Argentina to join BRICS bank?

Friday, June 2nd 2023 - 11:01 UTC

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Argentine Economy Minister Sergio Massa was told in Shanghai by New Development Bank President Dilma Rousseff that the road was clear for Argentina to join the entity and thus be able to obtain some financial backing in the near future, it was reported. The formal announcement will be made next August alongside those concerning Saudi Arabia, Egypt, and Zimbabwe. Read full article

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Brasileiro
Great NBD initiative!

It is very important for South America that Argentina settle its debt with the IMF and manage its economy with anti-cyclical measures.

The dollar has become a heavy anchor that imprisons and enslaves us.

https://www.youtube.com/watch?v=TKpONehNdgo&list=FLmXPTu1f8AdGlizWNiASx2A&index=17
Jun 02nd, 2023 - 11:16 am - Link - Report abuse 0
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Tænk
Tænk is happy...
Jun 02nd, 2023 - 01:10 pm - Link - Report abuse 0
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Pugol-H
Having just got a new credit card, Sr Massa goes on to Beijing to increase the limit on an existing one, now almost maxed out.

He has proved to be very adept at obtaining more loans, it has to be said.

However I don’ see any plan to pay anything back, perhaps that is being left to the next Government.

Without a MASSIVE boom in the Argentine economy or DRASTIC cuts in public spending, another default looks inevitable.

Never mind stopping printing more money and reducing the money supply to control inflation.

And this is a ‘good news story’? Or just another step on a downward spiral?
Jun 02nd, 2023 - 02:01 pm - Link - Report abuse +1
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Brasileiro
BNDES is financing a gas pipeline from Vaca Muerta to Rio Grande do Sul.

What will come through this gas pipeline will serve as payment.

The NBD will do the rest.

https://www.youtube.com/watch?v=2m-vthh7s8U&list=FLmXPTu1f8AdGlizWNiASx2A&index=35
Jun 02nd, 2023 - 02:09 pm - Link - Report abuse 0
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Tænk
Good, true point..., Brazileiro...
Jun 02nd, 2023 - 02:14 pm - Link - Report abuse 0
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Pugol-H
Doesn’t look like it will go ahead.

https://www.bnamericas.com/en/news/brazils-intention-to-finance-argentina-gas-pipeline-raises-concerns

‘Argentina's internal policies are complex and include domestic price controls, multiple exchange rates for the peso and frequent balance of payments crises. “The question is how to structure this solution without the risk remaining entirely within the Brazilian market.”’

‘There are also doubts about the extent to which Brazil can tap gas from Vaca Muerta, given that Argentina is a major consumer and importer of fuel, especially in the winter.’

‘”There is still no clarity about how this gas will reach Brazil. If through Rio Grande do Sul or Bolivia. Or by LNG, liquefied in Buenos Aires, which would be more expensive”’.

If, all the above notwithstanding, they can supply gas to Brazil the price will be exorbitant, it has to be to cover the cost of the loan, unless of course they default, again.
Jun 02nd, 2023 - 02:26 pm - Link - Report abuse +1
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Brasileiro
We have the dollars. What would they be good for?

Better to spend them now than get blocked in a few days.

Argentina leaving the dollar is the most important thing.

Vaca Muerta will benefit either one or the other. The benefit will help solve another problem. Wherever the problem is.
Jun 02nd, 2023 - 02:37 pm - Link - Report abuse 0
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Pugol-H
Bras
Get real here, no one who has dollars invests them in Argentina, probably not even left wing idiots like Lula, he gets the BRICS bank to lend them money instead, but it won’t be dollars.

The dollars are leaving Argentina, as fast as they can.

Invest Yuan if you must, but save your dollars for when you need to buy something in the rest of the world.

It’s called ‘hard currency’.
Jun 02nd, 2023 - 11:28 pm - Link - Report abuse -2
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Chicureo
“A fool and his Huan will soon be squandered.”
Jun 03rd, 2023 - 09:02 pm - Link - Report abuse 0
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