{"id":13458,"date":"2015-10-16T06:32:05","date_gmt":"2015-10-16T11:32:05","guid":{"rendered":"http:\/\/olduvai.ca\/?p=13458"},"modified":"2015-10-16T07:47:50","modified_gmt":"2015-10-16T12:47:50","slug":"argentinas-ruling-party-eyes-bigger-banknotes-amid-soaring-prices","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=13458","title":{"rendered":"Argentina\u2019s Ruling Party Eyes Bigger Banknotes amid Soaring Prices"},"content":{"rendered":"
\n

Argentina\u2019s Ruling Party Eyes Bigger Banknotes amid Soaring Prices<\/a><\/h3>\n

Congressman Claims Inflation Not a Motivating Factor<\/strong><\/p>\n

For the first time in years, lawmakers from Argentina\u2019s ruling\u00a0Front for Victory coalition\u00a0have proposed<\/a>\u00a0upping the size of the country\u2019s largest denomination banknote to AR$200.<\/p>\n<\/header>\n

\n
\n

Congressman Carlos Kunkel, author of the initiative, claims the measure has nothing to do\u00a0with inflation, which runs at 25-35 percent annually, according to\u00a0private estimates<\/a>.<\/p>\n

Instead, the larger bill \u2014 US$12.50 at the black-market rate \u2014 would \u201creduce the cost of printing and circulating money,\u201d Kunkel\u00a0told<\/a>\u00a0a local radio station on October 8. \u201cIt will be more convenient for the people.\u201d<\/p>\n

Opposition lawmakers have unsuccessfully lobbied for the printing\u00a0of\u00a0AR$200, AR$500, and AR$1,000 bills in the past to cope with mounting inflation.<\/p>\n

Contrary to government figures, the Massachusetts Institute of Technology\u2019s\u00a0Billion Prices Project<\/a>\u00a0found that the price of essential foods has increased six-fold in the South American nation since 2008.<\/p>\n

The new banknote\u2019s design features former President\u00a0Hip\u00f3lito Yrigoyen (1916-1922 and 1928-1930), a renowned leader of the opposition Radical Civic Union (UCR<\/a>) party, and celebrates the\u00a0Cry of Alcorta<\/a>, an agrarian rebellion of the early 20th century.<\/p>\n

The move, however, has UCR\u00a0activists up in arms, who say they don\u2019t want their leader associated with the loss of purchasing power.\u00a0The party\u2019s community manager derided the initiative by publishing an image of the former Radical president giving a\u00a0bras d\u2019honneur<\/a><\/em>.<\/p>\n

\n

 <\/p>\n

\n
\n

Gracias. Pero la inflaci\u00f3n es toda de ustedes.\u00a0pic.twitter.com\/NotDAyUmqu<\/a><\/p>\n

\u2014 Innova la UCR (@UCRINNOVA)\u00a0October 8, 2015<\/a><\/p><\/blockquote>\n

\u201cThanks, but inflation is all yours.\u201d<\/p>\n

 <\/p>\n<\/div>\n

\n

Inflation Begets Larger Bills<\/h4>\n

The Cristina Kirchner administration has ignored repeated requests by\u00a0economists<\/a>,\u00a0banks<\/a>,\u00a0and other financial institutions to issue larger-denomination bills. Some 42 percent of Argentineans deemed it necessary in a\u00a02014 survey<\/a>\u00a0by Argentina-based pollsters\u00a0Poliarqu\u00eda.+<\/a><\/span><\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Argentina\u2019s Ruling Party Eyes Bigger Banknotes amid Soaring Prices Congressman Claims Inflation Not a Motivating Factor For the first time in years, lawmakers from Argentina\u2019s ruling\u00a0Front for Victory coalition\u00a0have proposed\u00a0upping the size of the country\u2019s largest denomination banknote to AR$200. Congressman Carlos Kunkel, author of the initiative, claims the measure has nothing to do\u00a0with inflation, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2251,9901,9899,8393,309,9900,426,9898,9903,9902],"class_list":["post-13458","post","type-post","status-publish","format-standard","hentry","category-economics","tag-argentina","tag-argentine-congress","tag-carlos-kunkel","tag-cristina-fernandez-de-kirchner","tag-fiat-currency","tag-front-for-victory","tag-inflation","tag-panam-post","tag-radical-civic-union","tag-ucr"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13458","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13458"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13458\/revisions"}],"predecessor-version":[{"id":13493,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13458\/revisions\/13493"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}