Looting Breaks Out In Argentina

Tyler Durden's picture

If you were wondering why the Argentinian leadership were unwilling to pay off a few 'annoying' hedge funds with a few billion dollars (and were pissed about losing one yacht), then perhaps this report from the BBC will enlighten. Argentina authorities have sent hundreds of troops to the southern city of Bariloche after a spate of looting. Critically, Bariloche is not some shanty-town, it is one of the nation's most popular ski resorts and 'relatively' affluent. The following clip sums up the dangerous situation the nation finds itself in, despite the government's assurances that this is a "false picture of social and political collapse." Looks real to us?


Click image for link to clip (not embeddable)


Via BBC:

Argentine authorities have sent hundreds of troops to the southern city of Bariloche after a spate of looting.


At least three supermarkets in the popular ski resort were targeted, causing panic among local residents and tourists.


Dozens of people, many with their faces covered, broke into the supermarkets stealing electronics, toys and clothes.


The government blamed small criminal gangs but local authorities pinned the attacks on anarchist organisations.


Governor Alberto Weretilneck called for federal troops to restore order in Rio Negro, in the country's Patagonia region.


"With this type of action, these groups have been trying to paint a false picture of social and political collapse," the provincial authorities said in a statement.


The attacks took place in San Carlos de Bariloche, an Andean resort popular with tourists from other South American countries.


Local police said other shops and depots on the outskirts of the town were also targeted by looters. All shops closed after the thefts.


President Cristina Fernandez de Kirchner has been in constant communication with the province's governor, according to her spokesman Juan Manuel Abal Medina.


He said the Bariloche attacks were linked to the sabotage of power lines earlier on Thursday in the neighbouring province of Neuquen.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Super Broccoli's picture

Argentina is bankrupt and goes default AGAIN ! jeez who's been stupid enough to lend them some money ? Can't hedge funds understand the meaning of "junk bonds" ?

GMadScientist's picture

Lack of yield makes some ugly folios for the foolios, yo.

Matt's picture

Thats what Credit Default Swaps are for. If nobody else, Ben Bernanke will make you whole on your CDS on your Argentinian Bonds to prevent a system wide collapse, but only if you are TBTF.

ZeroAvatar's picture

"Authorities say this is a 'false picture of social and political collapse'".


This collapse is not happening.  What you are seeing is not true.  You need to go have your lieing eyes checked.  Look, over there!  A rich person!



1000yrdstare's picture

I thought that was San Diego at first.... oh well, give it time....

otto skorzeny's picture

from my visits to SD everyone there is too stoned or lazy or stupid to loot.

inevitablecollapse's picture

from having been based out of san diego for 5 years, i can tell unequivocally - that assertion is spot on

GMadScientist's picture

SD is arson-induced brush fires, not looters.


FearLess_FLY's picture

From the link to BBC, it can be seen that the crowd (looters) are throwing rocks at the authorities.

Obviously gun control works in Argentina   ( Har Har )

Sadly, we in United States will only have rocks when the final looting (by authoriteis) ocurrs.


AurorusBorealus's picture

Argentines have the right to bear arms... except in order to own or purchase a firearm, one must have proof of employment and income.  The looters... not so much.

IridiumRebel's picture

I need to get myself some freakin' hoodies....so valuable for looting and staying incognito.


otto skorzeny's picture

stock up at walmart  before they are banned. a nice big backpack is a must for carrying the loot(or ammo)

IridiumRebel's picture

let me get my checklist and a pen.........

ZeroAvatar's picture

Don't forget the Guy Fawlkes mask......provides cover for a lot of 'mischief'!

GMadScientist's picture

Remember when bank robbers would use POTUS masks in the 80s?

We need some Ben and Bankster masks en masse.

Imagine being burned alive by a thousand copies of yourself!

ZeroAvatar's picture

Get yourself an 'Obama' mask......he IS doing MOST of the looting, after all!

GMadScientist's picture

There's a sale on the ones with the glow in the dark targets over the killzone.

Buy one for the whole family.

DollarDive's picture

Heads up.... Boner news conference coming...... What a sad excuse for markets ; Complete manipulation

toady's picture

He's still in town? Last I heard he pushed all his work of on others and went on vacation.

Must be an office party before he heads to the airport ...

Dr. Engali's picture

It's a good thing they keep opting for more of the same after each collapse.

mckee's picture

Almost looks like the end of the world.

PGR88's picture

Study Argentina's society and economics well - it is America's future

Mr. Hudson's picture

: "broke into the supermarkets stealing electronics, toys and clothes."


Desperate citizens steal food; not "electronics". These are paid thugs. The Central Bankers are trying to start "Latin Spring".

Ricky Bobby's picture

This is life under the boot of the crony socialist banker cabal. Rule of law we don't need no stinking rule of law. Capitalism bad - Socialism with a feminine face Good. All your bank accounts are belong to us!

Wile-E-Coyote's picture

Anyone considered the Myan's may have been right, today marks the begining of the end.

overhere2000's picture

Check out the Central bank. Looting there becomes an artform.

e-recep's picture

who could have seen this coming?

ebworthen's picture

Looks like Bankers raiding the Treasury except they get a police escort instead of tear gas.

CheapBastard's picture

From Ferfal:


Gold Sale Banned in Argentina


"After the ban on foreign currency, most of all targeting the UsD, people turned to gold and silver as protection from inflation. At first there was a limit on how much you could buy, 100gr. a day, then they downright banned precious metals entirely. The Argentine government doesn’t like the word “ban”, so they are calling it a “suspension” for now. Either way, you cant buy it." El Central suspendió la venta de monedas de oro y plata

La medida se adoptó por la alta cotización de estos metales, a nivel mundial.



TheGardener's picture

Just buy Gold and move to Argentina, or so some contributor told us. I was in Argentina when the Peso (on par with the Dollar like the Drachma is on the Euro these days) collapsed
and all the cool cosmopolitan types already were in Dollars
at Citi branches and thought nothing could happen to them.

Anyone for a case study ? Go to Argentina, right now.
Go see Buenos Aires in her pre-war European beauty and
American sophistication and make sure you read up plenty
on decadence before !

AurorusBorealus's picture

You can buy gold and silver in Argentina... you just cannot, at present, buy coins from the central bank in gold and silver as you could in the past.  I am not sure about the status of unminted gold and silver.  I know that this has been the subject of much discussion as gold miners here want to export unminted gold and silver, and the government has indicated many times that it is willing to be somewhat flexible in the way unminted gold and silver are treated.  For the moment, however, I assure you that I can go to a local store and buy unminted gold.

Poor Grogman's picture

Argentina is doing it's small bit to prop up the global ponzi system. The PTB want as much gold sales as possible channelled into the western and Asian markets, to paint the appropriate picture for the markets.

TNTARG's picture

The Government IS NOT SELLING the government gold and silver, man.

Try to get it right. Nobody has banned gold and silver transactions in the market.

Tourist2008's picture

To be "Fair and Balanced" the voicover on the clip is full of false statmeents. Argentina is NOT drowning in debt, because no one will lend it money .... there are a few holdouts still around from the defaiult of 2001, but thats it. The gov´t is soon going to have to learn how to run a deficit when you have no access to debt markets and you become the pariah of foreign-trade ... its a trade and deficit problem, not a debt problem.

Unemployment is NOT 18%, its around 6-7% .... are they real jobs(?), of course not ... but they are drawing salaries.

And there is absolutely NO austerity, the gov´t is spending like crazy trying to keep consumerism going, but  ..... what is killing the Argentinian people at the moment is inflation which runs at 25-30% per year .... strangely the BBC didnt mention that.

AurorusBorealus's picture

"The gov´t is soon going to have to learn how to run a deficit when you have no access to debt markets"

The government of Argentina figured this out long ago.  You print money, and this is why you have inflation.  The government of the U.S. likewise has no access to debt markets... because the Fed purchases all long-dated paper effectively preventing market rates of interest.  If a real market for sovereign debt existed anywhere in the world, a lot more countries than Argentina would be bankrupt.  As you print more money, it becomes more difficult for someone to accrue capital to invest in a new business... as a result, demand increases but productive capacity does not... which results in... more inflation.

As to unemployment, I can assure you that you are correct.  Unemployment in Argentina is not 18%... but much of the work is short-term and en negro... chungas working for a couple days under the table on construction projects and the like.  Much of the economy here is local, under-the-table or barter, unmeasurable, and off-the-radar.  Much of the economy of the rural areas of Argentina and the small towns function without banks, without the national government, and without imports or exports: in the fashion that many of the folk on Zerohedge believe is the way an economy must function to survive a global financial crash... because... you see... the local economies adapted to a financial crash 10 years ago and learned how to cope already.

In many ways, Argentina is 10 years ahead of the rest of the world.  And that, my friend, is why I live in Argentina right now.

Caput Lupinum's picture

Just Christmas shoppers hunting for a bargin. Nothing to see here

americanspirit's picture

So how is Doug Casey's little paradise doing?

israhole's picture

More of the same in Argentina, this time with two dead...


It's a Jew World Order, and you're the 99% goyim.


AurorusBorealus's picture

The problems today in Argentina are not organized or supported by any foreign group.  The problem is largely the media.  For some time, local radio stations and television stations have been promoting the 21st as the end of the world... and mostly as an excuse to fiesta (as if the Argentines need another excuse to fiesta all the day and night). 

As a result, everyone (and I mean everyone from cab drivers to school children) have been talking about fin del mundo day for a week or more.  I was in Cordoba Argentina, Monday, and it was all anyone wanted to talk about.  This looting has nothing to do with the global financial situation, the political or economic situation in Argentina, or anything else.  It has everything to do with Disk Jockeys and Media personalities promoting a big party.

samcontrol's picture

all these brilliant minds on Zh for this....

THIS THREAD IS USELESS . Most of you probably think Barcelona is in Italy.

Don't give out opinons on Argentina so easy when you have never lived there . 111 posts and nobody mentions Christina... ok...

I could live ANYWHERE in my MAZARATTIPREPER WORLD , i chose Argentina.... there is a place in Florida called Anna Maria i really like but you don,t want my money you prefer Mexican backpackers.

ps . dear gold bugs , stick to that !

AurorusBorealus's picture

There is resentment toward Christina (in fact, there was a demonstration against Christina on Tuesday in Cordoba, but only about 100 people).  Keep things in perspective, however.  There is no widespread hatred of Christina... most Argentines have a wait-and-see attitude about Christina's policy changes.  Certainly, when Christina closed the dollar window last year, she lost a lot of support, especially among the middle class and small business proprietors, who preferred to save money in dollars.  She still enjoys support from many of the youth (in large part, because the government provides a small stipend to students and college remains free here in Argentina).

There is widespread resentment of the police here and it is an old wound... that dates back to the military dictatorship of the 1980s and a wound which was aggravated by the crisis of 2001 and 2002.  In addition, the police do nothing here except set up roadblocks to issue expensive traffic tickets that few people can afford to pay (I just had to pay a ticket for a friend... the cost-- with a discount of 60% if paid by December 18th, was 750 pesos.. a large sum for an Argentine laborer-- a week's wages).  Without doubt, there is great animosity between the Argentines and the police here... and that is the real story.

samcontrol's picture

the dollar issue is bigger . It Completely strangles many industries such as commodities , farming,the cattle industry , tourism, construction ect...the youth you talk about beg me to sell them dollars at 6.65 about an hour ago. THE DOLLAR IS THE CURRENCY HERE. not pesos not gold not alfajores, not cows, the mighty DOLLAR. Or do you think the Porteños in living or manic shopping Miami pay in leather? Well they could pay in pesos with argentine credit card , it only comes out like 40% more expensive. o right the dollar thingy not important,...

and to the majority of her supporters it,s not college that is free, it is EVERYTHING.

Finally, the riots started here because the police has been unarmed for more than a year. Trust me , those are NOT the worst slums in Argentina, the first supermarket was literally in front but when you face five cops with hockey sticks things change. Today 400 troopers came and the looting went on 2000kms from here..

But THANKs for the chat i needed it.

AurorusBorealus's picture

"and to the majority of her supporters it,s not college that is free, it is EVERYTHING."

I agree that this is THE problem in Argentina... the government runs a debt paying for too much for everyone in order to buy support... however, this is the problem in all of Europe, in the United States, in Japan, in all of the Western World.  This is one of THE problems Zerohedge has been trying to point out.

I like Argentina's chances for several reasons, however.  See my post below about how Argentina already had a currency crisis and the rural and local economies learned to survive on local resources without much use of banks and without much help from the national government.  Trust me, almost every region of the United States would be a complete disaster in the wake of a currency crisis, because they rely on digital money transactions, imports, and the almighty dollar for everything.  Without the dollar, the United States is anarchy... complete and total.

Finally, with the dollar window closed, Argentines are adjusted to a post-dollar world.  Is it easy? No.  But it is wise to wean the Argentines off the dollar, because it is going to happen... one way or another... the dollar is going down... whether Christina supports the dollar in Argentina or not.

samcontrol's picture

Why would i be scared ? I did more beating up than the police.
If things where to really get out of hand i own a handgun and a Famas.

First There Is A Mountain's picture


I have lived in Argentina...still own an apartment in Palermo. K is the problem as far as I can tell. Under Nestor things seemingly improved. During his tenure, I decided to buy. I still don't regret that decision but sometimes wonder if my property is going to be nationalized. I am returning in 3 weeks for a vacation/inspection of the place.

machineh's picture

Nestor Kirchner benefitted from the bounceback effect, after the massive devaluation in 2002 left Argentina hypercompetitive for a few years, until inflation eroded its temporary advantage.

Still, Nestor was a lot less polarizing than his lawyer wife Kristina. She manages to antagonize nearly everyone.

Kristina's economic policies of taxing exporters, severely restricting imports, and overvaluing the peso are both contradictory and disastrous.

AurorusBorealus's picture

I wouldn't worry too much about nationalization of the private property of individuals in Argentina... large multinational foreign corporations... well... that is another story... just ask the Spanish banks who owned YPF.

In the future, however, if you are interested in investing in Argentina, I highly recommend looking outside the capital to the provinces that are growing and are relatively stable and tranquil (the central and western portions of the country)... investment in land, apartments, new construction and the like is relatively inexpensive here... people are moving here from Buenos Aires... and many areas have been growing at a steady pace for some time with property appreciating in value.

no2foreclosures's picture

You are so correct.  Private property rights are sacrosanct in Argentina because it is one of the only ways to preserve one's wealth that even the corrupt politicians use this means.  Nationalization of YPF and Aerolinas goes back to the rape and pillage policies of the "economic hitmen" and their Argentina cronies like Menem.

The problems of Argentina, high inflation, currency controls,  etc., are the same problems coming soon to all the first-world countries, if it hasn't already arrive like Greece and Spain.  The collapse of the EEUU is going to be 1000 times worse than here.  Here, the Argentineans have had a lot of practice on how to survive and even prosper over the years.  The last time EEUU collapsed was in 1929.  And the yankees of today are not the yankees of GD1.

AurorusBorealus, I would like to chat with you privately about the situation in Argentina as I live here too.  I sent you a Zchat request.  Thanks.

machineh's picture

La Nación reported a few weeks ago that la presidenta Kristina owns 88 million pesos worth of hotels, building lots, dozens of apartments, etc.

Meanwhile she hectors foreigners for failing to make financial investments in politically regulated industries, where her government basically expropriates profits with below-market price caps, dividend restrictions, capital controls, inflexible labor rules, etc.

Defensive passive investment in real estate as an inflation hedge does nothing to increase productivity and raise living standards. But when the currency value is grossly unstable, long-term financial investments make no sense, even aside from the political risk.

'Hotel Kristina' -- it's the Argentine version of the 'Hillary house' model home at Whitewater subdivision in Arkansas. You can check in, but you can never leave!


samcontrol's picture

and she just bought where all this started , strange no?