MercoPress. South Atlantic News Agency
Whitewashing draft bill and Moreno have US ‘blue’ dollar market in Argentina flat
Trading of the ‘blue’ or parallel dollar in Argentina remained flat on Monday for a second day following last week’s events when the 10 Pesos barrier was broken and the government reacted with a tax amnesty or whitewashing draft bill promising all dollar assets holders a new clean record and no questions asked if they turn their greenbacks into government bonds or promissory notes. Read full article
Comments
Disclaimer & comment rulesmoreno - who? one of the main idiots of the ck gang.
May 14th, 2013 - 08:08 am - Link - Report abuse 0The market always overshoots.
May 14th, 2013 - 08:11 am - Link - Report abuse 0“The market” is too little and has not weight to curve the OER.
May 14th, 2013 - 08:21 am - Link - Report abuse 0Easily the “Blue Dollar” can be turned down.
The idiots that bought and 10.50 have lost 50 cents right now and falling...
By the end of May? They must be expecting the full $160bn to just come flowing in.....
May 14th, 2013 - 08:21 am - Link - Report abuse 0@4: he didn´t say which year...
May 14th, 2013 - 09:33 am - Link - Report abuse 0They desperately need these dollars to secure LNG shipments. Their latest tender only secured 3 out of a requested 7 shipments after the last one only managed 14/24.
May 14th, 2013 - 09:52 am - Link - Report abuse 0“Moreno then attacked the Argentine Rural Society, the strongest farmers’ lobby in Argentina saying that they ‘are paying the media and economists’ to say that everything is on the wrong track in Argentina”.
May 14th, 2013 - 10:38 am - Link - Report abuse 0You've got to laugh - Argentina always the victim - even the victim according to this idiot of other Argentines.
Who they going to blame next - the Penguins
@7
May 14th, 2013 - 11:05 am - Link - Report abuse 0No need to pay anyone to say that everything is wrong in Arg........the government have done that already by whitewashing dollars & essentially legalizing money laundering.
A drastic move considering the blue dollar wasn't supposed to be affectingg the economy & was only the work of 100 or 200 thousand speculators according to the VP Bobo!!!
They can only intimidate people for so long before the market opens back up somewhere else.
May 14th, 2013 - 11:07 am - Link - Report abuse 0It's only been a few days
Give it a little time
Breaking News!!!!
May 14th, 2013 - 01:26 pm - Link - Report abuse 0I have just come from the local foreign exchange office, and was offered U$S 1 for ARS$ 11.50, I think Moreno has only driven the “blue” dollar underground. People still want to buy foreign currency!!!!!
Simon, That is not surprising. There must be a lot of trading going on in Hotels, Restaurants and shops too.
May 14th, 2013 - 02:00 pm - Link - Report abuse 0I think this won't level out until 16-17/1.
@10 & 11
May 14th, 2013 - 02:49 pm - Link - Report abuse 0I am starting to get the feeling that there is an 'official' blue dollar rate and a (much higher) unofficial rate.
Thoughts anyone?
Kirchnerists are doing everything wrong. Neighbor Uruguay (it's like a mini Argentina) is overflowing with dollars at the same time. We do not know what do to with all that dollars, the central bank is buying most of them buy it's still an issue.
May 14th, 2013 - 02:52 pm - Link - Report abuse 0I wonder if Argentina will default again.
CFK’s government is doing most everything wrong, but this blue dollar issue is surely a side show.
May 14th, 2013 - 03:05 pm - Link - Report abuse 0It seems it is a very small market and as such it can’t do any real damage.
Yep.... it's gone underground all right, but everyone knows someone who knows where to buy or sell dollars, so Moreno you need to hire 5000 more Kamporistas to roam the streets of BsAs in their black uniforms looking for illegal exchange houses.........maybe dweebie & thick will volunteer!!!
May 14th, 2013 - 03:19 pm - Link - Report abuse 0Hotel rates are crashing in BA! I have a trip coming up so I keep checking the rates. I think if I pay in cash I can stay in a 5 star hotel for around $75/nite!
May 14th, 2013 - 03:21 pm - Link - Report abuse 0rate is now at 9.17/1
May 14th, 2013 - 03:22 pm - Link - Report abuse 017. It seems like they have AFIP still intimidating traders. I don't think we will ever get an accurate blue exchange rate again.
May 14th, 2013 - 04:12 pm - Link - Report abuse 0There is too much risk to publish it
Democracy is dead in Argentina
Only a matter of time for those Argentine Government muppets....
May 14th, 2013 - 04:51 pm - Link - Report abuse 0http://www.bloomberg.com/news/2013-05-14/bmws-gaining-bitcoin-like-appeal-as-cpi-hedge-argentina-credit.html
To all Anglo “Doomsday Preppers” out there……
May 14th, 2013 - 06:00 pm - Link - Report abuse 0I have some baaad news for you…..
1) The above mentioned Swap is just a renewal of the previous, unused one (2009-11) for the same amount (10 Bn U$S)…. A nearly exact copy of the Swap China and Brazil signed a month ago; by the way…..
http://www.bbc.co.uk/news/business-21949615
2) Spanish government is backpedalling as fast as they can on the YPF issue….
http://www.bbc.co.uk/news/business-21949615
3) Chevron is coming next week to sign the Vaca Muerta agreement ……
(By the way; it has just been disclosed that the area of Manantiales Behr, Chubut may hold just as much shale oil and gas as Neuquen’s Vaca Muerta formation…..)
http://www.bbc.co.uk/news/business-21949615
4) The ”Dollar Blue” is retracting for the forth consecutive day down ~15% from 10.55 to 9.25….
http://www.bbc.co.uk/news/business-21949615
5) The Patagonian breeze is nippy and brisk today and the sun is shining over me humble Chubutean shed.:-)
Chuckle chuckle©
@Think: What is your point? You quoted mostly bad news to Argentina. I wonder if you actually read them before posting.
May 14th, 2013 - 06:26 pm - Link - Report abuse 0@20 I Don't Think, aka The Biggest Liar On MP, aka The Turnip In Chief
May 14th, 2013 - 06:42 pm - Link - Report abuse 0Argies are voting 'with their feet' so to say and buying high-end cars to soften the enevitable crash on the economy.
Even Pistol Pete Moreno has had his high handed fines on the commercial businesses who dared to state the truth about inflation over-turned in the last throws of a semi-independent judiciary.
Don't you just love the steep, steep slope to oblivion the Kirchner twats put you all on?
@22: Chrissy, tell your mom that I was NOT happy with the blow she gave me last night, and she did not wear the wig I like her to wear...
May 14th, 2013 - 07:03 pm - Link - Report abuse 0Those where the 7 pounds worst spent in my life...
yankee
May 14th, 2013 - 09:13 pm - Link - Report abuse 0“I don't think we will ever get an accurate blue exchange rate again. ”
=
“Next up 11 and I bet it is faster than 9 was to 10”...and now I am wrong again.
=
“ I have alway thought the panic number is 10/1 we'll see very shortly if I was right.”... and now I am wrong yet again.
=
“There is no denying it is in free fall. ”...and, as per usual, I am wrong.
For more of yankee's great “predictions”:
http://en.mercopress.com/2013/05/07/cristina-fernandez-pledges-no-peso-devaluation-but-markets-are-not-convinced#comment245313
Toby, You think a few days or a couple weeks has stopped the free fall?
May 14th, 2013 - 09:55 pm - Link - Report abuse 0It hasn't
You are like El Thicko posting the falling peso when it was around 8 A FEW WEEKS AGO. Now it's 10.
That is free fall
That is catastrophic
To the Anglo “Doomsday Preppers”……
May 14th, 2013 - 10:48 pm - Link - Report abuse 0I have some more baaad news for you…..
Fresh from the oven…..:
The latest report from the United Nations Economic Commission for Latin America and the Caribbean (ECLAC)….:
Invard Foreign Direct Investment in Latin America, By Country:
Argentina’s Growth rate 2011-2012 (in %)…: 27%
http://www.eclac.org/prensa/noticias/comunicados/8/49848/tabla_ied2012__ING.pdf
Chuckle chuckle©
Haha and still the figure is behind Brazil, Chile AND Colombia.
May 15th, 2013 - 01:15 am - Link - Report abuse 0And only just ahead of Peru.
What a powerhouse!!!! It's a wonder that countries such as Australia and the UK can survive with their rates of US$60 billion per year.
@26 Just add Vale project cancellation, or rather subtract it, and it drops 20%, way bellow Peru. Not even 4x Uruguay's investment, when it should be 12x population wise.
May 15th, 2013 - 03:32 am - Link - Report abuse 0So people that bought from illegal sources dollars in recent days have lost 17.12% just in a week.
May 15th, 2013 - 09:48 am - Link - Report abuse 0And where was the business opportunity according with our financier experts from MP and TNT?
I guess that benemeritus Mr. Moreno is right the govt. should dump some 100m into the market to crash the dollar Blue and sent it to 3 pesos for dollar.
That will give a clear message to greedy speculators about how free market works while sending them into bankruptcy.
A better lesson would be to create a soy bean dollar of 1 peso 1 dollar Menen, Cavallo style that they love so much and after applying –35% retention tax they will get $0.65.
A tax rising over land also would be a good idea you know guys if and hectare of land cost 15k usd why not to apply a tax in USD dollars to the land owners?
After all they love Dollars why not allow their dream to become true?
Income tax also can be asked by the govt. in US dollars.
Lets me think what proposal can I think to make happy the farmers so they can live in little US when paying taxes.
Any suggestion will be appreciated so I can send it to Mr. Moreno...
@29 DunnyBurger
May 15th, 2013 - 11:46 am - Link - Report abuse 0“Any suggestion will be appreciated so I can send it to Mr. Moreno...”
Tell him to use the revolver he puts onto the table during 'negotiations' into his mouth, pointing upward towards what is laughingly referred to as his brain, and pull the trigger.
26. Except the majority of the FDI is from Profits that companies are forced to keep in the country so the economy doesn't collapse.
May 15th, 2013 - 12:02 pm - Link - Report abuse 0Pretty soon CFK will have to let them send them home
In U$
Rut ro
Cold snap...and not enough LNG
what now
Look at that!
May 15th, 2013 - 12:50 pm - Link - Report abuse 0Dany, Nostrils and Think all holding hands and dancing in a circle celebrating the drop in 'el dólar blue'!
Argentina is saved I tell you, SAVED!
But wait hasn't this happened before?
Is it the end of the rise?
Aah the turnipity of it all.
Let's see:
High - 11/11/11 = $4.99
Low - 20/12/11 = $4.61
Then up to $1.16 to....
High - 23/05/12 = $6.15
Low - 14/06/12 = $5.93
Then up to $0.65 to....
High - 19/07/12 = $6.80
Low - 06/08/12 = $6.21
Then up to $1.20 to....
High - 28/01/13 = $8.00
Low - 05/02/13 = $7.59
Then up to $0.75 to....
High - 20/03/13 = $8.75
Low - 25/03/13 = $8.27
Then up to $1.70 to....
High - 08/05/13 = $10.45
Low - 14/05/13 = $9.20
So its drop means the corner has been turned..... Errr hang on a minute, which drop?
The 7.6% drop in December 2011?
The 3.6% drop in June 2012?
The 8.7% drop in August 2012?
The 5.1% drop in February 2013?
The 5.5% drop in March 2013?
The 12% drop this week?
For all these drops, the rate is still double what it was in December 2011!
So sure, let the Argentine government dump those dollars into the market.... it's like a sponge, it will soak it up and want more, more, more. People hedging against inflation is not speculation as numbnuts Dany thinks, it's the only way to save when the government won't let you save any other way.
Guaranteed it will go back past $10.45!
26 Che Think
May 15th, 2013 - 01:01 pm - Link - Report abuse 0I didn't have you down as an FDI cheerleader...good to see an old dog can learn some new tricks.
Argie FDI is up 27% , so what is the total now? $5B? Modest but a start. Look over the Andes to continue learning of new tricks: $30B , that is almost $2000 per Shileno (that is more that 6x the figure for Brasil and 15x that of Argentina).
So a big cheer for Chile in this month of May!
Al abordaje muchachos!
32 Anglotino
May 15th, 2013 - 02:09 pm - Link - Report abuse 0Excellent analysis.
@Anglotino
May 15th, 2013 - 02:55 pm - Link - Report abuse 0Sorry still USD 5.19 what is the price I pay for it for imported stuff why I will care about a fiction currency that only is traded on news papers and TV?
Any reasonable argument???
(33) Condorito
May 15th, 2013 - 05:50 pm - Link - Report abuse 0I cheer for FDI when it's productive and a “Team Player” with their host Country....
I dislike FDI when it's speculative and unproductive.....
A great portion of the FDI playing in Chile those days belongs to the second category......
That “Second Category” FDI used to play a lot in Argentina during the nineties....
As a matter of fact, Argentina was their favorite playfield.....
Don't take my word for it, though.......
Just check some old “Financial Times” or “The Economist” issues.
To end......
Two good reasons for not being so cocky, hermanito.......
1) History is cyclical, not lineal.
2) It makes you sound like an Argentino.
@36 Che Think,
May 15th, 2013 - 08:56 pm - Link - Report abuse 0“Cocky”? no, genuine surprise to see read that you approve of (some) FDI. For a man who reveres Allende this is great progress.
I am amused at your notion that some FDI is speculative and not productive. All FDI is speculative – it seeks return and there is always a risk. If it is not productive it quickly dries up – the Vale case being a good, recent example.
You mention that Argentina received much FDI in the 90s. Are you implying that this was bad for the country?
If so, I remind you that Chile in the 90s was also a “favorite playfield”, receiving large amounts of FDI – which greatly benefited the economy.
One difference is that our well managed economy has continued to attract large amounts of FDI through the 1990s, 2000s and (so far) the 2010s.
FDI is not bad; poor management, weak institutions and corruption are bad.
Indeed history can be perceived as cyclical to some extent, remember this to temper your elation the next time River Plate tastes success.
...
Back to the blue dollar: I am not with the “Doomsday Preppers” on this. It seems to be a storm in a tea cup to me. Argentina has plenty of serious problems, an illegal market for pieces of paper is not one of them.
PS: Will these dams interfere with your horse riding / fishing / procurement of mountain water?
@35 DanyBerger
May 15th, 2013 - 09:51 pm - Link - Report abuse 0“@Anglotino
”Sorry still USD 5.19 what is the price I pay for it for imported stuff why I will care about a fiction currency”
No shit Sherlock! You and everyone else can buy whatever you want at the official rate. So you are just like everyone else.
However where do you save your excess income?
You do earn more than you spend don't you? What do you do with the pesos left over after paying all your bills and enjoying what BsAs has to offer?
Do you it it in under the mattress?
Do you put it in a bank?
You are so idiotic that you keep falling for the government propaganda about speculators. When you have 25% inflation or God forbid 10% supposed official inflation, how do YOU hedge against its loss of purchasing power?
Please regale us with your immense economic wisdom on how you save money for your future.
The fact even the government is dumb enough to think people are going to stop this is proof of why people are doing it?
We are all waiting for your reply.
@Anglotino
May 17th, 2013 - 10:53 am - Link - Report abuse 0Illegal “blue dollar” 11 pesos last week yesterday was trading at 8 by those smarts that bought it at 11 pesos because was falling as stone.
Total lost in few days 28%...
No much to say about that I guess.
Look I've explained enough about how to earn money in Argentina by investing in productive activities.
The problem is that you don't read, don't understand or you refuse to understand.
If I earn 250% producing things and idiots lost -28% by investing in Illegal “Blue dollar” who do you thing is going to have better future?
You are fixed with dollar, ok buy a lot if you can and see what happen.
SYL
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