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Has it ever?

Generally-speaking? Because I do believe that politicians are driven in part by ideological/philosophical goals. A good politician responds to both the pressure/interests as well as voters. I think Cristina was excellent at appeasing her base, but terrible at negotiating with the other power...

At yesterday's press conference, Prat-Gay explicitly stated that the reason for the 5 percent is to benefit those who are "bancarizados." The 5 percent is only for tourism packages.

The USD/ARS has officialy been devalued: http://www.bloomberg.com/quote/USDARS:CUR

No, the BCRA is closed for the day. That will happen tomorrow when the banks open.

That doesn't exist. The BCRA is still voting on the measures. No one will know for sure until tomorrow.

Yes, they resolved the dollar futures debacle. Who knows what the rate will be. It will probably be less than the blue given that the blue market isn't so efficient. Personally speaking, I will be throwing a little party. I am so sick of the blue dollar.

It seems they are now closer to a solution: http://www.lanacion.com.ar/1854021-dolar-futuro-el-gobierno-mas-cerca-de-la-salida A clause in the ROFEX contracts allows the prices to be modified. They will not use the prices in NY as a reference, which I am guessing would be legally questionable...

This is not how exchanges work. If liquidity dries up, you are going to get the next available price. Read up on what happened when the Swiss National Bank stopped defending its EURCHF peg several months ago. Many traders and brokers lost their shirts. FXCM, a publicly traded company and FX...

I am just quoting news articles. The anonymous sources at the meeting with Sturzenegger called the situation a "disaster" (from La Nación). The Ámbito article is a bit more negative (as to be expected), but according to them Sturzenegger initially said he would pay the contracts with revised...

double post

Vanoli sold these contracts to force the next government to maintain the cepo. The country won't lose much of anything if the cepo isn't removed, and the currency devalues at the same pace as it has over the past year. These contracts are an insurance policy. Also, these contracts are paid in...

Can you cite the law? I doubt the law says that the BCRA would have to respect market rates set in other countries for futures contracts sold on local exchanges (ROFEX and MAE) under Argentine law. In fact, if you try to buy and sell currencies (or futures contracts) outside of a country, the...

To summarize, Macri should get a get-out-of-jail-free card because it's the previous administration's fault. Such kirchnerite logic. :)

Legally, no.

But Macri promised to restore the credibility of Argentina's institutions and bring back legal security. I thought we were leaving this behind with Presidente Macri... I had such high hopes.

I don't think it is criminal. It was a dirty play, but not criminal. Vanoli would have a great defense. One could argue that the contracts were sold in an effort to provide stability and show the BCRA's intent to maintain that stability up to a certain date, regardless of who won the elections...

The third option is to not devalue, which the reason why Vanoli and Co. sold the contracts in the first place. But it looks like we're back to "persuading" (i.e. threatening) companies and banks to accept losses, not paying debt obligations, and not upholding the be-all-and-end-all importance...

From La Nación: From Ámbito.com: ¿Cambiamos? (bolding mine)

He can't do a thing with the dollar if Vanoli doesn't go. The only way to boot Vanoli is through Congress, and there will be significant opposition from FVP lawmakers. And even if he does go, you have those futures contracts which makes any devaluation before March very difficult. It looks...