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China and Argentina set to ratify a controversial nuclear plant deal at G20
As the G20 summit grows ever closer, concerns are arising about China’s encroachment into Argentine territory with a new multi-billion dollar project to build a nuclear plant that may be announced during the G20. China is already the main importer of Argentina’s largest cash crop, soybeans, and is expected to ratify a currency swap deal at the G20, which would involve lending the South American country US$18.7 billion. This loan is offered with low interest rates of three to four percent – double their original line of credit – and will make China the biggest non-institutional lender to the country. […]Read more...
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The Infinite Labyrinth: A new graphic novel on the life of Argentina’s best known writer
In Jorge Luis Borges’ celebrated short tale The Library of Babel, the author writes “Like all men of the library, I have travelled in my youth; I have wandered in search of a book, perhaps the catalogue of catalogues; now that my eyes can hardly decipher what I write, I am preparing to die just a few leagues from the hexagon in which I was born.” According to a new graphic novel, Borges’ own life didn’t stray too far from where he began either. In a straightforward telling of Borges’ life, Borges: The Infinite Labyrinth charts the Argentine writer’s unremarkable […]Read more...
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Security in place for the G20 – Israeli cybersecurity, French helicopters and US health teams
As the G20 summit in Buenos Aires edges closer, the huge security measures that have been introduced become ever more apparent. Minister of Security Patricia Bullrich previously affirmed that it has taken over a year to bring in these measures and guarantee the safety of international leaders, and she has said multiple times that “violence will not be tolerated” during the summit. The G20 summit brings together presidents as well as economic and financial leaders so that they can work together to combat some of the world’s most pressing issues. Taking place from November 30 to December 2, this is […]Read more...
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Patricia Bullrich on preparations for the G20: “We recommend that you leave Buenos Aires.”
Just under two weeks before the international G20 summit, Minister of Security Patricia Bullrich asked Buenos Aires citizens to leave the city during the event to avoid complications. “Our recommendation is that you use the long weekend to go away, to leave on Thursday because the city is going to be very complicated,” she told news station A24. Friday November 30 has been declared a holiday, reported Perfil, and the government is cracking down on measures for what will be a huge security operation. High-profile country leaders such as Donald Trump and Vladimir Putin are expected to attend the summit, […]Read more...
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Budget proposal becomes reality after Senate approval
After an intense debate that lasted over 12 hours, the Senate gave the final approval for President Mauricio Macri’s 2019 budget plan. With 45 for, 24 against and one abstention, Macri managed to persuade some Peronist Senators to vote for the proposal to add to the Cambiemos votes and get a majority. However, during the debates Infobae reported that many Senators criticised the text for the negative consequences it would have on the Argentine people. “The results show that the government’s economic programme has failed,” said the senator for Formosa province, José Mayans. “The reality that this budget is reflecting […]Read more...
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Argentine economy to hit rock bottom by the end of this year
According to Reuters, the long recession that has dogged the country in the past year will reach its worst moment at the end of this year and in the first three months of 2019. After this, however, it is hoped that March 2019 will see a stabilisation and recuperation of the weakened economy. The announcement was made by Italian economist Roberto Cardarelli, who explained that “stabilisation has a cost,” but this will be led by the income of foreign currencies in return for agricultural and fishing exports, the recuperation of internal demand and a more competitive exchange rate between the […]Read more...
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Love thy neighbour (unless it’s Argentina)
There’s a joke I’ve heard time and again in Latin America, that goes something like this: Argentinian: Why does everyone hate us so much? Latin American: Because you all think you’re better than us Argentinian: But we are better than you Or let’s take another example. The other day I asked a Colombian coworker if he was familiar with the Argentine new wave band Soda Stereo. As soon as mentioned the name, his face became so contorted it looked like he was chewing on a wasp. “I hate Soda Stereo, they brought shame on Latin America,” he said, before continuing, […]Read more...
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World Bank awards $950 million dollar loan to Argentina
The World Bank has approved a $950 million dollar loan to Argentina, which will go towards the country’s budget proposal and to provide support to vulnerable children and young people in the country. This loan is in addition to the world-record $5.6 billion loan that the country has recently agreed with the International Monetary Fund (IMF), and is set to “confront economic difficulties and reinforce social protection for its most vulnerable citizens.” The stipulation that much of the loan will be used to help vulnerable populations, especially those most affected by the government’s drastic austerity measures, will hopefully assuage negative […]Read more...
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10 Argentine eateries make Latin America’s 50 best restaurants list
Latin America’s 50 best restaurants were named on Tuesday Oct 30 in Bogota, Colombia. They were chosen by The World’s Best, and although gastronomic hub Peru managed to nab the top two spots with two Limeño restaurants, Argentina has 10 spots in the list. #6 Don Julio, Palermo, Buenos Aires A post shared by Don Julio (@donjulioparrilla) on Oct 18, 2018 at 1:40pm PDT The highest on the list for Argentine restaurants, Don Julio is a high-class restaurant serving what Argentina does best – steak. All of the beef comes from 100 percent grass-fed Aberdeen Angus, which, if you sit […]Read more...
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October 30, a historic day for Argentina’s democracy
Today, Oct. 30, is a historic day for Argentina, as it marks 35 years since the Argentine people voted for a return to democracy, giving Raúl Alfonsín the responsibility of president of the nation. This came after seven years of brutal military dictatorship that saw thousands of people killed or disappeared, reported Actualidad. A CONADEP study highlighted that the majority of the victims were young men and women under 30, often activists and social leaders who were trying to lead their country out of the violent era it had found itself in. Alfonsín was the leader of the Radical Civil […]Read more...
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IMF loan formally approved, final amount set at $56.3 billion
Today Friday Oct 26, the International Monetary Fund (IMF) formally approved the new Argentine loan terms with Argentina, which had been verbally set out in September. The new agreement will see a larger IMF investment than the original deal struck in May, and will also speed up the release of funds. Over the next few years, the IMF will loan Argentina over $50 billion US dollars. The initial agreement in May was for $50 billion dollars, and the September verbal agreement was for $57.1 billion dollars. After the meeting at IMF headquarters in Washington however, the final amount was set […]Read more...
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Global use of Argentine soybeans unknowingly promotes illegal deforestation
The Gran Chaco plains span across a vast swathe of South America, the lion’s share of which sits in Argentina as well as spilling over into Bolivia and Paraguay on the country’s north-western border. An incredibly diverse landscape, the area is home to around 3,400 plant species, 500 birds, 150 mammals and 220 reptiles and amphibian species. However, mass deforestation primarily caused by soybean production is putting the entire region at risk, and even making millions of people around the world inadvertent complices. Heightened global demand for the soybean, which is primarily used in agro-fuels and livestock feed, has caused […]Read more...
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After 18 hours of debate, the budget plan scrapes an approval
After a marathon session of debates that lasted 18 hours, Congress approved the proposed budget plan for 2019. With 138 votes in favour, 103 against and eight abstentions, Mauricio Macri’s government managed to just approve a measure that had experienced a huge amount of resistance from opposition parties. With a majority of votes, the legislation will now pass to the Senate where it will be discussed on either Nov. 14 or 21. The debates were meant to start at 11 on Wednesday Oct. 24, but they were delayed by half an hour as initially there were not enough MPs in […]Read more...
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Violence erupts both inside and outside Congress during budget debates
Violence has broken out both inside and outside Congress during the debates on the controversial 2019 budget, with MPs pushing and shouting as well as protesters throwing rocks. Outside Congress, reported Clarin, a group of hooded individuals attempted to knock down the barriers put in place whilst also throwing rocks and hitting public property with sticks. The police have responded with tear gas, rubber bullets and fire trucks in an attempt to disperse the attackers, and 27 individuals have been arrested thus far. Así se reprimía en las inmediaciones del Congreso mientras se discutía el Presupuesto. #Presupuesto2019 pic.twitter.com/fPgO2sY2N3 — […]Read more...
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Nobel Prize winners and international scientists send Macri a letter of protest against cuts
Just days before the beginning of the congressional debates on the 2019 Argentine budget, nearly 1,200 scientists (including 11 Nobel Prize winners) from around the world signed an open letter to President Mauricio Macri in opposition to the cuts made to Argentine scientific institutions. Due to the economic crisis, various sectors across the country have experienced significant cutbacks, and the sciences are not exempt from this. The Ministry of Science has recently been downgraded to a subsection within the Ministry of Education, which the letter highlights as having “a great negative symbolic burden, [and] reveals how little President Macri’s administration […]Read more...
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Applications now open for Buenos Aires Latin American Leadership Academy bootcamp
Latin American Leadership Academy (LALA) is an educational NGO on a mission to develop the a new generation of ethical and innovative leaders.The not-for-profit has now announced that applications are now open for their six bootcamps across Latin America. The week-long immersive bootcamps will be taking place between December of this year and February 2019 across Brazil, Colombia, Ecuador and Argentina. In Argentina, the English-speaking bootcamp will take place in Buenos Aires, from 10-16 of February of next year. Focused on leadership and social innovation, all six programs across Latin America bring together 30 promising students aged between 14-18 years old. They will […]Read more...
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After 12 years, IMF to reopen office in Argentina
The International Monetary Fund (IMF) has decided to reopen a permanent Buenos Aires office in November of this year, after over 12 years of not having one, reported Infobae. Argentina’s previous IMF offices were closed down in 2006, following a single payment of roughly US $10 billion to the organisation made by ex-president Néstor Kirchner to cancel out an existing debt. At the time, the former president also accused the financial organisation of having caused “pain and injustice” by pressuring Argentina to apply “policies that harmed economic growth.” Since then, IMF officials have been working in Argentina’s Central Bank. […]Read more...
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IMF reduces predictions for Argentina, two years of recession ahead
Argentina’s economic crisis has forced the IMF to recalculate their previous predictions for the country’s economy, reveals a new World Economic Outlook (WEO) study, released Monday Oct 9. The study shows that the end to the economic recession is further away than previously predicted by the International Monetary Fund (IMF), and this isn’t the first time the international organisation have lowered expectations. In June, the IMF lowered their 2 percent growth prediction for the economy to 0.4 percent. Now, however, they have admitted that the country will spend two years in recession. The study predicts that the Argentine economy will […]Read more...
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G7 declare full support of Argentina’s economic policy
The G7 group, made up of the most powerful countries in the world, stepped forward on Tuesday Oct. 2 in order to show their support for Argentina’s deal with the IMF and their decision to implement macroeconomic policies. The G7 group is formed of Canada, Germany, the US, France, Italy, Japan and the United Kingdom, and the European Union also has political representation. The countries constitute 64 percent of all global wealth, or $263 billion dollars. “We welcome the commitment of the Argentine authorities to implement macroeconomic policies and a reform agenda to stabilize the economy and promote growth, which […]Read more...
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New IMF agreement – $7.1 billion dollars are added to the total loan
At 17.30 on Wednesday Sept. 26, Argentine Finance Minister Nicolas Dujovne and IMF Director Christine Lagarde gave a much-awaited press conference explaining the changes negotiated to Argentina’s $50 billion dollar loan. Dujovne explained that the size of the loan will increase by $7.1 billion dollars, putting the overall amount at $57.1 billion. Clarin noted that the Central Bank (BCRA) had hoped for a higher figure, however, the government is happy as the handouts will also increase. “The total amount of the Stand By agreement has increased from $50 billion to $57.1 billion dollars, and at the same time the payments […]Read more...
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Head of the Central Bank Luis Caputo resigns amid IMF negotiations and general strike
Luis Caputo, Head of the Central Bank, presented his resignation Tuesday morning as the country is in the middle of negotiations with the International Monetary Fund (IMF). In a communique released by the Central Bank this morning, Caputo’s explanation for his sudden resignation was put down to “personal reasons,” but he added that he had full confidence that the new negotiation with the IMF “would re-establish confidence in the fiscal, financial and currency situation.” “Caputo expressed to President Mauricio Macri all his gratitude for the confidence placed in him to occupy different roles since the beginning of his government. First […]Read more...
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National Strike September 25: What is affected?
Tomorrow, Tuesday Sept. 25 will see a national strike paralyse the country. The strike has been organised by the General Confederation of Labour (CGT) in protest of the drastic austerity measures and President Mauricio Macri’s decision to take out a loan from the International Monetary Fund (IMF). The strike will have a profound effect on the country with all transport services and infrastructure affected, reported Perfil. No colectivo buses, metro or long-distance buses will be functioning, and neither will banks nor the majority of airlines. Which groups are taking part in the strike? Camioneros Transporte (the colectivo buses of the […]Read more...
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Telam announces its partial return, trade unions declare it a “fake blog”
After nearly three months of inactivity following a drastic decision to fire 40% of the media outlet’s staff, news agency Telam announced on Sept. 19 that they were back, albeit partially. Telam employees and trade unions have been occupying the company’s Buenos Aires headquarters in protest of the mass job losses, but Telam have opened a new office at Tecnópolis from which many of Telam’s staff will resume their work. Comunicado del directorio La Agencia Télam vuelve a informar https://t.co/eMxhiHg7pq pic.twitter.com/zynfU3ey8z — Agencia Télam (@AgenciaTelam) 19 de septiembre de 2018 In a communique published on the Telam website, the director […]Read more...
