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Argentine President Admits “More Poverty” To Come, Announces Price Controls, Higher Taxes, Smaller Govt
Argentine President Admits “More Poverty” To Come, Announces Price Controls, Higher Taxes, Smaller Govt Having been told by The IMF that he must stop using their bailout funds to prop up his currency (which has been utterly futile), Argentine President Mauricio Macri addressed the troubled nation this morning to announce his plans to satisfy Christine […]
As Emerging Market Currencies Collapse, Gold is being Mobilized
As Emerging Market Currencies Collapse, Gold is being Mobilized In recent weeks, global financial markets have been increasingly spooked by an intensifying crisis in emerging market currencies including those of Turkey and Argentina. Add to this the ongoing currency crisis in Venezuela and the currency problems of Iran. While all of these countries have economy […]
Peso Set To Disintegrate After IMF Tells Argentina To Stop Supporting Currency
Peso Set To Disintegrate After IMF Tells Argentina To Stop Supporting Currency On May 11, three days after Argentina secured a $50 Billion IMF bailout – the largest in the fund’s history – we jokingly noted that with the peso resuming its slide, an indication the market did not view the IMF backstop as credible, […]
In Argentina “All Bets Are Off” As Peso Disintegrates
In Argentina “All Bets Are Off” As Peso Disintegrates “All bets are off” in Argentina” – as Bloomberg puts it – where the value of the local peso has plummeted, falling 20% this week alone. It is now 50$ weaker on the year versus the USD, making it the worst performing currency of 2018 and sending […]
Economic Doom Returns: Emerging Market Currencies Collapse To Record Lows As Global Financial Chaos Accelerates
Economic Doom Returns: Emerging Market Currencies Collapse To Record Lows As Global Financial Chaos Accelerates After a little bit of a lull, the international currency crisis is back with a vengeance. Currencies are collapsing in Argentina, Brazil, India, Turkey and other emerging markets, and central banks are springing into action. It is being hoped that […]
No Other Banks Are This Exposed to Turkey, Argentina, Brazil…. Emerging Markets Haunt Spanish Banks
No Other Banks Are This Exposed to Turkey, Argentina, Brazil…. Emerging Markets Haunt Spanish Banks To diversify from the euro-debt-crisis, the biggest Spanish banks pushed deeply into Emerging Markets. Now, they’re in a new crisis. Almost exactly six years ago, the Spanish government requested a €100 billion bailout from the Troika (ECB, European Commission and […]
That Escalated Quickly: The Emerging Market Currency Crisis Of 2018 Threatens To Destabilize The Entire Global Financial System
That Escalated Quickly: The Emerging Market Currency Crisis Of 2018 Threatens To Destabilize The Entire Global Financial System We haven’t seen emerging market currencies crash like this in over a decade, and analysts are warning that if this continues we could witness a devastating global debt crisis. Over the past decade, there has been an […]
Weekly Commentary: Turkey (Nudged Over the Cliff)
Weekly Commentary: Turkey (Nudged Over the Cliff) The Turkish lira sank 13.7% in chaotic Friday trading. The lira’s 21.0% “worst week in 17 years” collapse pushed y-t-d losses to 41.1%. Turkish 10-year yields spiked to almost 21%, before retreating somewhat. After beginning the year at 155, Turkey sovereign credit default swaps (CDS) spiked 166 bps […]
Oil Underground in Neuquén, Argentina – and a New US Military Base There
Oil Underground in Neuquén, Argentina – and a New US Military Base There Obsessive media focus on President Trump’s personal indecencies undoubtedly contributes to important news stories not seeing the light of day. In that regard it’s no wonder the U.S. public is generally unaware of U.S. military interventions in parts of the world, particularly […]
It’s Coming… Resource Nationalism
It’s Coming… Resource Nationalism Early 2012 Argentina’s oil industry was controlled by Repsol, the Spanish energy giant, through YPF, its local subsidiary. By the end of the year, this was no longer the case. By then President Cristina Fernandez Kirchner’s leftist government had nationalised the oil sector, stealing YPF with the stroke of a pen. […]
Argentina Blew A Billion Dollars To Rescue The Peso On Friday… And Failed
Argentina Blew A Billion Dollars To Rescue The Peso On Friday… And Failed Even Eva Peron would be crying… The last 24 hours have not been great for Argentina. First – despite endless jawboning about The IMF bailout and how it will secure the nation’s future and enable reforms, the currency collapsed to a new […]
We’re Gonna Need A Bigger Bailout – Argentine Peso Plummets To New Record Low
We’re Gonna Need A Bigger Bailout – Argentine Peso Plummets To New Record Low The Argentine Peso collapsed again today – plummeting below last week’s record low to 29/USD. Desk chatter suggests that no one turned up this morning as the central bank announced it would increase its daily spot auctions to USD150mn on Thursday […]
Chasing Yield during ZIRP & NIRP Evidently Starved Human Brains of Oxygen. Now the Price Is Due
Chasing Yield during ZIRP & NIRP Evidently Starved Human Brains of Oxygen. Now the Price Is Due See Argentina’s 100-year dollar-bond and emerging-market “turmoil” as the Hot Money flees. Let’s be clear: It’s not just Argentina. But Argentina is the most elegant example. The exodus of the hot money from emerging markets where cheap dollar-debts […]
Argentina Peso Plunges To New Record Low
Argentina Peso Plunges To New Record Low Last night, Argentina got 50 billion pieces of good news, when the IMF agreed to provide the troubled Latin American nation with a $50BN standby loan, the largest even in IMF history. It also got some bad news, when the central bank announced it would remove the 25/USD […]
Argentina Bailed Out With Biggest Ever Loan In IMF History
Argentina Bailed Out With Biggest Ever Loan In IMF History Just a few weeks after Argentina became ground zero for the coming Emerging Market crisis, when its currency suddenly collapsed at the end of April amid soaring inflation, exploding capital outflows and a central bank that was far behind the curve (as in “13% of […]
