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Montevideo, November 27th 2022 - 05:51 UTC



Argentina's economy contracts 4.3% year-on-year in June

Friday, August 26th 2016 - 10:55 UTC
Full article 56 comments

Argentina's economy shrank 4.3% year-on-year in June, a much sharper contraction than expected in the first official growth data reported during President Mauricio Macri's term. Read full article


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  • Think

    What a freaking surprise!

    Aug 26th, 2016 - 11:10 am - Link - Report abuse 0
  • chronic

    Perronism has destroyed rg.

    Aug 26th, 2016 - 12:47 pm - Link - Report abuse 0
  • Skip

    A growth rate that people believe!

    Very surprising.

    Aug 26th, 2016 - 01:21 pm - Link - Report abuse 0
  • The Voice

    A growth rate to be envied (by Bulgaria :-) )

    Aug 26th, 2016 - 02:53 pm - Link - Report abuse 0
  • Enrique Massot

    “Argentina's economy shrank 4.3% year-on-year in June, a much sharper contraction than expected in the first official growth data reported during President Mauricio Macri's term.”

    And to think that Macri was elected on the promise to “leave in place all the good things that were done and improve what needs to be improved.”

    Oh, but never mind. Things will improve next day!

    Aug 26th, 2016 - 03:49 pm - Link - Report abuse 0
  • Marti Llazo

    New government admits that they have no idea what they are doing, that they are Argentine to the core:

    “El Gobierno admite que el déficit fiscal del 2017 será superior al que preveía originalmente”

    At least they admit it. Unlike the previous government, that simply lied about their failures.

    Aug 26th, 2016 - 05:04 pm - Link - Report abuse 0
  • Enrique Massot

    #6 Marti

    ”New government admits that they have no idea (being) Argentine to the core:”

    Another disgusting exhibit of Marti's inferiority complex seeking validation through putting down an entire country. Talk is cheap, Marti.

    Aug 26th, 2016 - 07:39 pm - Link - Report abuse 0
  • Marti Llazo

    So Reekie, when in the last 50 years has there been an Argentine government that had a clue about what it was doing?

    I know. The Menem government. Néstor loved Memem. Enthusiastically supported Menem's privatisation and economic miracles. Said Menem was the best president since the [dictator] Perón.

    Néstor: “Menem el mejor presidente desde Perón”

    Or maybe that was just cheap talk.

    Aug 26th, 2016 - 09:25 pm - Link - Report abuse 0
  • Kanye

    Mr Massot,

    Néstor: “Menem el mejor presidente desde Perón”

    Oops, Enrique

    Aug 26th, 2016 - 09:47 pm - Link - Report abuse 0
  • golfcronie

    “ to leave in place all the good things that were done” Christ you will have to name the “ good things that were done” as I can't think of one.

    Aug 26th, 2016 - 09:54 pm - Link - Report abuse 0
  • Marti Llazo

    @4 ”A growth rate to be envied (by Bulgaria :-) ) ”

    -- Actually, compared to Argentina, Bulgaria is doing rather well, with 2015 annual growth at about 3 percent.

    But then, Bulgaria doesn't allow Peronismo.

    Aug 27th, 2016 - 01:27 am - Link - Report abuse 0
  • Enrique Massot

    At this time, the effects of the economic measures of the Macri administration are beginning to show.

    It began with layoffs of public workers, continued with those in the private sector, and it's now reaching thousands of small businesses that are closing doors, hit by reduced demand and energy costs increases.

    As that unfolds, we assist at an intensification of distraction operations by the Argentina dominant media as well as in the social networks.
    The goal is to keep the attention focused on the previous government's “corruption” as the current government intensifies its offensive against the majority of Argentine citizens.

    Kanye and Marti Llazo seem to have taken the task at heart, and keep a high rate of postings all with the Three D tactic: deflect, divert, and distract.

    However, they seem to be running short of arguments and are being reduced to dig old quotes in pursuit of “he said, she said,” attempting to keep a half-hearted semblant of discussion.

    Difficult to find arguments when each day brings news that contradict your theories, eh?

    But do not ever expect to win a discussion with Marti, not even get even. If you corral him in his defense of Macri, he'll retrait to his favourite position: Argentines are incapable of governing themselves. He will later return to support Macri as if nothing happened and without explaining which nationality he things Macri has.

    You can never bored with MP commentators.

    Aug 27th, 2016 - 04:54 am - Link - Report abuse 0
  • gordo1

    @12 Enrique Massott

    You question the statement of Marti Llazo “Argentines are incapable of governing themselves.”

    Kindly advise us exactly when it was that Argentina WAS capable of governing itself. I cannot recall not even one period!

    Aug 27th, 2016 - 07:09 am - Link - Report abuse 0
  • Marti Llazo

    Fess up Reekie. Defaultina has never had a good government since the Spanish left.

    Aug 27th, 2016 - 02:10 pm - Link - Report abuse 0
  • Kanye

    Mr. Massot;

    What a paradox:

    You say you want the best for the people.

    Under Evita K's Peronist policies, Argentina was in economic collapse with increasing poverty.

    The people voted in Macri to turn the economy around.

    You dont want the economy to recover, under Macri.

    You are intellectually dishonest.

    Ideology before people, right Mr. Massot?

    Easy, when you don't live there.

    Aug 27th, 2016 - 03:03 pm - Link - Report abuse 0
  • Enrique Massot

    #15 Kanye

    ”The (Argentine) people voted in Macri to turn the economy around.“

    I agree with the above statement.

    ”You dont want the economy to recover, under Macri.“

    I desagree with the above line.

    I, in sync with a majority of Argentines, do want the economy to improve, under Macri or any other president.

    ”You are intellectually dishonest.“

    Wrong, Kanye. I take my cues from the Argentine reality, from what citizens are experiencing and from the impacts they are suffering under the current government--My intellect has little to do in all that.

    ”Ideology before people, right Mr. Massot?“

    Wrong again. If Macri takes positive measures benefiting the majority, good for him and I don't care what his ideology is. If, on the other hand, he implements aggressive measures to transfer wealth transfer from the majority to a few, then he will face opposition, both from the Argentine citizens and from yours truly.

    ”Easy, when you don't live there.”

    You are right; it's easy when you don't live in Argentina. From the distance, I agree, you may be a bit more detached. If I were living right there, my feelings would be much stronger than they are now. Nonetheless, I am concerned by today's quick degradation of the country and the worsening conditions of my countrypeople.

    Aug 27th, 2016 - 07:47 pm - Link - Report abuse 0
  • Kanye

    Comrade Massot,

    Even after an “Argentine Haircut” to write off 70% of the nation's debt and Nationalising private pensions, 12 years of Evita K Populism still was supposedly not able to recover from the previous gov of Menem, and ran the economy into the ground.

    Now, the likes of the demented Mr. Massot are condemning Macri for not recovering from the K's after 8 months.

    What a hypocrite.

    Aug 27th, 2016 - 10:21 pm - Link - Report abuse 0
  • Klingon

    @17 Well said
    Reekie is just like the rest of the Lazy K supporters that don't want to work and blame everything on Macri after only 8 months in office.
    Won't be long and his heroine Kristina will be in the pen.

    What a nasty POS her supporters are!

    Aug 27th, 2016 - 11:01 pm - Link - Report abuse 0
  • Kanye

    Mr. Massot
    would have 'his fellow Argentines' languish in the limbo of Populism. Just a pay check away from being beholden to the gov. choripan.

    What kind of freedom is that?

    Enrique would sell them all down the river, for K ideology.

    Aug 28th, 2016 - 03:05 am - Link - Report abuse 0
  • Enrique Massot

    #17 and #19 Kanye

    (You are beginning to not make sense at all, Kanye).

    Hey, Macri had said things were going to begin improving by his second semester in power!

    And we are still waiting, Kanye.

    Macri later said things will begin improving by the second year.

    However, consumers are losing trust in the current government as all indicators of economic activity are in the red.

    Consumers' confidence, according to the Torcuato Di Tella Institute, has fallen 24.7 per cent in August 2016, in relation to August 2015. Confidence eroded 6.2 per cent since July.

    Where have you heard that, to save the patients you must first kill them?

    Aug 28th, 2016 - 05:55 am - Link - Report abuse 0
  • Kanye

    Mr. Massot

    You should understand this:

    Take the high-fly in' heroin dependent addict, off the smack.

    Let him sweat it through the withdrawal for a while.

    He may not thank you, but in the end, it will save his life.

    Or let Evita K keep him tripping while she gets rich.

    Aug 28th, 2016 - 06:39 am - Link - Report abuse 0
  • chronic

    Reeeeeeeeekie, you are a dilettante.

    As much as you prattle on about rg a casual passerby would have wrongfully assumed that you had some insight.

    Rg must now take its medicine.

    Your rg brothers must now tighten their belt.

    Ever good exCommie now knows that consumption must be supported by production.

    Is this so difficult for you to comprehend?

    Aug 28th, 2016 - 01:26 pm - Link - Report abuse 0
  • Kanye

    Mr. Massot at post 16

    “My intellect has little to do in all that”

    Never was a truer word spoken.

    Waiting for the next Pearl of Wisdom from the economic refugee at the Lazy K Ranch, in Canada.

    Aug 28th, 2016 - 01:51 pm - Link - Report abuse 0
  • Enrique Massot

    Kanye and cronic may croak and try to divert and sidetrack as much as they wish.

    However, if one wants to comment on the story above--which is about the rampant contraction of the Argentine economy--hey, forgot about it, right?--it's not the messenger what matters.

    You know something is deeply wrong when a country like Argentina begins to massively import something such as locally-produced food.

    Not sophisticated technological products that Argentina is “incapable” of producing with an acceptable quality level as suggested by some MP commentators.

    No sir. Argentina is now joyfully importing...listen to this...carrots from Brazil! Hey, would that be an attempt to improve Brazil's disastrous economy?

    Not only that. Argentines are now eating strawberries from Poland, China and Maroc, the producers in Coronda be damned.

    Oranges are being imported fro Chile, Mexico, Uruguay and...Spain!

    Chicken and pork, beer, appliances, furniture, cream cheese and the list goes on.

    So here is your Pearl of Wisdom, Kanye.

    What do you think may happen when the country spends precious dollars in carots, while seriously harming local producers?

    You don't need Econ 101 to understand that the direct consequence is an unhealthy increase of foreign debt (without any productive investment being made), the killing of local jobs and the closure of many, many small and medium-size businesses.

    Aug 28th, 2016 - 04:28 pm - Link - Report abuse 0
  • chronic

    Rg protects its way to prosperity?

    It hasn't happened yet.

    Aug 28th, 2016 - 04:59 pm - Link - Report abuse 0
  • Marti Llazo

    Reekie, Argentina has been importing food for many years, long before the present government. Just as Argentina has been importing gas and oil and other petroleum products for many years, because the Kirchner regime so badly screwed up the management of its massively wasteful resource consumption and its lagging resource development under Kirchnerism (by 2013 Kirchnerist Argentina was importing about 40 percent of the natural gas that it used, and bleeding the country of billions of dollars). And Argentina has been importing automobiles for many years, for reasons that are painfully obvious when you look at Argentina's woeful attempts to build its own autos, and even CFK's limousine was ....imported!

    When a country's industry fails to produce, or produces expensive and noncompetitive garbage it is only appropriate to seek imports of quality items. It's also very democratic to allow people to purchase quality items at the sort of decent prices that the free market provides.

    And Argentina has been importing and medicines and medical equipment for many years, reekie. So let's not try to pretend that this is some sort of recent phenomenon. And Argentina has been importing agricultural equipment for many years. And importing foreign seed stock. And Argentina has been importing apples from Chile for many years, long before the present government. And pepper. In 2013 the Kirchner government approved the purchase of more than US$13 million worth of imported, foreign..... pepper. Between 2009 and 2014 the amount of clothing Argentina imported from China went from US$9.7 million to about US$18.3 million. So reekie, don't give us this crap that all of a sudden Argentina has experienced some new phenomenon called imports.

    You can fool some of the people, reekie, and of course Peronismo counts on being able to fool large numbers of gullible people, including those who migrated to North America.

    Aug 28th, 2016 - 06:32 pm - Link - Report abuse 0
  • Enrique Massot

    #26 Marti
    Marti knows how to transform oranges into automobiles! (a 21st century version of Cinderella?)

    This smart character minimizes the damages a wide opening of imports is causing to the Argentine economy, and gives many examples of goods that the country has imported in the past. As in previous occasions, he's unable to explain what Macri is doing, so he attempts to focus on what the Kirchners' governments did in a past that is rapidly fading away, obscured by an increasingly dark present.

    Marti tells us that Argentina has been importing medicines and medical equipment (justified in goods not locally produced) but fails to answer about the examples I gave that include carrots, strawberries, oranges, chicken and pork, beer, appliances, furniture and cream cheese (all goods produced at good quality levels locally).

    “Refrigerators, washing machines and even kitchen ranges have begun to displace national products, in a context in which, in addition, companies face a sharp drop in consumption,” reports iProfesional.

    “In clothing retail outlets, meanwhile, industrials see clothes hangers that used to be loaded with domestic products and now are increasingly full with products, most coming from China, India and Vietnam.

    ”Business people are worried. They know the Macrism insists imports are allies in the fight against inflation.“

    ”It's also very democratic to allow people to purchase quality items at the sort of decent prices that the free market provides,“ noted Marti, with typical neo-liberal ideological nonchalance.

    We will see how the public responds to this ”very democratic” principle once the Macri model empties the tills...and the pockets of most.

    Aug 29th, 2016 - 05:41 am - Link - Report abuse 0
  • Kanye

    Mr. Massot may have been a political refugee to Europe after Operacion Condor cleared out the Commie activists.

    “Ideology before the People”, remember Mr Massot?

    But he was an Economic Refugee when he chose to move to Canada.

    Aug 29th, 2016 - 06:20 am - Link - Report abuse 0
  • Marti Llazo

    Mr “Protectionist” Reekie does not appreciate or support the democratic nature of free markets, which benefits consumers, and instead embraces the concepts of inefficient and anti-competitive Kirchnerist practices and their ugly step-children, diminished quality, and high domestic prices and inflation.

    We don't need to look far to see how inefficient Argentine producers became under Kirchnerism. Since Reekie mentioned Chilean apples, we'll compare apples with apples. Argentine growers are comparatively inefficient, relying on protected markets to excuse less productive practices. Argentine producers of apples get about 16 tonnes of apples per hectare, despite some of the most productive land in the world. More innovative Chilean producers get nearly 26 tonnes/ha and higher quality apples, with less desirable land. And so for many years, Chilean apples have been competitive in Argentina.

    Argentine production during the Kirchnerist years was characterised by heavy protectionist practices, in both manufacturing and agricultural sectors. The results were predictable: high domestic costs for food, substandard quality, and Argentine producers now cannot in many cases compete with more efficient and higher quality producers. Kirchnerism went so far as to prohibit the export of meat for a time, and establishing price controls, which made Reekie very happy, because it caused economic harm to the agro sector that he despises. That sector responded by cutting herds and rather unsurprisingly, slashing the domestic supply of meat as well as reducing much-needed hard currency. So today, Reekie's favoured Kirchnerist policies have produced comparatively high meat prices here in Argentina, and the need to import cheaper meat to feed the population. Kirchnerism was so effective in this anti-competition policy that by the end of 2015 there were some 10 million fewer cattle in Argentina, versus ten years earlier. La década perdida.

    Aug 29th, 2016 - 01:44 pm - Link - Report abuse 0
  • chronic

    The winner nations of the world embrace globalism.

    The loser countries of the world reject globalism.

    The US, China, Japan and Germany do as they please.

    Rg is obviously a loser.

    Aug 29th, 2016 - 03:05 pm - Link - Report abuse 0
  • Enrique Massot

    #28 Kanye

    Clearly unprepared to discuss Argentina's new wide-door opening policy towards imports, Mr. Kanye resorts to try to discredit the messenger.

    Pretty soon we'll have Kanye accusing MercoPress of being an undercover Commie outlet for spreading bad news about Argentine economy under Macri administration.

    The Russians are coming!

    #29 Marti

    Macri insists in talking about the past Kirchnerist government, however Argentines are increasingly worried by a current economic reality that appears bleaker by the day.

    The Macri administration is trying hard to keep the focus on the past--just as Marti does--but this can hardly hide the country's increasing recession.

    Just as an example: The activity of small and medium-size industrial enterprises fell 7.8 por ciento in July, which is the 10th month of successive drops, as informed by the Argentine Confederation of the Medium Size Enterprise (CAME as per its Spanish acronym).

    Hard to cover the sun with your hand.

    Aug 29th, 2016 - 03:53 pm - Link - Report abuse 0
  • Think


    Meanwhile, the most rancid Argentinean right wing resuscitat an old, bloody cliché...:

    Aug 29th, 2016 - 05:10 pm - Link - Report abuse 0
  • chronic

    Reeeeeeeeeeeeeeeekie, it's not political.

    It's cultural.

    Rg can't compete.

    Aug 29th, 2016 - 05:37 pm - Link - Report abuse 0
  • Zaphod102

    @24 “ if one wants to comment on the story above--which is about the rampant contraction of the Argentine economy”

    There's this from a more recent MP story: ”However the Argentine economy in the first three months of the year did slightly better, with growth of half a percentage point on average in January, February and March (up by 0.3%, 1% and 0.4% respectively). This means that, in the first half of the year, the Argentine economy fell by 1.3% according to EMAE’s estimate.“

    Do you really think that 1.3% = ”rampant”?

    Aug 29th, 2016 - 06:22 pm - Link - Report abuse 0
  • Marti Llazo

    Reekie still believes that the entrenched, systemic economic ills of Argentina that relate to its antiquated, inefficient, non-competitive industries, and the matters of deficient infrastructure -- all appeared suddenly and without warning in just the past 8 months.

    Martín Etchegoyen, the current government's industry secretary, indicated some of the many detracting elements resulting from decades of national government negligence in this country: “.... no están resueltos los otros problemas microeconómicos .... como los altos costos de los juicios laborales o de la logística, las rutas en mal estado, la falta de ferrocarril de cargas o los déficit portuarios” (a reminder that the infrastructure needed for efficient and economical industrial transport here suffered greatly from neglect during the Kirchner years. Remember the unusable junk railway rolling stock that CFK's government bought from from Spain?)

    Recall the reekie is still sobbing over Argentine imports of more moderately priced and efficiently produced food which benefit consumers. It turns out that the dollar value of all imports reported for the first quarter of 2016 is actually down from the same period in 2015, during the Kirchner government, while exports remain at about the same as last year. (Exception: exports of Argentine manufactured goods are down nearly 30 percent , in recognition of their high cost, low demand, low quality, and non-competitive nature. )

    Note also that the same model vehicles being assembled in Argentina are so overpriced due to high Argentine labour and inefficiencies, that those same models are being shipped from Asia for sale in Chile. In so many ways, Peronism has made Argentina non-competitive. It will take many years to address decades of this sort of neglect.

    Aug 29th, 2016 - 07:22 pm - Link - Report abuse 0
  • Enrique Massot

    #35 Marti

    As usual, Marti works hard to try to convince that the current ills in the Argentine economy are all the fault of the Kirchners past governments.

    It was so bad, in fact, that things will continue getting worse for (insert a number of months, years or decades).

    Seriously: Not one would ask president Macri to make all Argentines prosperous in eight months.

    But many would be happy if, at least, things stopped going down the tubes.

    Oh, but apparently things need to get worse before they get better, eh?

    Argentines have seen that movie already:

    “We need to get through winter.” Alvaro Alsogaray, economy minister, 1959.

    “We are doing bad but going well.” Carlos Menem, president, 1990.

    “I know many are not meeting ends, but we are doing what's correct.” Mauricio Macri, president, 2016.

    Aug 30th, 2016 - 05:02 am - Link - Report abuse 0
  • Marti Llazo

    @36 “We are doing bad but going well.” Carlos Menem, [Peronista] president, 1990.


    “We have to quit stealing for two years” -- Luis Barrionuevo [Peronista]

    ”Who fucking cares? [“A quién carajo el importa”] -- Carlos Tomada, [Peronista] Kirchner's Labour Minister, when questioned concerning the disaster they created in the auto assembly industry in Argentina in 2012. The industry has been non-competitive and in decline for several years.

    Aug 30th, 2016 - 01:39 pm - Link - Report abuse 0
  • chronic


    Rg has been in decline for a century.

    Are you really that ignorant, Reeeeeeeeeeekie?

    Or are you simply delusional, Reeeeeeeeeeekie?

    Or do you choose to propagate the lie for your own self serving purposes, Reeekie?

    Reeeeeeeeeekie, we all know that Perronism has ruined rg so why do you continue to obfuscate the fact?

    Are you ignorant or are you delusional or are you a liar, Reeeeeeeeekie?

    Which is it, Reeeeeeeekie?

    Aug 30th, 2016 - 02:17 pm - Link - Report abuse 0
  • Enrique Massot

    #38 chronic

    You can afford to ignore reality and keep shouting Reeeekie! for as long as you want. You are for nothing on it.
    Now, if I were in the Argentine government, I would worry when unemployment in ciudad de Buenos Aires jumps to 10.6 per cent from 6.8 last December.
    These, my friend, are not just cold numbers cooked out by some hideous Kirchnerist in the shadows.
    Behind those numbers are human beings, many of whom voted for Macri in hopes of improvement, and are now out of work.
    Who do you think they are going to vote next time?

    Aug 30th, 2016 - 03:19 pm - Link - Report abuse 0
  • Tarquin Fin

    @32 OMG Think!

    As usual referencing credible and unbiased news outlets! I believe it now. The new world order is taking over Argentina thanks to Macri.

    Repent you sinners! The end is near!

    Aug 30th, 2016 - 03:26 pm - Link - Report abuse 0
  • Think

    Decime pebete...

    ... Tenés edad para acordarte lo que esa palabra significó para la Argentina en los setenta y las consecuencias que todos seguimos arrastrando ...?
    O solo lo leiste en La Prensa...?

    Hablando de cosas menos serias...
    Me interesaría sinceramente saber tu opinión sobre estos últimos nueve meses...
    Acordate que no necesitas mentir... sos anónimo ;-)

    Al pasito por las piedras...
    El Think.

    Aug 30th, 2016 - 03:44 pm - Link - Report abuse 0
  • Marti Llazo

    Reekie, I think that Dink is asking something from you.

    Aug 30th, 2016 - 03:52 pm - Link - Report abuse 0
  • chronic

    Reeeeeeeeeeeeeeeeekie, rgs are rgs.

    Left or right they are still wrong.

    Aug 30th, 2016 - 04:46 pm - Link - Report abuse 0
  • Think

    (39) Sr. Massot...


    Como escribio el Wolfgang...:
    “Wir reiten in die Kreuz und Quer nach Freuden und Geschäften, Doch immer kläfft es hinterher”

    Incorrectamente atribuido al Miguel...:
    “Ladran Sancho... señal de que cabalgamos...”


    Aug 30th, 2016 - 05:00 pm - Link - Report abuse 0
  • Enrique Massot

    #44 Think

    On second thoughts--what would be the islanders' wish for Argentina?

    They would of course wish the worst possible type of government so that Argentines are so busy and worried they forget the Malvinas claim!

    That is what's behind the solid support for the new government--the more Macri sinks the country the merrier!

    What a life.

    Aug 30th, 2016 - 05:17 pm - Link - Report abuse 0
  • chronic

    Reeeeeeeeekie here's a clue:

    Macaroni's government - in all but it's most superficial vestiges is still very much a perronist one.

    Aug 30th, 2016 - 06:16 pm - Link - Report abuse 0
  • Think

    Wooof..., wooof...

    Aug 30th, 2016 - 06:26 pm - Link - Report abuse 0
  • Marti Llazo

    La vida perra, la vida peroncha.

    Aug 30th, 2016 - 07:23 pm - Link - Report abuse 0
  • Enrique Massot

    #46 chronic
    My guess is, you have a lot of idle time and you are not afraid of ridicule.

    Sep 02nd, 2016 - 03:34 pm - Link - Report abuse 0
  • Marti Llazo

    Very little of substance has changed.

    Sep 02nd, 2016 - 06:32 pm - Link - Report abuse 0
  • Think

    Woooooooooooooooooooooooow..... How cute...!
    Turnip at (50) is inspired by the bible...
    “Nihil Novum Sub Sole”
    Chuckle chuckle...

    Sep 02nd, 2016 - 08:48 pm - Link - Report abuse 0
  • Marti Llazo

    Dink, that would be your Latinate version, and we don't subscribe to that. And besides, the expression and the concept predated the Romans and whatever religions they toyed with.

    Besides, @50 and your notation carry different meanings.

    Sorry. Keep chuckling to yourself. You and all the other blind squirrels will eventually find a nut.

    Sep 02nd, 2016 - 11:35 pm - Link - Report abuse 0
  • Think

    Nihil Novum Sub Sole from Anglo Turnip at (52)...
    Nothing of substance... Just meaningless semantics...

    Sep 03rd, 2016 - 02:10 pm - Link - Report abuse 0
  • Marti Llazo

    So, reekie, are the Argentines running the Canadian economy?

    “ Canadian Economy Shrinks At The Fastest Pace Since The Last Financial Crisis”

    Must be Macri's fault, eh?

    Of course, Argentina is just a tiny fly on the large arse of Brazil, so economically as goes Brazil, so goes Argentina.


    @53 Dink, since this has to be explained to you, the central meaning of @50 deals with the concept of “substantial change” and the absence of substantial change here under the new government. Try to keep up, even if these things are a bit too subtle for you. Perhaps we should explain things to you in simpler terms.


    Sep 03rd, 2016 - 02:22 pm - Link - Report abuse 0
  • Think


    I normally don't interact with turnips because of the “contagion risk”, you know...
    But today, I will make an exception with that Anglo Turnip at (54)

    Sudently...., he remembers the Global Economic Crisis the whole planet has been suffering since 2008 to justify the Macri administration economical, political and social fails & fracasess...

    One wondersthough, how the previous administration managed to keep the economy going strong all thosr years and deliver to the present administration a well functioning Country with virtually no foreign debt and an unempoyment index just under the 7%...

    The above brings me to one of the brainwashed turnips favourite arguments...:

    Well, I say...:
    Just two days ago..., the government of the city of Buenos Aires..., controlled by the present administration, published their very own Unemployment Statistic for July 2016...: 10.1%
    Seven months ago..., the government of the city of Buenos Aires..., controlled by Mr. Macri himself as mayor.., published their very own Unemployment Statistic for December 2015...: 6.7%

    That means an increase of almost 50% unemployment in just 7 months!

    Please explain that in any terms..., Turnips...

    Sep 03rd, 2016 - 04:11 pm - Link - Report abuse 0
  • Marti Llazo

    Dink and reekie would have everyone believe that the current economic crisis is somehow significant. But we must remember that Argentina scarcely has time to breathe between real crises. So let's compare contemporary events with some of the bungling in the last few decades. Actually there is not enough space to really get into the recurring crisis that is Argentina, but here are a few that are much more significant than the non-events of today.

    1975. Total devaluation of 628 percent in the 6 months following the crisis. 100 percent devaluation in March 1975, with 56 percent loss of reserves that month.

    February 1981. 136 percent devaluation in 6 months. 45 percent loss of reserves.

    148 percent devaluation in July 1982, following humiliating defeat in the Falklands war; 6 month devaluation 244 percent. Argentina defaults on external debt.

    1987, 75 percent loss of reserves. 133 percent devaluation in 6 months.

    1989, 4000 percent devaluation in 6 months; 5000 percent for the year. 62 percent loss of reserves. Argentina defaults on internal debt.

    And on and on with similar frequency until 2002 and a default of nearly US$100 billion The world's largest default ever (until Greekintina tried to beat the record). Let's not forget the looting that followed the crash.

    Contrary to the peronistas, CFK left Argentina with larger national debt than when she entered office (the myth that CFK left “a well functioning Country with virtually no foreign debt” is a complete but much-believed fabrication: didn't the present government have to borrow an additional US$15 billion to pay part of the foreign debt that the KK could not bring themselves to recognise? And how many billion$ more was borrowed to pay for the Repsol expropriation?)

    What is happening these days ain't nothin' in comparison to the series of real crises every few years in the past several decades. But then, Argentina is just ..... economic crisis upon economic crisis.

    Sep 04th, 2016 - 03:14 am - Link - Report abuse 0

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