MercoPress. South Atlantic News Agency
IMF says it can live with another possible government of Cristina Fernandez
The head of the IMF mission currently in Buenos Aires for the fourth review of the economic program signed by the administration of president Mauricio Macri last year, said that the Fund does not fear a possible return of ex president Cristina Fernandez to office. Read full article
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Disclaimer & comment rules“IMF says it can live with another possible government of Cristina Fernandez...”
May 14th, 2019 - 08:48 pm - Link - Report abuse -2Í say...:
O'really...?
What a surprise...!
Chuckle..., rechuckle..., requetecontrachuckle...
The IMF has bent its own policies to allow Macri to use borrowed money to prop the peso, in line with Trump's open support for the embattled president who face an election in October.
May 15th, 2019 - 01:48 am - Link - Report abuse -2All things taken into account, the IMF would be better off with Cristina, whose government always paid in time.
Macri, on the other hand, knows well how to borrow money -- to pay it back is another matter.
EM,
May 15th, 2019 - 04:28 pm - Link - Report abuse +1“All things taken into account, the IMF would be better off with Cristina, whose government always paid in time.”
You must be joking! So we just imagined it when CFK (illegally) refused to pay back the “vulture funds”?
Oh sorry Zaphod! I forgot!
May 16th, 2019 - 02:22 am - Link - Report abuse -1I was thinking of legit payments to the IMF, the Paris Club and other international credit organizations. Obviously I forgot to include the (sound pitos, repiques and balabans) Illegal! refusal to pay a ransom extorted by a group of financial gangsters supported by an obviously biased NY judge.
I can see how you must have celebrated when president Mauricio Macri paid the vultures more than what they had asked.
Too bad your hero is now close to riding off into the sunset.
The whole world can live with another CFK government simply because Argentina has very little influence or effect outside its own borders anymore.
May 16th, 2019 - 07:51 am - Link - Report abuse +1EM,
May 16th, 2019 - 05:09 pm - Link - Report abuse +1”I was thinking of legit payments to the IMF, the Paris Club and other international credit organizations. Obviously I forgot to include the (sound pitos, repiques and balabans) Illegal! refusal to pay a ransom extorted by a group of financial gangsters supported by an obviously biased NY judge.“
I know it was unfair, but unfortunately the law was not on Argentina's side in this case so it was never going to win this one.
”I can see how you must have celebrated when president Mauricio Macri paid the vultures more than what they had asked.“
No, I didn't celebrate, but Argentina was never going to win that battle, Macri recognised it and cut their losses. If CFK had done the same some years earlier, Argentina would have saved itself a LOT of money.
”Too bad your hero is now close to riding off into the sunset”
He is not my hero and he made a lot of mistakes, but did some things well (see my previous postings on aspects of the Argentine economy that have improved - that you never respond to). CFK on the other hand was a complete disaster who created the mess that Macri was unable to fully resolve. Argentina should try and choose the most capable person of fixing their economy (who may not be Macri) rather the person most capable of making things worse again. CFK's track record showed that she did everything wrong - her delays with the “vultures” cost Argentina a lot, her attacks on the farmers screwed up a major driver of the economy, her isolationism messed up the balance of trade and she hid how badly the economy was doing by cheating the statistics.
ZB
May 17th, 2019 - 12:45 am - Link - Report abuse 0”(Macri) made a lot of mistakes, but did some things well...CFK on the other hand was a complete disaster who created the mess that Macri was unable to fully resolve.“
You can keep your own opinions forever and rationalize them as you wish. But you probably know that without the IMF money Argentina would be in default for a about a year. You may also know that Macri was able to borrow such massive amounts because CFK left a country with a manageable debt amount.
You probably know that the inflation under Macri has been substantially higher than under CFK, and before you resort to the tired ”INDEC was flawed under CFK“ I will tell you that measurements done by several agencies other than INDEC have been compared.
You may know that Argentines are asking where the hell the money Argentina owes now is gone. Under Macri, a large part of the foreign debt is dollars that came to speculate with ski-high interest rates, made a kill, and went back abroad.
Perhaps you know that the population's purchase power has plummeted as has the industrial production -- in a nutshell, ALL the economic indicators are deeply in the red. Even large companies are in trouble now. Where was the much-parroted Macri's ”business-friendly” approach?
Only financial speculators have lined their pockets. Oh, and the energy companies, headed by Macri's friends and a few other businesses headed by family, friends and associates. The courts are going to be busy with over 200 denunciations made during Macri's term.
So, this is why Cristina, without doing much, has been soaring in the polls while Macri sinks hopelessly. People are comparing how full their fridge is now as compared to four years ago. And the discourse fed non-stop by the dominant media becomes less credible with each passing day -- again, because of this fridge thing.
If I were you, I would be doing my financial planning according to reality as opposed as your wishes.
EM,
May 17th, 2019 - 05:56 pm - Link - Report abuse 0“If I were you, I would be doing my financial planning according to reality as opposed as your wishes.”
Good advice. Do you take it yourself?
FWIW, my limited investment in Argentina is kind of helped by high inflation.
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