Capital flight from emerging economies will be on the G20 table, anticipate Brazilian sources

Saturday, July 21st 2018 - 07:43 UTC

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At this weekend's G20 meeting in Buenos Aires, finance ministers and central bankers will address the economic situations threatening a number of emerging markets -- including host nation Argentina, which recently secured a US$50 billion IMF loan to try to stabilize its economy, after the peso plunged 35% between April and June. Read full article

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Enrique Massot
“...the dollar, rising oil prices and US interest rates has helped fuel the capital flight from emerging economies such as Brazil and Argentina, with investors taking out US$14 billion between May and June.”

These are some of the perks of the much-touted “return to the world” of Argentine president Mauricio Macri. The current situation was totally self-inflicted.

This return to the world was done at the expense of the citizens, to the benefit of large banks and financial institutions, a few large corporations and members of the Macri cabinet, most of whom have part of their money secured in offshore accounts.

So when the inevitable crisis explodes and many end up in the streets picking up cardboard to survive, characters such as Macri, Dujovne, Aranguren and others of the same ilk will end up much richer than they started.

These are the people IMF's Christine Lagarde says are taking the country in the good direction.
Jul 21st, 2018 - 03:09 pm - Link - Report abuse -1
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