MercoPress. South Atlantic News Agency
IMF delays report on Argentina’ controversial economic data reporting
The International Monetary Fund (IMF) decided it will not “release any communiqué regarding Christine Lagarde report over Argentina's statistics,” the press department announced. It is expected that the report with the analysis of the Board of Directors will be released on Tuesday. Read full article
Comments
Disclaimer & comment rules“eventual expulsion”
Sep 18th, 2012 - 07:31 am - Link - Report abuse 0Doesn't sound so bad for me...
Argentina can save 4bn dollars per years instead of waste that money on a not useful and dysfuntional organisation.
just a thought...
Stop asking them for money then, hypocrite!
Sep 18th, 2012 - 09:40 am - Link - Report abuse 0Dumburger why does ass lips kirchner always get on her knees and beg them for money.
Sep 18th, 2012 - 10:15 am - Link - Report abuse 0How did Brazil make out with IMF?
Probably no 'political' significance in a little delay.
Sep 18th, 2012 - 10:25 am - Link - Report abuse 0”Improve the quality of the data reported over the Consumer Prices Index (IPC) and the GDP, so that the data turns consistent with the obligations stated by the IMF Constitutive Agreement.” Translation: You're lying. We know you're lying. Now the whole world knows you're lying.
Sep 18th, 2012 - 10:32 am - Link - Report abuse 0Has possibly been lying since 2007. Don't be ridiculous. Argieland has been lying since 1816!!
I bet they delay the censure. There are lot of Rgs working at IMF IDB WB that will lose their jobs if they are kicked out of IMF. They're all on G4 visas and would have 30 days to find a new job and if not 30 days to get out of the USA. It is very serious and there is a lot of deal making going on right now.
Sep 18th, 2012 - 11:28 am - Link - Report abuse 0Also CFK is wholly dependent on WB and IDB U$ to make her budget. I can't imagine how they would make up the loss of Multi-Billion U$ next year.
Yankee ass lips kirchner had a imromtu meeting with the economic minister in olivios. I am sure it had to do the IMF pending annoucnement today. They were most likely detailed in advance of what is going to happen.
Sep 18th, 2012 - 11:44 am - Link - Report abuse 0Cap, They already know what the PR will say. I am sure Arg is the one who asked for the delay in the news release. I can say it has been hush hush I usually hear about the major stuff from the banks way before it hits the news.
Sep 18th, 2012 - 11:58 am - Link - Report abuse 0@1 being thrown out doesnt stop you owing the IMF money. It just means you will no way of influicng any decsions amde at the IMF nor access to loans from them (which Argentina is still asking for).
Sep 18th, 2012 - 12:22 pm - Link - Report abuse 0It would be disatrous for Argentina if they were thrown out. We will see Thursday what happends but I doubt they would be thrown out. But we could see Moodys downgraded the country from its decisons today to chnage them from stable to negative.
Prove with irrefutable links Argentina has requested IMF loans.
Sep 18th, 2012 - 02:28 pm - Link - Report abuse 0Since no one here has, I deem all of you utter dishonest reprobates.
@10 ever or recently?
Sep 18th, 2012 - 03:03 pm - Link - Report abuse 0Toby, Right now Arg is not eligible for IMF Loans but they takes loans yearly from World Bank and IDB. Which are all part of the same group so if they get censured by IMF WB and IDB can no longer disburse funds. Funds that CFK is relying on next year to pay U$ denominated debt which means if they're gone you either default or restrict imports even further.
Sep 18th, 2012 - 03:09 pm - Link - Report abuse 0It is a mess wholey created by the Ks over the last 8 yrs.
I think you will find that CFKC relies on the loans from WB and IDB to fund her social programs for the poor and to improve the infrastructure (or in the case of Argentina, fund the retirement accounts of government officials). Without that, what will she hand out to her voters?
Sep 18th, 2012 - 03:23 pm - Link - Report abuse 0This is all reminiscent of the last time the IMF pulled the rug on Argentina. Argentina begged for more help/time and the IMF asked for better management of the economy. Argentina refused to adhere to the requests of the IMF, the IMF lost patience.
I think the IMF were wrong to do that then and will most probably be trying hard to avoid punishing Argentina again. Because ultimately it does not punish the idiots in government, it hurts the most vulnerable.
We shall see.
Yankeeboy you like this sort of stuff and have a better head for economics than me. See what you can intepret from this. http://data.worldbank.org/sites/default/files/gdf_2012.pdf
Sep 18th, 2012 - 03:23 pm - Link - Report abuse 0Great Article
Sep 18th, 2012 - 03:35 pm - Link - Report abuse 0A Street Level View Of Argentina's Economy, The Peso And ARGT
In sum, extreme caution is advised for anyone considering relocating, visiting, or investing in Argentina. Surely such conditions are ripe for those in the market for distressed assets, but judging across a range of indicators both macro and micro, the market bottom still has yet to come.
There are increasing rumors circulating that President Kirchner is seeking a constitutional amendment to permit her to stand for a third term, a maneuver previously favored elsewhere in the world by heads of state ranging from Venezuela to Nigeria. How likely this is to happen remains to be seen, but her administration enjoys enough support that it cannot be considered a non-starter. If the Kirchner administration's policies to date are any indication of what's to come, Argentina's economy may have to get worse before it gets better.
http://seekingalpha.com/article/873431-a-street-level-view-of-argentina-s-economy-the-peso-and-argt
Great article cheers. Ive bene looking for something for a while that sums up the entire econmic situation.
Sep 18th, 2012 - 04:36 pm - Link - Report abuse 015# What was great about the world bank article.Did you read it in 12 minutes.What do you think was encouraging in it?
Sep 18th, 2012 - 05:15 pm - Link - Report abuse 0IMF/World Bank might reveal them if they know Argentina correct statistics.
Sep 18th, 2012 - 05:19 pm - Link - Report abuse 0Yankee I am heading back there in a couple months......Visiting wifes family. It will be interesting to see how it is then. While I know the crime is increasing there, being in Buenos Aires city never made me feel insecure, or anymore inxecure than than any large city. When I was there in February, I noticed shelves getting bare in stores on certain products and could not get a rep[lacement for my father in laws laptop back then. Perhaps in the next hour, IMF will finalize their report.
Sep 18th, 2012 - 06:44 pm - Link - Report abuse 0Cap, Did you ever live there or have you only been on extended vacations? I didn't feel insecure until our neighbors son was kidnapped and his finger left at the trains station, then we had numerous neighbors getting commando assaulted at night and cars were getting boxed in owners kidnapped and cars stolen from the hwy to our house.
Sep 18th, 2012 - 07:25 pm - Link - Report abuse 0I have to go back this winter too, I may be able to get out of it though I will know in the next couple of weeks. I have been checking hotel rates and they are super cheap! I think using U$ it going to do very well for me this trip.
It is a mess and I don't see how it gets any better from this point on.
Yankeeboy is going to be in Argentina in November.Any chance he can stay with your in laws poppy.He can show you where to get the best rate for your dollars.
Sep 18th, 2012 - 07:26 pm - Link - Report abuse 0CFK should put her people money, where her mouth is,
Sep 18th, 2012 - 07:28 pm - Link - Report abuse 0and say ?
Argentina is on track to be the first country ever censured by the International Monetary Fund for not sharing accurate data about inflation and the economy, according to a draft statement from the IMF.
Sep 18th, 2012 - 07:42 pm - Link - Report abuse 0The IMF’s board of directors, meeting yesterday in Washington, decided to give the country until Dec. 17 to respond to concern about the quality of its official data, according to a draft statement obtained by Bloomberg. If the deadline is missed, the board can issue a declaration of censure, a warning that has never been used and which means sanctions may be applied if the concerns aren’t addressed.
“The Executive Board regretted the lack of sufficient progress in implementing the remedial measures since its Feb. 1, 2012, meeting and expressed to the authorities its concern that Argentina has not brought itself into compliance with its obligations under the IMF’s Articles of Agreement,” according to a draft statement obtained by Bloomberg. “The Board called on Argentina to implement the measures without delay.”
The IMF’s decision puts Argentina, a member of the Group of 20 nations, closer to sanctions that could eventually force President Cristina Fernandez de Kirchner’s government into a “compulsory withdrawal” from the 188-country institution.
IMF spokesman Raphael Anspach declined to comment on the draft statement and said an official press release is forthcoming.
etc..... Source: Bloomberg
Well done Elaine but mercopress could have told you all that.Why are you repeating it.
Sep 18th, 2012 - 07:47 pm - Link - Report abuse 0“The IMF’s move comes as public support for Fernandez dwindles in the face of 24 percent inflation, the fastest in the hemisphere, and growing frustration over crime and restrictions on dollar purchases. Demonstrators on Sept. 13 turned out in the streets of Buenos Aires in the biggest protests against Fernandez since 2008.
Sep 18th, 2012 - 07:52 pm - Link - Report abuse 0Fernandez’s popularity fell to 30 percent in August from 64 percent in September 2011, the month before she was re-elected to a second term, according to an Aug. 11-21 survey by Buenos Aires-based Management & Fit.”
And how does the government respond to the people expressing concern over increased crime?
“Security Minister Nilda Garré denied today the criminality curve in Buenos Aires City was increasing. ”There is no such a thing as a crime rate increase in Buenos Aires. In fact, there is a decrease of criminality in some cases”,”
Denial is not going to cut it. It is insulting.
Thanks for offering someone else's place but I NEVER stay with people either I rent a house, condo or stay in a hotel.
Sep 18th, 2012 - 07:52 pm - Link - Report abuse 0Think about this Advertised U$200/night on Expedia which is P$940 (gov't rate) I bring U$ cash and pay U$134 BIG HUGE DIFFERENCE and if I commit to stay for 2 weeks I can probably get it for U$1400-$1500 total!
I am sure he is all set and I am sure my wife knows her way around living there for 38 years.
Sep 18th, 2012 - 08:05 pm - Link - Report abuse 0Elaine I am really diaspappointed that IMF gave them yet another repreive. Either inflation figures will suddenely jump dramatically, of the year end, argentina will make history yet again.
Cap, Nothing will change by Dec. Getting on the path to be thrown out of IMF is a huge huge deal. The last time it happened is when Czech turned Communist! There are a lot of very powerful people that want to see Arg stay in G20/IMF/IDB/WB there is a lot of $ to be made from these loans. When ( not if) they get kicked out they will be like N Korea or Myanmar. Big big deal and it will take a generation to fix it.
Sep 18th, 2012 - 08:17 pm - Link - Report abuse 0BTW even my RG friend told me not to go this winter since it looks like it will all fall apart by then...
@27 I think I can understand it. The IMF had some guilt about pulling the plug on Argentina last time. They were not entirely to blame, they gave the Argentine government numerous ultimatums and it was completely ignored. (The Finance Minister back then thought he could walk on water). I think I used the analogy before of the IMF behaving like an over-indulgent parent and Argentina the spoilt, petulant child. Both were in part to blame but ultimately the IMF used its' power where Argentina had none. The result was not pretty for anyone involved even if they were witnessing it from afar.
Sep 18th, 2012 - 08:24 pm - Link - Report abuse 0This time I think they want to be seen to have done absolutely everything possible to get the Argentine government to act like a grown-up and stop the lying. Or they suspect that things are looking decidedly precarious for CFKC's government and she won't last until December.
I love the thought of that last sentence. Either way, real data should start being reported, the peso devalued or argentina makes history as the first again.
Sep 18th, 2012 - 08:43 pm - Link - Report abuse 0I get the feeling things are not going to plan for CFKC.
Sep 18th, 2012 - 08:47 pm - Link - Report abuse 0I think her left eye is twitching
Sep 18th, 2012 - 08:52 pm - Link - Report abuse 0Assuming they want to stay in IMF ( I'm not so sure) they are going to make them restate all the numbers since 2008. Where oh where is she going to come up with the est. U$7 Billion in underpayment of the inflation linked bonds? And what happens to Nestor's legacy when GDP is shown to be less than 1/2 of what they reported?
Sep 18th, 2012 - 09:03 pm - Link - Report abuse 0She is in a pickle.
twitch
It is a pickle, isn't it?
Sep 18th, 2012 - 09:14 pm - Link - Report abuse 0I suspect she will not be able to meet the requirements of the IMF and will have to leave but will stage a dramatic 'resignation' and rant about capitalist societies and how developed countries should be following her example......blah.... blah. All nonsense but a few posters on here would swallow it. The problem for her would be the loss of the WB money for her social welfare policies. How will she fund them?
If she wants to stay in the IMF (and associated clubs) - and she loves posing on the world stage - she will have to admit to the people of Argentina that she has been lying through her teeth. I wouldn't want to be in her louboutins.
I suspect she will claim ill-health and slink off to be reunited with her dollars abroad.
That Cristine is a pretty tough cookie and isnt likely to pull her punches
Sep 18th, 2012 - 09:15 pm - Link - Report abuse 0I think the resignation scenario is a likely scenario. But with that she is cutting off WB funding. He congressional supporters at that point may not be such strong supporters with they realize the only way to finance andything will be further trade surpluses, cutting off imports even more.
Sep 18th, 2012 - 09:28 pm - Link - Report abuse 0Another possiblity is to accept reality of the numbers, but tell the argentines that she is being forced to lie about the numbers in order to stay in thgese organizations and that she is doing ini the best interest of the people. The cyber K's will believe and spread to lies.
If they elect to leave the financial system, how do they trade? I would guess GM FORD FIAT the Ag cos and most other Int'l companies would have to pull out too. It's not like you see many Int'l companies in N Korea or Myanmar.
Sep 18th, 2012 - 09:30 pm - Link - Report abuse 0What an embarrassment, on the world stage,
Sep 18th, 2012 - 09:40 pm - Link - Report abuse 0CFK must be very proud of what she has turned a once great country, into a laughing stock...
There are lots of people on here who know reality from appearance but not in every case.Will anyone tell me what the real numbers are and where can I see them.I'm still busy reading the world bank data that some one can read in under 12 minutes.Guess who?Not me.
Sep 18th, 2012 - 09:41 pm - Link - Report abuse 0To be fair, it has been a mess for longer than CFKC has been (not) running things. I think why opinion is turning against her is that she has given people false hope and fed them a pack of lies. Argentines are proud people and they don't like being made a fool of.
Sep 18th, 2012 - 09:44 pm - Link - Report abuse 0The money flowing in from IDB and WB is not very well accounted for and a big slush fund that many many people have their hands on. I think she will need to be very careful here....accidents happen. Ask Menem's son...
Sep 18th, 2012 - 10:04 pm - Link - Report abuse 0@36 'a once great country'
Sep 18th, 2012 - 10:11 pm - Link - Report abuse 0When was that then? I think I might have missed it...
@42 Not in our memory, but Argentina really was a great and promising country; A possible rival to the US as an economic power. You need to go back a good 80 or 90 years. They did not recover from the Great Depression and then the curse of Peronism rendered them forever doomed to be a poor and under-achieving country.
Sep 18th, 2012 - 10:22 pm - Link - Report abuse 0It has the resources to be great again but it would take some serious changes.
I agree with you Elaine that argentina has been a mess long before she took over. However, when your ship is sinking your start the bilge pumps, not take on more ballast as she has been doing.
Sep 18th, 2012 - 10:38 pm - Link - Report abuse 0Each new leader has the chance to drive their country forwards, or hold it back and live in the past,
Sep 19th, 2012 - 09:35 am - Link - Report abuse 0And that makes CFK just as guilty as her forbears.
There is no excuse for the failure,
Yet they constantly use the Falklands as a distraction.
Is this not true.
.
If the IMF victimise Argentina the way people on here think they will, I predict it will lead to the majority of the population rallying round Cristina against this latest attack, the deepening of her leftist project, and be the best thing that could happen to her as far as making re-election politically likely is concerned. Are they really going to risk it?
Sep 19th, 2012 - 10:50 am - Link - Report abuse 0Czechoslovakia was a good country and the better for having been kicked out of the IMF, its a shame the return of capitalism achieved what Hitler could not and dismembered it, if only Dubcheck's socialism with a human face had succeeded but now we have socialism with a beautiful woman's face in Argentina =)
SO BK why have you not anwsered me what I asked you “when was your last visit to Argentina”?
Sep 19th, 2012 - 12:25 pm - Link - Report abuse 0we dont think he has ever been to argentina.
Sep 19th, 2012 - 12:43 pm - Link - Report abuse 0Exactly......and yet he talks of how well the people are doing. He's is the lowest form of oxygen breathers.
Sep 19th, 2012 - 01:09 pm - Link - Report abuse 0#49 Arguably, that would be an amoeba. But its not just his feet that are pseudo, BK is an unusual kind of troll.
Sep 19th, 2012 - 01:32 pm - Link - Report abuse 0That's for certain. He's like a Tokyo Rose.
Sep 19th, 2012 - 02:26 pm - Link - Report abuse 0Well done investigators.We'll take your word for BK but who is capt poppy,an astronaut or a football player?
Sep 19th, 2012 - 05:54 pm - Link - Report abuse 0It is encouraging to have Poppy's economic expertise to highlight the problems in the argentine economy.When he visits Argentina later this year at least he will on the spot to put questions to BK and to give us his recommendations for the economy of Argentina.In the meantime I will remain patient.
Yankeeboy hasn't commented on BK,he is re-reading the world bank data.
Such uppity talk for someone such as you. I have no right to express my opionions as you so freely leak with a certain measure of pomposity? So yuleno....are you of the indigenous stock or european breed....or perhaps a hybrid? Because it seems that south america is not quite finished killing them off.
Sep 19th, 2012 - 07:00 pm - Link - Report abuse 0Oh to be younger again!
Poppy for you I'm an astronaut and I look to the moon to be kind to me and to keep me from harm and evil talk.So I talk plainly and do not claim to be other than passing through and keeping to my roots.I hope I am not to pretentious.
Sep 19th, 2012 - 09:59 pm - Link - Report abuse 0Are you better informed there or does it merely give you more scope to bend your truth to suit what you post in response to others you old sailor.
No one bends the truth when formulating opinions. Facts are facts, history is undeniable, future hypothesis' are speculative opinion based on facts and history and that cannot be bent, only changed from the speculator.
Sep 19th, 2012 - 11:38 pm - Link - Report abuse 0So, you assume I am, was, is a sailor and an old one at that?
It's good to see Yulendo back on the site.
Sep 20th, 2012 - 12:49 pm - Link - Report abuse 0And I see he is taking time off from his usual thoughtful and pertinent comment to have a little fun. Treat him with respect, my friends, and enjoy his reasoning (and his fun); he is one of the 'good guys'.
Astronaut
Sep 20th, 2012 - 12:52 pm - Link - Report abuse 0Im on the space station all day,
And I aint seen no argie astronaut,
He must be on the Dark side of the moon .lol
.
The lunatic is on the grass.
Sep 20th, 2012 - 04:26 pm - Link - Report abuse 0The lunatic is on the grass.
Remembering games and daisy chains and laughs.
Got to keep the loonies on the path.
The lunatic is in the hall.
The lunatics are in my hall.
The paper holds their folded faces to the floor
And every day the paper boy brings more.
And if the dam breaks open many years too soon
And if there is no room upon the hill
And if your head explodes with dark forebodings too
I'll see you on the dark side of the moon.
The lunatic is in my head.
The lunatic is in my head
You raise the blade, you make the change
You re-arrange me 'til I'm sane.
You lock the door
And throw away the key
There's someone in my head but it's not me.
And if the cloud bursts, thunder in your ear
You shout and no one seems to hear.
And if the band you're in starts playing different tunes
I'll see you on the dark side of the moon.
“I can't think of anything to say except...
I think it's marvelous! HaHaHa!”
Try 'The Great Gig In The Sky', 1973.
Sep 20th, 2012 - 07:11 pm - Link - Report abuse 0Clare Torry goes places nobody has ever been, before or since.
Incredible is an understatement.
Though, in this year when we remember 1982, Floyd's 'The Gunner's Dream' is even more painful.
Great music.....I always loved “Money”...still do...lol
Sep 20th, 2012 - 07:22 pm - Link - Report abuse 0A happy blog
Sep 20th, 2012 - 07:36 pm - Link - Report abuse 0is a nice blog .lol.
Damn I want to brought out in a chorus of Kum Ba Yah
Sep 20th, 2012 - 08:24 pm - Link - Report abuse 0Try I see the moon.Its got similar letters to money.I don't think the moon has a dark side,at least earth doesn't,it has night.
Sep 20th, 2012 - 10:10 pm - Link - Report abuse 0Yuleno, I do think you are a thoughtful individual and not a spur of the moment speaker, despite totally opposite of me in politics. I am curious, what is your nationality?
Sep 21st, 2012 - 12:36 am - Link - Report abuse 0all sides have a dark side,
Sep 21st, 2012 - 10:42 am - Link - Report abuse 0night or not, tis still dark..
I have a dark side, but I try not to go there.
Sep 21st, 2012 - 12:34 pm - Link - Report abuse 0Dark negative opposing.The consequence of having sides.Is it not.
Sep 21st, 2012 - 02:00 pm - Link - Report abuse 0light is possitive, [if]
Sep 21st, 2012 - 07:38 pm - Link - Report abuse 0either daybreak desends
or
you have candles or electric,
a bit like magnets, true.....
Argentina pay their debts whitout problem: you´ll see, 80% of the BODEN 2012 was in foreign hands...It was a domestics bonus.....WHY?
Sep 23rd, 2012 - 06:47 pm - Link - Report abuse 0HOW is possible whit all the complains of IMF?
HOW IS POSSIBLE IF WE ARE THE BAD PEOPLE AND THE WORSTH IN THE ENTIRE WORLD?
Why Foreigns capitals had ARGENTINE DOMESTIC BONDS? how can be possible?
Is because we are same as NORTH COREA OR MIANMMAR?
Are you genius or idiots?
Because, beetween your´s postings, some people of YOUR OWN COUNTRIES buy argentine bonds-
Why they do that? HAVE THOSE PEOPLE BAD INFORMATION?
They don´t read Mercopress?
Lovely... next year we will pay U$7.900.000.000
We are former founders of IMF do you know that?
Regards
The IMF was founded in 1944 from the Brettonwoods Agreement. argentina became a member in 1956, how due you conclude argentina was a founding member? You did not even align with the allies until 1945 when it was determined the the Axis lost the war?
Sep 23rd, 2012 - 10:10 pm - Link - Report abuse 0http://www.imf.org/external/np/sec/memdir/memdate.htm
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