Thirty companies close daily

[sergio]

Argentina’s industrial sector loses more than 30 companies a day - UPI.com

More than 30 companies have been closing each day in Argentina for the past 1 1/2 years, with a net loss of more than 236,000 jobs, data show.

www.upi.com

 

[LuckyLuke]

"Argentina is expensive in dollars. We have a high tax burden, elevated energy costs, no access to financing and labor charges that are far higher than in other countries,"

That about summarizes it perfectly.

 

[LuckyLuke]

"According to Rosato, that cost structure, combined with what he called an "indiscriminate opening to unfair imports" -- especially from China, where many machines and equipment arrive with subsidized prices -- prevents domestic companies from competing."

I suppose after importing everything cheaper Argentina will magically convert itself into a service based economy like the US, except with none of the $1.8 trillion dollar deficit the US can afford to borrow. China has already been trying for years to do this shift and even despite having the largest budget surplus in the world all they've got to show for their efforts is a nationwide property bubble collapse and a youth unemployment rate on par with Argentina. (17.3% vs 19.4%).