Hybrid Ambassador
Registered
- Joined
- Sep 24, 2012
- Messages
- 1,851
- Likes
- 568
The tragedy of Argentina
A century of decline
One hundred years ago Argentina was the future. What went wrong?
Feb 15th 2014 | BUENOS AIRES | From the print edition
Yesterday’s news
WHEN the residents of Buenos Aires want to change the pesos they do not trust into the dollars they do, they go to a cueva, or “cave”, an office that acts as a front for a thriving illegal exchange market. In one cueva near Florida Street, a pedestrian thoroughfare in the centre of the city, piles of pesos from previous transactions lie on a table. A courier is getting ready to carry the notes to safety-deposit boxes.
This smallish cueva handles transactions worth $50,000-75,000 a day. Fear of inflation and of further depreciation of the peso, which fell by more than 20% in January, will keep demand for dollars high. Few other ways of making money are this good. “Modern Argentina does not offer what you could call an institutional career,” says one cueva owner.
http://www.economist.com/node/21596582/print
A century of decline
One hundred years ago Argentina was the future. What went wrong?
Feb 15th 2014 | BUENOS AIRES | From the print edition
WHEN the residents of Buenos Aires want to change the pesos they do not trust into the dollars they do, they go to a cueva, or “cave”, an office that acts as a front for a thriving illegal exchange market. In one cueva near Florida Street, a pedestrian thoroughfare in the centre of the city, piles of pesos from previous transactions lie on a table. A courier is getting ready to carry the notes to safety-deposit boxes.
This smallish cueva handles transactions worth $50,000-75,000 a day. Fear of inflation and of further depreciation of the peso, which fell by more than 20% in January, will keep demand for dollars high. Few other ways of making money are this good. “Modern Argentina does not offer what you could call an institutional career,” says one cueva owner.
http://www.economist.com/node/21596582/print