MercoPress. South Atlantic News Agency
Dollar in Argentina breaks 10 Pesos barrier, despite Cristina Fernandez and her “I want to leave” minister
The ‘blue’ or parallel dollar in Argentina beat a new record on Tuesday by breaking the 10 Pesos milestone and ending trading at 10.08 Pesos. The official rate meantime remained relatively stable and closed at 5.16 and 5.21 Pesos (buying and selling price). Read full article
Comments
Disclaimer & comment rulesBunch of clowns, all of them.
May 08th, 2013 - 03:29 am - Link - Report abuse 0I seriously cannot wait to get out of this shithole. Is there any place for me in the Falklands? Lol, please someone save me from this impending doom.
What happens when governments ignore simple economic principles.
May 08th, 2013 - 03:36 am - Link - Report abuse 0http://online.wsj.com/article/SB10001424052748703730804576314953091790360.html
Is this also the future of the Argentine Peso?
MercoPenguin News is worried about the dollar, many British investors are really worried about something else.
May 08th, 2013 - 04:16 am - Link - Report abuse 0UrineHopper keeps sliding down 134.12 -3.00 (-2.18%)
Investor comment
“This Is Getting Ridiculous”
“This is the natural reaction to zero visible progress. It can be that they actually do something but I just can't tell. It has been a long time since the farm out and no clear plan has emerged. The money is sitting in the bank doing nothing, no rigs in sight, no RBL, no FPSO ordered. PMO keeps on rambling about different options, how difficult everything is, what they could do if they finally decide what they want to do. It all screams delays, uncertainty, and even more delays.
It's a shame”
Ah here comes Marcos with the 'usual' attempt at deflection onto another subject, just as I predicted yesterday. Usual modus operandi from the trolls.
May 08th, 2013 - 05:32 am - Link - Report abuse 0Not going to work Marcos. But at least you can be thankful that you don't actually live in Argentina and therefore don't have to put up with the economic mess CFK has made out of the country.
Regarding the story, however, I find some of the comments amusing, but true.
Like Pignanelli saying that CFK is 'dismissing reality', which most none Argentines have suspected for a long time.
The low foreign debt comment is also extremely amusing. Its not low, because Argentina refuses to accept the fact that it still owes billions of dollars from their last default, and have been twisting and turning (like a twisty turny thing) to avoid paying the debt for years.
Also, Argentina doesn't count the millions of dollars owed to Venezuela, loaned from CFks good buddy Chavez, with huge interest rates, that will only keep the debt getting bigger. Venezuela may well call that loan in, any minute.
In other words CFK has handily screwed Argentina over for several generations to come. And the debt won't just 'magically' disappear, it'll just get larger.
It won't be long before massive devaluation, probably uncontrolled, as the government have resorted to the usual tactic of burying their heads in the sand, hoping it will all go away.
Now all we need is CFK to try and organise some stunt regarding the Falklands to distract the masses. Only that's not working too well these days as Argentine are too busy surviving from day to day, to care about a none urgent sovereignty claim, no matter what they believe about the subject. And the more CFK flogs that dead horse, the less Argentines will actually care.
Marcos attempting to change the subject again. Serious investors like the RKH sp as it is a great buying opportunity while we sit back until 2017.
May 08th, 2013 - 06:28 am - Link - Report abuse 0I suggest you do the sensible thing and change what little you have to GBP and buy some equity. You may then be able to feed yourself or if I underestimate your wealth you may go on to be a Beverly Hillbilly.
Like a twisty turny thing, lol
May 08th, 2013 - 07:21 am - Link - Report abuse 0Dig hole in sand,put head in hole,now theres an infallible plan
May 08th, 2013 - 07:31 am - Link - Report abuse 0(till you get hit by the truck of economic reality)
They seemingly just stumble from one disaster to the next and what makes it far worse is their leaders just pretending all is fine when clearly the facts state otherwise.
May 08th, 2013 - 07:36 am - Link - Report abuse 0I often wonder why they do this when the people of Argentina are well educated and can surely see the truth via the facts?
It's interesting in a train crash sort of way to watch how this plays out.
“ No one cares about the US dollar in Argentina ” Minister Lorenzino.
May 08th, 2013 - 08:26 am - Link - Report abuse 0I am not sure how good in quality it is, but the Gin must be very strong in Argentina these days.
Right after the meeting I had an Rg friend contact me asking if I can help get his U$ out of the country immediately.
May 08th, 2013 - 08:37 am - Link - Report abuse 0These 4 idiots just confirmed the country is doomed.
No more U$ to pay for fuel
or anything else for that matter
You are all missing the point.
May 08th, 2013 - 08:41 am - Link - Report abuse 0When runaway inflation takes over the RG Govt. will be able to pay off all its debts, in pesos, at the 'official' rate. Then Argentina will emerge debt free, that will look much better than having defaulted on debts regularly since 1828.
In theory that could work but they also owe about 1/2 of their GDP in un-booked debt priced in U$.
May 08th, 2013 - 08:50 am - Link - Report abuse 0They're much much worse off than they were in 2001.
They've been bankrupt for years but just don't show it yet.
BA herald carrying a story, they are trying to implement an asset recovery plan for savers who have undeclared overseas savings, promising an amnesty.
May 08th, 2013 - 08:58 am - Link - Report abuse 0What does this mean? Are they going after the money in exchange for useless bonds? Sounds like another theft to me.
12 yankeeboy
May 08th, 2013 - 08:58 am - Link - Report abuse 0I was being cynical/sarcastic.
“They” likely will not pay anything, or at best, a very few cents on each dollar owed.
Why anyone would keep lending them ANYTHING is beyond my simple comprehension. The chances of getting it back are minuscule.
and yet, in a few years, there will be bankers queueing up to re-invest in the next Argentine DIsaster..erm.. Government I mean.
May 08th, 2013 - 08:59 am - Link - Report abuse 0And they will be given all the money they want, paying a fraction on the billions they borrowed before and yet again thinking to themselves “FC-UK these people NEVER learn do they?”
14. Actually I am worried we (USA) is deflating the currency to pay debt. It works right up to when it doesn't.
May 08th, 2013 - 09:06 am - Link - Report abuse 015. Yep people have very short memories
Look at teh idiots on this board just a little while back they thought Argentina came up with new economic rules and that is why everything was working.
How many times was I called stupid, don't know what I am talking about etc etc etc?
ButI knew I was right.
13 reality check
May 08th, 2013 - 09:09 am - Link - Report abuse 0That is just what they are trying to do and get anyone who has a few US$ stashed 'under the bed' at home to hand them over.
Legalized theft, should anyone fall for it.
15 Anbar
I fear you are correct. In my view any financial institute lending money to the next bunch of thieves should be held criminally irresponsible by the appropriate authorities.
“They” took out a 1,000,000 pound loan at Barings bank in 1824 and defaulted on that in 1828 and have never paid it back so right from the start 'they' have been untrustworthy.
Just as a clincher 'they' got an aid loan from Britain to help them purchase, inter alia, one of the warships 'they' used in the Falklands war and have not paid that back either.
Trust them, no way, count your fingers after you shake hands!!
@8 Why do you say that the people in argieland are “well-educated”? Going to school, free or otherwise, is not the same as being “educated”. Note the difference from the UK. The NHS is “free at the point of delivery”, but no-one pretends that is truly “free”. Although there are some exceptions, anything “free” is usually worth what you pay for it.
May 08th, 2013 - 11:18 am - Link - Report abuse 0I wonder, in 30 years will they hold a commemoration of how 'cowardly Christina' torpedoed Argentina?
May 08th, 2013 - 12:13 pm - Link - Report abuse 0I bet he want sto leave for good now...
May 08th, 2013 - 03:54 pm - Link - Report abuse 0bahahahaha
“With the new advance 1.8% of the dollar on Tuesday, the greenback has ballooned 46.5% in Argentina since the beginning of the year.”
May 08th, 2013 - 05:57 pm - Link - Report abuse 0NO IT HAS NOT.
The argie pesos has fallen, not the dollar risen. I do wish MP would get this right.
A QUESTION FOR EVERYBODY.
May 08th, 2013 - 07:19 pm - Link - Report abuse 0If many of you are so detractors of c. f. k's policies, then what do you think that our government should do in order to diminish inflation level?, what plan should it present, and what measures should be taken in order to achieve that purpose?.
Despite aldo pignanelli is just a reactionary, nobody can say he's hypocrite, because he expressed that the government should do an adjustment in order to to diminish inflation level, many other detractors of c. f. k's policies think like him, but they just don't say it publicly.
Another economist, linked to neoliberal policies, federico stuseneguer, said a few days ago that the government should devalue the peso in a 40%, however the old reactionary guy omited about the consequences over most population of that decision, and in the case of stuseneguer, he said that a devaluation of 40% can be applied in a non catastrophic way. I feel so ashamed everytime i hear these guys. Their too partial analysis are often refuted easily.
However, what none neoliberal economist admit, is that the blue dollar is not related to our popular economy, due to it's just a small and illegal market, based on financial speculations, and they know it perfectly, because they aren't neather ignorant nor stupid, but some neoliberal economists try to convince people about a posible crisis in our economy because of this issue. Due to only if there was an economic crisis these idiots would have the chance of wining an election, and reimplant their neoliberal ideas which became argentina into u. s. a's backyard.
On the other hand, i must recognize that although the headline of this report is pathetic, unless this time it wasn't as partial as those that mercopress often publishes, everytime it informs about the so called blue dollar.
@22 Axel
May 08th, 2013 - 08:35 pm - Link - Report abuse 0Perhaps the Argentine government can start by returning the millions (if not billions) of dollars they have stolen from Argentina and squirrelled away in their off-shore bank accounts.
More money in reserve will buy Argentina time to implement sensible policies. Argentina needs to pay Repsol for stealing YPF, and then try to attract foreign investment.
Foreign investors mean more jobs, which mean more people at work and paying taxes, and more people with 'disposable' income, by which they will buy luxury items, which will in turn attract more foreign investors, and the cycle begins again.
CFK has basically destroyed Argentina's reputation on the international stage and no one is willing to invest in vital areas, such as LNG, because they can't trust the Argentine government not to 'steal' it.
Until trust in Argentina's leadership is returned, then I'm afraid Argentina is fecked. Argentina can only regain that trust by obeying the international rules on trade, investors, and honouring the treaties that you have signed.
So as I said, Argentina is fecked.
The looming default will hit Argentinians particularly hard, as it is their money that your government has stolen, not from foreign investors as has happened in the past.
Do you actually live in Argentina, Axel? Or are you like most of the trolls on here and live in another country so don't have to live with the insane and self-destructive economic policies of the Argentine government?
If you do live in Argentina, then I suggest you stop burying your head in the sand, and take a look at the real world. It's going to be very unpleasant and uncomfortable for Argentine people for the next generation, and perhaps beyond.
It will all depend on the next government, and what actions it takes to rebuild trust in Argentina and its institutions.
5 Beef “is a great buying opportunity while we sit back until 2017”
May 09th, 2013 - 03:14 am - Link - Report abuse 0Yes Mr. Beef, sit back and keep gaining weight“BigFatDaddy”... and losing money :-)))
130.75 -3.50 (-2.60%) Down again,
@22 @22 Gain credibility. Build trust.
May 09th, 2013 - 06:39 am - Link - Report abuse 0Bring in 3rd party certifiers to verify the numbers. Post budgets and 25-year outlooks online. Show everyone they have a future with Anses. Improve the ranking in Transparency International.
2. Reduce borrowing at a suicidal interest rate. Unsubsidize natural gas and electricity on a sliding scale. Unsubsidize petrol, shzt's dirty.
3. Educate the children with good, local examples of ppl w fiscal health. Increase numeracy. Remove the cultural inhibition about speaking about finances, and let kids retain a positive attitude towards energy exchange (money).
4.Look into the micro-entrepreneur programs that Dilma is doing.
5. Remove tax on fresh produce. Nutrition is cognition.
6. Ask the wealthy to sponsor food for pchildren at elementary school . In return, they get 1 million little hugs and a tax break.
7. Educate economy staff in Canada, the currently best-run region in the world.
22. They can stop subsidies and printing pesos. I can't figure out why you don't understand when you print 40% more pesos you get
May 09th, 2013 - 12:18 pm - Link - Report abuse 0wait for it wait for it
40% inflation
duh
Inflation is caused by the gov't it can be fixed
they are just too scared and stupid to do anything about it
You have dumb and dumber running your economy
and i think it is fun to watch
Axel, You'll be really lucky to be making U$250/mo by the end of the year
really lucky
LEPRECOM. YANKEE. AYAYAY.
May 09th, 2013 - 07:08 pm - Link - Report abuse 0Beyond the reactionary and mediocre opinions by yankee and leprecom, i thank ayayay for having answered my comment.
After reading the comments of many of you, i confirm once and again what i have always thought about the kind of knowledge that most you have about argentina's situation.
Unfortunatelly, the lack of intellectal honesty of many of you, and your miserable wishes, don't let you see that you just have too partial information.
Beside, you are so miserable that you can't leave your wishes behind, and give a serious opinion.
Some of you consider appropiations like robberies, but you have no idea about why it was necesary to recover some enterprices which had been sold during the decade of the 90's.
On the other hand, the theory about that monetary emission takes the country to a higher inflation level, is just the tipical orthodox thought, which is actually too stupid, in fact, u. s. a. and chile increased their monetary emission, however their inflation rates are insignifficant.
In the actual argentine context, with a very low sovereign debt, with trade surplus, and with a fiscal deficit which is not so big, the main reason of inflation, is due to the huge economic concentration that we have in the most important sectors of our economy, like food and metal mechanic. It will take many years to solve that problem.
On the other hand, it's absolutly false to say that nobody would invert in argentina, in fact, in this website were published different reports informing about different corporations which inverted in the country.
Beside, objetive facts are much more important than anybody's opinions. In less of two months, the so called blue dollar increased from 8 pesos to 10, 40, did you see any collapse in our economy?, did you see any increasing in inflation rate?. So, it would be better if you leave your miserable wishes behind, every time you give an opinion about argentina's situation.
On the other hand, I LIVE HERE.
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