MercoPress. South Atlantic News Agency
Argentine peso plummets and central bank raises interest rate to 60%
The Argentine Peso plummeted 15.6% to a new record on Thursday, and ended trading at 39.87 after having reached almost 42 Pesos to the US dollar in mid afternoon. This follows on the Wednesday which also witnessed the Argentine currency slide 7% to the greenback. Read full article
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Disclaimer & comment rulesCalled it with:
Aug 31st, 2018 - 09:10 am - Link - Report abuse -1Eventually you can say it isn't worth two cents.
chronic i.e pathological
Aug 31st, 2018 - 12:16 pm - Link - Report abuse 0Glad to see you got your two cents worth.
Manchurian Candidate's betrayal's time of reckoning is fast approaching.
Teri/Trudi have got to choke their medicine down today.
Aug 31st, 2018 - 12:40 pm - Link - Report abuse -1Told you.
MAGAAAAAAAAAAAAAAAAAAAA
If you liked Trump you're going to just love Pence - if you ever have the pleasure.
Reap it, commies.
Where are now the Macri cheerleaders?
Aug 31st, 2018 - 10:07 pm - Link - Report abuse -2All gone or in hiding.
They were so used to blame the Kirchners for about everything, they now have a difficult time adapting to the new reality.
Those who are not Argentines or Latin Americans may have trouble understanding what the heck is going on, which is only natural.
Developed capitalist countries have at least built their economies with decision makers with the country’s interests at heart – not so in Argentina.
The rich and the powerful in Argentina have very divided loyalties. They admire the central countries and have a deeply ingrained contempt for their lower-class country people. And they are not interested, as Macri has shown consistently, in developing the country but only in selling it out.
That explains their apparent state of denial as the crisis deepens. What really happens is, as the peso falls, their accounts abroad are doing well and they don’t really care when bread and milk prices spiral out of control. After the end of their term, investigations should start to check whether their erratic and inconsistent behaviour controlling the peso’s value unduly facilitated huge profits to banks and financiers.
That is why the masses return to Peronism - most experiments with other parties (including Menem) have miserably failed.
Good thing CFK isn't in power, Macri won't even dream about invading the Falklands as a distraction.
Sep 02nd, 2018 - 04:41 am - Link - Report abuse +2Reekie,
Sep 05th, 2018 - 06:18 pm - Link - Report abuse 0“Where are now the Macri cheerleaders? All gone or in hiding.”
I would not describe myself as a Macri cheerleader because he has made mistakes, but I am definitely anti-Kirchner and I am still here.
“Developed capitalist countries have at least built their economies with decision makers with the country’s interests at heart – not so in Argentina.”
Including CFK, of course. She did become unusually rich-hence the current investigations.
“After the end of their term, investigations should start to check whether their erratic and inconsistent behaviour controlling the peso’s value unduly facilitated huge profits to banks and financiers.”
Why wait until the end of a term? Start an investigation as soon as any dodgy behaviour is suspected. I'd include in that an investigation into who is selling these millions of pesos that are bringing the peso down in value. I've read that the majority of the transactions have been for US2m from banks with Kirchnerist management. Is this true? I have no idea, but I'd definitely support an investigation.
Now, 1. Who might have access to a sufficiently large amount of pesos that its sale could influence the country's exchange rate? 2. Who might have leverage over banks to ask them to make these transactions? and 3. In whose political interest would it be for the peso to collapse under the current government? The answer to all 3 is CFK. Not proof, but maybe suspicious and investigations should start.
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