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Ecuador and the US push for Argentina to dollarise its currency
Carlos Julio Emanuel, one of the men behind the dollarisation of Ecuador’s currency back in 2000, has advised Argentina to do the same in light of its growing economic woes. “When there is one sole currency there is no possibility of devaluation,” he said in a radio interview on the program De Caño Vale Doble. “Since the year 2000 in Ecuador, governments have not been able to use the money-printing machine in order to finance fiscal deficit. Today Ecuador has 0 percent inflation. We went from 100 percent in 2000 to 0 percent.” This comes as Argentina’s government admits for […]Read more...
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Guillermo Moreno writes to the IMF to stop early release of funds
Ex-Kirchner official Guillermo Moreno wrote a letter to the International Monetary Fund (IMF) on Thursday Sept. 13 dissuading the group to acquiesce to Mauricio Macri’s request to have all remaining funds of the US$50 billion loan released at once. Moreno was the secretary of Domestic Trade from 2006 to 2013 during the Kirchner era, reported Clarin, and he wrote and signed the letter in his “nature as President of the Economic Commission of the Partido Justicialista (PJ).” The letter was published on Twitter by the Guillermo Moreno Puro Peronismo account, @NKGenIntermedia. Carta del licenciado Guillermo Moreno en su carácter de […]Read more...
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“We are drawn to what we don’t know”: Artist Jorge Alderete talks to Argentina Reports about his Easter Island obsession
Ten years ago, Jorge Alderete opened a book named Easter Island and its Mysteries by Steven Chauvet, and fell headfirst into an obsession with the enigmatic island that might never end. Easter island, or Rapanui as it’s known to the locals, is a small volcanic piece of land in the middle of the Pacific ocean, 3,686 kilometres away from the coast of Chile. It is famous for the impressive stone head sculptures (or Moais) that dot the land and whose bodies lie inexplicably buried in the volcanic earth. How did they get there? How did the communities who created them […]Read more...
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Ecommerce Report puts Latin America as one of the top regions for growth
The eCommerce foundation launched the Latin America eCommerce Report 2018 on Sept. 6 which highlighted the continent’s position as one of the top regions in the world for eCommerce growth. One of the reasons behind this growth is both the increased population and the higher rate of internet penetration across the continent, with an average of 59% of the population using the internet. Argentina is at the top of the leaderboard in this area, with 71% of Argentines connecting to the world wide web on a regular basis, followed by Chile, Uruguay and Costa Rica tying for second place with […]Read more...
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Outrage as Buenos Aires vice-mayor’s exorbitant expenses are released
As the government ruthlessly cuts spending and President Mauricio Macri admits “poverty will increase,” an official bulletin released on Tuesday revealed Buenos Aires vice-mayor Diego Santilli’s expenses from high-class sushi, pizza and grill restaurants. Within the first four months of 2018, Santilli claimed $148,712 pesos (nearly US$4000) in expenses. The most costly of these was a $24,865 peso (US $661) bill from steak restaurant La Brigada in San Telmo. This decadent steak night took place on the vice-mayor’s birthday, suggesting that government official was using tax-payer’s money to fund a personal celebration. However, the Buenos Aires government informed El Destape […]Read more...
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Macri accused of signing the IMF loan agreement illegally, investigation begins
President Mauricio Macri has been accused of abusing of power and violation of the post of a public official, following a court ruling from Judge Jorge Felipe Di Lello. A complaint against the president was made by ex-National MP for Buenos Aires Claudio Lozano and head of the Right to the City Organisation Jonatan Baldivieso, who accused the Argentine president of illegally signing the IMF loan before it had received authorisation from Congress. Di Lello decided to open the investigation against Macri, as well as the Head of the Cabinet Marcos Peña, the Economy Minister Nicolás Dujovne and the President […]Read more...
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Macri declares Argentina is in “an emergency,” and Dujovne explains drastic austerity measures
On Monday Sept. 3, after 48 hours of talks, Argentine President Mauricio Macri acknowledged the economic situation as an “emergency,” and gave a press conference explaining that the country will impose new austerity measures in order to eliminate the country’s fiscal deficit by the end of 2019. Macri announced that he had cut the ministries in his government by over half, although he didn’t mention which ones. The press conference was also the first time that the Argentine president has referred to the current economic climate as a “crisis,” whereas previous mentions referred to it as “a storm” or “a […]Read more...
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A hundred thousand protesters joined in the University March in Buenos Aires
Despite the relentless rain, 100,000 people took to the streets on Thursday evening to protest against the salary crisis and cuts to public education. University trade unions and student federations were joined by various opposition groups, human rights groups and science organisations, reported Clarin. The protesters met at the National Congress at 5 p.m. and moved towards Plaza de Mayo, holding placards as well as umbrellas. “Education is a right, not a business,” read one placard, with other proclaiming “Don’t touch public universities,” and “Why so afraid of educating the population?” Handkerchief sellers also made the most of this opportunity, […]Read more...
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“We are not facing an economic failure” Dujovne and Peña optimistic amid economic uncertainty
The Argentine peso shot up on Wednesday and is now sitting at 39 to the US dollar, and, as a result, Argentine citizens are now 8% poorer than they were on Tuesday. The Central Bank has hiked interest rates – which were already the highest in the world at 45% – to 60% in order to arrest the peso’s depreciation. President Mauricio Macri has asked the International Monetary Fund (IMF) to speed up the payments of the US$50 billion loan in order to reduce the country’s fiscal deficit. It’s no surprise that Argentine citizens’ trust for the government has sunk […]Read more...
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IMF will bring forward payments necessary to restore market confidence
President Mauricio Macri released a short video on Wednesday morning announcing that he has asked the International Monetary Fund (IMF) to speed up their payment of the US$50 billion loan agreed upon in May. The Argentine President explained that this a response to diminishing confidence from international markets, as well as suggesting that the measure will “strengthen confidence and get back onto the path to growth as soon as possible.” Bloomberg reported that global trust in Argentina fell to 1.94 on a 0-5 scale, down from 3.14 during Macri’s first month in office in 2016. Since the start of 2018 […]Read more...
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Palestine activists protest against the Jerusalem Orchestra during their South American tour
Palestine activists and the Boycott Divestments and Sanctions Movementn (BDS) have been protesting against the Jerusalem Symphony Orchestra, which is currently on tour in South America. Protests have been seen in Argentina, Peru and Brazil, reported Haaretz, and the largest was in Santiago, Chile, where protestors demonstrated outside the concert hall holding up images of the conductor, Yeruham Scharovsky, with his hands and chest spattered in blood. BDS movement uses bloody poster to protest Israeli orchestra in Chile: Calls for a boycott and demonstrations even as Jerusalem Symphony plays to packed houses in tour of South America https://t.co/5VMuiT1hF0 TimesofIsrael pic.twitter.com/v2sdAJJSga […]Read more...
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Washington-Turkey crisis hits Argentina and interest rates are hiked to 45%
The fall of the Turkish lira is the new saga for Argentina’s tarnished economic record in 2018, an unexpected occurrence which has had a negative effect on emerging markets across the globe. A crisis emerged between Washington and Ankara over an American pastor who had been judged in Turkey as a terrorist and a spy, reported Al Araby. Andrew Brunson, who has already been in jail for two years, is now under house arrest in Turkey and stands accused of carrying out activities for the Kurdistan Workers’ Party (PKK) and the movement supporting US-based Muslim preacher Fethullah Gulen. Both groups […]Read more...
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“Patagonia Salvaje,” the first 100% Argentine beer made from wild yeast is launched
A new 100% Argentine beer called Patagonia Salvaje (wild patagonia) was launched Tuesday July 31, which is made from a recently-discovered wild yeast in the Patagonian region. Scientists from the National Scientific and Technical Research Council (Conicet) found the wild yeast a decade ago near the Patagonian town of Bariloche. The microorganisms grow in Lenga (Nothofagus Pumilio) trees, which are native to the temperate forests in the Andean regions of Argentina and Chile. Clarin reported that this is the first beer yeast to be found in Argentina, and is also the ‘mother’ yeast of all those which are used to […]Read more...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
