The administration of President Cristina Fernandez announced the drafting of a bill intended to establish a recovery plan for undeclared assets within the country and abroad in order to strengthen the level of foreign reserves of the Central Bank. The government estimates Argentines hold 160bn dollars outside the financial system in the country and overseas.
The Argentine government is considering different options to contain the current skyrocketing of the US dollar, but according to the financial media there are different positions in the cabinet of President Cristina Fernandez. One of those calls for direct interventions while the other adopts a more passive attitude saying the issue is speculative and ‘marginal’.
Argentina's federal government has ordered supermarkets to offer a basket of 300 basic products at low prices amid a backdrop of what many economists say is one of the highest rates of inflation in the Americas.
Argentina’s organized labour CGT leader Hugo Moyano began on Monday his new term at the helm of the umbrella union organization and once again targeted the government of President Cristina Fernandez promising to set up his own Indec (stats office) to measure inflation.
Venezuela’s president Hugo Chavez running for re-election received a considerable boost for his campaign from his peer and political associate President Cristina Fernandez when it was revealed that Argentine inflation in the first half was over two digits.
President Cristina Fernández took to her Twitter account to say that “the fundamental goal in the unity of the region must be to make sure that the global crisis has the less kind of possible impact in the development of our nations.”
Senator and former cabinet chief Aníbal Fernández said on Sunday that the Argentine government is planning, from the open of the black market on Monday, to put pressure on money exchange traders in order for the ‘blue’ dollar rate to not go over 5.10 Argentine Pesos.
The potential to treble imports from Argentina in a few years was underlined by Brazilian manufacturers but there must be a “compromise of reciprocity” to lower trade barriers since currently “we known they are higher on the Argentine side”.
Argentina was accused once more of “protectionism” at the meeting of the Imports License Committee of the World Trade Organization (WTO) in what can lead to a trade dispute with forty countries.
Freight truckers and customs’ brokers’ staff paralyzed the Buenos Aires port five terminals for a second day running to protest restrictions on import trade recently implemented, which has caused a collapse in port activities and thus jobs.