Do you fear a crash similar to 2001?

[steveinbsas]

USD up 6% today to 35.

It was amazing to watch it climb on the transferwise web page.

Two months ago I transfered enough $ to pay my credit card in full to avoid the (approximate) 6% monthly interest charge. Next Monday I will transfer only enough to pay the minimum on Tuesday.

 

[julian63]

p.s. https://qz.com/emails/quartz-obsession/1372670/

 

[perry]

This is

It was amazing to watch it climb on the transferwise web page.

Two months ago I transfered enough $ to pay my credit card in full to avoid the (approximate) 6% monthly interest charge. Next Monday I will transfer only enough to pay the minimum on Tuesday.

This is falling apart quicker than I either expected. The peso is now in freefall

 

[toongeorges]

p.s. USD up 6% today to 35.

What happened for the peso to lose so much value in a single day?

I withdrew dollars today at my bank and told them it was for my holiday in Argentina. I said even if I could exchange Argentine pesos, it would still be better to take dollars to Argentina, because the peso devalues too quickly...

I will be in Buenos Aires in less than 3 weeks.

 

[rickulivi]

julian63: I loved your post.
What’s needed to calm this craziness? A draconian cut in spending. With the quiero flan mentality, that seems unlikely but possible. That’s because fear of becoming a Venezuela May be a strong motivator.

 

[toongeorges]

Argentina is asking the IMF to give the 50 billion dollars quicker, may be the reason of the peso slide

https://www.bloomberg.com/news/arti...imf-to-speed-up-payments-from-50-billion-line

A debtor telling a creditor what to do, that is not a good sign...

 

[perry]

Argentina is asking the IMF to give the 50 billion dollars quicker, may be the reason of the peso slide

https://www.bloomberg.com/news/arti...imf-to-speed-up-payments-from-50-billion-line

A debtor telling a creditor what to do, that is not a good sign...

They already spent the first tangent of 15 billion dollars from the IMF trying the defend a sinking ship the argentinian peso . This government does not even respect the imf rules which clearly states that its loan is not for defending local currencies . Incredible how badly has been mismanged by this inept group .

 

[steveinbsas]

What’s needed to calm this craziness? A draconian cut in spending. With the quiero flan mentality, that seems unlikely but possible. That’s because fear of becoming a Venezuela May be a strong motivator.

Here's a sixteen minute youtube video (posted ten weeks ago) about the current crisis:

It's in English (with English subtitles when the current and the most recent Presidents are speaking). I found it very informative and recommend it to everyone who's trying to understand how Argentina got into this mess and how it might get out.

PS: I watched this after reading Bajo_cero2's posts about the alleged corruption, bribes,tax breaks, etc. This video doesn't focus on them, but that doesn't mean they don't exist.

 

[Fdipo]

They already spent the first tangent of 15 billion dollars from the IMF trying the defend a sinking ship the argentinian peso . This government does not even respect the imf rules which clearly states that its loan is not for defending local currencies . Incredible how badly has been mismanged by this inept group .

Probably the worst thing you can do for your country is what the IMF tells you to do, lol. They only care about creditors getting repaid and will fuck over every single person in the country if they need to.

 

[Pensador]

Someone once said doing the same thing over and over expecting a different result is insanity.