MercoPress. South Atlantic News Agency
Departure of foreign companies from Argentina and also from Brazil on the rise and with no end in sight
Foreign companies keep leaving Argentina and claiming those moves are part of global strategies. Local analysts are reluctant to believe these explanations, but perhaps they would reconsider their stance if they see a similar exodus also taking place in Brazil. Read full article
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Disclaimer & comment rulesI have a very close friend who resides in San Juan. For several seasons, our families have jointly vacationed together for skiing in Las Leñas until this sad pandemic occurred.
Aug 16th, 2021 - 04:16 pm - Link - Report abuse 0During the past years he’s been carefully transitioning his family’s wealth abroad as the writing on the wall has always been very clear that the Peronist corruption would continue to ruin his country.
He’s a very proud Argentine and highly patriotic — but also very pragmatic about reinvesting profits into a sinkhole. Profits from export sales are transferred to offshore companies because otherwise its stolen by the government and its corrupt officials.
Therefore the exodus of international investment is to no surprise and was easily predictable long ago. Investing in Argentina has alway had complications.
Argentines continuously live the fable of “killing the goose that lays the golden eggs” — but in their case actually have several to kill each decade — because Argentina is incredibly wealthy!
The national sport there is how NOT to fully pay taxes — which they are masterful in doing! (It’s no secret that much of the profits from soya, corn and beef ends up in Panamanian LLC bank accounts.)
I personally admire the wealth and rich culture of my Argentine neighbors — but I am highly thankful I was born in Chile!
¡Saludos cordiales desde Panquehue!
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