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Dollar in Argentina breaks 15-Peso threshold; pro-business candidate poor showing scares markets

Wednesday, July 22nd 2015 - 06:37 UTC
Full article 43 comments

The US dollar kept climbing in Argentina and ended trading on Tuesday above the 15 Pesos threshold after having advanced 30 cents on Monday and 54 cents today. Sunday's electoral result in the City of Buenos Aires where the pro-business PRO party just managed to scrape by with victory, has triggered growing nervousness and speculation among savers and traders. Read full article

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  • LEPRecon

    But...but I thought that Argentina was doing great, better than Germany.

    Oh wait, I forgot, CFK and her cronies have lied about the economy. I wonder if she can hold it together until after the elections now that her bestest buddies, China and Russia, are facing massive economic problems themselves?

    Jul 22nd, 2015 - 08:32 am - Link - Report abuse 0
  • golfcronie

    CFK has just stated that “ raises of last 12 years do not exist anywhere in the world ” I have news for you love, Your inflation figures “ do not exist anywhere in the world” all they are doing is keeping up with inflation.PMSL

    Jul 22nd, 2015 - 08:41 am - Link - Report abuse 0
  • malicious bloke

    Hey felix, do your impression of the Argie economy again!

    https://youtu.be/FHtvDA0W34I?t=63

    Jul 22nd, 2015 - 09:55 am - Link - Report abuse 0
  • Islander1

    He Paulie and Markey boy - We can maybe lend you some real money?

    Jul 22nd, 2015 - 10:39 am - Link - Report abuse 0
  • yankeeboy

    Can you imagine how stupid a gov't has to be to try and control currency exchange by force?
    Really really dumb and fruitless endeavor

    Remember the Tsunami of inflation I said was on the way....
    hear the tide rushing out
    I do
    :)

    Jul 22nd, 2015 - 11:53 am - Link - Report abuse 0
  • ElaineB

    Conflicted over this. Hoping the CFK government is in the frontline when this hits but huge sympathy for my friends there. Things are going to get more ugly by the day.

    I remember chatting to an Argentine working in New York about 18 months ago. He was breathtakingly honest about the situation there. Most people he knew were hoarding dollars at home in hiding places as things had started getting really bad. Consequently the number of violent home invasions by criminals had hugely increased. When times get tougher there will be no solidarity just every man for himself.

    Jul 22nd, 2015 - 12:00 pm - Link - Report abuse 0
  • yankeeboy

    6. If Griesa adds the BONAR 24 bonds to the embargo list the implosion will happen this year.
    If Griesa decided BRCA is an alter ego of the State the implosion will happen this year.
    The Gov't is running a HUGE (maybe biggest in terms of %GDP/Budget) deficit in the world. I think its almost 8%. They're papering this over with bonds and printing pesos and have been for just under a year.
    Its catching up with them now.

    Jul 22nd, 2015 - 12:08 pm - Link - Report abuse 0
  • CaptainSilver

    Average Falkland Islanders income - 577000 Pesos per annum!!!

    We stole their land
    We stole their fish
    We are stealing their oil!

    … according to them that is ;-)

    Oi, Marcos, Dunny, Think, etc suck on that.

    Bahahahaha…

    Jul 22nd, 2015 - 12:56 pm - Link - Report abuse 0
  • yankeeboy

    I think its funny that in these 3rd world countries they think “speculation” ( another term they use without knowing the meaning) is a bad thing.

    They always seem to blame their problems on the mysterious “other”.
    The “other” can be any number of things depending on what the problem is they are having.

    Very strange people

    Jul 22nd, 2015 - 01:21 pm - Link - Report abuse 0
  • The_troLLimpic_games

    The bottom line is that capitalism is exposed for the crap, immoral system it is here.

    I have nothing personal with the PRO candidate, but why is he so-called “pro-business”? That means he has to be “anti-people”. Maybe he does not want to be, but that is the nature of capitalism. If you want to have a good business climate, the people have to sacrifice and suffer greatly.

    Some countries may tolerate this ideology, well that's their decision. Argentines will not sacrifice their lives for the cash flow of billionaires and millionaires.

    Until an economic system is found that allows business to flourish and people also to improve their standard of living, you will continue to see the instability in the world we see now. It was developed markets 5 years ago, now it's emerging, and the pendulum will swing back no doubt.

    Capitalism in its modern constitution is wicked and corrupt. It pits nations against nations, business against business, people against people in a dog eat dog scenario. The only beneficiaries are the big banks that, as we see right now, make record profits but no one is asking them to bail-out the people of the world with some debt relief. But in a few years when they are on the brink of collapse again, they will beg the people of the world for money to save them.

    It's a perverse, immoral ideology and it will all end very badly.

    Jul 22nd, 2015 - 01:36 pm - Link - Report abuse 0
  • Klingon

    Ass troll Are you even in Argentina?
    It's everyone for themselves at the moment.
    So of course we are coming up with creative ways to get $usd.

    Jul 22nd, 2015 - 01:49 pm - Link - Report abuse 0
  • Captain Poppy

    Tobi does your worldly travels tell you this empirically?

    A brush and palette in an artists hand makes art, a brush and palette in an idiots hand makes shit. The same can be said of capitalism and the criminal who run Argentina. No wonder you see capitalism as it is from Argentina, you are looking at the world through shit stained glasses. Capitalism can be anything anyone makes it to be........just like drug cartels......even the circus in Argentina.

    Jul 22nd, 2015 - 01:53 pm - Link - Report abuse 0
  • ElaineB

    @TTT

    “Until an economic system is found that allows business to flourish and people also to improve their standard of living, ” It is called capitalism.

    “It pits nations against nations, business against business, people against people in a dog eat dog scenario.” It is called poverty.

    Jul 22nd, 2015 - 02:14 pm - Link - Report abuse 0
  • The Voice

    Nostril, we know you are a looney, but really! Off to North Korea with you, the worlds last refuge of true socialism.

    The book is called “Nothing to envy” suggest you read it.

    As for dog eat dog, there they have been reduced to eating one another!

    Jul 22nd, 2015 - 02:38 pm - Link - Report abuse 0
  • The_troLLimpic_games

    @12

    Please then show me where to find these proverbial artists.

    @13

    Really? Show me where capitalism has in the last 20-30 years (the time the current version of capitalism has been implemented), done that. Give me just one example that shows this clearly.

    @14

    But at least they owe nothing to the wicket NorthAmoans, EUians, Jappers, Ozzers, Brittos, Brazzos, Cannarians, and Chinaians.

    Jul 22nd, 2015 - 04:23 pm - Link - Report abuse 0
  • Captain Poppy

    Each new name you create produces more meaningless, pathetic ramblings from a no body stuck inside a cage. You did much better when you were lcoked in you mommas basement on your knees servicing daddy. Do you still service him?

    Jul 22nd, 2015 - 04:42 pm - Link - Report abuse 0
  • The Voice

    Nostril, what? What the hell does that matter. In that country many have starved to death. And, we are not wicked, we are friendly, generous and kind, sometimes even to countries like Argentina. So are the Americans. And fortunate individuals like Bill Gates and Warren Buffet are using tbeir wealth to make peoples lives better.

    You need to get out more and experience some of the world outside the institution then your illness might get better and you will no longer be making daft assertions thst are patently untrue all the time. Speak to your doctor.

    Jul 22nd, 2015 - 04:46 pm - Link - Report abuse 0
  • ElaineB

    @15 Do I really need to show you ONE example. You spend all day slobbering over websites dedicated to the countries you claim to despise. If you need me to help you, life for the majority has improved immeasurably in the country where I live. Socialism almost brought us to our knees, the unions held the country to ransom, productivity was non-existent under government control and we had to borrow from the IMF. We were a country brought down to the lowest common denominator. Inflation was rampant. There were low expectations and no incentive to work to improve the country for everyone until socialism was shelved.

    Capitalism is not perfect. Society, like in the UK, has to also provide a net for the people that need help. That cannot work, rather than not wanting to work. Capitalist societies have to have a conscience. Capitalist societies are made up of people to make sure we take care of the people that genuinely need it.

    Look, if you think Argentina is a paradise, live it up. If you don't ever want to improve your circumstances, good for you. You seem content to live with your parents, not have a future, not mix with other people, not have a partner; indeed you claim to be proud of being poor. Why not enjoy the life you have in Argentina. Instead you are full of bitterness and hatred towards countries that you will never live in. Why is that?

    Jul 22nd, 2015 - 04:52 pm - Link - Report abuse 0
  • yankeeboy

    If that blockhead can't see the difference is quality of life between Venezuela, Argentina and the UK and USA nobody here could ever explain it to him

    Venezuela/Argentina and to a lesser extent (maybe) Brazil are the perfect example of how Statist/Socialist economies fail when they run out of other people's money. All he has to do is look out his door to see how Socialism destroys lives and hope.

    Little aside, rumor is Venezuela is putting margin on its gold reserves.
    Bahahahahaha
    Selling the family silver
    then what?

    Jul 22nd, 2015 - 05:05 pm - Link - Report abuse 0
  • ElaineB

    @20 The point he does not see is that he is not at all happy living the way he does, though I suspect he does not live in Argentina. He is full of envy, bitterness and hatred towards everyone he thinks has slighted him at one time or another. What man could hate all women - no exceptions - including his own mother. I can only guess that wherever he is he feels marginalised and discriminated against. He can't see a way of improving his life so he pretends he has all he wants. Life has rejected him so he rejects society.

    Jul 22nd, 2015 - 05:30 pm - Link - Report abuse 0
  • yankeeboy

    Loneliness and Cheeseburgers are a dangerous mix.
    -Comicbook Guy, The Simpsons

    My guess is Toby learned language to work in a winery with tourists. The wineries failed and he's been out of a job since. Somehow in his troubled mind he blames the tourists ( the others) for his terrible plight in life.
    He's lost hope.
    Its the trouble with the whole country.
    Argentina is hopeless, they all know it and have no will or idea how to fix it.

    They deserve their misery.
    Let them wallow in it.

    Jul 22nd, 2015 - 05:41 pm - Link - Report abuse 0
  • ChrisR

    Bogbrush Anibal The Cannibal claims “There will be no devaluation” in the BsAs Herald today!

    So I wonder how much the devaluation will be? 10%, 15%, 20% this is on top of the 12% at the start of the year of course.

    “Raises like this aren't seen anywhere else in the world” says TMBOA. What a pity they have already lost out then. Except for her, of course.

    Jul 22nd, 2015 - 05:53 pm - Link - Report abuse 0
  • yankeeboy

    Arg gov't said they can't afford to pay for any more exploration credit (U$) in VM.

    Its estimated they need U$65/bbl to break even
    Today its $50 and falling fast.

    Problem is Soy is falling right along with it.
    again

    Papering over a 350% increase in deficit isn't working...

    The anticipation is delightful..

    Jul 22nd, 2015 - 05:57 pm - Link - Report abuse 0
  • Briton

    Now's the time for CFK and Argentina to take the leap of faith and scrap the dollar, and return to the old tried and tested Bartering,

    A grain of rice for an apple, at the very least it will keep the doctor at bay...lol

    Jul 22nd, 2015 - 06:44 pm - Link - Report abuse 0
  • yankeeboy

    As if Rgs didn't embarrass themselves enough:
    http://www.bubblear.com/lets-play-angry-buitres-its-like-angry-birds-only-kirchnerite/

    Jul 22nd, 2015 - 06:53 pm - Link - Report abuse 0
  • GatoTuPun

    We have to use all the mechanisms possible to convert to U$. The economic management of los K has been a disaster for Argentina. Due to false reporting many don't know the real extent of the damage, but with the evidence on every corner I don't understand how it is possible not to realize.

    In the last 8 years our product per head has fallen while prices have increased over 300% (using the congress figures). This alone is a disaster, but the whole picture is worst.

    GDP/head: U$ 8.000 en 2007 a U$7.400 en 2014

    Inflation: from december 2007 to this july consumer prices have increased 311%

    Monetary base: 402% same period

    Peso v USD: $ 3,15 en diciembre de 2007 a $ 9 today

    External debt: U$S 123.197 M to U$S 145.931 millions in same period

    Petrol production: annual production fell from 38 millions m3 in 2007 to 31 millions in 2014, a fall of 18,4%

    Note the close correlation between the increase in monetary base and inflation. These lessons were learnt in the last century but our leaders decided to ignore the very basic.

    Jul 22nd, 2015 - 07:15 pm - Link - Report abuse 0
  • axel arg

    THE MESSAGE FOR THE SONS OF A BITCH.
    All those rabbles ,who want to see us eating from the garbage must know that in electoral years, economic power always carries on runs against the peso, with the purpose of pushing all candidats to be friendly with the interests of the most powerful corporations of the country, in fact, since 2007, we have had 9 economic runs, which were the worst of the last 40 years, however if the stablishment couldn't brake C. F.K.'s government down, as it did with Alfonsin in 1989, is because despite the hard structural problems that our economy still has, it's in a much stronger situation, than what it was in other periods, that's why all those sons of a bitch from the stablishment and their politic and mediatic partners couldn't make C.F.K. leaves office spitting blod, as they could with Alfonsin, when he was forced to renounce, in the middle of a caotic hyperinflation, which wasn't no more than a financial coup d' etat.
    Although they keep on speculating with the so called blue dollar, which doesn't have anything to do with our true economy, they won't get away with this, and they won't be able to avoid a normal transition, untill the next president takes office on december 10th.

    Jul 22nd, 2015 - 07:24 pm - Link - Report abuse 0
  • GatoTuPun

    #27
    “it's in a much stronger situation, than what it was in other periods”

    Comparing our situation with 2007 can you show me one economic indicator that supports that?

    “they” are not speculating with the blue dollar, “we” are. The blue goes up because we want them.

    Jul 22nd, 2015 - 07:34 pm - Link - Report abuse 0
  • yankeeboy

    If the “blue $” didn't have an affect on the economy the gov't wouldn't be freaking out.

    Axel is the dumbest poster on the board.
    Best to ignore him

    he's a teacher than can't to simple math
    He's the exact reason the country is failing.

    Jul 22nd, 2015 - 07:54 pm - Link - Report abuse 0
  • ElaineB

    @25 I did laugh at that. Desperate much. You can just imagine Kicillof and Fat Max staying up late playing computer games and having one of those stupid as pig's drool ideas.

    Jul 22nd, 2015 - 08:10 pm - Link - Report abuse 0
  • yankeeboy

    30. I can't imagine something like this happening in a “serious” country :)
    I actually laughed out loud the first time I saw one of those idiotic adverts from Nestor on TV.
    Argentina a Serious country.
    If it was it wouldn't have to advertise it
    Silly Deluded people

    Jul 22nd, 2015 - 08:24 pm - Link - Report abuse 0
  • Klingon

    Axel and Reekie should start an accounting business.
    Keep waving that Kampora banner till you are dying of hunger you worthless nutrags.
    I was just cashing some $usd out today to someone desperately wanting to dump their pesos.
    The K's are going to find it increasingly hard to keep a lid on this till election day. Expect the Midget to go running off to China for a payday loan (again) any day now.

    Jul 22nd, 2015 - 10:00 pm - Link - Report abuse 0
  • ernest shackleton

    Only 15 to the $..? It went above that level less than a year ago since when the $ has gained against virtually every currency and there has been 30% inflation in Argentina. It will go to at least 20, if not more, in the next few months.
    You ain't seen nothing yet.

    Jul 22nd, 2015 - 11:38 pm - Link - Report abuse 0
  • Tarquin Fin

    Soon to become 32 to 1. I will just use one of my favourite character's phrase “Numbers don't lie” (from “House MD” of course).

    Jul 23rd, 2015 - 02:24 am - Link - Report abuse 0
  • axel arg

    GATOTUPUN.
    If you need dollars, i hope you can get all the blue dollars you wish, but you and i know perfectly that the influence of that so called blue dollar, doesn't have anything to do with the our true economy, you know it's just a small and illegal market .
    Respecting the strengh of our economy, the situation isn't so difficult to understand, if after having tolerated the worst economic runs of the last 40 years, the stablishment couldn't brake C.F.K.'s government down, is because despite the hard structural problems that our econmy still has, it's in a much more stronger situation, than what it was in other periods, in fact, economic power couldn't take the president out from office, not even with the hard devaluation of january of last year. We still have enough reserves to tolerate more runs against our currency.
    On the other hand, if we have inflation, it isn't just because of a bigger monetary emission, that is actually the idiot myth of decadent orthodox economists, in our case, what really prejudices so much, is to have an economy composed mostly by oligopolic groups, in such important sectors like food and metal mechanic.

    Jul 23rd, 2015 - 08:12 pm - Link - Report abuse 0
  • ChrisR

    It seems Axel ARRGGHHH has finally lost the plot.

    It must be living in a slum, no sewers, no fresh water, no electric without the risk of fire and / or electrocution and he's a teacher, so he claims.

    He is clearly one of the new middleclass in TDC that the IDB want us to believe.

    All together now: ha, ha, ha, ha.

    Jul 23rd, 2015 - 09:47 pm - Link - Report abuse 0
  • golfcronie

    @35
    Just look where you would be if you had not stolen US$ 100 billion in 2001. You really are all theives.

    Jul 23rd, 2015 - 10:12 pm - Link - Report abuse 0
  • Klingon

    What an absolute fucktard Axel is.
    Look at this quote from Him: “ because despite the hard structural problems that our economy still has”

    Well the K thugs have been in power 12 years, how long do they need to fix the problem? Correction They are the problem!

    Jul 23rd, 2015 - 10:14 pm - Link - Report abuse 0
  • Jonaz_BsAs

    @35
    This is the kind of econ-illiteracy we have to wrestle on a daily basis here in Argentina. This is from the 'just say “neo-liberal” and any discussion is won (or lost)'-crowd . The dollar blue market is the TRUE dollar market. The official rate dollar is the morally corrupt one. People should have the ability to save for the future, that's a basic human right. The gov't is doing something that is profoundly indecent - no one else does this in the rest of the World except Venezuela - still you cling on to the childish fairy-tail that this could possibly end well. All the structural problems are man-made, there isn't any strange (space)entity that wrecks havoc on Argentine economy.

    Jul 24th, 2015 - 02:06 am - Link - Report abuse 0
  • Enrique Massot

    “Macri...promised, if elected, to maintain...social benefits, and keep YPF, Aerolineas Argentinas and the trains system under government management.”
    Nice try, Macri.
    As old Juan Perón used to say, it's not good to change horse while crossing the river.
    Too late too. You are taking the Argentine electors for a bunch of fools.
    See you at the PASO polling station in a few days.

    Jul 24th, 2015 - 05:49 am - Link - Report abuse 0
  • Captain Poppy

    EM whomever wins it does not matter for you. It's not like you have to live with it....so why bother? Killing time in your twilight years in Canada?

    Jul 24th, 2015 - 03:10 pm - Link - Report abuse 0
  • chronic

    The original person portraying Reeeeekie was slightly more imaginative than this one. The current incarnation is even dumber than the last one. Dirty rotting roadkillians! lol.

    Jul 25th, 2015 - 01:54 am - Link - Report abuse 0
  • Enrique Massot

    #41 Captain Poppy
    So where did you say you live?

    Jul 25th, 2015 - 04:37 am - Link - Report abuse 0

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