Posted on 10/02/2014 11:22:04 AM PDT by blam
October 2, 2014
Linette Lopez
Argentina's Merval stock index is down about 7% Thursday after taking an 8% beating Wednesday as well.
The selling off is all likely due to Wednesday's news that the country's Central Bank head, Juan Carlos Fabrega, resigned from his post. The rumors that he was out started swirling around in the Argentine media Wednesday morning.
Fabrega was in favor of negotiating with the group of hedge fund creditors whose lawsuit for over $1.3 billion in sovereign debt tipped the country into default at the end of July. Reports also indicated that he did not get along with Axel Kicillof, the Argentina economy minister who has a close relationship with President Cristina Fernandez de Kirchner.
Fabrega was replaced by securities regulator Alejandro Vanoli.
Check out the carnage below:
Fabrega had helmed the Central Bank for only about a year. In that year, however, he oversaw a big devaluation of the peso (in January) and watched dollar reserves dwindle to dangerous lows of about $24 billion.
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(Excerpt) Read more at businessinsider.com ...
What a shame for the hedge funds, they went chasing risk/ reward and found out what can happen.
Globull Warming!
Nothing that shooting at some islands in the Atlantic wont “fix”.
Have no fear. 0bama will bail out this communist country.
Socialism impoverishes even wealthy countries.
President Bush asked Paul Singer to heel when he was going after sovereign debt the Congo owed his hedge fund back in the day.... I’m cornfused.
S. Americans complain and ask why they arent taken seriously on the world stage........
Yeah, I thought risk only belonged to us little folk.
Argentina never came out of the 1930s depression. It was one of the richest countries in the world until them. Perhaps, if it can break ties with global banking manipulation and become self-sufficient, Argentina could reach its potential.
That’s the president? ! Looks like an actress from a cheesy soap opera on telemundo. She should totally keep the blue fan, it’s hot. Plus the electricity probably has been shut off, so that’ll be the A/C until Sabado Gigante picks her up to conduct serious interviews while dressed in a 2 piece bathing suit. Cry for me Argentina.
My brother wanted me to go with him to Argentina a couple of years ago, couple of his mentors were Xavieran priests and gave him a love for that hell hole.
Bye Bye Argentina
In 1900, Argentina was #7 of the wealthiest countries on earth. They embraced socialism in the 1930s and never let go. What they got in return was Eva Peron, some fancy military uniforms and some feel good politics.
. . . If you like your socialism, you can keep your socialism. . . .
And a few resident Nazis.
China will extend more credits to Argentina.
Bush’s fault!!!
Ha ha! That was awesome.
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