse 0
  • Marcos Alejandro

    I see that you got your rear end kicked after I left :-))))
    You call people “simian” after you look yourself in the mirror and cry when Dany calls you “ Mohammed from Birmingstan”
    Stupid kid.

    Jun 25th, 2012 - 02:31 pm - Link - Report abuse 0
  • Self Determination

    @58 etc
    They are nervous because they have been lied to by a corrupt government, they have lost faith in the peso.
    30% inflation ,import restrictions, children starving despite exporting 90% of food produced, general strikes - its a bit of a mess. Every day it gets worse.

    Jun 25th, 2012 - 02:57 pm - Link - Report abuse 0
  • briton

    Why the nasty jabs at England,
    Just because Argentina did not play, and get beat by England,
    [Argentina is not European]

    Ahh any excuses, CFK thinks she owns the bloody world, we bet she even asked if Argies could play,
    But hey lads,,
    We lost, and we were in need, we lacked some things, but it was a great game,
    And Italy is not a two bit football nation .she was very good and well deserved to win,,
    We lost on penalties, but in the last 7 penalties shoot outs we have lost six, I believe , so the odds were against us,
    A new manager, limited time to get ready,
    ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
    Next stop BRAZIL 2014, and you will see a new England ,
    First qualifying match sept 07th .this year.
    Next time gentlemen , next time , lol

    .

    Jun 25th, 2012 - 06:30 pm - Link - Report abuse 0
  • ElaineB

    It was a great game. 120 minutes without a winning team shows how well-matched the teams were.

    Jun 25th, 2012 - 06:37 pm - Link - Report abuse 0
  • briton

    agreed

    Jun 25th, 2012 - 07:09 pm - Link - Report abuse 0
  • ChrisR

    34 Steve_L

    No, that one is mine: yours is the one with the yellow top and her arse hanging out of her jeans. :o)

    Jun 25th, 2012 - 07:59 pm - Link - Report abuse 0
  • Self Determination

    @34 &64
    Sorry to disappoint you ,but they are both Argie ladyboys (ex army).

    Jun 25th, 2012 - 08:03 pm - Link - Report abuse 0
  • ChrisR

    65 Self Determination

    Damn! :o(

    Jun 25th, 2012 - 09:25 pm - Link - Report abuse 0
  • mordermeperras

    I've just spent a week in the UK, usually live in Mdeo, Cuidad Vieja, went to Asda and Sainsbury's, only things found cheaper was Beef Lamb and Fish, everything else best quality fresh and in date..........................

    Jun 25th, 2012 - 10:59 pm - Link - Report abuse 0
  • Marcos Alejandro

    62 ElaineB (#)

    “It was a great game”...for the Italians not England.

    Jun 25th, 2012 - 11:42 pm - Link - Report abuse 0
  • brit abroad

    @68 Simian,

    ”I see that you got your rear end kicked after I left :-))))” - Can you illustrate how?

    Why are the RG's so nervous about the the economy??

    I know these are stupid question for someone with the mental age of a 5 year old, but you can try.

    Jun 26th, 2012 - 02:30 am - Link - Report abuse 0

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