MercoPress. South Atlantic News Agency
Argentina pledges US$ 500 million on Tuesday to stabilize the forex market
Argentine central bank chairman Luis Caputo announced a battery of measures for Tuesday to contain the run on the dollar, including the sale of US$ 500 million. 
Argentina's stock market indicator Merval was also whacked by uncertainty and it was down 3.46% on Monday 
Likewise Argentina's country credit risk was again climbing, and on Monday closed at 748 units, after advancing 6,9% or 48 points Argentina's peso hit an all-time low on Monday as Latin American currencies sank amid a broader sell-off in emerging markets that have been rattled by the Turkish lira's plunge.
Turkey's lira pulled back from a record low of 7.24 to the dollar on Monday after the country's central bank pledged to provide liquidity. Concerns about Turkey snowballed into a market panic last week.
The biggest loser was Argentina's peso currency, which fell 2.4% to close at a record low 29.97 per dollar, pressured by a corruption scandal that could damage the country's construction sector.
“With the evolution of the Turkey situation, the start of the week for Argentine assets has been laid out, with corruption scandals involving businessmen and political officials adding on” to the lira's slide, consultancy SBS wrote in a note to clients.
However the Argentine central bank chairman Luis Caputo announced a battery of measures to begin operating on Tuesday to contain the run on the US dollar, including the sale of US$ 500 million.
Argentina's stock market indicator Merval was also whacked by uncertainty and it was down 3.46% on Monday. In Wall Street Argentine companies shares plummeted on average almost 9%.
Likewise Argentina's country credit risk was again climbing, and on Monday closed at 748 units, after advancing 6,9% or 48 points. Its maximum level since January 2015.
Last Friday the credit risk was up 10.4% reaching 700 points.
In an unstable world context, investors in emerging markets are selling their assets, fearful of the Turkish situation, the outcome of the NAFTA talks between Mexico, Canada and the US, and the coming October presidential election in Brazil. In Argentina cutting subsidies on transport and power, has increased utility bills and fuelled inflation of 29.5% in the year through June, plus the loss of over eight billion dollars because of a severe drought that punished the soybean harvest.
Argentina's currency has lost almost as much as Turkey's, with its peso down 37.8% against the greenback in 2018. The government has cut its full-year 2018 economic growth forecast to zero from 0.5%, treasury ministry official Guido Sandleris told reporters on Monday.
Argentina's central bank on Monday said it increased its key interest rate to 45% from 40%. The bank said it planned to sell US$ 500 million of its reserves on Tuesday, in a bid to stabilize the peso. The bank also said it will issue less short-term debt.
The decision to curb so-called “Lebac” debt issuance, “should remove an important source of vulnerability,” the International Monetary Fund (IMF) said in a statement.
Reducing Lebac sales is consistent with the US$ 50 billion standby agreement the country has with the IMF, the Fund's chief spokesman Gerry Rice said in a statement.
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Read all commentsI assume you are speaking of the wealthy and powerful CFK and her overseas assets, is that right?
Aug 15th, 2018 - 01:22 am +1“don't need to worry about an eventual crisis at home.”
Kind of like living in Canada and waxing praise on CFK and Kirchnerism because you didn't have to suffer through the economic shit storm her team caused. The one that enabled your Macri to eke out an election win.
And also like how you are able to bang on and on about how important socialism and command economics are in Latin America because you don't live there and are completely insulated from their consequences.
Son Maximo and her other corrupt associates keep her overseas accounts for her. Nope, no evidence for that. I believe it and I believe it is not false.
Aug 16th, 2018 - 07:56 pm +1No one has to stop talking about CFK's visit to the Seychelles, that is not a falsehood.
http://en.mercopress.com/2013/08/20/cristina-fernandez-losing-her-nerve-furiously-blasts-journalist-for-exposing-her-trip-to-tax-haven-seychelles
If that was Macri that stopped off at the Seychelles, for a “fuel stop”, I know you would believe he had an offshore account there and you would post about it.
http://en.mercopress.com/2013/08/20/cristina-fernandez-losing-her-nerve-furiously-blasts-journalist-for-exposing-her-trip-to-tax-haven-seychelles
If Lazaro Baez diverted public funds to tax havens, that is the same as CFK doing it. We aren't in court EM. And Baez is in jail now isn't he?
You have no such evidentiary requirement for your own anti-Macri ramblings.
One of these MP posts described you like this,
You'll condemn neo-liberal governments on little evidence but require all the facts when socialists are accused.
Further, when evidence in detail is supplied, you then reply, “I don't debate in those terms”.
JB gives you his evidence on Lula's illegal apartment, asks you to respond, and, you wouldn't.
DT then further prompts you to respond to JB's evidence and your reply:
EM: “No, I don't debate in JB's terms”
DT: “What, you don't debate in terms of the evidence?”
EM: “Most MP postings express readers' opinion on MP stories. As for myself, I have limited time and as a result I will mostly post my opinion on matters published here or on opinions expressed by other readers.”
Oh great! You just express “opinions”. But everyone else needs to back up their opinions with evidence or else they aren't opinions, they are “falsehoods”.
http://en.mercopress.com/2013/08/20/cristina-fernandez-losing-her-nerve-furiously-blasts-journalist-for-exposing-her-trip-to-tax-haven-seychelles
http://en.mercopress.com/2013/08/20/cristina-fernandez-losing-her-nerve-furiously-blasts-journalist-for-exposing-her-trip-to-tax-haven-seychelles
@bp
Aug 16th, 2018 - 03:10 am 0Either you are utterly misinformed by such trustworthy sources as Clarin and La Nacion, or you are but a troll, being paid to spread biased rumours on opinion forums.
“...you are speaking of the wealthy and powerful CFK and her overseas assets...”
If you were in possession of even the most basic information you would know that no CFK overseas assets were ever found -- even after a lot of digging. However, searches for CFK's “wealth and assets” did uncover substantial assets belonging to president Macri and other government officials.
Even warrior journalist Jorge Lanata, who broadcast false information about a supposedly CFK offshore account at the Seychelles Islands, eventually had to stop talking about it.
So the Panama Papers, and then the Paradise Papers which uncover a lot of information about Macri yielded nothing - comprende? Nada about CFK.
In any event, if you tell me you don't like CKF that is your right. Another thing is to spread falsehoods about her...or anybody else for that matter and you know that.
So, if you happen to know something about CFK's “overseas assets,” by all means, go ahead and let MP readers know.
We are all ears, pilot.
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