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 record low on Friday...

Second - the central bank decided to step in with their newly minted IMF funds and blew over a billion dollars to buy pesos, managing a very modest bounce (but ARS still closed down 3% on the day)

Third - IMF officials spoke with Argentina's union leaders, warning of the social impact of the ongoing disruptions.

IMF spokesman Raphael Anspach confirmed Werner and Cardarelli’s participation in the call, which “reiterated the main elements of the IMF support to the government’s economic plans, including the measures aimed at supporting the most vulnerable in Argentine society.”

And union officials told the media that The IMF was not worried about the ongoing collapse:

"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"

"They were not worried about the flight of capital"

Fourth, and finally, and perhaps worst of all - Argentina is now out of The World Cup

A nation mourns.

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Comments

HRH of Aquitaine 2.0 TheWholeYearInn Sat, 06/30/2018 - 16:42 Permalink

Real sports have horses. I love horse racing: you know the winner in two minutes or less. Dressage is fun to watch, three-day eventing is exciting, especially when they fall off into a pond or water obstacle. Riding at full speed to jump over a tree or over a hedge and down a hill makes other sports seem passé. Stadium jumping is good too. Polo pony is golf on horseback and the game real men play. Riding a horse at full speed, swinging a club, and trying to make a goal. Everything else is for peasants.

In reply to by TheWholeYearInn

Last of the Mi… Ahmeexnal Sun, 07/01/2018 - 08:34 Permalink

Liberals love centralized fiat printing organizations like the ECB and the Fed. They have, at the heart of their operations, the ability to give a "do over" through endless printing for failed liberal policies. 

Once they are firmly established, the cycle never ends until the society they print money for (in order to control) completely collapses. "Controlled inflation" is their never ending tax for funding their fiat printing while enabling endless entitlement programs for the terminally stupid who can't grasp the idea of a free printing press of money for the select few. 

In reply to by Ahmeexnal

gdpetti Last of the Mi… Sun, 07/01/2018 - 14:26 Permalink

It isn't 'liberals' nor 'conservatives', but rather imperialists... the puppets working for their puppet masters.... remember this country and many others have been 'regime changed' by us... this is chaos generation... economic hitmen action... they don't see it coming... and don't need to.... as the game is 'out with the OWO, in with the NWO'...

This central bank activity is our doing... .as we work with the others to take down the OWO.

In reply to by Last of the Mi…

Zepper HRH of Aquitaine 2.0 Sat, 06/30/2018 - 17:02 Permalink

Having been around horse racing for a number of years I can tell you this without blinking an eye. It is the most disgusting sport on the fucking planet. Everyone from the trainers, to the jockey and owners are the most disgusting scum of the earth. Literally! Its the litmus test... do you own a horse or go to the races? If yes then FUCK OFF YOU SCUM piece of shit!

Feel sorry for those horses fuck given everything from cocaine to having sponge shoved up their noses so that the greedy fucks can make a buck. There should be a fucking world ban on horse racing as well as dog racing. Only fucking degenerates do that shit! And ya, I am calling you a fucking degenerate!

In reply to by HRH of Aquitaine 2.0

Elvis is Alive snblitz Sun, 07/01/2018 - 10:16 Permalink

"An associate of mine worked at a major zoo.  His job was to put mice into a stainless steel sink, fill the sink with CO2, watch the mice die of oxygen starvation, and then toss their freshly deceased carcasses to the birds of prey and snakes."

 

I feel sorry for your friend. Rumor has it he was too ethical to work for the Fed. 

In reply to by snblitz

jin187 Pernicious Gol… Sat, 06/30/2018 - 16:59 Permalink

I never thought about it that way.  I suppose soccer is the ultimate liberal sport.  There's the fact that the best and the worst usually achieve the same outcome.  You got guys constantly faking injury to get free stuff from the other team.  FIFA probably takes more bribes, and does more backdoor deals than most governments.  Burger King even offers free stuff for having bastard kids.  It's the perfect microcosm for liberal values.

In reply to by Pernicious Gol…

gdpetti Pernicious Gol… Sun, 07/01/2018 - 14:23 Permalink

And don't most of those best players play in Europe and not m uch with their 'home' team? Same here in basketball... with the Olympic teams... Football is the only global game... ours is merely parochial, but being so self enclosed, most of the herd here doesn't realize that.. and I heard the other day, the problem our national team has is that the sport has gotten rather 'elite'... with costs rising like education or health care.... until only scholarship types can play if not rich... same with golf... or tennis...    

It has taken over the elementary grades through jr high though... but from there, the situation has been manipulated alot... and it doesn't have the control of the school's fields yet... it is slowly infiltrating.... but the others still  get in their way... and control the money here.... which has stunted further growth.

In reply to by Pernicious Gol…