MercoPress. South Atlantic News Agency
Argentina's Vicentin soy giant claims government never informed it of taking over the group
Late Monday the Vicentin soy crushing giant group, which Argentine president Alberto Fernandez had previously announced it would take over to ensure jobs and food sovereignty, made public a release denying any job losses and revealing it was in talks with interested parties to overcome the current under administration situation. Read full article
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Disclaimer & comment rulesA good step by Alberto Fernandez that aims to give certainty to about 6,000 employees and 2,600 farmers dealing with Vicentin and who have not been paid for soy they handed in to Vicentin.
Jun 10th, 2020 - 05:21 am - Link - Report abuse -1Vicentin grew continuously during the four-year term of former president Mauricio Macri, but entered an unexplained decline in the last months of that government.
In October 2019, Vicentin stopped paying its debt installments with the Banco Nación and other creditors. In spite of this, the company still received another 95 million dollars in credits from the Nacion in November.
The company declared default on about $1.5 billion US in February.
Yes, a clear indication of how Peronists continue to destroy its country's wealth.
Jun 12th, 2020 - 08:55 pm - Link - Report abuse 0To borrow the thoughts of the exceptionally charming and perceptive Bianca Fernet explaining why idiotic Peronist sycophants like Enrique Massot are incapable of accepting reality.
When Macri’s administration came to Wall Street promising change and reform, he believed himself to be capable of engineering an economic about face. But it’s not the economy, stupid, it’s the culture. Argentina’s proclivity to over-borrow, over-spend, and then act like bewildered victims of some complex plot has nothing to do with the economic theory. All the austerity in the world is not going to magically transform Argentines into logical decision makers.
So to the IMF and Wall Street, let me offer you a jewel of wisdom. Think of the current administration and Alberto Fernandez as your versions of Fede, Martin, and Nico. When he says he loves you will pay back loans and not enact currency controls, he’s not lying – exactly. He’s simply Argentine, and thus bewilderingly capable of holding multiple opposing and incompatible ideas in his head, and simultaneously believing they are all true.
Argentina is on an inevitable path back to currency controls. Argentina will never dollarize. And Nico does love you, he just loves himself more. Just remember that Argentine promises – like a juicy cut of steak – are best consumed with a healthy pinch of salt.
It heavily snowed in the Andes last night. I will be skiing with my entire extended family at Valle Nevado on July 3rd! Life is good and the demand for superfood avocados continues to increase during these troubled times.
Currently, I don't have very much concern about that Chile's Harvard educated self-made billionaire President will lead my country through this crisis. Chile has an outstanding world credit rating and a strong independent central bank.
Chicureo, as per one of his last lectures, appears to be missing former Argentine president Mauricio Macri:
Jun 13th, 2020 - 10:26 pm - Link - Report abuse 0“Macri...believed himself to be capable of engineering an economic about face.”
He couldn't do it, according to Chicureo, because of “Argentina’s proclivity to over-borrow, over-spend, and then act like bewildered victims.”
I don't quite get Chicureo's reasoning. Was Macri the president of Argentina from 2015 to 2019? Or had I a bad dream?
Jokes aside, Macri took office in December 2015, former president Cristina Kirchner had left a foreign debt equivalent to 25 per cent of the country's GDP. As a result, the country had lots of room to take in loans. Which Macri did, fast and furious.
When he ended his term last December, Argentina's foreign debt equated one year's worth of the country's annual GDP. Repayments have already began, fast and furious.
Economy minister Martin Guzman is negotiating repayment delays so that the country can restart its economy and pay back its dues.
Remarkably, Peronist governments have been the least foreign debt takers. During Juan Peron's second term in office ended by an army's bloody coup in September 1955, the country became creditor for the first time in history.
In 1952, the Peronist government fully paid off the external debt; by the end of the year, Argentina became creditor of US$ 5 billion.
No matter. Pinochet apologist Chicureo will tell you -- without blinking -- how good current Harvard-educated Chilean president Sebastián Piñera is and how bad Argentina's current president Alberto Fernández is.
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