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Cristina Fernandez overspending to the last Peso and credit before leaving

Monday, November 16th 2015 - 08:15 UTC
Full article 19 comments

Outgoing Argentine president Cristina Fernandez will be leaving not only the Central bank reserves exhausted but also a budget deficit which is estimated at 7% of GDP by the end of the fiscal year, equivalent to 400.000 million Pesos, according to the country's National Auditing Office, AGN. Read full article


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  • Klingon

    Lets see Reekie spin this .
    Next he is going to tell us the govt propaganda is a good investment for the country.

    Nov 16th, 2015 - 10:33 am - Link - Report abuse 0
  • zathras

    Didn't the last labour government to this to try to screw over the next administration.

    The civil servants were so worried they asked for written confirmation of the spending instructions so they could not be blamed and there was a “paper trail” to the here today, gone tomorrow politicians.

    Nov 16th, 2015 - 12:33 pm - Link - Report abuse 0
  • ElaineB

    I have no doubt the plan is to try to blame the inevitable economic crisis on the new government. CFK hopes people will have short memories and want her to return as the saviour in four years time.

    I think Macri landed quite a few significant blows to that plan by highlighting the existing problems that the government has been lying about. He can refer back to that in the future as it was televised and hard to ignore.

    Nov 16th, 2015 - 12:41 pm - Link - Report abuse 0
  • Marti Llazo

    We should pause and review the many accomplishments of CFK's reign.

    - One of the world's highest rates of inflation

    - Still won't acknowledge debts to thousands of creditors both foreign and domestic

    - Under CFK rule, Argentina went from petroleum exporter status to South America's largest importer of hydrocarbons

    - Fell from second to third place in South American economies

    - Deficit spending for almost her entire time in office, leaving only 16 centavos in the treasury on the way out

    - Won the “ worst country in which to do business” award for South America

    - Reduced the effectiveness of the air force to near zero. Zero operational fast fighters, zero operational C-130 cargo planes.

    - The Argentine navy, reduced to ineffectiveness. Ships roll over and sink at their piers. Tries to participate in international exercises and has to beg off as its ships die from maintenance failures in foreign ports. Her navy school ship is arrested in Africa for non-payment of debts

    - Paraguay now exports more beef than Argenzuela

    - Education failures: More than half of the argento children don't graduate from secondary school

    - Robbery.... the rate is more than double the average for the Western Hemisphere.

    - One word: Nisman

    - Returned Argentina to its rightful position by defaulting once again on debt that had previously been in default, and adding contempt of court to the garlands.

    Such is the legacy of CFK

    Nov 16th, 2015 - 12:50 pm - Link - Report abuse 0
  • hurricane

    I'm afraid you missed just a few of her greatest accomplishments:

    - gave the vote to 16 year old children

    - changed the methodology of calculating inflation because she felt that the old system was “discriminatory towards Argentina”

    - nationalized YPF and Aerolineas to show the world “how to manage a real business ”. This increased foreign investment dramatically.

    - criminalized any opposition to the official Government position. Payable by death.

    - giving birth to a whale. One that only a mother could love.

    - instead of printing a new bill of of 500 or 1000 pesos so the average person could shop without the need of a suit case, she opted to put the picture of the flashy wife a dictator and the Faulklands Islands on existing 100 and 50 pesos notes.
    - giving botox a bad rap.

    - using her God given talent to select quality Vice Presidents that possess honesty and integrity

    - turning a gardner into a millionaire

    just to name a few


    Nov 16th, 2015 - 01:48 pm - Link - Report abuse 0
  • shackleton


    That was funny, especially the Botox, but who is the ex-gardener?

    Nov 16th, 2015 - 03:49 pm - Link - Report abuse 0
  • Marti Llazo

    @5 I ran out of characters to enumerate a fuller list of CFK accomplishments.

    The Evita 100 peso note reminded me of the paucity of governments that put the portraits of prostitutes on their currency. Of course, we have the presidential aircraft named for a lewd bordello dance but unable to fly to the civilised nations for fear of being seized for nonpayment of debts.

    But perhaps best of all, the Kirchner government antics provided us with the most unbelievable array of free entertainment and moments deserving of spectacular face-palming.

    When Maximo is old enough and learns how to talk, I rather suspect he will follow in Mummy's sullied footsteps.

    Nov 16th, 2015 - 04:53 pm - Link - Report abuse 0
  • ezekielman

    Corruptina Kirchner tried to buy votes for her anointed successor Daniel Scioli and failed miserably. Any fool could recognise her desperate attempts to bribe voters, clearing out the reserves in the central bank. That's why its governor Juan Carlos Fabrega resigned last year after less than a year in the post. Now Corruptina is leaving an economic disaster for her successor as part of her master plan to “save Argentina” when she can run for president again. What a clever woman.
    And how revealing to see how Kirchner's crude policy of state-sponsored lying was adopted by her puppet Scioli the minute the first round of voting was over as he celebrated his election as new president. Six hours later, after mass celebrations by his supporters, the truth was revealed: He had not won and there would have to be another vote. Is it any wonder Latin America shakes its head in disbelief at how Argentina's petty crooks/politicians shame and humiliate their country?

    Nov 16th, 2015 - 05:52 pm - Link - Report abuse 0
  • ChrisR

    The really sad thing about the plan that TMBOA has lying in wait until the next election is this: how many of us can see it coming to fruition? Think on that!

    Nov 16th, 2015 - 06:06 pm - Link - Report abuse 0
  • Conqueror

    @5. The question is whether argies will have enough intelligence to recognise Kirchner's crimes. Can she be indicted, tried, imprisoned? Same for her clique. Can argieland turn over a new leaf and become honest? Major problem. Restructure the education system. Remove most officials to prison where they belong. Timerman and Kicillof for a start. If Scioli gets in, the lies will continue.

    Nov 16th, 2015 - 08:28 pm - Link - Report abuse 0
  • HughJuanCoeurs

    Say after me...
    Default... Failure to fulfil an obligation, especially to repay a loan or appear in a law court. “The country will have to restructure its debts to avoid default”
    synonyms: non-payment, failure to pay, non-remittance;
    I suppose it is one way to avoid paying the “vulture funds” the money they are owed.

    Nov 16th, 2015 - 08:50 pm - Link - Report abuse 0
  • hurricane

    Ricardo Barreiro; K´s house gardener now owns a splendid mansion and a 4-Star hotel in his native Tucuman Province;

    Nov 16th, 2015 - 09:04 pm - Link - Report abuse 0
  • Clyde15

    Why is it we never hear from Think et al on subjects such as this.

    His decisive insight would be a boon to us all....guffaw, guffaw.

    Nov 16th, 2015 - 10:30 pm - Link - Report abuse 0
  • Think

    (13) Mr. McClyde15

    Why should you hear from me on a subject so obviously manipulated like this one?
    Read, inform yourself and Think...

    Nov 16th, 2015 - 11:09 pm - Link - Report abuse 0
  • Frank

    Oooooh, straight from the Casa Rosada's gob....

    But Macri says they always lie ...

    Nov 17th, 2015 - 01:23 am - Link - Report abuse 0
  • Marti Llazo

    @ 14 Propaganda from the Pink House? Pravda South.

    Looking at an appropriately titled article, “Argentina's elections could mark end of politics of fantasy”

    Kirchner Argentina: Fantasyland. Why didn't I think of that?

    Nov 17th, 2015 - 01:28 am - Link - Report abuse 0
  • Clyde15

    I thought deeply on the subject before I posted.

    You and your cohorts will jump at anything that you can find to comment adversely on Falklands/UK affairs.

    I would have expected from you some form of defence against an article such as this.
    I take it that you mean this propaganda release from the Casa Rosada when you talk of manipulation.

    Nov 17th, 2015 - 11:38 am - Link - Report abuse 0
  • chronic

    You can't get a kickback if you don't deliver the contracts!

    You can't issue the contracts if you're not in control.

    This isn't rocket surgery, silly rotting roadkillians.


    Nov 17th, 2015 - 05:04 pm - Link - Report abuse 0
  • Don Alberto

    - but except for the 26 small problems mentioned by Marti Llazo and hurricane, everything is just great in Argentina.

    Expect the next president to spoil it all by having no foreign currency, by having an inflation of 26 percent, by telling the truth about poverty, by ...

    Add Shrinkbrain (who as an oxymoron calls himself “Think”) quoting the most professional liar in Argentina: Aníbal Fernández.

    Nov 18th, 2015 - 02:35 am - Link - Report abuse 0

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