Fausta's Blog

American and Latin American Politics, Society, and Culture

July 22, 2013 By Fausta

Argentina: Kiss your bucks good-bye, part 2

Part 1: The USA is considering siding with Argentina in a Supreme Court case over the 2002 default repayments brought by a group of hedge funds.

Part 2: A New Twist in Argentina’s Bid to Dodge Its Debts
Now the International Monetary Fund may aid an effort to stiff creditors.

On Wednesday, it was widely reported that the International Monetary Fund may file a legal brief with the U.S. Supreme Court—backing the South American country against its lenders.

This is the same IMF that, after years of warnings, issued a “declaration of censure” against Argentina in February for reporting phony economic data, such as an inflation rate 15 points lower than reality. Unless it cleans up its statistical act, Argentina risks becoming the only nation since 1954 to be expelled from the organization.
. . .
Argentina’s $100 billion default is far from typical. For one thing, the country has the money to pay. For another, when it borrowed in the 1990s, Argentina gave special protections to its lenders that other debtor nations usually do not.

In short, they lied.

If creditors cannot enforce contracts, and

If Argentina gets away with stiffing creditors, one consequence will be that lenders in the future will demand higher rates for their higher risk; another is that they won’t make loans.

So, kiss your bucks good-bye.

But don’t worry about the IMF; Argentina paid the IMF in full. They got their bucks.

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Filed Under: Argentina, business, economics, economy Tagged With: Fausta's blog, IMF, International Monetary Fund

June 6, 2011 By Fausta

The Peruvian elections Carnival of Latin America and the Caribbean

LatinAmerThe big news of the week was yesterday’s Peruvian election of Ollanta Humala as their next president:

Financial markets, which have been riding a roller coaster during the long campaign, are sure to take a win by Mr. Humala badly, analysts said. Investors viewed Ms. Fujimori as the candidate who would maintain the policies of openness toward foreign investment and trade, which helped Peru grow by 9% last year. Mr. Humala, who has made sharply contradictory statements on economic policy, would face pressure to immediately send signals to the market by revealing who would serve in key positions, such as Prime Minister and Economy Minister.

BRAZIL
Lagarde, on Visit to Brazil, Vows Speedy IMF Reform

Dilma’s first big test
The political wounding of Antonio Palocci, the president’s right-hand man, comes at an awkward time, when the battle to cool the economy has only just begun

CHILE
Video: Michelle Bachelet on UN Women

Volcano erupts in Chile

COLOMBIA
Colombia kills FARC commander
Colombian authorities said they killed the top-ranking security chief of the rebel group FARC
, Alirio Rojas Bocanegra, known as “El Abuelo,” member of the FARC Central Command.

CUBA
Fábrica de españoles

GUATEMALA
Ethics and politics get divorced

ECUADOR
Congressman McGovern visits Ecuador

SUMMARY: Congressman James McGovern traveled in Ecuador from November 13 to 18, to visit sites at issue in the Chevron-Texaco oil pollution case, and Ecuadorian border communities affected by refugees and other aspects of the violence in Colombia. Congressman McGovern met with Government of Ecuador (GOE) Ministers and President Correa, and while taking no position on the unresolved Chevron-Texaco suit, expressed concern about the humanitarian, health and environmental impacts of oil contamination on local affected communities and the humanitarian situation on the border, and pledged to draw greater attention to the plight of refugees. Foreign Minister Salvador and Vice Defense Minister Miguel Carvajal asked McGovern for the U.S. Congress to investigate the March 1 Colombian attack against a FARC camp in Angostura, along the northern border of Ecuador, which McGovern did not agree to.

HAITI
New Study Questions Quake Toll In Haiti

MEXICO
Mexico City Retailers Pause

Retailers have put expansion plans on hold in the Mexican capital after the megacity’s government enacted a virtual three-year moratorium on openings of grocers, convenience stores and hypermarkets in an effort to shield traditional markets and small family-run bodegas from corporate competition.

Soul-searching amid the debris
Mexican individualism and violence

PARAGUAY
Police in Paraguay Seize 2.1 Tonnes of Cocaine Adulterate

PERU
Today’s video: Toss up

PUERTO RICO
A pun gone wrong: Coors Light “Emboricuate” Ads Brews Outrage Among Puerto Ricans

VENEZUELA
Venezuela: The Brazil connection

Why I am not blogging much lately: the “gimme!” culture of Venezuela. Venezuela’s not alone.

The Perverse Gasoline Subsidy in Petrostates

The week’s posts,
Venezuela: Welcome to Club Hugo
Ollanta Humala’s shell game
The short answer is, No

At Real Clear World,
Bolivia Invites, Then Disinvites, Accused Iranian Terrorist

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Filed Under: beer, Brazil, business, Carnival of Latin America, Chile, Colombia, Cuba, Ecuador, FARC, Guatemala, Haiti, Hugo Chavez, Latin America, Lula, Mexico, Paraguay, Peru, Puerto Rico, Venezuela Tagged With: Alirio Rojas Bocanegra El Abuelo, Christine Lagarde, Fausta's blog, IMF, International Monetary Fund, James McGovern, Michelle Bachelet, UN Women

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