{"id":35659,"date":"2018-06-30T15:56:10","date_gmt":"2018-06-30T20:56:10","guid":{"rendered":"http:\/\/olduvai.ca\/?p=35659"},"modified":"2018-06-30T15:56:10","modified_gmt":"2018-06-30T20:56:10","slug":"argentina-blew-a-billion-dollars-to-rescue-the-peso-on-friday-and-failed","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=35659","title":{"rendered":"Argentina Blew A Billion Dollars To Rescue The Peso On Friday… And Failed"},"content":{"rendered":"
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Argentina Blew A Billion Dollars To Rescue The Peso On Friday… And Failed<\/span><\/a><\/h3>\n<\/div>\n
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Even Eva Peron would be crying…<\/strong><\/em><\/p>\n

The last 24 hours have not been great for Argentina.<\/p>\n

First <\/strong><\/u>– 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 record low on Friday…<\/strong><\/p>\n

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Second <\/strong><\/u>– the central bank decided to step in with their newly minted IMF funds and blew over a billion dollars to buy pesos,<\/strong> managing a very modest bounce (but ARS still closed down 3% on the day)<\/p>\n

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Third<\/u><\/strong> – IMF officials spoke with Argentina’s union leaders, warning of the social impact of the ongoing disruptions.<\/strong><\/p>\n

IMF spokesman\u00a0Raphael Anspach\u00a0confirmed Werner and Cardarelli\u2019s participation in the call, which \u201creiterated the main elements of the IMF support to the government\u2019s economic plans, including the measures aimed at supporting the most vulnerable in Argentine society.\u201d<\/p><\/blockquote>\n

And union officials told the media that The IMF was not worried about the ongoing collapse:<\/p>\n

“They are betting on a virtuous behavior by private investors, with the economy falling in the third and fourth quarters of 2018, but rebounding 1.5% in the first quarter of 2019”<\/p>\n

“They were not worried about the flight of capital”<\/strong><\/p><\/blockquote>\n

Fourth<\/strong><\/u>, and finally, and perhaps worst of all – Argentina is now out of The World Cup<\/p>\n

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A nation mourns.<\/p>\n

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View image on Twitter<\/span><\/a><\/p>\n
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\"View<\/a><\/div>\n<\/div>\n<\/div>\n<\/article>\n
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Currently\u00a0Argentina fans crying \"\ud83d\ude02\"\"\ud83d\ude02\"<\/p>\n

Queens, NY<\/a><\/div>\n<\/div>\n<\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/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":[2251,9537,20747,418,434,7657,4318],"class_list":["post-35659","post","type-post","status-publish","format-standard","hentry","category-economics","tag-argentina","tag-argentine-peso","tag-central-bank-of-argentina","tag-imf","tag-international-monetary-fund","tag-peso","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35659","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=35659"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35659\/revisions"}],"predecessor-version":[{"id":35660,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35659\/revisions\/35660"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}