MercoPress. South Atlantic News Agency
IMF okays US$ 5.4 bn disbursement for Argentina
The International Monetary Fund (IMF)'s Executive Board Friday approved the fourth review of last year's Extended Facilities Program with Argentina, after which a US$ 5.4 billion disbursement for the South American country was cleared to proceed, it was reported in Washington DC. Read full article
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Disclaimer & comment rulesMore money that Argentina will never afford to pay back. Let's hope that much of it will support the poverty stricken people of Argentina.
Apr 01st, 2023 - 12:58 pm - Link - Report abuse +1Not used for political campaigns like they do regarding the Falkland Islands.
Or syphoned away into swiss bank accounts.
It is necessary to de-dollarize the Argentine debt. A country is only truly sovereign when its debt can suffer the effect of inflation or the printing of its currency.
Apr 01st, 2023 - 01:59 pm - Link - Report abuse 0The State needs to have the means to manage its economy without being subject to another State.
https://www.youtube.com/watch?v=KD_1Z8iUDho
I want you to loan me money. But requiring me to use it properly violates my sovereignty.
Apr 01st, 2023 - 04:22 pm - Link - Report abuse +1When we burn it all away by using it improperly, you can't require us to pay it back.
That too, violates my sovereignty.
Maybe now you don't want to loan me money because there can't be any controls and I don't have to pay it back.
Well, not loaning me the money violates my sovereignty too.
Arg has been in a debit spiral for 100 years, at least they are attempting to service / pay that debit.
Apr 01st, 2023 - 05:35 pm - Link - Report abuse 0Back in Europe 100's of billions have been given to Ukraine with no hope of getting it back, instead Ukraine gives up its sovereignty as Black Rock moves in.
Ukraine should just give up its sovereignty to Vladimir Putin, and not to Black Rock.
Apr 01st, 2023 - 07:30 pm - Link - Report abuse 0Putin good. Black Rock bad.
The real question is, how does a country with the resources, both mineral and human, that Argentina has, ever get into a situation like this?
Apr 02nd, 2023 - 12:32 pm - Link - Report abuse +1I cannot be just bad luck or not having the S. Atlantic to plunder.
We are looking at chronic bad management/corruption such that simply putting more money into a system this broken will only buy some time, but ultimately not solve anything.
The poor will stay poor and the ruling elite will stay rich.
Until the system is fixed Argentina will not advance, but simply lurch from crisis to crisis and the Falkland Islanders can sleep easy.
Pugol-H
Apr 02nd, 2023 - 07:54 pm - Link - Report abuse 0I tend to agree with the below article.
Peron was the economic grave digger, I suppose using hindsight, implementing the wrong policies could be construed as bad management.
Whatever the case Arg never really recovered from the Depression of the 1930's, which also affected the old world, who managed to come out of it by having a world war
https://www.dw.com/en/https-enwikipediaorg-wiki-economichistoryofargentina/a-54310145
They recovered from the great depression well enough, which had only a mild effect in Argentina. Problem was they never grew after that.
Apr 04th, 2023 - 04:23 pm - Link - Report abuse 0Argentina had a very profitable war, in 1946 Argentina had the second largest gold reserves in the world not that far behind the USA and way ahead of anyone else.
However Peron for all his Fascist ideology was an economic socialist hence spend, tax and spend, borrow and spend then print and spend.
The money spent (what isn’t nicked in the process) on subsidising the poor, rather that measures to change their situation.
The script for every Peronist government in Argentina ever since.
Policies also adopted in places like Venezuela, which has the largest reserves of oil and gas in the world yet the population live in abject poverty and on the verge of starvation.
As Milton Friedman said ‘When you start paying people to be poor, you wind up with an awful lot of poor people.’
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