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Montevideo, May 24th 2019 - 06:04 UTC
The credit rating agency Fitch lowered the prospects for Argentine sovereign debt to negative, arguing the overall weakness of the economy and an uncertain scenario for fiscal consolidation in coming years. Read full article
Fitch is clueless.
Fitch walks a fine line between doing its job by showing the dire economic situation of Argentina while trying to reassure the world that the darling who has helped some to make fortunes will probably be doing well...sometime in the future.
Fitch said it was confident the Argentine administration would manage to comply and enforce its fiscal consolidation goals.
Enforce? Is it just me or I smell something sinister in this phrase? Usually, countries need to use riot police to enforce IMF conditions that target people's living conditions.
Let's see. During its first three years, the country's economy has been going downhill, with the exception of a brief period - surprise! - just before the October 2017 mid-term election.
Unable to keep borrowing from private investors, Argentina went to the IMF and the Macri government is now on life support as it readies deep expense reductions while keeping the highest interest rates in the world.
Would be nice to know where Fitch's optimism comes from about Macri's last year in government.
Argentina will default once again. It’ll happen in 2020 or 2021. These monkeys couldn’t run a kiosk if their lives depended upon it.
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