MercoPress. South Atlantic News Agency
Argentina tightens ‘dollar-clamp’: end to mortgage loans in US currency
Argentina tightened the ‘dollar clamp’ a further notch by including mortgage credits, which means people wanting to become home owners will not have access to the US currency. Read full article
Comments
Disclaimer & comment rulesWow imagine that 60% use to be bought by foreigners. Let's hope now Argentine's have a chance to buy a piece of Argentina, years from now Argentine will have CFK to thank for this, we all know. What happens to prices when there is no buyers.
Nov 02nd, 2012 - 12:01 am - Link - Report abuse 01PH
Nov 02nd, 2012 - 12:58 am - Link - Report abuse 0I own property in Argentina, and I wouldn't sell it unless it was in US$ and you know what, I'm not the only foreigner who owns property there that feels that way. I might be needing a new gardener after December, are you interested?
Good news
Nov 02nd, 2012 - 12:59 am - Link - Report abuse 0@1 yeah we know prices fall your construction industry and all that's related to it goes down the tubes, therefore less money in the economy, more people out of work, sound policy mate.
Nov 02nd, 2012 - 02:46 am - Link - Report abuse 0Usually prices go down and that would be a great thing for Argentines! BsAs is unbelievably overvalued for the incomes of the middle class (&quality of life ratings). But Argentines save their money in real estate so the market just-stopped-. If anyone knows the definition of wealth, it's circulation.
Nov 02nd, 2012 - 02:55 am - Link - Report abuse 0“years from now Argentine will have CFK to thank for this”
Nov 02nd, 2012 - 03:17 am - Link - Report abuse 0It is always interesting to observe how little Pirat-Hunter and British_Kirchnerist understand about economy.
Nov 02nd, 2012 - 07:00 am - Link - Report abuse 0Argentinos want U$S for their property.
Who owns U$S ?
Foreigners. They will now be able to buy even more real estate in Argentina at a lower price, just like they did in 2001-2003.
To an Argentino who owns an apartment or a house and needs to sell, this is horrible news - but of course you wouldn't understand that.
@1 PH Penis-Head
Nov 02nd, 2012 - 07:42 am - Link - Report abuse 0“Wow imagine that 60% use to be bought by foreigners.”
Are you trying to look stupid ?? LOL
Total sales are down 60% - that's Argie buyers too :-)
The prices will drop, but mostly foreigners will benefit - they have dollars and that's what sellers want.
I see that property taxes in BA are to increase by 26-35% to help ease BA's budget deficit.
Nov 02nd, 2012 - 08:42 am - Link - Report abuse 0So much for CFK's proclaimed inflation figure of less than 10%.
9. Actually taxes for some types of property in BA Prov are going up 60%!!
Nov 02nd, 2012 - 09:54 am - Link - Report abuse 0Mortgages were never widely available, they're super expensive and very short term. The only people who could get them were rich people.
Foreigners would not use them to buy personal real estate. Those transactions were cash and brought in much needed u$. Puerto Madero wouldn't exist with out foreign money.
In 2002 people started getting desperate to sell and it will happen again. As taxes, electricity, monthly maintenance sky rocket and rental rates go down, people on the edge will be forced to sell. Which mean the uber rich will get richer, xfering U$ they already have outside of the country to the sellers accounts outside of the country and the upper middle and middle class will get poorer.
When you look up to Bolivia as an example of good economic management you know all is lost.
Hyperinflation is assured.
My wife still owns property in BA and been trying to sell it for for over a year now. The RE market there fell through the basement. Zhivago ph is not even worth responding to, ph is a radical Canadian.....lol
Nov 02nd, 2012 - 10:22 am - Link - Report abuse 0Cap, At this point she should just hold onto it. My guess is that it will go back to 2002 levels within the next couple of years. There is 0 foreign money buying now so there is no floor established.
Nov 02nd, 2012 - 10:34 am - Link - Report abuse 0Since there are so few mortgages it takes awhile for desperation to sink in. It hasn't happened yet but as the economy grinds to a halt and inflation keeps up there it will.
@11
Nov 02nd, 2012 - 10:41 am - Link - Report abuse 0Is part of the problem that most are holding onto their properties as the only real way of protecting their money ?
13. There are very few places to put investment in Argentina. Property has always been looked on as a relatively safe bet. Although people lost lots of $ in the 90s, 00 and it is just beginning to look like a losing market now.
Nov 02nd, 2012 - 11:00 am - Link - Report abuse 0Anything invested in Pesos is a lose/lose, you have a daily devaluation and inflation so everyday you can buy less with the script.
Why invest in a savings account paying 17% when inflation is 25-30% and the currency loses 9-10% in a year? The math just doesn't work in your favor and it is only going to get worse.
This is why people buy hard assets like refrigerators, cars, computers, TVs, etc. They actually GO UP in peso terms over the years! Argentina is the ONLY COUNTRY IN THE WORLD where a car is worth MORE once you buy it!
It is a mess and there is no way out. She will try printing and printing and printing but it will only make it worse.
I think soon they will sneak another zero on every bill and hope people don't notice :)
Does this clamp cover all currencies? Is there anything stopping Argentines buying and saving in Chilean Pesos for example?
Nov 02nd, 2012 - 12:30 pm - Link - Report abuse 015. yes it is all currencies. No matter what currency you are buying you must first buy U$ then convert to whatever you want. Even if you don't see the whole transaction that is what happening.
Nov 02nd, 2012 - 12:55 pm - Link - Report abuse 0It is because the foreign currency must be purchased with U$, the gov't isn't directly exchanging RG pesos for chileno all foreign transactions are ultimately in U$.
i thought that there was no dollar clamp?
Nov 02nd, 2012 - 01:43 pm - Link - Report abuse 0didnt CFk categorically state that at some US university recently?
@ 2 “ zhivago aka simeon68”
Nov 02nd, 2012 - 03:47 pm - Link - Report abuse 0you don't own NOTHING!
I can tell you ...you are NOTHING
Hmm....capital letters. Whatever next? That's you told Zhivago!
Nov 02nd, 2012 - 03:59 pm - Link - Report abuse 0@11 Captain Poppy/Conqueror
Nov 02nd, 2012 - 04:13 pm - Link - Report abuse 0Your wife Isolde don't own nothing in Argentina.
Don't try to show off!
18 bloody rubbish britons (#)
Nov 02nd, 2012 - 04:14 pm - Link - Report abuse 0Nov 02nd, 2012 - 03:47 pm
“you don't own NOTHING!”
You are very wrong, SussieUS, I actually own about 4.500 square metres of beautiful Argentine property!!!!!!
Simple logic - if you don't own nothing then you do own something. BRB was actually agreeing with you!
Nov 02nd, 2012 - 04:27 pm - Link - Report abuse 021 Simon68
Nov 02nd, 2012 - 04:55 pm - Link - Report abuse 0You know what mate? I wouldn't even bother........ SussieUS. Is another one of these attention seeking Argentine Trolls. Really, not worth wasting your time replying to her.
@23
Nov 02nd, 2012 - 07:04 pm - Link - Report abuse 0Isolde placing a comment in behalf of Joe Bogs...heeheee
funny idiots!
#7 good analysis again, ty
Nov 02nd, 2012 - 08:05 pm - Link - Report abuse 0Dollar clamp is geting tough here I the office, I can't get a new laptop till next quarter
Nov 02nd, 2012 - 09:04 pm - Link - Report abuse 0It's a Calytons dollar clamp.
Nov 02nd, 2012 - 09:51 pm - Link - Report abuse 0LOL!
26. Think about this, in Argentina a Samsung UltraBook costs 1/3 of a year's wages for the avg RG!
Nov 02nd, 2012 - 09:54 pm - Link - Report abuse 028 Yankeeboy
Nov 02nd, 2012 - 10:03 pm - Link - Report abuse 0Are you serious? Surely not.
Joy and more joy, only joy.
Nov 02nd, 2012 - 10:05 pm - Link - Report abuse 0Thank you.
29. This is a bestbuy type place, if you look at the specs it is actually really stripped down. You can't even get this in the USA so it is hard to compare pricing.
Nov 02nd, 2012 - 10:27 pm - Link - Report abuse 0http://www.fravega.com/productos/informatica/computadoras/ultrabooks/notebook-samsung-np900x3ca01a.html
It's 11,000/4 = 2750 Avg wage is $3300/mo so just under 1/4 of a year.
31 Yankeeboy
Nov 02nd, 2012 - 10:55 pm - Link - Report abuse 0I've noticed that with goods purchased over there before. Especially electrical or electronic goods. They're quite often a lower spec. Cars also. I bought a Philipps Philashave over there once as a back-up to keep in my travel bag. It was such an inferior quality compared to pretty much the same product purchased in the UK only a few months beforehand.
60 Minutes in Australia once did a story on how the big multi-national companies adjust their products to suit their markets around the world. I don't have a problem with that; it's just smart business. Supply what your customers need and can afford. But the take home message for someone who travels all the time was buyer beware when abroad. They gave the example of a Toyota Corolla in about 6 different countries. The basic model in all cases but each one had a vastly different spec to the next and the cheapest one was about a third of the price of the dearest one. The lowest spec was the cheapest one and the highest spec was the dearest but there were a couple of examples in between where that pattern didn't hold true.
In Argentina you can dent a car door using your thumb. I bought an imported car from an Embassy because I didn't think the ones made there were safe.
Nov 02nd, 2012 - 10:59 pm - Link - Report abuse 0If you have ever seen car accidents in Argentina they are sickening most of the times they don't even look like cars after the crash.
33 Yankeeboy
Nov 02nd, 2012 - 11:08 pm - Link - Report abuse 0When you think about the different standards that states set for vehicle compliance: crash testing, emission control levels, fuel economy, child seat restraints, etc, it stands to reason that these differences will exist. No offence to your fine country and it's big car culture (there's nothing quite like a v8) I do chuckle when in the US at some of the car adverts. A lot of the manufacturers over there now boast cars with fuel efficiency of in excess of 44mpg. The same European models now are surpassing double of even triple that in some cases. This is not because we have better brands of cars. The brands are the same but our governments are screwing the manufacturers to make it happen and the US government isn't yet. It's all relative.
Less recriminating, more envisioning.
Nov 02nd, 2012 - 11:44 pm - Link - Report abuse 018 Sussie
Nov 02nd, 2012 - 11:46 pm - Link - Report abuse 0We might as well start teaching you English, you should have said, “You don't own anything” or you could have said, “You own nothing”. Your insults lack intensity when you use improper language.
Stupid twat!!!
The path to ruin begins with the ruin of others.
Nov 02nd, 2012 - 11:51 pm - Link - Report abuse 0#2 since you feel that strong about U$ dollar I charge 67.00 per hour and get minimum 5hours per call, work day is 8hrs. Anything over that is double time and after 2hrs is triple time. Break at 9 am for 1/2hr 10$ Max. Payed by employer, lunch at 12:00 pm. For 1/2Hr. 15.00U$ Max.payed by employer , break at 3:45 for 1/5 hr. Maximum 10$ payed by employer. Hotel expenses is cover by employer and I get a 94.00U$ a day for food and transportation, how big is your garden and when can I star?
Nov 03rd, 2012 - 01:29 am - Link - Report abuse 0#4 you don't read much! Do you? I am sure you bump into this “Fernandez says her administration is going through with the housing plan at this time because it is convinced the answer to the current financial crisis in Europe is for Argentina to protect itself by generating consumption at home, new development and production.
The loans would have a maximum level of $77,000. Interest would be 2 percent to 14 percent, depending on an applicant's net wealth. The loans would be repayable on either a 20-year or 30-year basis. The program is called ProCreate.”
http://www.worldpropertychannel.com/latin-america-residential-news/argentina-real-estate-news-daniel-scioli-cristina-fernandez-argentina-housing-market-buenos-aires-housing-market-homes-for-sale-in-buenos-aires-5776.php
38 Pirat Hun
Nov 03rd, 2012 - 01:42 am - Link - Report abuse 0You will work from sun-up to sundown, you can eat figs and oranges from the trees, weekly pay will be in pesos based on work completed and I demand prima notta with your daughters......
Maybe you should form the Argentine gardener's union first!
Note that he whom in his accomplishments resorts to vain, reduces his accomplishments to vainglory.
Nov 03rd, 2012 - 01:54 am - Link - Report abuse 040
Nov 03rd, 2012 - 03:03 am - Link - Report abuse 0TTT, you're back!!
Cry-o-meter showing red, good job CFK ;)
Nov 03rd, 2012 - 09:45 am - Link - Report abuse 036 Zhivago. A real dumbo is a person who can only converse in one language. English for example. Can you converse in Spanish?
Nov 03rd, 2012 - 12:48 pm - Link - Report abuse 0Toby, Every person in the USA knows enough Spanish to be able to communicate with the maids, gardeners. painters. servers etc.
Nov 03rd, 2012 - 12:59 pm - Link - Report abuse 0English is the world language of business so we will always get along fine. Spanish is the language of the servants so we only need to know the basics.
#39 my offer at #38 is final take it or do it yourself, simple and yea the union rules I just explain them to you if you can't afford me we might have to lower your credit ratting in Argentina.
Nov 03rd, 2012 - 02:13 pm - Link - Report abuse 0#43 judging and trashing people could hardly be considered a conversation.
#44 there is no excuse for ignorance in Argentina. in USA ignorance is the status quo.
@38 PH
Nov 03rd, 2012 - 03:58 pm - Link - Report abuse 0great idea. 14%????
Does Argentina expect the loan to be paid back ? That's irony for you !
Sounds like a “fools' paradise”
For it is in the first step of in the staircase of hubris that the plinth of the abyss of doom is laid upon.
Nov 03rd, 2012 - 04:09 pm - Link - Report abuse 043 Trompaine
Nov 03rd, 2012 - 04:12 pm - Link - Report abuse 0Si, hablo castellano, aussi je suis Canadien et je parle Francais. I also have working knowledge of Russian and Hebrew, but alas, this is an English forum so get sucking!
Pirat 45
I am not going to have a problem finding a gardener and I'll pay them less in a year than I spend on cigarettes here so don't worry too much about it. My credit rating in Argentina is irrelevant as I certainly don't keep any money there. I don't judge you, you splash yourself across this forum as some crazy wetback anarchist, I'm just making fun of you and you usually take the bait.
@48 Zhivag0 aka Simon 68 is jewish!
Nov 03rd, 2012 - 06:50 pm - Link - Report abuse 0who cares what you said damn fool!
Comment removed by the editor.
Nov 03rd, 2012 - 07:06 pm - Link - Report abuse 0Sussie
Nov 03rd, 2012 - 09:08 pm - Link - Report abuse 0I don't understand why I would be afraid of TTT, please explain.
we're all afraid of TTT? Of course we are that's why he keeps changing his name everytime he gets shot down in shit, bit like you Sussie and Think......................losers. Standby for some stop killing muslim women and children and 100% rgenweener nuclear weapons......pathetic!!!!
Nov 03rd, 2012 - 09:35 pm - Link - Report abuse 0#48 All those alleged language skills and you're still a racist hack who believes in rubbish! By the way the language of business will be Chinese and you'll still be stuck with your English head in the sand!
Nov 03rd, 2012 - 09:54 pm - Link - Report abuse 0Don't know know China's financial problems are worse than Argentina's in the long term?
Nov 03rd, 2012 - 10:07 pm - Link - Report abuse 0Corruption will bring them down just like it has Argentina.
The Chinese leaders are ginning up their nationalism over some small islands just like your foolish leaders.
So many similarities...so many
BTW I heard with the 25% less yoy volume of wine sales wineries are shutting down all over Mendoza.
Told ya.
@53 really we'll see panyo
Nov 03rd, 2012 - 10:08 pm - Link - Report abuse 053 Trompaine
Nov 03rd, 2012 - 10:31 pm - Link - Report abuse 0I'm going to be just fine!
#54 So you think Argentina's economy is even stronger than China's =)
Nov 03rd, 2012 - 10:47 pm - Link - Report abuse 0However the language of business is still English and the currency is still U$ dollars......tell me when it is not.
Nov 03rd, 2012 - 11:06 pm - Link - Report abuse 057. Um No but China is a much bigger country that can't feed itself. When it all goes south I think it will blow through the their reserves trying to keep their people alive. China is a mess but Argentina is just as bad and in the short term much worse.
Nov 04th, 2012 - 12:08 am - Link - Report abuse 0Argentina has a very small population and huge amounts of arable land, if not for a terrible corrupt government it would be successful.
There is a very very good chance for the 1st time IN ITS HISTORY it will have to import Wheat next year.
CFK is the SA MUGABE
Business language is mandarin and Obama will put USA on standby for another 4 years. Fact.
Nov 04th, 2012 - 07:18 am - Link - Report abuse 0Funny the economy of the USA is still 2x larger than China and I don't know one person who speaks Chinese fluently that grew up here.
Nov 04th, 2012 - 10:59 am - Link - Report abuse 0The Economist, issue April 12, 2006, reported that up to one fifth of the population is learning English. Gordon Brown, the former British Prime Minister, estimated that the total English-speaking population in China will outnumber the native speakers in the rest of the world in two decades
You are wrong as usual Guzzy doesn't it get embarrassing? I would think it is kind of depressing.
USA will be spaking spanish within that same period, courtesy of the gusanos in Florida, and the never-ending stream of chicano immigrants ;)
Nov 04th, 2012 - 11:14 am - Link - Report abuse 0On the meantime, the chinese will still be practising their l's and d's :)))
@62 guzano
Nov 04th, 2012 - 11:34 am - Link - Report abuse 0”USA will be spaking spanish within that same period, courtesy of the gusanos in Florida, and the never-ending stream of chicano immigrants ;)”
Nice of you to use derogatory terms for your Cuban and Mexican brothers.
You are charming. Is there any group you do not despise ?
Ask yourself; does La Campora only teach you to hate?
Gringo nabo, gusanos and chicanos are your brothers and neighbours, not mine. Mine are Cubans and Mexicans ;)
Nov 04th, 2012 - 11:39 am - Link - Report abuse 0gizz....do all you argentinos learn that when you are hatched or taught it at the camp lab?
Nov 04th, 2012 - 01:20 pm - Link - Report abuse 0Nope, gringos, gusanos and chicanos under 1 flag... Common knowledge... Poor black folks...
Nov 04th, 2012 - 02:46 pm - Link - Report abuse 0@66 Guzz
Nov 04th, 2012 - 05:23 pm - Link - Report abuse 0“Nope, gringos, gusanos and chicanos under 1 flag... Common knowledge... Poor black folks...”
What a jumble of racial slurs !
Can you tell us what the difference is between “Mexicans ” and “Chicanos”, isn't that a slur against Mexicans ?? What is the difference between “gusanos in Florida”Cubans and Cubans ?? Are they “poor black folks”?? I thought “black” meant negro. Are you saying “gringos” are negros ??
Very confusing. Not the slightest idea what you are saying...
guzz has no clue what he is talking about. He's just lashing out at the shear frustration of having to flee his himeland of argentina to a more secure and stable country in Europe, because afterall he wanted what was best for his.....let's call them offspring. And we all want what is best for out children and argentina is certainly not the place to race them if one wants them to have any sort of intelligence whatsoever, lest they wind up like guzz.
Nov 04th, 2012 - 06:00 pm - Link - Report abuse 0Racial slur? Are those mentioned a race of their own now???
Nov 04th, 2012 - 06:01 pm - Link - Report abuse 0You tell me Guzz.
Nov 04th, 2012 - 06:55 pm - Link - Report abuse 0I have no idea what you are trying to say.
Gusano in Florida ?
Chicano ?
Gringo ?
“Poor Black folk” - who are they ??
Please explain, or did you just read that stuff somewhere and don't understand it??
Gusanos are the ones that leave SA because they aren't allowed to feed off others, usually they end up in Florida. Chicanos are the mexicans that choose to be bad boys to make a profit, they tend to cross Rio Grande. Gringos are the ones that call us spics. Poor blacks are those poor souls that have to live under same roof as all above mentioned...
Nov 04th, 2012 - 07:04 pm - Link - Report abuse 0@71 Guzz
Nov 04th, 2012 - 08:04 pm - Link - Report abuse 0Thanks, that was very clear, if not accurate.
Why did you not say that in the first place, instead of using racial/ethnic slurs to describe groups of people?
I guess that's the way of Argentina's La Campora...
“Mexicans crossing the Rio Grande ”tend to be poor economic refugees from an impoverished and corrupt country. The 'bad guys' are the criminals that charge them a lot to cross and/or rob, rape, murder them.
“Gusanos, the ones that leave SA because they aren't allowed to feed off others, usually they end up in Florida.”
Which SA people are those? Florida, are referring to the large number of Cuban economic refugees that want to leave their communist island with no opportunity, subsistance wages, and a struggle for good food ?
By that reasoning, is “Sussie in the USA”, a gusano??
“Ones that leave SA because they are not allowed to feed off others”.
Would that mean “Guzz” who lives in Europe, is a “gusano”??!
Sounds like it !!!!
LOL, you really blew it !! Or do you live in Argentina now??
LOL !!!
BTW, the “poor black folks” are with us - they are holding two boats for us, good friends and upholders of the law, that they are.
Ghana has the “Freedom” and South Africa won't be bullied into giving back the “Exposda”.
Olé !! Señor Guzano !!
No gringo abombado, I was exiled for fighting your operacion condor.
Nov 04th, 2012 - 08:54 pm - Link - Report abuse 0Now that you have the background info, I'll tell you what you are. A bloody mariposa, figure that one out yourself ;)
aaahhhh he was exiled, I see now.
Nov 04th, 2012 - 09:08 pm - Link - Report abuse 0100 000 of us, Poppy, and before we returned, we equipped us with your “weapons”. Never again, and if you don't believe me, try ;)
Nov 04th, 2012 - 09:16 pm - Link - Report abuse 0@73 Guzzano
Nov 04th, 2012 - 10:09 pm - Link - Report abuse 0”No gringo abombado, I was exiled for fighting your operacion condor.
Now that you have the background info, I'll tell you what you are. A bloody mariposa, figure that one out yourself ;)“
LOL. Exiled? Fighting Operation Confor???
BS, Guzzano !! Delusions of grandeur. :-D
And now you have ”returned“ ??
So, NOT living in Sweden or Denmark as you insisted !!!
LOL, story has changed quite a bit !!!
You've never left the La Campora Juvenil nursery, have you ? Ha ha !!!!
You know, for a while, I nearly had you pegged as a ”Super-Troll“, like ”Think“ or ”TTT“.
However, now it looks like we have to categorise you with the lower order trolls, nutjobs like Sussie and Pirat-Punter, both ”gusanos” according to your definitions.
You always disappoint :-)
Gringo tarado
Nov 04th, 2012 - 10:15 pm - Link - Report abuse 0I don't really feel the need to document every step I take in order for things to make sense in your head...
You DON'T disappoint, you are as stupid as one would assume...
@77 Guzzano
Nov 04th, 2012 - 10:52 pm - Link - Report abuse 0Ouch, upper case “shouting” and bad names ??
Weakkkk !!!
LOL LOL fail troll
Gringo mariposa
Nov 04th, 2012 - 11:14 pm - Link - Report abuse 0I didn't call you any bad names, those were piropos...
@79
Nov 05th, 2012 - 12:18 am - Link - Report abuse 0”No gringo abombado, I was exiled for fighting your operacion condor.
Now that you have the background info, I'll tell you what you are. A bloody mariposa, figure that one out yourself ;)”
Guzz 79
Nov 05th, 2012 - 01:03 am - Link - Report abuse 0There's still one missing part of your equation!
Gringo mariposa
Nov 05th, 2012 - 06:19 am - Link - Report abuse 0And those were the piropos...
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