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Argentina’s Peso Crisis, Capital Flows and Financial Fragility in Emerging Markets
Argentina’s Peso Crisis, Capital Flows and Financial Fragility in Emerging Markets On May 4, the Banco Central de la Republica Argentina, the country’s central bank, raised policy interest rates to a whopping 40 percent to stem the rapid depreciation of the national currency, the peso. The surprise rate increase was the third in a week […]
Argentine Peso Collapses To New Low Despite Massive Intervention
Argentine Peso Collapses To New Low Despite Massive Intervention Update: *ARGENTINE CENBANK SAID TO OFFER $5B IN PESO MARKET AT 25/USD – That’s 10% of reserves!! * * * The Argentine Central Bank spent over $1 billion buying pesos on Friday (and another billion to buy short-term bonds back) to support the collapsing currency… But… […]
Argentina Seeks IMF Financing Following Yesterday’s Hike in Rates to 40%.
Argentina Seeks IMF Financing Following Yesterday’s Hike in Rates to 40%. Argentina once again seeks help from the IMF following yesterday’s 40% interest rate hike. Last year, Argentina was a favorite destination for investors. This year, Argentina is facing yet another currency crisis. A run on the Peso started last month as investors soured on […]
Argentina Hikes Rates To 40% To Stall Currency, Bond Market Collapse
Argentina Hikes Rates To 40% To Stall Currency, Bond Market Collapse It may be time to cry for Argentina… The Central Bank of Argentina (BCRA) just hiked its 7-day repo reference rate to 40.00% – up a stunning 1275bps in a week – in a desperate attempt to stall the collapse of the peso (and […]
Future U.S. Oil Production Will Collapse Just As Quickly As It Increased
Future U.S. Oil Production Will Collapse Just As Quickly As It Increased While U.S. oil production reached a new peak of 10.25 million barrels per day, the higher it goes, the more breathtaking will be the inevitable collapse. Thus, as the mainstream media touts the glorious new record in U.S. production that has both surpassed […]
In Argentina, an Innovative Traditional and Natural Medicine Initiative Sprouts from Urban Agriculture
In Argentina, an Innovative Traditional and Natural Medicine Initiative Sprouts from Urban Agriculture Rodrigo Oleaga Antonio Latucca, director and co-founder of Rosario’s Urban Agriculture Program, helps residents of the Medical Student House create their community garden in May 2015. Trading jokes with his housemates as the sun sets over downtown Rosario, Argentina, nursing student Miguel […]
Oil vs. Electricity: Argentina’s Impossible Emergency
Energy vs. Oil: Argentina’s Impossible Emergency Argentina faces twin energy crises. The government ended electricity subsidies, resulting in 500 percent price increases. At the same time, the government is subsidizing exported crude oil to stop protests. Photo via marketonemediagroup.com Argentina faces twin energy crises that literally and figuratively are screaming from the front of every newspaper in […]
Former Chesapeake Energy CEO Aubrey McClendon Bringing Fracking to Argentina
Former Chesapeake Energy CEO Aubrey McClendon Bringing Fracking to Argentina Aubrey McClendon, the embattled former CEO and co-founder of Chesapeake Energy, has announced his entrance into Argentina to begin hydraulic fracturing (“fracking”) in the country’s Vaca Muerta Shale basin. Though he retired as Chesapeake Energy’s CEO back in 2013 in the aftermath of a shareholder revolt, McClendon wasted little time in creating a new company called […]
Capital Controls Are Coming
Capital Controls Are Coming The carnage always comes by surprise, often on an otherwise ordinary Saturday morning… The government declares a surprise bank holiday. It shuts all the banks. It imposes capital controls to stop citizens from taking their money out of the country. Cash-sniffing dogs, which make drug-sniffing dogs look friendly, show up at […]
Currency Controls Strangle Argentina, But Hey, “Take it up with the Next Government, We’re on Our Way Out”
Currency Controls Strangle Argentina, But Hey, “Take it up with the Next Government, We’re on Our Way Out” Running out of money doesn’t care if you’re a socialist or neoliberal. Last week wasn’t easy for President-on-her-way-out Cristina Fernández de Kirchner. On the political front, she treated us with deafening silence following her candidates’ poor performances […]
Argentina’s Ruling Party Eyes Bigger Banknotes amid Soaring Prices
Argentina’s Ruling Party Eyes Bigger Banknotes amid Soaring Prices Congressman Claims Inflation Not a Motivating Factor For the first time in years, lawmakers from Argentina’s ruling Front for Victory coalition have proposed upping the size of the country’s largest denomination banknote to AR$200. Congressman Carlos Kunkel, author of the initiative, claims the measure has nothing to do with inflation, […]
Did Argentina’s CNV Pass a Law to Avoid a Bond Payment?
Did Argentina’s CNV Pass a Law to Avoid a Bond Payment? Last Tuesday, Argentina’s securities regulator, the CNV, shocked markets by announcing Resolution 646 requiring that mutual funds price dollar-denominated assets in pesos at the official government rate rather than the market rate that is closer to the parallel or blue dollar. Despite efforts from banks […]
Cristina Takes on Financial Times in Multi-Platform BRICS Tirade
Cristina Takes on Financial Times in Multi-Platform BRICS Tirade Cristina has been on the media warpath against a perceived attack on emerging markets. This Monday, Cronista republished (in Spanish) an article from the Financial Times titled, “Emerging Markets: Fixing a Broken Model.” The article is long, a bit on the dry side, hardly sensational and […]
Inside the Spyware Campaign Against Argentine Troublemakers
Inside the Spyware Campaign Against Argentine Troublemakers Alberto Nisman, the Argentine prosecutor known for doggedly investigating a 1994 Buenos Aires bombing, was targeted by invasive spy software downloaded onto his cellular phone shortly before his mysterious death. The software masqueraded as a confidential document and was intended to infect a Windows computer. An investigation by The Intercept indicates […]
