Argentines ever so suspicious of their currency and so fully confident in the all mighty US dollar, they have some US$ 322 billion hidden in the “mattress”, which means mostly overseas in bonds, shares, real estate, according to the latest figures released by the country's stats office, Indec.
It is estimated that during the last four years, in coincidence with the administration of ex president Mauricio Macri, some 100 billion dollars also took refuge in the mattress. This includes security vaults in banks, overseas deposits, plus bonds and shares.
Indec points out that in December 2015, these assets reached US$ 222.5 billion and in 2009, US$ 146,3 billion. But at the end of the current year, the sum adds to US$ 322,3 billion which is almost equivalent to the Argentina's sovereign debt of US$ 311,2 billion, according to the Ministry of Economy.
In more detail Indec, says that in the last four years, the Argentine gross foreign debt, public and private, increased US$ 106 billion, belonging either to Argentine private citizens or companies, but outside the local system.
The latest Indec report shows that on 30 September 2019, overseas financial assets held by Argentines, totaled 387,5 billion dollars, which also includes the international reserves from the Central Bank. Likewise during the third quarter of the current year, Argentine Central Bank reserves dropped some 15,5 billion dollars, as individuals and corporations rushed to change Pesos for dollars, and sent them mostly overseas..
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Alberto Fernández is proposing the absolute opposite.Dec 25th, 2019 - 06:52 pm +2
For those who hold more means than needed to survive day-to-day, month-to-month. No freedom to come and go, no freedom to speculate, no freedom to do what you want!
For those who need to figure out how to pay for their food, medications and basic services every month were increasingly struggling to make ends meet will now be going to paradise?
Argentines...have some US$ 322 billion hidden...mostly overseas.Dec 23rd, 2019 - 06:10 pm -1
”(During) the administration of ex president Mauricio Macri, some 100 billion dollars also took refuge...in security vaults in banks, overseas deposits, plus bonds and shares.”
Such was the paradise Macri created for those who hold more means than needed to survive day-to-day, month-to-month. Freedom to come and go, freedom to speculate, freedom to do what you want!
In the meantime, those who need to figure out how to pay for their food, medications and basic services every month were increasingly struggling to make ends meet.
The figures above provide a quick snapshot of what, in essence, the Macri government meant to Argentines.
Alberto Fernández is proposing the absolute opposite.
RicoDec 26th, 2019 - 10:20 pm -2
1. No freedom to come and go?
Haven't heard of any restrictions to this right.
2. No freedom to speculate?
No news about any restrictions to it. But speculation will pay less now than it did under Macri.
3. No freedom to do what you want?
Well...as it should be...your freedom stops where another's begins.
4. Those struggling to pay for your food, medications and basic services...will now be going to paradise?
No doubt. As per the Sermon on the Mount, Blessed are the poor in spirit, for theirs is the Kingdom of Heaven.