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The US sits on the sidelines as China strengthens ties with Latin America
Argentina’s current precarious economic situation was exacerbated in no small part by a mass exodus of international investors, especially those from the United States. However, as the country struggles to keep its head above water in a sea of inflation and currency crises, China’s investment could be the support they so desperately need. But at what cost? China have offered financial assistance and trade ties with the South American country, involving a currency swap agreement that allows the countries to loan funds to each other in times of financial difficulty. A renewed agreement in July 2017 means the two countries […]Read more...
Struggling small and medium-sized businesses turn to Macri for help
Last month, Argentina’s celebration of Micro, Small and Medium-Sized Enterprises Day prompted a formal request from the country’s Confederation of Medium-Sized Enterprises (CAME) for President Mauricio Macri to offer ways to alleviate the crisis they are currently facing. The ongoing currency crisis, which has seen the peso fluctuate considerably against the US dollar over the past few years, has stunted buying and selling decisions across the country. Despite the recent introduction of a buffer-inducing ‘floating currency,’ financial instabilities in Argentina have hit record levels over the last few months, which has largely impacted the country’s smaller-sized businesses. “We need to […]Read more...
G20 in Argentina: Economic leaders want more trade dialogue and less obstacles
The trade wars between the United States, China, Canada and Europe gave leaders from some of the world’s most important economies a lot to talk about at the G20 meetings in Buenos Aires this past weekend. All participating countries and financial figureheads came together on Sunday to sign a consensus statement, in which they agreed, among other financial topics, that escalating divisions in trade talks hamper global growth. As the event wrapped up on Sunday at the Buenos Aires Exhibition & Convention Centre (CEC), Argentine Treasury Minister Nicolas Dujovne told reporters that “consensus was not difficult to achieve,” according to Bloomberg. […]Read more...
Ahead of Christina Lagarde’s visit on Friday, is Argentina on track and toeing the IMF’s guidelines?
With IMF’s Christina Legarde’s visit to Argentina scheduled for this Friday, it’s time to take a look at what changes she will be expecting, and whether the country is on track with their predictions. Off to a slow start, the IMF’s July growth projections have given Argentina a little more room to breathe. The article states that “growth projections have been revised down for Argentina,” acknowledging the difficult conditions the country is facing “owing to tighter financial restrictions and needed policy adjustment.” Argentina sought help from the IMF this year, when foreign investors left Argentina en masse, leaving the country […]Read more...
IMF measures mean 6000 job losses and frozen salaries, affecting much of the population – except the armed forces
President Mauricio Macri’s obsession with cutting Argentina’s fiscal deficit in line with IMF demands reaches a head after the release of an official bulletin was on Tuesday. This explained that the government will not hire any new staff and that state salaries will be frozen until Dec. 2019 when he finishes his term as president. Additionally, Macri has decided to fire over 6000 people who are currently contracted by universities as technical assistants from Jan. 1 2018. This applies to all universities, be it private, public, state, regional or national, and could affect up to 7,000 people. However, TeleSur reported […]Read more...
Lawyer stands up for fired Telam workers saying their jobs should be reinstated
After weeks of peaceful protesting, the 354 people who were fired from state-owned media agency Telam have received some support from the justice system. TeleSur reported that head lawyer for Social Security Gabriel de Vedia has voted for the reinstatement of those who lost their jobs in response to an argument presented by the National Civil Association for Equality. The organisation argued that the layoffs were carried out “in an arbitrary time frame and in a discriminatory manner.” On June 26. 40% of Telam workers were given their notice without previous warning. This came alongside a communication on the Telam […]Read more...
The rise of money-free exchange markets reflect economic crisis and social change
As Mauricio Macri and his government are holding their ground against national protests, fluctuating currency rates and a staff upheaval at the Central Bank, Argentina’s communities are taking matters into their own hands. Just as during the economic crisis of 2001, when rising inflation rates and Argentina defaulting on their IMF loan caused thousands of Argentines to fall into poverty, citizens are rallying together to prove that money isn’t actually everything. There has been a rise in barter markets, where people can trade their goods for food or other products that they need, without needing to use money. In 2001, […]Read more...
MSCI reclassifies Argentina as an emerging market after 9 years, but what will change?
Argentina has just found out that it will leave its status as a frontier market and become an emerging market. This is a long anticipated moment, but what does it actually mean for the country? First of all, an emerging market has access to a much larger pool of potential investor companies. Apertura explained that the frontier market index has 110 companies from 29 countries available to invest, whereas the emerging market index has a whopping 830 companies from 24 countries. Being upgraded will result in more investments, and therefore more liquidity. Cronista estimated that if bumped up, Argentina would […]Read more...
Caputo brims with confidence saying crisis is ‘the best thing that could have happened’
Luis Caputo, the recently-appointed president of the Central Bank of Argentina (BCRA) is showing confidence in his management and said that Argentina’s currency crisis was “the best thing that could have happened.” This confidence follows Tuesday’s closing-market value of the dollar at $28.46 pesos, and some Lebacs reaching the end of their term to the tune of $53 billion pesos. He told Argentine newspaper Clarin that the first 48 hours of his management had been very good, and that his measures were well received by both markets and analysts. “In the short term these things have a price, but I […]Read more...
Luis Caputo’s plan to arrest the increase in the peso and attract investors starts Monday
Luis Caputo took the reins of the Central Bank last Friday, and he has put in place a plan that will make significant changes in a bid to balance the economy and put the brakes on the rise of the peso. Caputo, who replaced Federico Sturzenegger as president of the Central Bank, has vice-president Gustavo Cañonero at his side to help him set up measures that hope to bring back support and trust to the Argentine economy. This will be a difficult task, as the dollar reached its highest levels since President Mauricio Macri’s office began. One of the first […]Read more...
President of the Central Bank Sturzenegger resigns saying his ‘credibility had deteriorated’
The president of the Argentine Central Bank, Federico Sturzenegger, resigned on Thursday evening and Luis Caputo will take his place. Thursday afternoon Sturzenegger handed in his letter of resignation and published it on Twitter, in which he admitted that his credibility had been deteriorating. The now ex-president of the Central Bank is an MIT-trained economist, and left his post after a difficult week where the peso went down in value by 6% and hit an all time low of 28.43 to the dollar, reported Bloomberg. Sturzenegger had been criticised for raising the interest rate to the highest in the world […]Read more...
The Argentine Peso hits nearly 26 to the dollar after the Central Bank refuses to follow IMF guidelines
The Argentine Peso has gained trading value for the first time in two days, after a steady drop of nearly four percent at the beginning of the week. By 2pm on Tuesday the Peso was up by 1.1 percent, which means its value at the time of writing sat at 25.8 pesos to the USD. The jump coincided with a market intervention by the country’s central bank today, despite agreements with the International Monetary Fund (IMF) that they would allow the currency to float freely, reports the Financial Times. Though it has been claimed that the intervention was small, it […]Read more...
IMF loan is secured; but what does that mean for the country?
Argentina’s $50 billion loan from the IMF that was announced on Thursday evening has caused widespread controversy. But what are the effects it has had on the country? A national strike was called on Friday by the Central de Trabajadores de la Argentina (CTA) and the Central de Trabajadores de la Argentina Autónoma (CTA Autónoma) for Tuesday June 14. “[The march represents] a rejection of the government policies, the rising utility bills and the handing over of national sovereignty to the IMF,” the two organisations said in a group statement reported by TeleSur. “The government wants to turn its back […]Read more...
Argentina and IMF agree on a $50 billion loan despite national protests
Argentina agreed to a $50 billion loan from the International Monetary Fund (IMF) on Thursday, as long as they meet ambitious economic objectives. Argentina started talks with the IMF on May 8. after the peso weakened dramatically due to a wave of investors leaving the country, causing the peso to depreciate 25% next to the dollar. Although the green light was given on Thursday, the money won’t be available until the formal agreement on June 20, where the Argentine government will receive a primary installment of $15 billion. The loan will last a total of 36 months, and hopes to […]Read more...
Green outfits and heated speeches show support for legalising abortion at the Martin Fierro Awards
The Martín Fierro television and radio awards took place Sunday June 3 and many of the attendees showed their support for the legalisation of abortion, a debate that has taken over the country in recent months. The Campaign for Legal, Safe and Free Abortion has used a green handkerchief as a symbol of their cause, but the group told Clarin that there was no particular reason behind the choice of colour. However, in Argentina green has become an emblem of the fight to legalise abortion, and many at the Martín Fierro awards many took the opportunity to wear the shade […]Read more...
“A space designed by women, for women”: Media Incubator ESPACIO announces launch of ActitudFem
Media incubator Espacio announces the launch of ActitudFem, a publication dedicated to women, that aims to provide the best content for their many different interests. ActitudFem will provide advice on topics ranging from healthy eating, beauty, trendy hotspots, day-to-day advice and tips and tricks for the home. The entertainment section also brings you the latest on music, art and lifestyle: all in one place. Women are among the United Nations Sustainable Development Goals as the main axis of transformation. Several organizations have embarked on this important commitment to use information and communication technologies (ICT) to promote the empowerment of women […]Read more...
Argentinian Singer Gabriela Yuste passes away in Malaga, Spain
Argentinian singer Graciela Yuste has passed away in the Spanish city of Málaga, where she had been living since 2000. A singer who rose to popularity in Argentina in the 70’s left the country due to clashes with the military dictatorship that ruled the country at the time. Local news source La Opinion de Malaga reported that Yuste started singing at 18, and by 20 she had signed a record deal with Phonogram, a holding company that included the recording companies Phillips, Fontana, Vertigo and Mercury. With Phonogram she gained recognition with her song ‘Tu sangre es mi sangre’ (your […]Read more...
Teachers take to the streets in Buenos Aires as pupils miss out on another day of school
Teachers from all over the country joined the Federal Education March in Buenos Aires Wednesday to demand better salaries. La Nacion reported that the march started at 10 a.m. in different parts of the city and the groups came together in the Plaza de Mayo at around 12 p.m. From 3 p.m. there have been speeches from different members of educational groups and trade unions which can be followed live on YouTube. The teachers are calling for national equality and a new educational financing law, as well as refusing the 15% salary ceiling. More people are striking today than yesterday, […]Read more...
Argentina ‘is far’ from a crisis like 2001, claims Mauricio Macri
President Mauricio Macri said in a rousing speech yesterday that Argentina ‘is far’ from experiencing a crisis like the one the country underwent in 2001. La Vanguardia reported that this was Macri’s first public speech since he announced that the country would be starting negotiations with the IMF about a week ago. It took place in Morón during the unveiling of new sections of the urban metro. “These days anguish and worry is growing among Argentinians, with fear of situations like those we underwent could generate a larger crisis than we had in the past,” La Nacion reported him saying. […]Read more...
Travel inspiration: Jujuy, Rainbow mountains and Turquoise waters
Framed from the west by Chile’s Atacama Desert and from above by Bolivia’s vast Uyuni salt flats, Argentina’s north-western province, Jujuy, is a dry and remote area of the country that seldom receives much tourism. Despite this, it is home to an unusual mix of cultures, languages and spiritual traditions as well as cacti, vast sandy mountain ranges and rainbow-coloured cliffs that even give Peru’s Rainbow Mountain a run for its money. It is this fascinating mix of alien-like land formations, barren sunburnt stretches of land and lack of tourists that entices the most adventurous travellers to delve further into […]Read more...
Workers take to the streets of Buenos Aires in a three-fold demonstration
Various workers’ groups mobilised Monday 15 in Buenos Aires to protest against the rising prices of basic utilities and President Mauricio Macri’s new negotiations with the International Monetary Fund (IMF). TodoNoticias reported that hundreds of people from the General Work Confederation of the Argentine Republic (CGT), the Argentine Confederation of Transport Workers (Catt) and the Youth Union gathered in the Palace of Justice from 11 a.m. to demonstrate against the recent changes in the economy. The leader of the CGT, Juan Carlos Schmid, spoke to TeleSur about the demonstration. “The gathering is for three rejections,” he said. “To the rise […]Read more...
Macri speaks to Trump and receives a ‘positive’ message for the Argentinian government
Mauricio Macri spoke with his North-American counterpart Donald Trump Monday morning in an attempt to gain support for the Argentinian government. According to Urgente24, the call was at 10 a.m. and lasted approximately 10 minutes. Macri is looking for support for his loan from the IMF and hopes that Trump will be a key player in calming down the international market as the dollar keeps rising. Macri is trying to rally international backing as he needs the vote of the members of the IMF to be able to receive his proposed loan of $30 million. This loan is described as […]Read more...
What is happening to the Argentine Peso? Reasons and potential solutions to the current economic situation
Argentina has hit world headlines this week as the peso tumbles down in value, currently standing at 22.66 pesos to the dollar at the time of writing. But what is causing it and how can the country re-boost its economy? Trading Economics puts the current inflation rate in Argentina at around 25%, and interest rates have been hiked up to 40% this past week on the May 8. The downward turn of the peso is simple to understand, explain The Guardian, as the country has a big budget deficit, a big current account deficit and stubbornly high inflation. Although true, […]Read more...
