Earlier this year, Cristina Fernández de Kirchner, Argentina’s president, proffered some advice to European governments facing recession and market panic. Its essence was “stuff the IMF and carry on spending.” It is what she and her predecessor and husband, Néstor Kirchner, have practiced since 2003. Argentina is one of only a handful of countries that refuse all dealings with the IMF. Almost a decade after it defaulted on $90 billion of debt when its economy collapsed, it still has few financial ties with the world and very little bank credit. Yet contrary to repeated forecasts of doom from orthodox economists, the economy is roaring.
Argentine economic activity surged 11.1% in June over a year ago which means GDP in the first seven months of 2010 expanded 9%, according to figures released by the country’s National Statistics Institute, Indec.
The number of land in the hands of foreigners in Argentina has almost tripled in the last 10 years, a phenomenon that is spreading to areas that are rich in natural resources and that is affecting small towns that are finding themselves enclosed within the domains of large landholders.
Argentines expect prices to rise 25% over the next twelve months, according to the median estimate in a monthly survey by Buenos Aires-based Torcuato Di Tella University. Expectations in August remained unchanged from last month’s report, the university said in an e-mailed report.
Argentina’s government shut down the Internet service provided by Grupo Clarín SA Fibertel unit, saying the company’s merger with Cablevision SA was illegal. The move is the latest in a fight between the media group Clarin and President Cristina Fernandez de Kirchner.
Argentina’s economic activity expanded 11.1% last June compared to the same month a year ago, anticipated President Cristina Fernandez de Kirchner during the celebration of the 126th anniversary of the Rosario Chamber of Commerce.
The Catholic Church again expressed “concern” about the increase in crime and insecurity during the opening of the 156th Episcopate Permanent Committee Summit presided by Cardinal Jorge Bergoglio.
Argentine president Cristina Kirchner has a better image but most interviews believe her husband Nestor Kirchner will finally be the incumbent presidential candidate in 2011, according to a public opinion poll undertaken by Poliarquía for Buenos Aires daily La Nación.
The number of tourists that arrived in Argentina during June increased 29.7% compared to the same month last year, according to a government report.
The Argentine foundation for the endowment of art and culture OSDE has opened an exhibition in Buenos Aires which recalls the Soviet invasion of Prague in 1968. The remarkable photographs were taken during one week in August of 1968, which capture the Soviet-led invasion of Prague.