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Argentines fear major devaluation of the Peso and dollar sets new record at 9.34

Saturday, April 27th 2013 - 04:25 UTC
Full article 120 comments

The US dollar in the ‘blue’ or parallel market kept climbing in Argentina ending a week of consecutive records reaching on Friday 9.30 and 9.34 Pesos (buying and selling price) 14 cents more than on Thursday. Since the beginning of the year the US dollar has climbed 36.97% while the official rate stands at 5.18 Pesos, with an increase of only 5.3%. Read full article

Comments

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  • Be serious

    Argentina should do a Panama and simply adopt the US dollar as its currency. The Argentine peso is on a par with toilet tissue.

    Apr 27th, 2013 - 04:52 am - Link - Report abuse 0
  • John III (Pope)

    @1
    ROFL. I don't believe “Be serious” is being serious. It has to be a joke. Anybody want to explain the history of that particular “solution”?

    Apr 27th, 2013 - 08:05 am - Link - Report abuse 0
  • reality check

    Wow, most countries police forces have Drug Squads, they have Dollar Squads, you could not make this up!

    Apr 27th, 2013 - 08:09 am - Link - Report abuse 0
  • Xect

    Now where's Danny to lecture us on the state of the Argentine economy?

    Apr 27th, 2013 - 09:45 am - Link - Report abuse 0
  • Brit Bob

    I fear another devaluation. I believe that Cristina MUST be given another 4 years to complete the job - she's only half-destroyed Argentina!

    Apr 27th, 2013 - 10:26 am - Link - Report abuse 0
  • cornelius

    Argentina is a disaster run by thieves and the people do not have the ball's to take the gangsters out.
    The only way to start a government change is for the soccer national team to star losing games, then their opium which is soccer will push the people for a change.
    Come on soccer team do you patriotic duty start losing games!

    Apr 27th, 2013 - 10:41 am - Link - Report abuse 0
  • yankeeboy

    I knew they would send out AFIP goons to try to tamp this down. I guess it had the opposite effect this time.
    I thought we wouldn't see 9/1 until June
    This is way ahead of schedule

    Apr 27th, 2013 - 11:04 am - Link - Report abuse 0
  • Conqueror

    @1 I think you'll find that toilet tissue is much more expensive! Even when “used”, it looks better than argie “currency”. And it's more useful. Just imagine trying to “finance” a criminal deal using argie currency. No more covertly handing over a briefcase stuffed with dollar bills. How do you “covertly” hand over an ISO container stuffed with argie pesos?

    Apr 27th, 2013 - 11:37 am - Link - Report abuse 0
  • manchesterlad

    CFK will not devalue before the mid terms in October so the speculation will continue.......my bet is that the dollar will reach 10/1 by the end of May & not by the end of the year!!!

    Apr 27th, 2013 - 11:51 am - Link - Report abuse 0
  • screenname

    Maybe they could pay the FIG for some advice on how to run a country...

    Apr 27th, 2013 - 11:54 am - Link - Report abuse 0
  • warteiner

    Comment removed by the editor.

    Apr 27th, 2013 - 11:57 am - Link - Report abuse 0
  • lsolde

    Anyone know what the idiot at post #11 is talking about?

    Apr 27th, 2013 - 12:32 pm - Link - Report abuse 0
  • yankeeboy

    The central bank set its sights on credit card users in recent months used that instrument to get dollars at ATMs and banks in other countries .

    In recent weeks sent letters intimating individuals who made ​​this type of operation. In the letter required a series of data to determine if the person in question violated the law or not 19,359, known as exchange Criminal Law.

    Clearly BCRA is acting as an arm of the Arg Gov't
    This is the easiest way for Arg to get their Reserves confiscated to pay debt

    I wonder what would happen if an embargo was placed on their accounts?
    No more fuel
    No more medicines

    That would be hilarious

    Apr 27th, 2013 - 12:40 pm - Link - Report abuse 0
  • surfer

    #12

    It's impotent rage, verbal equivalent of a white flag.

    Apr 27th, 2013 - 12:43 pm - Link - Report abuse 0
  • Clyde15

    #11
    It is also called displacement activity. When thwarted, it often makes you feel better to kick something or slam a door.
    His rant is a not too literary equivalent of this.

    Apr 27th, 2013 - 01:10 pm - Link - Report abuse 0
  • manchesterlad

    @13
    The BCRA is trying to control individuals taking out a couple of hundred of dollars from ATMs in Colonia

    Meanwhile kirchnerite businessmen are taking suitcases full of dollars to Panama which then end up in CFKs Swiss bank account........que hipocrasia ehh!!!

    Apr 27th, 2013 - 01:13 pm - Link - Report abuse 0
  • yankeeboy

    Lots of knowledgeable people out there saying there is no cap in sight for the peso, BCRA is dry and can't do anything about the run.
    Didn't I say this awhile ago?
    Yes, Yes I did

    Apr 27th, 2013 - 01:20 pm - Link - Report abuse 0
  • gabol67

    if the gov't devalues de peso, then civil unrest will definitely try to push out CFK and her goons. She'll have to catch a helicopter out or fear being lynched.

    Apr 27th, 2013 - 01:33 pm - Link - Report abuse 0
  • yankeeboy

    18. It is not IF it is WHEN

    There is only so much strain business can withstand before the BLUE rate bankrupts them.
    This is economy is going to go out with a whimper not a bang

    Apr 27th, 2013 - 01:43 pm - Link - Report abuse 0
  • Conqueror

    @12 I think he's someone who hasn't got the full story. See, there's this really intelligent and attractive American girl who makes out that she's yankeeboy's wife but she's really up for it. Then, when argie “guys” get their “equipment” out, she gets her machete out and chops them off. What a clever, public-spirited young lady. I would urge all U.S. and European ladies to follow this example. You can collect hundreds of argie “scalps”. Do you have cats or dogs? Free pet food! Also, for certain species, bird food.
    Help yankeeboy's prediction. Make sure argies can't go out with a bang.

    Apr 27th, 2013 - 03:00 pm - Link - Report abuse 0
  • Captain Poppy

    #3 do you suppose their dollar police have SWAT teams? lololololol

    Apr 27th, 2013 - 04:18 pm - Link - Report abuse 0
  • Pirat-Hunter

    Tax evasion is a crime and we can all see how many criminals are jumping ship before the iron curtains come down on them as well, I really hope when the tax evasion stops and those who live from crime get jailed Argentina can become like other first world nations where taxes are collected and civilians become accountable. The proof is in the putting.

    Apr 27th, 2013 - 05:53 pm - Link - Report abuse 0
  • toxictaxitrader2

    @22 Pirate Hunter
    putting in jail??

    Apr 27th, 2013 - 06:39 pm - Link - Report abuse 0
  • Britworker

    Listen mate, if you are going to use quirky English terms, then pleas get them right!
    “The proof of the pudding is in the eating,”
    which basically means that the quality of something is uncertain until it has been tested directly.
    “You don't know whether you like it until you've tried it.”
    or:
    “I'll believe it when I see it.”

    Apr 27th, 2013 - 06:41 pm - Link - Report abuse 0
  • Anbar

    lies, lies and more lies.

    its all just Anglo PR bullshit trying to make Argentina look weak so the rich Anglo Oligarchs can make even more money.

    there is NOTHING wrong with CFK's economy.

    (Argentina's though? That's FCUK'd)

    Apr 27th, 2013 - 06:49 pm - Link - Report abuse 0
  • mastershakejb

    http://www.foxbusiness.com/news/2013/04/26/brazil-vale-signs-agreement-to-lay-off-argentina-workers/
    lol
    “adios, Argentina” -Vale(and the rest of Brazil)

    Apr 27th, 2013 - 07:30 pm - Link - Report abuse 0
  • Faz

    Argentina... First world!!! Lol!

    Apr 27th, 2013 - 07:40 pm - Link - Report abuse 0
  • briton

    Perhaps CFK should take a leaf from the European experts [none British]
    And have a South American EURO.

    Never know it might help
    Using everybody else’s money to bail the peso out,

    Yep just might work
    Lol.
    .

    Apr 27th, 2013 - 08:01 pm - Link - Report abuse 0
  • Pirate Love

    Wheelbarrows!!! Pots and pans!!! UK Flags!!! Glue!!! Cardboard Boxes!!!

    take your pick, these imports are going to sell extremely well (payment in dollars) during argentinas darkest times.......
    and Arg trolls say the Uk is finished........tell me how many pesos do i get for sterling pound unoffically?? officially (8.01 pesos to the pound) and has rose non stop since 2009...... HAHHAHAHAHaaa

    since 2009 the Argentine peso has drastically lost ground to nearly ALL the globes currencies, and happy to report that theres no signs of stopping and thats the official stats...... unofficialy? well! That another tin of worms!

    FACT: Even Ugandas currency is better off now against the argentine peso by 20% than it was in 2009 :O .....Shocking!!! not that ugandas economy is doing great but how shit Argentinas peso is , CFK we love you!!! :)))))

    SELF-DETERMINATION......cannot be bought,especially with 3rd world pesos.

    Apr 27th, 2013 - 09:36 pm - Link - Report abuse 0
  • Xect

    I do love when they say the UK is finished and you'd have to be dumb/idiotic to not realise..... It's hilarious because these few trolls know whilst the rest of the dark hasn't seemingly caught up with their thinking... LOL

    Meanwhile back in the real world, Argentina has imploded and we are now waiting for the full force of the shockwave to hit. Stealing companies, not paying what it owes, lying about statistics, inflation out of control and even their president can't use her own jet for fear of it being impounded....

    Believe it or not though, I take no joy in seeing decent folk suffer and I know a small number of Argentine's who I consider good people so I know whilst never being there that their families will also suffer....

    The only reason for me pointing out the blindingly obvious about the Argentine failed economy/politics is to quell some of the nonsense of the trolls.....

    Apr 27th, 2013 - 10:14 pm - Link - Report abuse 0
  • Chicureo

    Well, at least the Argentinian Peso is more valuable than the Chilean 20 centesimos coin dated 1971 that some how showed up in my pocket a few days ago. (They're the same size as the current 10 Chilean Peso coin) However, it's still far more valuable than the old 10,000 pre-Australes l Peso. Chile and Brazil have felt the pain and seemed to have learned our lessons. The Argentinians have a more carefree attitude...

    Apr 28th, 2013 - 02:05 am - Link - Report abuse 0
  • manchesterlad

    Can't end the evening without saying how proud I am of Martin Murray, a Lancashire lad who came into the lion's den (Velez Stadium) & in front of 40,000 rabid fans of his opponent Maravilla Martinez & put on one of the most disciplined , clinical & one sided performances that I have seen in a boxing ring in a long time.

    However, even after knocking Martinez down 4 times, leaving him ragged & bleeding from one eye........the decision went to not so maravilla Martinez

    Just goes to show that there's corruption at every level in Arg!!!

    Apr 28th, 2013 - 02:23 am - Link - Report abuse 0
  • Chicureo

    #32
    Sorry to hear this news. It is possible to win even being knocked down by points.
    The media says the opponent was knocked to the canvass only three times, but even once would make me wonder. It will be interesting to see the reaction of the press, especially in the UK.

    Apr 28th, 2013 - 03:11 am - Link - Report abuse 0
  • MagnusMaster

    Apparently Martinez got more points than Murray. Don't ask me how.

    Apr 28th, 2013 - 04:45 am - Link - Report abuse 0
  • pgerman

    Heeiii !!!...Where is DBerger?

    Ladys and Gentlemen. Mr DBerger is an argentine fanatic of CFK and he insisted several times that Argentina is not in crisis and that the monetary base can be increased until reaching the same amount of the GDP of the country.

    He failed to explain how this would be possible but anyway...please, I suggest that you don't care much about his writings...

    The fact is that Argentina ran out of dollars (the actual reserves are U$D 7/6,000 millons) so CFK has no dollars to control the price of it. As a result of the evolution of the dollar there will be less investments, more inflation and more poverty.

    At least, the good thing is that the end of CFK is closer...by the way did any of you listen the piece of news about her (and his friends) corruption acts?

    Apr 28th, 2013 - 04:54 am - Link - Report abuse 0
  • mastershakejb

    http://www.foxbusiness.com/news/2013/04/27/brazil-vale-agrees-to-pay-workers-as-it-exits-argentina-mine/

    “adios Argentina, basta de tu mierda, ya no te quiero mas, no me gustas tu” -Vale(and rest of Brazil too)

    Apr 28th, 2013 - 06:06 am - Link - Report abuse 0
  • John III (Pope)

    @4
    .... which, despite any problems it may be experiencing, is predicted by the IMF to grow at over 2% this coming year.

    Apr 28th, 2013 - 06:38 am - Link - Report abuse 0
  • mastershakejb

    http://www.reuters.com/article/2013/04/27/us-vale-riocolorado-idUSBRE93P1BL20130427

    “badbye Argentina, hope to never do business with you again” -Vale(and the rest of Brazil too)

    Apr 28th, 2013 - 07:13 am - Link - Report abuse 0
  • surfer

    The 'Messi' dollar is next! arf

    http://blogs.ft.com/beyond-brics/2013/04/26/argentina-get-ready-for-the-messi-dollar/#axzz2Rk8N8lXG

    Apr 28th, 2013 - 08:06 am - Link - Report abuse 0
  • RICO

    Is the fact that the Peso is worth about the same as toilet paper in anyway connected by the abbreviation for the currency on the international markets being ARS?

    Apr 28th, 2013 - 08:49 am - Link - Report abuse 0
  • Conqueror

    @22 A few worries about your “comment”. Argieland can NEVER, by definition, be part of the First World. You should look up the actual meanings of First World, Second World and Third World. Next, you used two words that aren't really applicable. The words were “other” and “nations”. I object even to the idea that argieland is a “nation”. A large grouping of genocidal, incompetent, thuggish war criminals it is. A “nation” it is not. But then you used the word “other”. Implying that argieland is somehow comparable to other “countries”. It isn't. If it's like anywhere, it's like Iran and North Korea but without the technology. Oh, and which jail do you spend time in that has golf on the curriculum?
    @28 What would you call it? The SADDO?
    @37 Ah, yes. But 2.7% of zero is still ZERO!

    Apr 28th, 2013 - 08:57 am - Link - Report abuse 0
  • DanyBerger

    @pgerman
    If you will be someone intellectual prepared like me you should know that UK monetary base was in 2010 £2.2 trillions lets say close to 100% of its GDP at that moment.

    But like you are and idiot that cannot even read a balance you will find harder to understand that because you read only the title of the crappy media that says what you want to read.

    Well crappy press only portrait a virtual reality to idiots then you have reality what its is a complete different thing.

    So I’m still waiting for your “BCRA weekly balance” with Lebacs, Novartis, Rivrotril and Steroids.

    Oh! that only exist in your mind. Goshhhhhhh

    BTW you say that you are a professional and that for your work you have to check the BCRA balance...

    Who is the idiot that employs you?

    I am Just curious, you know...

    Next please!
    Any other idiot outside there?

    Apr 28th, 2013 - 09:33 am - Link - Report abuse 0
  • mastershakejb

    www.reuters.com/article/2013/04/27/us-vale-riocolorado-idUSBRE93P1BL20130427

    “badbye Argentina, hope to never do business with you again” -Vale(and the rest of Brazil too)

    Apr 28th, 2013 - 09:43 am - Link - Report abuse 0
  • Xect

    Aww Danny doesn't have an answer so spends 20 lines posting indecipherable content...... I see we are all idiots again Danny, I wonder if you could make one post without insulting us? You realise insulting people only weakens your own argument and stops others taking you seriously.

    You've got to ask yourself, why is the UK the 6th largest economy in the world and why does everyone rate the UK's financial stability so highly? Including nations like China that are hostile to the UK? And in the same breath why does organisations rate Argentina so badly?

    So remind me again why you think the Argentine economy is far superior to the UK's economy?

    Apr 28th, 2013 - 10:03 am - Link - Report abuse 0
  • LEPRecon

    @44 Xect

    Don't forget that Dany is a genius. He told me so himself. Not only is he brilliant at economics, he is a tactical genius too.

    He plans on sacrificing 10,000 Argentines (not himself of course, he's too important - just a few poor peasasnts that no one will miss) in a futile attempt to invade the Falklands.

    He has no idea how he's going to get these 10,000 sacrificial lambs to the Islands, or how he's going to resupply them.

    As you can see, his grasp on economics is a good as his grasp of military tatics and logistics. Apparently all he has to do is say something and it must come true.

    Apr 28th, 2013 - 10:37 am - Link - Report abuse 0
  • Anbar

    “”“”If you will be someone intellectual prepared like me “””

    hahahahaahhahahah

    here we go again: tactic 7 from the Argentine Book of Trolling:

    When all else fails remember to claim intellectual superiority as your final proof.

    Add that the reason other people cannot see what you are talking about is because THEY are stupid NOT because you are talking rubbish.

    (the fact that this came from DanyBerger - probably one of the most indoctrinated and easily fooled people on Mercopress is even funnier and more ironic than usual!)

    Apr 28th, 2013 - 11:22 am - Link - Report abuse 0
  • yankeeboy

    I wonder what will happen if the farmers wait for the devaluation to sell their grains?
    Will CFK accuse them of
    coup
    terrorism
    Will she confiscate the grains and farms
    will she send out La Campora or AFIP goons

    If they can hold enough back until she runs out of U$ to buy fuel they'll win
    and I will be happy

    Apr 28th, 2013 - 11:47 am - Link - Report abuse 0
  • Captain Poppy

    She will probably call it an economic coup and confiscate it. They already had a rancher shooting at an AFIP agent, they can only take so much. Remember that RG from Harvard that questioned asslips? Asslips sent the AFIP after the family. The father kept saying....you idiots.......Harvard gave my son a scholarship. The farmers hold back on grains will screw asslips for sure. They are TRYING to buy buy LNG as needed because they have no contracts.

    Apr 28th, 2013 - 12:02 pm - Link - Report abuse 0
  • yankeeboy

    Yeah AFIP is the 1st level goon squad and La Campora 2nd. I think the farmers can take care of themselves. The area is too large and the roads too quiet for them to get snuck up on.
    Maybe they can store the grains in Paraguay while they wait out the collapse. It is pretty hard to monitor barge traffic for the RGs.

    Apr 28th, 2013 - 02:40 pm - Link - Report abuse 0
  • DanyBerger

    @Xect

    Ok idiot will not insult you (idiot) because makes weak my arguments idiot.

    How can I answer to an Idiot? Ummm.

    Country A balance = 10+
    Country B balance = -500

    But Canada, US, IMF and everyone say that country B its in better shape than country A.

    Come to UK restaurant!!!
    The best food in the world!
    a million fly cannot be wrong Idiot..

    I’m far intellectually superior than you because Canada, US, Germany, Italy, Spain, Bolivia, IMF and many more say so.

    How can they be wrong?

    BTW where is the Professional Pgerman the Idiot?

    May be still looking for the weekly balance of the BCRA with Lebacs, Rivotril, Deca Durabolin, etc??

    Apr 28th, 2013 - 04:07 pm - Link - Report abuse 0
  • Faz

    I think the Berger bit of Danys handle is actually Burger and it refers to his brain - just like a MacDonalds full of fat and shit!

    His assertions are hilarious.

    Keep it up Dany!

    Apr 28th, 2013 - 04:45 pm - Link - Report abuse 0
  • Xect

    Yikes Danny, thats a very odd post and its hard to respond to something with such little coherent content.

    Still if you want to believe Argentina has a superior economy than the UK's economy thats fine, everyone is entitled to their own opinion even if its not shared by anyone else!

    Apr 28th, 2013 - 04:47 pm - Link - Report abuse 0
  • yankeeboy

    I told Dany about a month ago to invest everything he had in the Arg Peso at this point if I were him I would double down.
    It is worth more if it has more zeros on every note right?

    Next up is the Nuevo Austral any takers on when we'll see it's debut?

    Apr 28th, 2013 - 04:50 pm - Link - Report abuse 0
  • Captain Poppy

    Has anyone else besides me notice that these trolls, like dumburger writes one time relatively coherently and then another ridiculously senseless? Shift changes?

    Apr 28th, 2013 - 06:19 pm - Link - Report abuse 0
  • DanyBerger

    @Xect

    “Yikes Danny, thats a very odd post and its hard to respond to something with such little coherent content.”

    Its not little coherent content otherwise you were not able to understand it. Which is another thing.

    Read it again and you will see how funny it is, especially specially when you realise what fly eat.

    Anyway if believe that UK it is a “superior economy” as you say good for you invest in UK all you can.
    Who is stopping you?
    I will never tell you to not do that.

    So please allow the rest of people that do not share your view to invest wherever they want.

    It is fair. Isn’t it?

    @yankeeboy

    The same for you mate, buy Tbonds from Obamageddon almost safe like the Titanic.

    Apr 28th, 2013 - 06:29 pm - Link - Report abuse 0
  • Brasileiro

    Women, beer and war! Beautiful......my life, my existence.....Women, beer and War!

    https://www.youtube.com/watch?v=2y3reg6Gt4I&list=FLmXPTu1f8AdGlizWNiASx2A

    Apr 28th, 2013 - 07:03 pm - Link - Report abuse 0
  • Clyde15

    #56
    For a young man women and beer are fine. I don't think you would really like to be involved in a war. Seeing your friends with their heads or limbs blown off would not be a pleasant experience.

    Apr 28th, 2013 - 07:48 pm - Link - Report abuse 0
  • Brasileiro

    Thanks! Maybe that:

    https://www.youtube.com/watch?v=24Kd5E0tDb0&list=FLmXPTu1f8AdGlizWNiASx2A

    Apr 28th, 2013 - 08:04 pm - Link - Report abuse 0
  • yankeeboy

    Oh look skittles..
    https://www.youtube.com/watch?v=invBjPmY8iE&list=RD02oF7MVTWDKBg

    Apr 28th, 2013 - 08:39 pm - Link - Report abuse 0
  • Brasileiro

    Simpsons in Brazil!! Thanks ........ hahahaha

    Apr 28th, 2013 - 08:52 pm - Link - Report abuse 0
  • axel arg

    BEHIND SOME EXPRESSION OF WISHES.
    As i said in other oportunities, if mercopress wanted to analyze seriously the question of the so called blue dollar, and it's soposed influence over popular economy, it wouldn't publish it's usuall decadent reports, which anaylisis are always too partial.
    Mercopress, it's readers, and many people in the country should realize that when some ex presidents of the central bank, who broke their relation with c. f. k's government, or when some orthodox economists speak before the press, warning about a posible future crisis, because of the great increasing of the blue dollar quotation, what they are express, are not more than their usuall expression of wishes, due to only a deep economic crisis would make c. f. k. lose the elections, in consecuence, their politic parties migh have the chance of returning to the power, and re stablish the neoliberal economic project which ruled argentina for most it's 200 years of history.
    The so called blue dollar doesn't have anything to do with our popular economy, it is just a marginal market, which is based on financial speculations. However, the most powerful corporations of the country, which have a very big push of power with c. f. k's government, warn also about a posible future crisis, because of this issue. But what neather that press, nor orthodox economists say, is that the central bank has enough reserves to stop any financial coup d' etat, which is the rue purpose of the most powerful corporations.
    In fact, thanks to the high level of reserves, despite it's declination in the last two years, argentina could tolerate the biggest capitals flight of it's history. Since 2007 untill 2011, the flights were much bigger then in the times of the dictatorship, the decade of the 80's, the 90's and the crisis of 2001.
    I recommend you to search in google the following headline, written by economist alfredo zaiat, and published last ayear in www.pagina12.com.ar

    porque, cuantos y quienes compraron.

    Apr 28th, 2013 - 09:57 pm - Link - Report abuse 0
  • pgerman

    DBerger,

    As all the people who post comments here have already noted your insults show your frustration. If I were wrong it would be quite easy for you to explain to me my mistakes and you would not be offended.

    Based on the last weekly official report of the BCRA (from 15/April-19/April):
    U$D 39.801 - U$D 7,850 (reserve requirements) - U$D 2.843 (pases/passes between banks) - U$D 20.602 (LEBACS & NOBACS/Bonds) - U$D 4,031 (BIS Credit) = U$D 4.473 (available reserves)

    Dear all, yes, it seems that Argentina had (a week ago) only U$D 4,473 milones in cash (or notes) to face all their duties.

    Well that's the reason why the imposed the dollar clamp and its price jumped to AR$ 9.34 !!!

    By the way, I read in local (argentine) media (and supporters of CFK) in the boxing match between “Maravilla” Martinez and Martin Murray was very advantageous for Martinez who overthrew his english rival twice..so therefore (quite rightly), he was declared the winner! !

    Apr 28th, 2013 - 10:09 pm - Link - Report abuse 0
  • ElaineB

    @61 Denial much. I am sorry to say your currency is going down the tubes and it is because of your terrible government led by the narcissistic CFK. Your posts will not in any way halt the decline and it is a crying shame for the good people in Argentina.

    Unlike some posters I do not celebrate.

    Apr 28th, 2013 - 11:23 pm - Link - Report abuse 0
  • pgerman

    Dear Elaine,

    One of the things that makes bigotry in people's mind is that they end denying reality. And if reality is so obvious that can not be denied that always have the consolation of blaming it to some scapegoat.

    Capitalism, imperialism, the big economic groups, the oligarchy, Clarin, the SRA, the selfish people who buy dollars ... blah blah blah... blah blah blah..

    But yes, as you mentioned it's sad for the honest and hardworking people there...

    Apr 28th, 2013 - 11:49 pm - Link - Report abuse 0
  • Captain Poppy

    They cannot seem to grasp the idea of why international businesses are leaving Argentina in flocks. The currency is over valued, the inflation is staggering, even Lorenzino refused to lie about it, got flustered and fled. The head of the Banco Cuidad referred to the problem caused by the government as unprofessional.

    http://www.buenosairesherald.com/article/129789/blue-dollar-has-no-roof-govt-destroys-peso

    Apr 28th, 2013 - 11:53 pm - Link - Report abuse 0
  • cornelius

    Argentina will never change unless they have a revolution and the government collapses completely that will be the only outcome to save Argentina. Otherwise will be the same stupid people the Peronist they need to eradicate that decease which is Peron.

    Apr 29th, 2013 - 12:38 am - Link - Report abuse 0
  • yankeeboy

    61. Axel, I asked you this question a while ago but you never answered. let's try again:
    Say you have a property you want to sell, you think is worth U$100,000
    Would you rather get P$950,000 or P$520,000
    and what do you think the buyer would want to pay?

    Now do you see why the economy is in freefall?

    Apr 29th, 2013 - 12:58 am - Link - Report abuse 0
  • John III (Pope)

    @41
    As -1% of zero. Your point is?

    Apr 29th, 2013 - 06:51 am - Link - Report abuse 0
  • Welsh Wizard

    @41

    “You should look up the actual meanings of First World, Second World and Third World”

    And you should also look up the geopolitical meaning of these words and their roots in a cold war context. Furthermore, you should probably spend a little more time trying to understand countires in their context rather than spouting the usual reactionary drivel you come out with. You give us Anglos a bad name

    Apr 29th, 2013 - 10:00 am - Link - Report abuse 0
  • yankeeboy

    37/68 The IMF reports est GDP from statistics provided by INDEC. Argentina has been in and is in a Recession. It started in Nov 2011.
    It is just going to accelerate now
    Anyone think we'll see 10/1 this week?
    anyone?
    anyone?

    Apr 29th, 2013 - 11:10 am - Link - Report abuse 0
  • Welsh Wizard

    @71 They will have to flood the steets with US$ to keep it where it is, let alone reduce it. I can see it stabalising here, using 9.10-30 as a base and then rising again. This would be my conservative estimate. However, CFK has said that she doesn't care even if it goes to 15-20/1

    Apr 29th, 2013 - 11:15 am - Link - Report abuse 0
  • Brit Bob

    Same old, same old devaluation again. The best course of action is to break up the country and give it to Brazil, Chile and Uruguay. Patagonia could become part of a 'Greater Falkland.' At least this way the people would be free of Peronism/Kirchnerism for ever.

    Apr 29th, 2013 - 11:33 am - Link - Report abuse 0
  • yankeeboy

    71. We will see, that seems to fit the pattern but MDP at BCRA doesn't want them to do anything at all to stop the run. Kicillof does though. We will just have to wait until Friday.
    Regardless, a week doesn't matter everyone knows the direction the peso is going and there is nothing to stop it.
    Anyone want to bet an EXIT travel visa is in the near future? Just like Cuba used to have...

    Apr 29th, 2013 - 11:36 am - Link - Report abuse 0
  • pgerman

    Brit Bob, Argentina will get rid of CFK and perosnism but keep on being Argentina as it is now.

    Apr 29th, 2013 - 11:38 am - Link - Report abuse 0
  • RICO

    The people who write this article are wrong, Argentina is best country in world with strong economy. UK and USA is weak economy, going down economy.

    I am going to borrow as much money in Yankee dollars and pirat pounds and buy hero pesos with the money, it will make me a fortune.

    I suggest that anyone who thinks this article is wrong and loves Argentina join me. We will be very wealthy very quick quick.

    Apr 29th, 2013 - 12:32 pm - Link - Report abuse 0
  • DanyBerger

    @pgerman

    I’m not offended I just asked you so many times to show me the balance you are reading and you just resort to stupid post telling me to buy dollars.

    So again Professional Economist, post the link to the so called “Semanal Resumen of the BCRA” that you say you pick the figures.

    Am I asking too much? I guess not.

    Because in mine from 15 april says $206,075,358.000 trillions and according with the official dollar exchange of today from BNRA it is $5.1380= 1 USD

    What according with my calculator gives me still a figure of USD40.108bn in reserves of foreigner currencies and gold. That of course will vary up and down according with international forex trading.

    If you are right after reading your balance and me without any argument to refute your balance I will look like a complete fool.

    Look how generous I am. I’m telling you how to make me look as a complete fool and for free.


    @ ElaineB

    You should be scary and terrify for what your wonderful govt (KaMoron) and crooks are doing with your own currency.

    And also because UK has only USD 90bn to use to save the pound if an a short selling game Soros style like in 1993 is played again against the Sterling.

    I hope you know that happened in UK in 1993 and what was Black Wednesday when Soros broke Sterling and send it to the drains and force the Exchequer to withdraws from the ERM.

    So Argentina has USD40bn to back its currency and BoP with a GDP of USD 500bn and you are concern and giving economic forecast like an expert.

    While UK has only USD 90bn for a GDP of 2.4 trillions.

    Can you understand that you are far worst prepared than Argentina for a currency speculative attack?

    Anyway don’t matter a have a dream I mean a joke. Here I go...

    What is doing a neurone in the brain of a Tory politician?

    Just tourism...

    And two?...

    None knows because never was seen the case.

    Here here another

    What is doing a Tory while making Poop in the toilette?
    Reproducing himself...

    Are they not good?

    Apr 29th, 2013 - 12:47 pm - Link - Report abuse 0
  • Clyde15

    #76
    Wunderbar mein Führer. Who says the Nazis did not have a sense of humour - practically the whole world.

    Apr 29th, 2013 - 12:55 pm - Link - Report abuse 0
  • yankeeboy

    http://www.bcra.gov.ar/pdfs/contad/econ0200.pdf

    Clearly out of free cash flow
    Rut ro

    Apr 29th, 2013 - 01:14 pm - Link - Report abuse 0
  • Welsh Wizard

    @73 yankeeboy

    He is a socialist who wants a devaluation with a split exchange rate (I still don’t quite get how you can do business with a country with two exchange rates, maybe you just have to wait until you stop pissing yourself laughing and then try).

    She is just incompetent, almost the very definition of incompetence.

    Apr 29th, 2013 - 01:53 pm - Link - Report abuse 0
  • MagnusMaster

    Socialist is putting too lightly. He's a MARXIST.

    Apr 29th, 2013 - 03:10 pm - Link - Report abuse 0
  • Tobers

    @79

    --She is just incompetent, almost the very definition of incompetence--

    Id say its sabotage. Argentina, economically, reached its peak a couple of years ago. CFK and her goons realised that they had to turn the screws to stop the growth and thus risk have their power diminish. In the last couple of years the government has become increasingly beligerent to the institutions that oppose it. In western democracies politicians want more than anything a growing economy. With Peronism the masses need to be kept relatively weak and dependent on it. If the middle class and thus well educated form the majority of the population a dictatorship wouldnt exist.

    This 'government' wants that those that dont vote for them feel insecure and demoralised and restrict their ability to legitimately earn a living away from their corrupt club hence crime and inflation etc things that already affect the poor are affecting more and more the middle class. The difference being that poor, poorly uneducated get their sweetners in exhange for votes.

    The weaker poorer a country is the easier it is for the rulers to maintain power and make/steal money.

    Apr 29th, 2013 - 03:23 pm - Link - Report abuse 0
  • MagnusMaster

    @81 it´s both sabotage and incompetence. Like all Peronists, Kirchner relied on unsustainable policies to ¨fix¨ the economy. Usually they leave before the economy inevitably collapses but Nestor died and Cristina is too stupid to realize that she should´ve left.
    But you´re right that Peronism wants to keep people poor. Most importantly, they want to create a system in which you can´t earn a living outside their mafia.

    Apr 29th, 2013 - 05:20 pm - Link - Report abuse 0
  • John III (Pope)

    @70
    INDEC - rubbish! Read the report!

    The IMF is a creditable organization that publishes its data. In contrast you are not creditable and you do not publish anything. You claim that Argentina has been in recession since 2011. Publish your data!

    Apr 30th, 2013 - 06:12 am - Link - Report abuse 0
  • yankeeboy

    83. Stupid Stupid Boy I am always right...always

    From the IMF Report...

    Source: IMF staff estimates.
    Note: The data for Argentina are officially reported data. The IMF has, however, issued a declaration of censure and called on Argentina to
    adopt remedial measures to address the quality of the official GDP data. Alternative data sources have shown significantly lower real growth
    than the official data since 2008.

    Apr 30th, 2013 - 11:34 am - Link - Report abuse 0
  • John III (Pope)

    @84
    Thank you for posting the foot note. But you have not posted the full text have you. You missed out the qualification that the IMF is using alternate estimates. How could you have missed that? Is it incompetence or dishonesty?

    As I have said the IMF is a creditable organization that publishes its data. You are not creditable and you do not publish your data. You claim that Argentina has been in recession since 2011. Time for you to get off your ass and publish!

    May 01st, 2013 - 08:14 am - Link - Report abuse 0
  • Anglotino

    IMF says (capitalisation is mine and for any slower people):
    “The data for Argentina are OFFICIALLY REPORTED DATA”

    “Alternative data sources have SHOWN SIGNIFICANTLY LOWER lower real growth THAN the OFFICIAL data since 2008”

    INDEC - “official” growth rates
    2nd quarter 2012 = 0%
    3rd quarter 2012 = 0.7%
    4th quarter 2012 = 2.1%
    Annual GDP for 2012 = 1.9%

    Merriam-Webster definition of significant:
    'of a noticeably or measurably large amount'

    So:
    'a noticeably or measurably large amount' lower than 0% is negative.
    'a noticeably or measurably large amount' lower than 0.7% is negative.
    'a noticeably or measurably large amount' lower than 2.1% is negative.
    'a noticeably or measurably large amount' lower than 1.9% is negative.

    Three negative quarters in a row is a recession.

    Gee whiz Yankeeboy, how's that? You were right!

    Do you think this post could be considered “published” when I did it sitting on my arse..... wanna go co-authors?

    May 01st, 2013 - 01:19 pm - Link - Report abuse 0
  • yankeeboy

    Toby, The 2.5% came from INDEC, it is the same number. THE IMF PUT A FOOTNOTE saying they think the number is falsified.
    I don't know what more you'd need as proof
    Maybe you should call them and complain
    Using your own lies against you
    how rude

    May 01st, 2013 - 01:45 pm - Link - Report abuse 0
  • axel arg

    YANKEEBOY. ELAINEB.
    ELAIN: Although you won't answer this comment, as you often do with the answers i give you, let me tell you that you don't need to believe what i say, just search the headline i typed in my comment 61, and you'll read with serious sources about the six intents of financial coup d' etats since 2009 untill 2011.
    I don't think you wish argentina to be on bankarruopty, like some people in this forum often wish it for my country. Your problem is that the hysterical hate that you feel for c. f. k., doesn't let you have enough intelectual honesty, in order to criticise seriously her government. That's why you usually recur to insulsts or mediocre comments, every time you refer to c. f. k., maybe this attitude shows your low level of debate.
    YANKEE.
    The influence of the dollar in arg. has a very long and dramatic story.
    It is actually a remora of the dictatorship, when economy minister martinez de hoz eliminated the restrictions for the adquisition of dollars. Beside, the hard crisis that we had later, made some people to get dollars for saving. That's why arg. must be one of the few nations, were houses are bought in dollars.
    Braking that behaviour will take so much time, and the government is doing since one year, what it should have done some years ago.
    It's obvious that people still will continue selling their houses in dollars. Anyway, the credicts of the ambitious plan that the government implemented last year, in order to build houses, is paid in pesos. Inflation will take many years to be solved too, because in the actual economic context, is related mostly to the economic concentration that we have in the most important sectors of our economy. You can reject it as much as you like. Accept it or not, it is the true.

    May 01st, 2013 - 07:25 pm - Link - Report abuse 0
  • yankeeboy

    Axel, That nonsense you posted has nothing to do with the question or the INTENT of the question I asked you.
    Let's try again, read it slowly, think about it and then start typing:

    Say you have a property you want to sell, you think is worth U$100,000
    Would you rather get P$950,000 or P$520,000
    and what do you think the buyer would want to pay?

    Now do you see why the economy is in freefall?

    May 01st, 2013 - 08:50 pm - Link - Report abuse 0
  • axel arg

    YANKEE.
    What you call nonesense, is actually a deapper answer for you usuall decadent questions.
    I already answered you that it will take a long time to brake with the behaviour i mentioned in my comment, if you could not understand it, sorry, for being honest, i have always thought you are just a miserable person, and you know why.
    Anyway, for a simple and mediocre answer, i just can repeat you AGAIN that people will continue selling or buying houses in dollars, nobody would sell a house in pesos. If you still have doubts, read my comment 61 again, and try to analyze it if you can.

    May 01st, 2013 - 09:38 pm - Link - Report abuse 0
  • yankeeboy

    So what you are saying is that the problem with the economy is people don't think in Peso terms and if they did everything would be fine?

    Gads you are not even worth the $300/mo you're earning!

    May 01st, 2013 - 10:25 pm - Link - Report abuse 0
  • axel arg

    YANKEE.
    I see you understood it finally. In my comment 88 i explain the reasons why some people don't think in pesos, especially if they want to buy a house.

    May 01st, 2013 - 10:39 pm - Link - Report abuse 0
  • yankeeboy

    Yes I understand your comment. It makes absolutely no sense has no logic to it but yes I understand what you are trying to say,
    Let me tell you, you are so wrong in your thinking and it is what has destroyed your country.

    You are a very stupid person Axel and I feel sorry for you because you don't realize it and people must make fun of you all the time.

    May 01st, 2013 - 10:50 pm - Link - Report abuse 0
  • Anglotino

    I've never had to use a different currency in my country for ANYTHING.

    Also Axel. Inflation doesn't take YEARS to fix. It can be fixed quite quickly if the pain was worth it.... for some reason the Argentinean government prefers the pain that ~30% inflation brings.

    May 02nd, 2013 - 12:07 am - Link - Report abuse 0
  • yankeeboy

    You know I was just thinking, maybe people won't use the peso because the Nuevo Austral is about a year away.

    boob

    May 02nd, 2013 - 12:24 am - Link - Report abuse 0
  • hatedumbs

    honestly, the only way to stop this nonsense in argentina is that someone throws a bomb at the casa rosada and bye bye cristina fernandez and all her crew of silly twerps. Oh, but fernandez is never at casa rosada! then at her house at olivos..oops, she's never there either? oh, she must be hiding at her mansion in the province she bought a while ago, Santa Cruz. And at this moment she must be thinking if “kirchnerland” would be a nice name for the country, and she's probably desperate because she now can't buy any designer clothes at NY beacause they might confiscate her plane. Oh, what a huge problem she's got! Devaluation of peso? who cares, i've got many billions of dollars at my bank account in switzerland...just don't ask where i got them.

    May 02nd, 2013 - 01:50 am - Link - Report abuse 0
  • John III (Pope)

    @87
    Again, read the report - all of it, not just the bit that you think that supports your position.

    You still have not published your data. When can we expect it?

    May 02nd, 2013 - 06:26 am - Link - Report abuse 0
  • yankeeboy

    97. Why don't you point out the parts I am clearly not reading correctly. It all looks to be going swimmingly in Argentina.

    BTW do you know what the next currency will be called? I'm thinking the Nuevo Austral. I don't think they can use the Peso again so soon it will have too many bad memories.

    May 02nd, 2013 - 01:04 pm - Link - Report abuse 0
  • MagnusMaster

    The new currency is rumored to be the Peso Federal.

    May 02nd, 2013 - 06:26 pm - Link - Report abuse 0
  • axel arg

    ANGLOTINO.
    If you think that fixing inflation can be done quicly, can you tell me what measures should be taken in order to fix it?.
    In my comment 88 i explain the reasons why it will take many years to solve that you problem.

    May 02nd, 2013 - 06:45 pm - Link - Report abuse 0
  • yankeeboy

    9.63/1

    Where she stops nobody knows

    May 02nd, 2013 - 06:56 pm - Link - Report abuse 0
  • Captain Poppy

    Last week I was thinking 10 by Friday......it still could but now I am thinking Monday. What do you think .......11 by trienta y uno de mayo?

    lol

    May 02nd, 2013 - 09:08 pm - Link - Report abuse 0
  • DanyBerger

    @YankeeBobo

    Dollar still $5.135 Banco Provincia sorry.

    Talking about sinking currencies are you prepare to the Amero?
    https://www.buygold.com/offer/amero.php
    ha ha

    May 03rd, 2013 - 05:05 am - Link - Report abuse 0
  • pgerman

    @DBegrer

    Yesterday it closed U$D 1 = AR$ 9.63 !!!...it's a kind of free fall !!!

    I advised you to buy dollars two weeks ago fro now.

    You lost 15% of your savvings !!!

    Anyway relax...Argentina is not in crisis !!!!

    May 03rd, 2013 - 12:05 pm - Link - Report abuse 0
  • Anglotino

    Dany

    Go down to Banco Provincia and change as much currency as you can into US$ at ARS5.135.

    Then walk down the street and find someone which is willing to pay MARKET RATE of around ARS9.60

    At the end of this exercise; for every peso you started the day with, you will now have about ARS1.80.

    So an 80% return.

    If you haven't done this then the only reasons would be:
    * too dumb to think of it
    * can't actually get hold of dollars at the rate you quoted.

    May 03rd, 2013 - 12:19 pm - Link - Report abuse 0
  • John III (Pope)

    @98
    You need to continue reading many more pages.

    May 03rd, 2013 - 01:24 pm - Link - Report abuse 0
  • pgerman

    @DBegrer

    It¿s U$D 1 = AR$ 9.90 NOW !!!...it's a free fall !!!

    Anyway relax...Argentina is not in crisis !!!!

    May 03rd, 2013 - 03:21 pm - Link - Report abuse 0
  • Captain Poppy

    it's break 10 and receeded......it will be reported as ending the day over 10.....damn. Toilet paper holds my value than the Argentine peso

    May 03rd, 2013 - 03:54 pm - Link - Report abuse 0
  • pgerman

    It¿s U$D 1 = AR$ 9.95 NOW !!!
    Where is DBerger?

    Where are you?

    In the queue witing to buy dollars?

    Relaz...Argentina is not in crisis !!!!

    May 03rd, 2013 - 04:13 pm - Link - Report abuse 0
  • Ayayay

    Ding ding ding!!!

    YANKEEBOY is right.

    Ok, can someone tell me if there is anyone in America makin profit on this?

    I'm assuming someone can
    *mail pesos to someone in the U.S.

    *in the U.S., use an online currency xchange at ArP5.15

    *mail dollars back

    *which they can sell for ArP10

    Next step: profit.

    Asking for a friend. hahaha :)

    May 03rd, 2013 - 11:12 pm - Link - Report abuse 0
  • Captain Poppy

    Are you serious? Have you ever used the postal service in Argentina? Good lord....they have no drop boxes....you have to go to a post office, get a ticket and wait forever .....like going to the DMV. I sent post cards once and never again after waiting an hour to mail post cards. Besides, the postal service rifles mail there.

    May 04th, 2013 - 12:20 am - Link - Report abuse 0
  • Ayayay

    Am serious.
    Thx for responding, Poppy.
    My formerly La Campora-lovin Argentine has reconnected with me.

    May 04th, 2013 - 03:20 am - Link - Report abuse 0
  • DanyBerger

    @pgerman & Anglotino

    Why I will pay AR$ 9.63 for a dollar if I pay $5.135 when need it?

    Are you stupid or what?

    “You lost 15% of your savvings !!!”

    “Go down to Banco Provincia and change as much currency as you can into US$ at ARS5.135...”
    “So an 80% return.”

    Why I will be losing my time doing an illegal activity when I have a good legal business that provides me 250% for each $ 1 invest in it?

    Are you stupid or just you have tendency to criminal activities?

    Now lets see...

    In Argentina according with the first article of the law “penal-cambiaria” # 19.359 (from year 1995), etc selling and buy currencies without the authorisation from BCRA will be punish with fines and from 3 to 10 years prison.


    What next boys, are you going to recommend people to buy drugs to resell it because otherwise people will be losing money according with you?

    That doesn’t speak very well of you, crime is a bad thing do you know that?

    If you want to earn money in criminal activities please at least be smart a not publish it on a public forum because it is a crime in many countries known as “inciting criminal activity”, “Apology of crime”, “Advocating crime”, etc.

    May 04th, 2013 - 07:02 am - Link - Report abuse 0
  • yankeeboy

    Pretty soon it will be illegal for Argentines to exit the country without a visa.
    Just like Cuba
    Just wait

    May 04th, 2013 - 09:00 am - Link - Report abuse 0
  • Anglotino

    Interesting. According to our resident Argentine expert down in Chubut, there are 100,000 Argentines a day changing US$20 million.

    Looks like “penal-cambiaria” # 19.359 isn't worth the paper it's printed on.

    Seems law and order is breaking down as quickly as the economy in poor beleaguered Argentina.

    Congratulations, of course, go solely to CFK.

    May 04th, 2013 - 10:54 am - Link - Report abuse 0
  • Captain Poppy

    wife's family change like 50k from pesos to U$ last week for 9.24. Yesterday at 9.88 is a 7% increase in a week. Annualize that ROR.......lol. You can't blame to people for wanting U$, it's the only way to stay ahead of Argentine inflation.

    May 04th, 2013 - 01:40 pm - Link - Report abuse 0
  • yankeeboy

    You know IF and that is a BIG IF the blue dollar market was that small a few bags of U$100 should do the trick.
    I wonder why they're not doing that any longer?
    Could it be there aren't too many bags of U$ 100 left at BCRA?
    Could be

    May 04th, 2013 - 04:18 pm - Link - Report abuse 0
  • pgerman

    @DanyBerger, I guess I have already told you, your ofenses just shows your frustration. Just this.

    You are right, trading with foreing currencies and saving it (believe me or not) is illegal in Argentina with doesn't mean that it is inmoral.

    It's just illegal because the BCRA extended some restrictions to a previous law but not because any chamber of the Congress voted such thing.

    In addition, you cannot get foreign currencies legally. The Government decided that buying dollars to protect your savings from the inflation (they create) is as illegal as buying drugs so nobody really repects that law nowadays in Argentina.

    Anyway this was not what we have been discussing about.

    We discussed about the actual reserves of the BCRA or whether the country is in a deep crisis or not.

    Daniel, I'll be there by mid June so I have some canadian dollars. I can book some of them to you but take care, in two months time dollar can cost AR$ 12..who knows?

    May 05th, 2013 - 08:39 pm - Link - Report abuse 0
  • DanyBerger

    @pgerman

    It is a law and like the previous law 12.160 provides ample power to the executive and BC authorities to modify without consultation to congress. Again is a law like the law that provides ample facultative power to the FED in USA.
    It is no true what you say because since 1971 the law forbids to trade currencies without expressed authorisation of the monetary authority.
    http://www.cooperacion-penal.gov.ar/userfiles/ley19m359_0.pdf

    The crime is to trade not having them, if you got it from a legal authorised source, then you can keep it, burn it or do what ever you want legally approved.

    So if you have ever bought dollar legally you should know that before the so called “dollar clamp” by tax evaders and people out of the law, etc. the banks have to ask information about your activity, etc. that is sent to BCRA.

    Now lets see, can you trade currency in the street of US legally without a license?
    Nope, in India? Nope,

    In US you need a license may be obtained trough NFA, CTA, etc
    http://www.cooperacion-penal.gov.ar/userfiles/ley19m359_0.pdf

    In UK?
    Well ask Alex Hope that was arrested by FSA for illegal no authorised trading.
    http://www.cooperacion-penal.gov.ar/userfiles/ley19m359_0.pdf

    So if you want to become and “Arbolito” and break the law I suggest you to read the same book as Alex NoHope and then go by the street of London Screaming “Exchange”, “Exchange”, “Dollar blue”, “Yuans”, “Yens”, “Pesos”, etc. and then may be you wil be able to buy you bottle of Champagne of £125,000 as Alex did.

    Because I rally doubt that you will get for a bottle of “Termidor tinto” working as “Arborlito” in Buenos Aires.

    “The Government decided that buying dollars to protect your savings from the inflation...”
    Well invest in something productive that in Argentina is plenty niche opportunities and you will get 200/300% for each $ you invest. Ah! but that require some intelligence and work.

    Frustrated who?
    Ha ha

    May 06th, 2013 - 10:47 am - Link - Report abuse 0
  • pgerman

    The law you mentioned entitles the AFIP and the BCRA to change the conditions of it but not any representative has ever voted a law that prevents citizens to acquire foreign currency as saving.

    The trap is very clear since any person before buying foreign currency must have the authorization of the AFIP but it denies that authorization to all people so it's a “de facto” ban. I know plenty of professionals who work in relationship of dependency, and complying the laws, which they haven't gotten the legal authorization to purchase foreign currency. Not only to save but also to travel abroad.

    So it's all very clear, the purchase of foreign currency is not formally prohibited but not formally approved. That is an informal, a “de facto” prohibition.

    I'm quite aware of the Argentine situation so you won't cheat me with outstanding investments. The only investment that has higher yields than the dollar are Argentine government bonds...in dollars but under the “protection” of the Argentine law with the corrsponding high risk.

    I find it funny to see how the Argentine Government “suggests” investors that there are better investments than the dollar. But if they do not agree the government forces citizens to be prisoners of the Argentine Peso in a supposedly productive investments beneficial to the country.

    The situation is clear: the ship (the Argentine Peso) sinks and the citizens looking to protect themselves clomb the lifeboats but the government denied access to the lifeboats and accuses them of sinking the ship for trying to survive.

    Selling ​​and buying dollars is illegal in Argentina today but is not immoral at all. I suggest that you read the “Right to Rise” of Thoreau.

    Please, please do not write trying to convince me or preach about brilliant investments of 200%/300% od return because that is unsustainable in the short term and demonstrates your confusion.

    May 06th, 2013 - 12:51 pm - Link - Report abuse 0

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