MercoPress. South Atlantic News Agency
US dollar brushes 16 Argentine Pesos, settles at 15.95; monthly devaluation 12.4%
The informal rate for the US dollar in Argentina kept climbing on Wednesday and after brushing 16 Pesos, finally closed 53 cents higher at 15.95 Pesos, while the gap with the formal dollar soared to 89%. Distrust with government policy, plain speculation and hikes in the stock exchange rate were blamed for the situation. Read full article
Comments
Disclaimer & comment rulesYankeeboy has been predicting this for ages but the trolls said it would never happen.
Sep 25th, 2014 - 05:30 am - Link - Report abuse 0Guess what trolls...it's happened, it is happening and it will get worse.
Agreed!
Sep 25th, 2014 - 07:02 am - Link - Report abuse 0Where will it end. I was checking some of the tourism sites for Argentina and some tour companies are still boldly charging rates from three or four years ago. No one is going to pay those prices.
Sep 25th, 2014 - 10:35 am - Link - Report abuse 0How about 20 AR pesos to the dollar?
Sep 25th, 2014 - 11:34 am - Link - Report abuse 03> It will end with hyperinflation and depression just like I've been saying for many years.
Sep 25th, 2014 - 11:35 am - Link - Report abuse 0This will also be longer and deeper than any other economic crisis they've ever experienced.
There's so much out of whack right now it will be hard to fix without major structural reforms.
Remember in each and ever other collapse there was someone to bail them out. There's not anyone now. Argentina isn't strategic any longer. It doesn't need to be stable for SA to be stable. Its economy is too small to have a spillover effect to other nations. AND they are out of status at the IMF, the only way they could get a loan from them is with the USA intervening on their behalf and I don't see why we would do that.
Most likely by eom they're going to be at 100% differential in real and gov't peso rate.
It is unsustainable.
It is estimated that BCRA owes U$5.2B to importers. They will demand payment for arrears and new products before they ship again. So no parts, no cars, no tires, no appliances, no computer gear, no toner, no meds, Arg doesn't make much not even enough food to feed themselves and I doubt farmers can plant quickly enough to cover the deficit.
We shall see shortly.
16.50.....do I hear 16.50......going once...........
Sep 25th, 2014 - 12:26 pm - Link - Report abuse 0Soon their only trick left in their bag is to print more and more pesos and then lie, cheat, and threaten people to hide what they're doing.
Sep 25th, 2014 - 01:23 pm - Link - Report abuse 0Oh, wait, that's what they've been doing all along...
Wake up Argentina and smell the coffee, as they said in Dads Army “we are doomed”
Sep 25th, 2014 - 01:32 pm - Link - Report abuse 0USDA is predicting SOY will fall to around U$300, another $30-40!
Sep 25th, 2014 - 01:40 pm - Link - Report abuse 0And will maintain that lever for 3-4 years.
Bye bye Argentina hello Boivia.
Immediately they can't buy enough o/g to keep the lights on.
I can't wait.
I have always said 20:1 by Jan 1 2015.
Sep 25th, 2014 - 01:50 pm - Link - Report abuse 0Still think it might get there!
Might?
Sep 25th, 2014 - 02:03 pm - Link - Report abuse 0It may get there next week after they default again.
:)
I'm running out of freefall GIFs to illustrate the trajectory or the RG economy, this is bad
Sep 25th, 2014 - 02:08 pm - Link - Report abuse 01
Sep 25th, 2014 - 02:16 pm - Link - Report abuse 0“Yankeeboy has been predicting this for ages but the trolls said it would never happen”
you are not too bright, are you?
the whole world knew that.
what can you expect from this formula: inflation rate 45% + cepo cambiario + drop in reserves + kirchner + kicillof?
you dont have to be a genius to realize it.
@13 You haven't been paying attention. There have been many Argentinean posters on this site saying all is good and the collapse will never happen. I have watched them come and go.
Sep 25th, 2014 - 03:05 pm - Link - Report abuse 014. They're pretty much all gone now. Think only posts on threads that have nothing to do with Argentina or its economy.
Sep 25th, 2014 - 03:31 pm - Link - Report abuse 0:)
@14 That's because none of them thought CFK would be THAT stupid. Except yankeeboy who thinks we have the intelligence of a chimpanzee.
Sep 25th, 2014 - 03:48 pm - Link - Report abuse 0Chimps are pretty smart.
Sep 25th, 2014 - 03:56 pm - Link - Report abuse 0Desperate for dollars: Both stories from BAH.
Sep 25th, 2014 - 04:36 pm - Link - Report abuse 0Nearly 4,000 nationals, residents with Swiss bank accounts in the sights of AFIP
AFIP national tax bureau has received from France a list of 3.900 Argentine nationals or residents with accounts in HSBC Bank in Switzerland and now seeks to demand payment for undeclared money.
Airlines required to gather further information on passengers………
They want to know the insides of a duck's arse.
We are seeing the founding of the PDRA.
Sep 25th, 2014 - 05:23 pm - Link - Report abuse 0People's Democratic Republic of Argentina.
LOL! Countries with 'peope's', 'democratic', and 'republic' in their names end up as war-torn hell-holes.
Sep 25th, 2014 - 05:33 pm - Link - Report abuse 018. The airline data is very troubling. Soon the ferry's will require reservations and full disclosures.
Sep 25th, 2014 - 05:49 pm - Link - Report abuse 0just a question, why all of you are so interested about argentina´s news?
Sep 25th, 2014 - 06:10 pm - Link - Report abuse 0i guess a group of british / english/ english wannabes, canadians, australians or whatever you are, should be more interested in england´s news.
here you have some, it seems the situation is shite there too :
Life sentence for man who murdered baby daughter in Peterborough
Police reconstruct Alice Gross’s last movements before disappearance
Family of teenager who was last seen on 28 August in west London describe agony as actor retraces her steps
Anjem Choudary among nine arrested in London anti-terrorism raid
Children in Britain are going hungry – where are their defenders?
There's poverty in the UK, but we are better off calling it inequality
@22
Sep 25th, 2014 - 06:21 pm - Link - Report abuse 0Believe it or not this site is about Latam news, if you want Enlish news go onto a website specifically for English news.Jesus you are dumb.
imbecile 23
Sep 25th, 2014 - 06:27 pm - Link - Report abuse 0so this site is about latam news...
you are even more imbecile than i thought.
and that is a lot.
“It's unofficial, but the Queen 'purred' with happiness with the Scotland result”
“US halting use of anti-personnel mines except for No Man's Land in the Koreas”
“Eight US congress members table resolution in support of Gibraltar's right to self-determination”
“Merkel praises France on reforms, but deferred to Brussels the controversial budget deficit issue”
“Seatrade Med held its annual party in Barcelona and honors Jacques Truau”
“Former PM Gordon Brown puts a date for Scotland reforms: 25 January”
@22 I thought we had dealt with the bleeding obvious with TTT. This is an English language news agency covering the South Atlantic and related news topics.
Sep 25th, 2014 - 06:31 pm - Link - Report abuse 0If you bother to pay attention you will already be aware of the individual reasons and connections bringing this disparate group here to comment. But beyond that, this is a site that encourages contributions. Forums are places to comment and discuss. If you can't handle that kind of freedom of expression, this is probably not for you.
this 4th class newspaper only publishes bad news about argentina, brazil, etc and good news about the islets, england, gibraltar, etc.
Sep 25th, 2014 - 07:44 pm - Link - Report abuse 0it is exactly the opposite of freedom of expression.
we have some examples of that shitty press here too, pagina/12, tiempo argentino, ambito financiero, etc.
the difference is that nobody trust in them.
and then they don't want to be called brainwashed...lol
#22 why.....my wife is from Buenos Aires and her family still lives there I and happen to be concerned for them. just as I have concerns of what is happening in the USA......I have more concerns for them.
Sep 25th, 2014 - 07:52 pm - Link - Report abuse 0If you do not like the 4th class news site.....don't come and play in it.
@26 Well, you are insulting your own intelligence by being here. Bugger off. You have never contributed anything worth reading.
Sep 25th, 2014 - 07:54 pm - Link - Report abuse 027 / 28
Sep 25th, 2014 - 07:59 pm - Link - Report abuse 0you like the rest of the brainwashed here are obsessed with argentina.
all you want to read is how bad is the situation here and how good is in the islets / england, etc.
you dont even have the intelligence to discriminate between country and government or people and politicians.
guess this is the newspaper you deserve then.
@29 Why are you here whining about it?
Sep 25th, 2014 - 08:00 pm - Link - Report abuse 0It IS bad in Argentina. It is a crisis there. And this is not the only place reporting about it.
the difference is that the other places that report it, are able to explain the causes, consequences, and clearly they know who are the responsibles.
Sep 25th, 2014 - 08:13 pm - Link - Report abuse 0this site, on the other hand, makes a ridiculous summary.
guess it is designed for the inhabitants of the south atlantic (lol)
31. Pretty sure everyone everywhere is blaming the corrupted incompetent Ks for the destruction of Argentina.
Sep 25th, 2014 - 08:38 pm - Link - Report abuse 0I just add the lazy apathetic population since they've been electing one corrupted incometant gov't after another for 75 yres.
Idiocracy.
@31
Sep 25th, 2014 - 09:09 pm - Link - Report abuse 0Can you name the other sites so I may access them to find who is explaining the causes of your dilema and who is responsible, I would be most interested.
@ 33 golfcronie
Sep 25th, 2014 - 09:49 pm - Link - Report abuse 0They will be the argie equivalent of the Dandy and Beano without the humour.
@34
Sep 25th, 2014 - 09:59 pm - Link - Report abuse 0We could name Capitanich “ Desperate Dan” he certainly lives up to that name.
I wonder how in the minds of an Rg it works that if they start paying a bill that's 13 years past due it is some sort of marvelous accomplishment instead of the utter failure it looks like to the rest of us?
Sep 25th, 2014 - 10:38 pm - Link - Report abuse 0BTW I'm talking about resuming the Paris Club Debt.
They are very strange animals down there.
@36 Normally we can't afford to pay even the interests of most of our debt. Our foreign debt is pretty much unpayable.
Sep 26th, 2014 - 01:40 am - Link - Report abuse 0@37
Sep 26th, 2014 - 01:54 am - Link - Report abuse 0And with this in mind, you support the notion of greater punishment for debt default, than for what the nations of Europe and North America have paid for starting manifold wars?
War and genocide is less of a crime than a missed debt payment.
Fascinating and morbid priorities.
“War and genocide is less of a crime than a missed debt payment.
Sep 26th, 2014 - 04:46 am - Link - Report abuse 0Fascinating and morbid priorities.”
A most interesting statement, when one recalls Paraguay. May the Urutau cry for you. ;)
#36 I find it more amazing that in the mind of the RG government they claim what they did as “Managed debt”. All they did was default on debt and stole from bondholders.
Sep 26th, 2014 - 09:12 am - Link - Report abuse 0Hey tranny boi, that war is genocide as much as arresting the thief who tried to rob that Canadian is a human rights violation. I hope the crowd hangs him as they should the kirchners. A handful of years down the road....Argentina will be nothing but a cum stain on a sheet.
@29 paulcedron,
Sep 26th, 2014 - 10:24 am - Link - Report abuse 0We are not “obsessed” with Argentina.
We are just looking on with silent approval as Argentina slides deeper into the cesspit.
lf you want to cause trouble for us, do not expect that we will help you in your hour of need.
lf you hadn't tried all your lying shenanigans, then we probably would have tried to help you in some way.
ln fact l'm sure we would have helped you.
lts ALL on your head, Argentina.
37. The way the Rg mind works is truly fascinating and the way the gov't spins the facts is sublime. It is really a marvelous feat to turn a defeat into a win and have the people actually believe it.
Sep 26th, 2014 - 12:27 pm - Link - Report abuse 0I wonder how they are going to pay the 2nd payment to the PC?
If I remember correctly Arg was supposed to receive lines of credit for more than the actual payment from each country to pay for imports.
I don't see that happening while you are in default.
I would imagine its against their charter to lend to a country in default.
By the end of next week you'll have missed your 2nd bond payment.
Now its cross default
And nobody, not even the Chinese will lend then.
Soy seems to be going down a point or so every day. Which means fewer farmers will plant, and in 30 or so days Soy will become unprofitable.
Now what?
isolde, bebé
Sep 26th, 2014 - 12:27 pm - Link - Report abuse 0yes you are.
and how can we expect that you will help us?
lol
i mean, with what?
what you should do is to help the honest british taxpayer and return all their money.
It seems Axel K. was right there is no reason why the rate was 15 Pesos to the dollar
Sep 26th, 2014 - 01:06 pm - Link - Report abuse 044. Absolutely no reason to be at 15 it should be at 20.
Sep 26th, 2014 - 01:56 pm - Link - Report abuse 0:)
yankeeboy
Sep 26th, 2014 - 03:35 pm - Link - Report abuse 0if you take in account an inflation rate of +/- 45%, and the price of the blue dollar last january (+/- $ 12), the price now would be $ 16 / $ 16.50.
there are more variables, but the fact is that the problem is the price of the official dollar, not the blue.
at $ 8.5 is like a bad joke.
So a kilo of ice cream costs $160 in Argentina.
Sep 26th, 2014 - 07:28 pm - Link - Report abuse 0Think about this in relation to wages
The avg wage is $5500 mo
So container of ice cream is 3% of their monthly wage
That's equivalent to an American paying U$137 for a container of ice cream!!
OMG they are so out of whack
The only thing that can fix this is a complete melt down.
Just like 80s but worse
@ 9 yankeeboy
Sep 26th, 2014 - 08:54 pm - Link - Report abuse 0“USDA is predicting SOY will fall to around U$300, another $30-40!”
You wouldn't be talking about this, would you?
“Argentine farmers have been stung by government policies and this year's dive in global grains prices caused by U.S. bumper crops.”
”Brazil soy farmers prepare another record crop ... Meanwhile, benchmark soybean prices have fallen 33 percent on the Chicago Board of Trade (CBOT) in the past 12 months.“
”Soybean prices that reached nearly $15 per bushel, last week were about $9.80 on Tuesday for immediate deliveries, with further declines expected in the so-called “basis,” or the amount above or below benchmark Chicago Board of Trade soy futures that buyers are willing to pay.
CBOT soy futures declined for the fourth straight session to a four-year low on Tuesday on the outlook for good harvest weather.”
Source: Reuter
48. Everyone has always said 2015 would be “difficult” in Argentina.
Sep 27th, 2014 - 02:16 am - Link - Report abuse 0:)
It will be very difficult even for people with U$. They are hunting “dollar hoarders” like Simon Wiesenthal hunts nazi's.....pathetic.
Sep 27th, 2014 - 02:42 pm - Link - Report abuse 0Commenting for this story is now closed.
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