MercoPress. South Atlantic News Agency
Argentine official pledges to look into ‘blue’ dollar market and admits problems in real estate sector
Argentina Deputy Economy minister Axel Kicillof pledged “to look into” the growing parallel market for the US dollar because it is harming many innocent people who have nothing to do with speculation and claimed that ‘certain economists’ and media are encouraging speculation with the greenback. Read full article
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Disclaimer & comment rulesAmnesty - that reminds me of Brazil, ages ago.
May 09th, 2013 - 07:31 am - Link - Report abuse 0After many years of restrictions the Brazilian Government allowed its citizens to open accounts in foreign currency.
By the time enough people had done so, the very same Government froze all accounts again, and used the needed hard currency for their own benefit, and to speculate.
4%! Expected inflation =30% now thats what I call the real deal
May 09th, 2013 - 07:59 am - Link - Report abuse 0C.F.K. STYLE
Your CommentWhen reading this, please substisute “Hetrodox” for “Bat-Shit crazy”
May 09th, 2013 - 08:48 am - Link - Report abuse 0Wow. Kicillof is admitting the country is desperate for dollars 'the country needs them' and is facing 'too troubled international context'. Jeez, he is saying the government is broke and can we pass the hat round. I sincerely hope no one fall for it.
May 09th, 2013 - 09:04 am - Link - Report abuse 0The Argentine government has no idea how to run the country. “He went on to blame the orthodox economists that question government economic policies” and they will continue to use “heterodox and creative” measures. Bloody hell. Two words I wouldn't want to hear in response to an economic crisis. They are making it up as they go along.
“We are certainly going to look into the ‘blue’ market“. You mean you haven't looked at it before ? A massive black market operating right under your noses, causing serious problems at every level of your economy, from government projects to manufacturing to tourism to real-estate and you haven't looked at it yet?
May 09th, 2013 - 09:43 am - Link - Report abuse 0Let me help you out here. What you need is a RAID log; in the issues section I suggest you put #1 as the existence of an illegal secondary market for US dollars in your country. Attach some risks to that, and then put some actions against it. You can use the dependencies section to highlight what you might need in order to solve the issues. Most importantly you actually need to track progress on all these items on a regular basis. Say daily to start and then you can move on to weekly as you feel more comfortable with the process. I know its hard work and CFK prefers to just sign stuff wearing a posh frock and think they get done, but the real world depends on execution discipline and following up on stuff.
We are seeing new levels of thickness people. I for one do not ”want to leave” this circus show.
He admits there is a real estate problem and will continue with their unorthodox measures......smooth, because we see how well they are working. This is like Nero saying...just a camp fire. Who the hell would touch the Bode(whitewash) bonds?
May 09th, 2013 - 09:58 am - Link - Report abuse 0Where is Toby bragging about is one “mall” being built in Mendoza?
“dollars.....get your red hot dollars here......next stop....11 pesos”
Is this the same guy who ran away from the Greeks?
May 09th, 2013 - 10:10 am - Link - Report abuse 0If it is, he must have known the questions well before he went on air, or else the interview was recorded.
@4 ElaineB
May 09th, 2013 - 10:49 am - Link - Report abuse 0The CFK administration couldn't run a lemonade stand let alone the economy, there are some tough times ahead for Argentina.
Does this guy even listen to what he is saying? Let's juxtapose a couple of things he said.
May 09th, 2013 - 10:57 am - Link - Report abuse 0“Finally he complained that “they accuse us of being desperate for dollars and of whitewashing friends but these are all absurd and fruitless allegations,” the official told reporters at a local radio station.”
AND
”Kicillof said that the latest measures (tax amnesty) are designed to bring Argentine savers dollars and assets back home, because “the country needs them” and is facing a “too troubled international context”.“
So they are not ”deperate for dollars“ but ”the country needs them“. Please. A 5-year old could do better. Didn't he have a script? Umm, no. Because they only usually do ”prepared statements“. Just the thing that caught Lorenzino out. Will they ever admit that they don't have a clue and are just ”winging it“? Doubtful. Remember that, at the end, Hitler intended to destroy the whole of Germany ”because the German people had proved they weren't the strongest“. No admission of fault there. ”It wasn't me, it was everyone else.” Wait a minute. Isn't that what argies say?
#4 What would you like to hear in relation to an economic crisis then; “we're going to use orthodox methods, as in Greece or in Argentina in 2001”?!
May 09th, 2013 - 10:58 am - Link - Report abuse 0@8. Tough indeed. I was emailing with a friend in BsAs last night. She had mentioned on her FB that she was going to Colonia to take out some dollars - something Argentines are doing every single day. The response she got was alarming and mixed. Some 'friends' warned her that the government are monitoring people making more than three trips per year and she would be getting a 'visit' from the authorities. Others cautioned her not to let people know she had dollars as she was setting herself up to be robbed etc. She said to me that she is used to living in a society with more crime and resentment than most but it really spooked her. Needless to say she deleted all references to the matter.
May 09th, 2013 - 11:07 am - Link - Report abuse 0It is going to get more ugly.
@10 - I thought that Argentina was doing really well at the moment. Now they have lurched into crisis....?
May 09th, 2013 - 11:09 am - Link - Report abuse 0My waiter last night was from Argentina (palermo) I told him the peso was 10.50/1 and he said, oh that is so sad.
May 09th, 2013 - 11:15 am - Link - Report abuse 0He was a professional in Argentina graduated from UBA, he told me he loves the USA and said most RGs have no idea how nice it is to live here.
Super nice guy
Although dinner cost what most Rgs make in 2 months and it really wasn't that good.
I seriously wonder if they are deliberately trying to destroy the economy and society.
Either that or they are psychopaths
These are not rational decisions.
and you better bet the Govt is watching people leaving the country
why do you think they passed the treason law so quickly last year
as I have said the law is used as a bludgeon in Dictatorships
it will only get worse
As I commented on another thread, Moreno is making threats to 'Enforce control in the city of Buenos Aires'. How is he going to do that?
May 09th, 2013 - 11:21 am - Link - Report abuse 014. By killing the trader or members of their families.
May 09th, 2013 - 11:28 am - Link - Report abuse 0Probably arranging for the problem to “disappear.”
May 09th, 2013 - 11:41 am - Link - Report abuse 0History repeating itself.
@10 BK
May 09th, 2013 - 01:28 pm - Link - Report abuse 0It was “heterodox and creative” measures that got Greece in to crisis.
What you are saying is like driving your car off a cliff after some “heterodox and creative” maneuvers and then bemoaning your rescuers’ orthodox rescue methods.
#12 No, I didn't and don't say that Argentina is in crisis, I was just responding to Elaine's silly idea that one shouldn't be unorthodox or creative in trying to get out of crises (she raised the word crisis) with some real world examples of “orthodoxy”...
May 09th, 2013 - 01:29 pm - Link - Report abuse 0#14 Do you think the enforcement of law in the city is a bad idea? Even the Tories have to nod in the direction of enforcing the law in the city of London! But people like you hate Cristina because when getting tough on bankers is concerned, she walks the walk rather than just talk the talk!
@18 Are you very young or naive or both?
May 09th, 2013 - 01:40 pm - Link - Report abuse 0@ toxictaxitrader (#2): 30% is the peso inflation rate. 4% is the USD return, which is pretty good. If you are a gambler....
May 09th, 2013 - 02:36 pm - Link - Report abuse 0Well, here we are with something in the region of U$S 160 billion in foreign debt outstanding, about U$S 47 billion in internal debt outstanding, around U$S 4.5 billion in reserves available in BCRA.
May 09th, 2013 - 03:29 pm - Link - Report abuse 0On top of which we need about U$S 13 billion to buy energy (petroleum and gas) to cover our energy shortfall.
And our heterodox and creative vice minister of economy comes up with a plan to try and intice the tax evaders and money launderers to repatriate their ill gotten dollars. LMAO!!!!!!!!!!!
Enforcing law is a good thing.....making owning foreign currency is a ridiculous law, thereby enforcing that law is stupid......or heterodox as asshole would say.
May 09th, 2013 - 03:53 pm - Link - Report abuse 019 ElaineB
May 09th, 2013 - 05:15 pm - Link - Report abuse 0BK is a commie from the Glasgow shipyards, so he is very old.
All commies and most argies are naive.
So he 'works' on all levels.
21 Simon68
You were correct! Your six YO granddaughter could do a better job than this lot.
So where did he get his dollars from in order to pay his mortgage? The article didn't say.
May 09th, 2013 - 05:35 pm - Link - Report abuse 0#19 Is it naive to think bankers should be made to obey the law?
May 09th, 2013 - 06:34 pm - Link - Report abuse 0@7 No, that was Lorenzino.
May 09th, 2013 - 07:02 pm - Link - Report abuse 0@13 “
I seriously wonder if they are deliberately trying to destroy the economy and society.
Either that or they are psychopaths”
They are definitely psycopaths, the entire elite here in Argentina is made up of them. If they aren't trying to destroy our country on purpose, they don't care. I don't see anything changing anytime soon. There are too many political and economic interests that want to drive Argentina to the ground and the people for whatever reason won't rebel.
23 Chris
May 09th, 2013 - 07:25 pm - Link - Report abuse 0If I remember right, BK is from Inverkeithing, but yes, a naive commie all the same.
If there is an afterlife I hope that all western commies have to live out eternity as workers in a commie state.
There is a line in Game of Thrones
May 09th, 2013 - 09:06 pm - Link - Report abuse 0He wants to be King even if it is King of the Ashes
The question is is CFK strong enough to declare martial law when it all goes into the toilet.
My guess is she'll try to flee but won't be quick enough
Dictators always seem to overstay their welcome
BK what law are the bankers breaking?
May 09th, 2013 - 09:16 pm - Link - Report abuse 0CFK never stood up to bankers he is just making stuff up now.
May 09th, 2013 - 09:48 pm - Link - Report abuse 0Why aren't their vice-ministers as spokespersons in other areas of the gov? bowchickabowwow
May 09th, 2013 - 11:03 pm - Link - Report abuse 0So where did he get the dollars to pay his mortgage? it's still unclear.
May 10th, 2013 - 03:25 pm - Link - Report abuse 0Commenting for this story is now closed.
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