"Investors are increasingly concerned Latin America's third-largest economy could soon default as it struggles to repay heavy government borrowing. This comes after Argentina's government unexpectedly asked for the early release of a $50 billion loan from the International Monetary Fund (IMF) on Wednesday."
Financial Crisis
There are 12 replies in this Thread which has previously been viewed 4,247 times. The latest Post () was by Rice.
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This explains a lot, Domer61 . I should have read your post and link before asking in another thread, WHAT HAPPENED?
So the central bank raised interest rates by 25 basis points and Macri asked the IMF to speed up delivery of $50 billion, as in ‘immediately if not sooner.’
Add to this the threat looming in the background, that wages will be lowered and that inflation is now hovering in the 30’s, probably headed toward 40% soon, and I’m wondering if both Splinter and we might be caught up in a roadblock strike on your trips in fromEZE in the coming weeks -
Not to mention the probable spike in the crime rate everywhere in the country -
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To the point in your article, Domer61 , economic crises often become political crises.
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According to the Financial Times today:
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Argentina is understandably having trouble keeping Central Bank leaders. The peso’s slide just took it back where it was about a week ago, so it is currently holding its own against the dollar. Tomorrow? Who knows.
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Worst case scenario - Macri joins the Helicopter Club.
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Yikes.
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CNN is showing a chyron saying that the peso is sliding as Argentina seeks an IMF bailout. The Foreign Minister is being interviewed, and sounds resigned. Yet Bloomberg’s exchange quote hasn’t changed from this morning’s 38.53, and our neighborhood cueva has dropped their rate, offering 36.8 to buy dollars.
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CNN is showing a chyron saying that the peso is sliding as Argentina seeks an IMF bailout. The Foreign Minister is being interviewed, and sounds resigned. Yet Bloomberg’s exchange quote hasn’t changed from this morning’s 38.53, and our neighborhood cueva has dropped their rate, offering 36.8 to buy dollars.
I think we are still talking about the same place. We exchanged euros yesterday for 44, when on xe.com the quoted rate was 45.82. Quite disappointing, but no alternative is available to use so we will take whatever they offer. We will provide a disappointed face anyway, just in case.
Best thing would be to exchange with a local friend with no middle man, imho.
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I think we are still talking about the same place. We exchanged euros yesterday for 44, when on xe.com the quoted rate was 45.82. Quite disappointing, but no alternative is available to use so we will take whatever they offer. We will provide a disappointed face anyway, just in case.
Best thing would be to exchange with a local friend with no middle man, imho.
What about that TransferWise, can you use that?
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(Quote from serafina)
What about that TransferWise, can you use that?
You can use it and you would know the exchange rate beforehand and it would be fixed for 24 hours. However, you need a local bank account to actually cash the money in Argentina. Please also remember that you must declare any bank account you have abroad and pay a tax on your money there, I think it is 1% per year.@splinter’s spouse is an accountant here in Argentina and should know this exactly.
Sent from my iPhone using Tapatalk
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The latest proposal from the economy minister on how to tackle Argentina's baffling economy.
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Looks like a winner to me.
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