Argentina's president-elect rejects remaining IMF money

[ventanilla]

I'm wondering about the same thing. It's quite clear that Argentina is going to default and shut itself to international credit again, until some liberal finally decides to pay it off a decade later when Argentina struggles to reform its financial sector and innovate its industry without the much needed foreign investment.

'Some liberal' who paid off the debt last time? It was Nestor.

 

[London2Baires]

And for some related econimic news.

US tariffs on Argentine steel and aluminium imports are back on.

Trump Tweets : "Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries..."

I didn't realise metals were "farmed", but anyway...

Also, see further analysis in this ámbito article, below. Grim reading:

"La medida supone el golpe más duro a la relación comercial entre Argentina y Estados Unidos, prácticamente desde el cierre a las exportaciones locales de biodiésel. A la vez, anticipa un escenario comercial y financiero mucho más duro para el próximo mandato del presidente electo Alberto Fernández, quien deberá asumir un gobierno con una falta importante de dólares, deuda elevada en torno al 90% del PBI, compromisos financieros con bonistas y el FMI y un déficit financiero en torno al 5% del PBI.

Pero además, anticipa otro profundo giro proteccionista que la Casa Blanca le ha vuelto a imprimir a la política económica de la primera potencia global, y que podría también volver más dura la negociación con el FMI si finalmente termina también endureciendo las condiciones que EE.UU. quiere imponerle a la Argentina a través del organismo en medio de la renegociación por la deuda."

Trump sube aranceles: Alberto ya sufre por los dólares y el FMI

La decisión del mandatario estadounidense impacta en la restricción externa argentina de cara al nuevo gobierno peronista. Además anticipa un endurecimiento de la política comercial de EE.UU. y quizás del Fondo al momento de renegociar la deuda.

m.ambito.com

And from the BBC:

Trump to 'restore' tariffs on steel from Brazil and Argentina

The US President says the countries' weak currencies and cheap exports are harming US farmers.

www.bbc.co.uk

 

[garryl]

China will probably now become our lender of choice, in exchange for the Patagonia.

In exchange of a lot more than that

 

[Somewhereinba]

The Chinese are already moving in - be careful the devil you sleep with. You thought the USA/IMF are bad lol..

You should see Chinese influence in Africa... It's on an extremely large scale but I don't see the mass media complaining about big evil China taking the resources and national interests of these African nations after giving loans they know will not get paid back.

 

[perry]

In exchange of a lot more than that

Patagonia has always been of huge interest for vested interests . Argentinians are not very aware of these plans .

 

[deadOA]

Communist China meteoric rise (in merely 30 years) is frightening. (unheard of anywhere in history)
Socialist/Communist/Capitalist theory debunked!

 

[garryl]

Communist China meteoric rise (in merely 30 years) is frightening. (unheard of anywhere in history)
Socialist/Communist/Capitalist theory debunked!

US and west did not realize the danger until much later, now. Let it grow so big and it starts to threaten the human civilization. Crazy things happen inside China, that normal person cant believe.

 

[garryl]

You should see Chinese influence in Africa... It's on an extremely large scale but I don't see the mass media complaining about big evil China taking the resources and national interests of these African nations after giving loans they know will not get paid back.

Now there is not much demand for new railways/highways/ports, buildings and power plants inside China. But there is so much capacity inside China that they have to dump it somewhere. That's one of the reasons that they move central/south Asia and Africa. SouthEast Asian countries are very aware of the danger, they have 1000 years problems with Chinese, so they try to deny the entry of Chinese capacity dumping.
Chinese gov financed the high priced projects, and Chinese companies really do not care about the profit. They can benefit from the projects at a loss. It's a huge financial party for Chinese companies, Chinese diplomats and local African politicians. The the police found millions of cash at former prime minister of Pakistan home, he said it was a gift from Chinese gov in court. You probably heard that the Chinese gov arrested the chairman of Interpol (a Chinese citizen) after the mysterious death of HaiNan Airlines CEO in France. And HaiNan Airlines is the biggest shareholder of Deutsche bank.

 

[deadOA]

The greedy 1% crated whole intact factories from the midwest to China.
The gazillionaires gutted the whole country for dirty profit.

 

[jbeas176]

confessions of an economic hit man come to mind. same game new players.