Cry for me Argentina

[Wheezooo]

https://www.bloomberg.com/news/arti...andez-proposes-emergency-measures-to-congress

This is not going to end well. Not well at all. The entire article reads like a horror show.

...and to add insult to injury, one must not forget, money that goes to the gov't in South America rarely makes it back to the people.

 

[zdreg]

Probably it wont end well but for today the Argentine stock market is up 2%+.

 

[murray t turtle]

Probably it wont end well but for today the Argentine stock market is up 2%+.

%% Good up trend;
except for the huge taxes +down gap in ARGT. ARGT is a much better uptrend/dividend than DB or dividend than TSLA................................................................................................

 

[Wheezooo]

I was there the first week of July. The Merval was 41,000 and I was exchanging dollars at 44.
Today the Merval is 38,600 and the exchange rate is 60.
-32% purchasing power.

YTD 31,000/37.65 vs 38,600/60 - 22% purchasing power.

By my math - I'll stick with OUCH!

 

[Daal]

From the article: “We have to discourage savings in a currency that we don’t make, which is dollars.”. I laughed out loud

 

[d08]

Probably it wont end well but for today the Argentine stock market is up 2%+.

At those inflation levels, it means close to nothing.

 

[m22au]

I was there the first week of July. The Merval was 41,000 and I was exchanging dollars at 44.
Today the Merval is 38,600 and the exchange rate is 60.
-32% purchasing power.

YTD 31,000/37.65 vs 38,600/60 - 22% purchasing power.

By my math - I'll stick with OUCH!

And that rate of USD/ARS 60 just refers to the official rate.
Dolar Blue is currently trading at about USD/ARS 75.

38,600 / 75 = 514.67 or a 37% decline in USD terms.

 

[Wheezooo]

You just can't make this shit up... Like watching five year olds run a country. This is from their governments website, posted yesterday.

 

[Overnight]

You just can't make this shit up... Like watching five year olds run a country. This is from their governments website, posted yesterday.

View attachment 215769

Translate, please. I don't read Portugese or whatever that is.

 

[Wheezooo]

Spanish. How do you call yourself an American and not speak Spanish???

They instituted 10 different exchange rates for USD depending on what is being exchanged.

The official traded exchange rate is on the 60's but if a citizen wants dollars, that's 80. If you have grains, well somehow, I have no idea how, that's in the 40's. I mean this adds a whole new dimension to bat shit insane.
They're going to make themselves the next Venezuela. Every day they come up with something crazier than the day before.

... But think of all the arbs... To get dollars you first buy grains... Then... Oh God what a fuckin mess.