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Montevideo, May 24th 2019 - 03:41 UTC

IMF insists with gloomy forecasts for Argentina's economy this year and 2016

Thursday, April 30th 2015 - 01:12 UTC
Full article 35 comments

The International Monetary Fund (IMF) has repeated its forecast of a 0.3% drop in Argentine GDP over the course of 2015, while recommending a devaluation of the Peso and austerity measures in order to stimulate growth in the economy. Read full article


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  • Skip

    But,…. But,…. “A man,…. We have an Empire….we won the WAR ... Don´t we?.”

    So much for the WON DECADE!

    Now is the time to pay for it.

    Apr 30th, 2015 - 01:39 am - Link - Report abuse 0
  • Enrique Massot

    It is good that the IMF can only “recommend” the measures it would like to see implemented in Argentina.
    When countries are to their necks into debt, the IMF imposes devaluation and austerity--recessive recipes that haven't changed through the years in spite of failing time after time (now not only in Latin America but in Europe too).
    During the neo-liberal experiment of the 1990s, Argentina was considered an A-plus pupil, following to the letter the IMF's direction. The country was the darling of the credit rating agencies.
    When the 2001 crisis hit, the IMF recommended further austerity measures that led Argentina straight to default.
    In 2006, Nestor Kirchner paid off the country's debt to the organism, recovering the country's autonomy to make its own economic decisions.
    The current government knows better than following the advise of such a failed organization.

    Apr 30th, 2015 - 05:25 am - Link - Report abuse 0
  • golfcronie

    Don't usually correct Argies spelling , but in your case I will make an exception. Organism is a single cell form amonst other things like plants, whereas Organisation is the word you should be using. Hope that clears things up, I know that Mercopress get it wrong as well, must be a Latino thing. Pray tell us why the “ crisis” hit in 2001, it couldn't be mismangement or corruption could it? Not the Government was it?

    Apr 30th, 2015 - 06:06 am - Link - Report abuse 0
  • yankeeboy

    Reekie of course has it all wrong about the IMF track record especially concerning Argentina.
    Argentina didn't take the IMF recommendations, they took the money but never implemented the plan. The IMF should have shut off the funding much sooner than they did and let the economy crash but they kept giving the crooks more and more cash and keeping it going.

    I don't see any other avenue for the next Prez than begging the IMF for U$.
    The Krooks have stolen U$ 10s of Billions ( possibly more) and stuck the unwashed masses that kept them in power with the bill.

    The continued devolution of Argentina will continue.
    Just watch.

    Apr 30th, 2015 - 10:46 am - Link - Report abuse 0
  • Conqueror

    @2. You don't understand the IMF, do you? “The organization's objectives stated in the Articles of Agreement are: to promote international economic cooperation, international trade, employment, and exchange-rate stability, including by making financial resources available to member countries to meet balance-of-payments needs.” There, at least four things argieland knows nothing about. The “crisis” in 2001 was attributable to argieland's misdesigned fiscal federalism, which caused subnational spending to increase rapidly. It is only necessary to look at the KickedOff/Kirchless partnership. Kirchner N (deceased) had to take the central bank reserves to pay off the IMF. Finally accepting that some organisations can't be told to take a hike. The current double K disaster area finally had to accept that they had to pay off the Paris Club. But they made a mistake. Turns out that the PC want ALL their money back. Perhaps it might help you if you were to consider who puts up most of the money that places like argieland borrow. While you're crowing about the current government's fiscal policies, have you got a list of all the judgments, all around the world, against argieland and the amounts involved. Seems like those successful fiscal policies it has are all about being criminal. You do understand that refusing to pay your debts in accordance with court judgments are crimes, don't you? Last time I asked, argieland had over court judgments against it in the U.S. alone. Criminal!

    Apr 30th, 2015 - 11:50 am - Link - Report abuse 0
  • yankeeboy

    This is the kinda of loony liberal b/s that makes my mornings brighter and sets me in a great mood for the day.
    The loony liberals of the Boston Herald expect the Free Market Economies to bail out the Socialist Nightmares around the world.
    There's no helping these idiots.
    They don't' even see the hypocrisy.

    IT HAS BEEN the hallmark of socialism in Venezuela: free, high-quality medical care. Late President Hugo Chávez changed the constitution to guarantee such right to all Venezuelans. But that same health care system is now crumbling under the weight of an economic crisis, causing a severe shortage of normal medical care and many avoidable deaths. Venezuela has grown increasingly alienated from the United States and its Central American neighbors, but its political estrangement doesn’t justify the lack of urgency from the international community. Although many places call out for medical intervention, Venezuela’s growing medical collapse deserves a significant dose of humanitarian aid from near and far.

    Let them suffer...maybe they'll learn.
    Maybe not
    Darwin's law at work.
    and it is glorious.

    Apr 30th, 2015 - 12:14 pm - Link - Report abuse 0
  • chronic

    The IMF appears to be purposefully underestimating the actual conditions.

    This is the same strategy that they took in Cyprus. Make an itinital report of conditions at close to or slightly understating the actual condition. If the client state accepts the report and reccomendations - go ahead and tighten the screws. If they kick back - soften the report and gain a measure of compliance - and then go back to the powers that be and try to sell the middle ground position to them and close the gap. The IMF is a joke.

    rotting roadkill's fiscal policy has but one imperative and it is political:

    The K-swine/perronists dogs must ultimately retain power/stolen enrichment.


    Apr 30th, 2015 - 02:24 pm - Link - Report abuse 0
  • Simon68

    4 yankeeboy (#)
    Apr 30th, 2015 - 10:46 am

    ...“The Krooks have stolen U$ 10s of Billions”...

    It has been estimated by several economists here that around U$S 20 billion is missing, as in “disapeared”, from the Argentine economy. Any Argentine with at least half a brain assumes the K's and their tame business men have salted it away in the Seychelles!!!!!

    Apr 30th, 2015 - 04:04 pm - Link - Report abuse 0
  • Enrique Massot

    Let's go back a bit.
    In 2003, the Kirchners' governments inherited a country with unprecedented levels of poverty and unemployment following its default of 2001.
    Based on the country's own resources, they presided over unprecedented growth that recently has been tempered by a sluggish world economy.
    They did so by doing exactly the opposite of what the IMF keeps preaching to any country, in any situation.
    Where the IMF says liberalize market of capitals, the Kirchners preferred used the country's own resources and borrowed very little and under fair conditions. Where the IMF says privatize, they nationalized. Opposing the IMF mantra of small government, the Kirchners maintained a strong state presence. Trade liberalization as advocated by the IMF? Not if that is going to sink our domestic productive sector that provides local jobs, the Kirchners said.
    Of course, this is an extremely bad example and the continued success of such a model would place the IMF and the central countries in a bad light. As a result, they will be doing all in their power to help the Argentine opposition to win the election.
    If the Frente para la Victoria were to lose the government in October, then the next government will argue the “emergency” has not let them any other possibility but to beg the IMF for help, as per Yankeeeboy's dream.
    And the old cycle would start over again.

    #8 Simon68
    Nice try Simon. “Around U$S 20 billion! You've dwarfed Yankeeboy's $10 billion! Who can better it?
    However, your ”It has been estimated by several economist here...” does not work very well. Anybody can estimate anything, such as that UFOs have landed on Earth, etc.

    Apr 30th, 2015 - 05:10 pm - Link - Report abuse 0
  • yankeeboy

    Reekie, Nestor and Crissy have followed Chavez' playbook. It was as simple as raiding every Arg institution both private and public to fund their massive spending. The 2 most public examples are BCRA and ANSES both are now bankrupt.

    You're too stupid to understand the model died when the U$ ran out a few years ago.
    They're running on fumes and going downhill, hoping and praying they make it to the next Prez.
    My guess these thieving Kthugs will either be in jail or swinging from a lamppost. soon enough

    Apr 30th, 2015 - 05:28 pm - Link - Report abuse 0
  • Klingon

    Enrique aka Christian Rubilar

    Straight from the K playbook, you use the unprecedented growth from 2001. Well 2001 was the bottom of the heap so any little movement is considered growth.
    The K's have ravaged this country for their own personal and political gains. Kicking the can down the road before they make their exit.

    Apr 30th, 2015 - 06:45 pm - Link - Report abuse 0
  • yankeeboy

    What Reekie can't seem to understand is the next Rg Prez has all the same unresolved problems Nestor did in 2001 but with nothing to steal.

    What's coming is much worse than 2001

    Apr 30th, 2015 - 07:47 pm - Link - Report abuse 0
  • ElaineB

    Enrique doesn't care to live in Argentina and that speaks volumes.

    Apr 30th, 2015 - 08:37 pm - Link - Report abuse 0
  • Everyone_needs_ResveratrolL

    All I have to say to the Anglos (sp. Yankeeboy) is:

    Burn baby burn

    Apr 30th, 2015 - 09:15 pm - Link - Report abuse 0
  • ElaineB

    @14 Yes, that is all you can say. Toddle off.

    Apr 30th, 2015 - 09:16 pm - Link - Report abuse 0
  • yankeeboy

    Funny I am looking out onto an absolutely beautiful day waiting to go to an happy hour event at one of the 40+ new stores that just opened in my neighborhood.

    All is well here.

    Thank goodness I don't live in disgusting Argentina any longer.

    BTW those people rioted for nothing

    Media race baiting has to stop.
    Its all made up
    Odumbo must go so we can get back to normal.

    Apr 30th, 2015 - 09:19 pm - Link - Report abuse 0
  • Chicureo

    #13 Elaine

    Good observation!
    From a Chilean perspective, watching our neighbor destroy itself has been painful as it also has limited our country's progress. What's very clear however is that non-resident K apologists like Enrique are idiots.

    Apr 30th, 2015 - 11:14 pm - Link - Report abuse 0
  • Enrique Massot

    #10 yankeeboy
    “The 2 most public examples are BCRA and ANSES both are now bankrupt.”
    You may have insiders' information the rest of us are not privy to. Care to share some evidence? You can't because you made it up, but try it when you come back from your delightful happy-hour event.
    I share your happiness for getting out of Argentina and I have the impression that the country will not miss you. Oh, and I would not say your country is “disgusting” but could not help but notice you got a real problem there.

    #13 Elaine B
    “Enrique doesn't care to live in Argentina and that speaks volumes.”
    Frankly, Elaine, your little song is becoming a bit worn out. Mercopress' rules for posting do not include a residency requirement. On the other hand: how many who post here live in Argentina? Ten, 20 per cent? We don't know. In any event, I will tell you this. I just decided to post in English media because some of my country people struggle to convey their views but many are a bit short in language skills. I've also seen many posting diverse views here and being bullied by the gang who chronically post here and seem to feel ownership of this forum. So I decided to post my views here for the sake of introducing some balance. Know that your little bullying, insults and putting down don't work with me. Instead of writing lines like the one above, look for real arguments--may take longer but you may learn something in the process.

    May 01st, 2015 - 12:03 am - Link - Report abuse 0
  • Pete Bog

    “The IMF estimates inflation at 23.9% for last year, while projecting a deceleration in price rises to 20.5% for 2015 and 2016”

    Dear IMF,

    What a load of rot.



    May 01st, 2015 - 01:21 am - Link - Report abuse 0
  • ElaineB

    @18 Ah, bless you. Being away from Argentina for so long has not robbed you of your victim complex.

    You don't speak for the majority of Argentines at all. I have spent a lot of time there over the last decade and I can state categorically that your opinion is that of an expat wearing rose-tinted spectacles. The fact that you defend the indefensible whilst living in a stable, safe and wealthy country is a matter that should be pointed out to give context to your position.

    May 01st, 2015 - 03:48 am - Link - Report abuse 0
  • Captain Poppy

    #14 are you Argentina's very own Sarah Palin? Can you see your enemy, the USA from where you live thus making you an experienced foreign affairs persona? Humor as (as you always do) with a new and cleaver name. These are Sarahs nick names:

    10. Sarah Quaylin
    9. Wicked Witch of Wasilla
    8. Dickless Cheney
    7. Falin' Palin
    6. Snowjob Squareglasses
    5. Gov. Mooselini
    4. The Paliban
    3. The Drilla' from Wasilla
    2. Caribou Barbie
    1. The Alaska Disasta'

    Maybe you can come up with something as cleaver?

    Rosa from Mendoza?

    The Mendozan Midget?

    Argentina weiner?

    Abrasive racists?

    You can come up with something tobi.

    Maybe I will see you in Mendoza in a few days. Unlikely you would have to live there.

    May 01st, 2015 - 01:03 pm - Link - Report abuse 0
  • axel arg

    This is one of the usual insults that i used to hear along 2001, against minister of economy, domingo felipe cavallo, and especially during dicember 19th and 20th, the day that the country exploted, in fact, there are many documentaries that can show what i say.
    After having followed the neoliberal policies recommended by the i. m. f., the argentina of post menemism was really deplorable.
    While it is true that along the decade of the 90's, the country had a signifficant economic growth, it's also true that unemployment and poverty rates never stopped increasing.
    Who cares about whether inflation almost didn't exist in that time, if unemployment was too high, and work conditions were very precarious?.
    I must recognize that during the menemist argentina, part of my family was very prosperous, that was due to my parents worked for one of the richest intendances from buenos aires, but i can't forget either the fact that the other side of my family suffered a hard deterioration of their situation, because of the economic polices of menemism.
    I can forget my poor grondmother, and my professors from secondary school, who complained about their too low pensions and salaries. Unless nowadays, the situation of retired people and teachers, improved so much.
    Beside, even despite my grondmother isn't around anymore, i'm happy when i see that the other part of my family could progress so much in this decade, thanks to the policies of kirchnerism.
    It's not sorprising for me to see that some argentines still listen to what the i. m. f. says, despite the dramatic experience that our nation had with it. It's well known that this country has always been crossed by two ideological lines. What matters is that kirchnerism keeps on winning elections, in order to have a less unequal country. We all know that with the polcies of the i. m. f.'s fans, the future of our people, will be again in the embassies, as it used to be along the 90's.

    May 01st, 2015 - 03:03 pm - Link - Report abuse 0
  • ElaineB

    “I can forget my poor grondmother, and my professors from secondary school, who complained about their too low pensions and salaries. Unless nowadays, the situation of retired people and teachers, improved so much.”

    Are you serious? When did you last visit a state school in Buenos Aires? I have visited schools there and would not leave an animal there, let alone a child. They are horribly underfunded, dirty, lack basics like text books and toilet paper. The teachers strike all the time and are owed wages. Their wages are nowhere near in line with inflation. You live in some dream world.

    Jeez. What hope is there for the future of Argentina when you think it is already perfect.

    May 01st, 2015 - 04:22 pm - Link - Report abuse 0
  • Klingon

    Axel, get that sugar coated chori out of your ass!
    The dumb masses who continue to vote for the K's are the same as the fools who voted for Maduro in VZ.

    May 01st, 2015 - 06:39 pm - Link - Report abuse 0
  • Captain Poppy is the election counts going in Santa Fe? Are they still counting? Isn;t Santa Fe Kirchner land?

    ”Frente Para la Victoria (FPV), who also had one pre-candidate in the race, Omar Perotti, came third with 21.88% of the vote. Sergio Massa’s Frente Renovador (FR) obtained a total of 7.72%, split between pre-candidates Eduardo Buzzi (45%) and Oscar ‘Cachi’ Martínez (55%), who will represent the party in the June election.”

    Face it axel, the only thing left is to flush the toilet.

    May 01st, 2015 - 07:21 pm - Link - Report abuse 0
  • axel arg

    It's evident that you can't stop being so mediocre.
    I don't need anybody to tell about the state of public schools in buenos aires, because i have ALWAYS learnt in some of them, in fact, i still study at a public institution.
    I have never denied the serious problems that we still have, like insecurity, poverty, precarious jobs, institutional violence, corruption etc, i often mention them in mercopress, in fact,you read some of those comments where i describe our problems, or perhaps you don't remember it now. Anyway it's not the first time that you make a mischievous interpretation of one of my comments. Only somebody who wants to make that sort of mediocre lectures would dare to say that for me, argentina's situation is already perfect, when actualy i have never stopped criticising the falencies of c. f. k's government.
    The fact that i am a pro kirchnerist, and although i recognize that many social sectors could improve their situations in the last 12 years, doesn't mean that i won't see that we still have many serious problems.
    CAPTAIN POPPY: The votes are still being counted, beside, the kirchner's province is santa cruz not santa fe.
    On the other hand, santa fe, mendoza, córdoba and capital federal, have always been too difficult distrits for kirchnerism, her administration didn't expect so much from those places, it just got a similar result than what it got for the elections of governor in 2011. Beside, for the presidential election of that year, f. p.v won in all the provinces, except in san luis.
    The day you decide to be serious, you will realize that it's not serious to mix two different questions. It is still too premature to talk about the future.

    May 01st, 2015 - 11:35 pm - Link - Report abuse 0
  • ElaineB

    @26 You are pro-Kirchner? Then how can you be taken seriously? You have been inculcated from an early age to believe what you are told, not to question or use critical thinking. How can you possibly defend a regime that has stolen your money, mocks the poor and manipulates the uneducated? You are not better off than 12 years ago. You believe it because you want to believe it.

    May 02nd, 2015 - 03:13 am - Link - Report abuse 0
  • yankeeboy

    History will show that the Kthug administration was one of the worst administrations in Argentine history. Massive amounts of corruption, untold illegal and unconstitutional acts, bankruptcy of large Rg Gov't institutions, huge pile up of debt, crumbling infrastructure and making Argentina a Pariah nation aligned with the worst of the worst countries in the world.

    If Kidiots like Axel or Reekie can't see it now they never will.
    It is people like them that continue to let the country devolve getting dumber and poorer with every generation.

    I am anxiously awaiting the time when civil unrest starts over the last bag of beans in BA.
    I will watch with glee.

    May 02nd, 2015 - 11:53 am - Link - Report abuse 0
  • Doggy Rap

    @ 18 Enrique Massot

    “Enrique doesn't care to live in Argentina and that speaks volumes.”

    If you really, seriously think that what Elaine writes about not living in Argentina has to do with any non-existing Mercopress rule for posting, about a residency requirement, then you have a very serious problem with comprehension.

    When Elaine writes about not living in Argentina, it is about staying far away and not suffer what the Argentine population suffers. You obviously have no idea of present conditions in the country.

    May 03rd, 2015 - 01:20 am - Link - Report abuse 0
  • Enrique Massot

    20 Elaine B
    “Being away from Argentina for so long has not robbed you of your victim complex.”
    No victim, no complex. Just facts, opinions, discussion.

    “You don't speak for the majority of Argentines at all.”
    You are right! I speak for myself only. Never pretended to speak for anybody else and especially not on behalf of the “majority of Argentines.”

    “I have spent a lot of time defend the indefensible....”
    Well. I can tell you that a whole bunch of Argentines (some of whom I know and have contact with) think pretty much like me. Others have opinions similar to yours. There is a polarizing debate going on, which is normal.

    “...whilst living in a stable, safe and wealthy country is a matter that should be pointed out to give context to your position.”
    Look. I do not have a problem with you pointing this fact out. I would include a disclaimer but would look silly: “the writer of this post acknowledges he hasn't lived in his country for a number of years which may--or may not--impair his judgement on the matters he comments on”...etc. etc.
    Come on Elaine. I profess to be reasonably informed and will speak out about what's going on in Argentina. If you have different opinions be my guest and post them!

    May 04th, 2015 - 06:17 am - Link - Report abuse 0
  • ElaineB

    @30 I will post with or without your 'permission'. And I post facts based on first-hand experience and considerable research. I also parry comments and put them in context. It is pertinent for people to know you do not reside in Argentina nor have you visited for quite some time, thus your comments are second-hand. You responded to that fact by calling me a bully. Man-up.

    May 04th, 2015 - 01:26 pm - Link - Report abuse 0
  • axel arg

    It's lamentable that you can't leave your mediocrity behind, in order to discuss seriosuly about something so interesting like politic.
    This is the last time i'll tell you this, and i hope you understand it once and for all.
    If the president, or any other functionary is corrupt, it must be determined by justice, not by rented cretins from our hegemonical press, who often distort the facts, or tell too partial truths.
    Anyway, i am not a defender of the moral of any functionary, if they committed a delit, then i hope they go to prison, what i defend of these 12 years, are the achievements that workers could get, which must continue beyond who wins the presidential election in october.
    I have said this in PLANTY of my comments in mercopress, but as i said before, i hope you understand it once and for all.
    On the other hand, i dont think that people who don't agree on kirchnerism shouldn't be taken seriously, actualy i respect the different ideological and politic postures, what really bothers a lot, is to read the comments of ignorant people who know so little about our problems, and who tell us what we should do.

    May 04th, 2015 - 04:07 pm - Link - Report abuse 0
  • ElaineB

    @32 And let me tell you once and for all. You are a brainwashed idiot. But I totally respect your right to be one.

    There is no 'IF' about your corrupt government. It is a fact. There is no independent judiciary to take her corrupt officials to court and she is protected by her office. It will not always be so and like all the other defenders of Kirchnerism that have been here before you, when you realise the truth you will simply stop posting here. I have seen them come and go, you are just another poor deluded one.

    May 04th, 2015 - 04:40 pm - Link - Report abuse 0
  • yankeeboy

    Elaine, This is why I have my theory of Argentina becoming and Idiocracy. It may already be one.
    The smart, honest, good working people move away every generation and leave the lazy corrupted idiots to breed.

    I dare someone to prove me wrong

    May 04th, 2015 - 09:53 pm - Link - Report abuse 0
  • ElaineB

    I am not so sure. A lot of the rampant supporters of the corrupt government don't live and suffer in Argentina. There are a few, I'll give you that.

    I will say that in Argentina it is hard to find many people with something good to say about the government unless they are living on handouts or part of the corruption.

    May 04th, 2015 - 10:17 pm - Link - Report abuse 0
  • yankeeboy

    That's good to hear. I had a friend go on vacation there and he'd not been back since 2008 and he was absolutely shocked at how dirty and dilapidated BA has become in that short of a time.
    The Kthugs have created as big if not bigger mess than Chavez did and I pity the next person who takes over the country.

    May 04th, 2015 - 10:23 pm - Link - Report abuse 0

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