Argentine official denies devaluation planned

associated press ^ | 6-1-12 | MICHAEL WARREN

[dynachrome]

BUENOS AIRES, Argentina (AP) -- A top Argentine official denied on Friday that the government plans to devalue the peso amid rumors that drastic official actions are looming.

"We are not going to take any explosive measures," Deputy Economy Minister Axel Kicillof said at a news conference.

Argentina's economy is under pressure from rising inflation and slowing trade, and people have been increasingly trading their pesos for U.S. dollars to shelter their earnings.

[dynachrome]

Baghdad Bob moved to Argentina.

[Paladin2]

""We are not going to take any explosive measures,""

What about decompression/implosion measures?

[Paladin2]

I’d hate to be between his ears.

[dynachrome]

Obozo probably wants to do this...

“The president decreed in October that anyone buying foreign currency must first get authorization from Argentina’s tax agency. The agency examines what the buyer has paid in wealth and income taxes, then subtracts documented living expenses from declared wealth to determine how many legally obtained pesos an individual might have available to sell.”

[Berlin_Freeper]

They could make it the peeso.

[OrangeHoof]

people have been increasingly trading their pesos for U.S. dollars to shelter their earnings.

And what do Americans trade their dollars into to shelter their earnings?

[bajabaja]

I believe the currency controls are so strict that anyone exiting Argentina has to actually show their wallet’s contents in case another country’s currency is being “smuggled” out of the country.

Cute women in Buenos Aires, though.

[dynachrome]

“what do Americans trade their dollars into to shelter”

Drachmas?/s

[DeaconBenjamin]

And what do Americans trade their dollars into to shelter their earnings?

[WellyP]

Venezuela has been buying Argentine debt and propping up the country. That may not continue for much longer as Chavez is very ill with cancer and a new President may not be as willing to squander the country's wealth as has Chavez.

I have good friends in Argentina. The devalue speculation has been in the pipeline for a long time. It will hurt everyone and hopefully hurt Queen Cristina even more.

For many years Argentine business people have set up trading companies in Chile and make sure they pass through Santiago for a little banking before going home to Argentina.

[jy8z]

And what do Americans trade their dollars into to shelter their earnings?

I don't think we have a choice and our dollars won't be sheltered.

[Revolting cat!]

Poor Argentinians. The sixth (?) largest economy in the world 100 years ago, and since the Peron socialists a basket case.

[Revolting cat!]

It was a while ago on William F. Buckley TV show when an Argentinian economist predicted: “You’re going the way of Argentina!” Boy, was he wrong, wasn’t he?!

[The Old Commander]

Gold!

[The Old Commander]

Nothing is true until it has been officially denied.

[kevao]

"We are not going to take any explosive measures,"

Government officials say this only when explosive measures are imminent. Get out of ARS assets now!

[bajabaja]

Yes, Queen Cristina. Her son, Nestor, seems to get all the sweetheart business deals in town — and I heard he is being groomed to take the presidency at some point.

Beautiful women, ugly government.