CONFISCATION (a.K.A.) CORRALITO

For all those who follow this drama, pls note that this week the K gvmt ordered the local Banks to REDUCE the dollar fractional banking from 30 to 20 pct.
This is another form of confiscation, is it not?Or to put it more simple, another turn to the screw on the banks. Corralito slice by slice. I was right on!
 
Well, finally they DID IT!!!!!as you know now, they passed a new reform law to change the 100 years old CIVIL CODE. It has over 2,600 articles but hidden in between there is an article that will allow the goverment to PESIFY any contract in Us dollars!!.
That means that banks could give depositors about 8 pesos per dollar deposited (instead of the 16 pesos per dollar real value).
That represents a 50 percent confiscation, even more than the corralito or corralon bancario of 2002.
Finally, I was right all along, though it took longer than I expected!!
 
Little tip for you Henry, shouting 'Argentine economic armageddon in 20 or 30 days' and then being able to extend those 20-30 days to eternity and morph economic armageddon X into economic armageddon/problem/hiccup Y,Z,K... is getting pretty close to the definition of inevitable.

But, yes, you were right all along matey, now put the gun down try some of this yummy new Nac & Pop lithium water and have a nice lie down...
 
On the subject of banks, has anyone here had a problem recently at any of the Argentine banks, using a US issued ATM card to withdraw pesos? I and my partner have been using the ATM at a Banco Patagonia branch, one block from home, for a number of years now (and my partner has an account with them), but yesterday all three ATMs at the branch stated that my card could not be used, and the same happened today with my partner's card (and we do not use the same US bank, by the way). I went to Citibank after Patagonia and had no problem using my ATM card. Any thoughts on this situation?
 
JoeGillis said:
On the subject of banks, has anyone here had a problem recently at any of the Argentine banks, using a US issued ATM card to withdraw pesos? I and my partner have been using the ATM at a Banco Patagonia branch, one block from home, for a number of years now (and my partner has an account with them), but yesterday all three ATMs at the branch stated that my card could not be used, and the same happened today with my partner's card (and we do not use the same US bank, by the way). I went to Citibank after Patagonia and had no problem using my ATM card. Any thoughts on this situation?
Click to expand...

Yes why are you throwing away your money.
 
PAUPER: the only reason this situation has extended over time is that this gvmt is sacking one victim after another, trying to cover their red ink.Since the list of possible candidates to be robbed is shrinking more and more,the corralito is left as an ultimate option, as long as there are new victims to be sacked. Pls note that they have always related the corralito to our last neo-liberal administrations, a crime they swore that they will never commit. UNTIL NOW.
If they fail to convince GEORGE SOROS to invest his billions in VACA MUERTA, in exchange for buying the debt with the hold-outs in the USA, we would probably run out of stupid victims to be sacked, and then they probably execute the clause in
the new CIVIL CODE Law.
Now if you know any way way in which a gvmt can function indefinitly in red ink, pls let me know a will get you a NOBEL PRICE in Economics for you (and Kicilloff too).
 
You made a specific prediction to happen within a specific timeframe (in May 2012!) - you were wrong on both counts. Predicting economic calamity at some point in the future for Argentina is like predicting that the sun will rise in the east.

Now take a big swig from the bottle Nostradamus.
 
Yes you are right about the timing. At to the sun rising in the East, do not be so sure, ELLA could change it any time with the help of La Campora!!
 
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