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Argentina: Imbecility, Laissez-Faire or Complete Corruption?
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[QUOTE]Originally posted by Dr. Jonas Bashir: [QB] I don't think that's their exact plan. The peso will artificially be tied to the US Dollar 1:1 for a while. That's been established by the president and his cabinet. The REAL level of reserves has been revealed: $3.3 billion, while there are almost 10 billion pesos in circulation. What will they do? They'll begin the emmission of a new currency, unoriginally called 'Argentino', which won't be convertible with USDs. Rumors say they will take out all pesos from circulation and let the free-floating Argentino as the new currency. Now, there's something more important. We defaulted. Yes, in a mass cheering in front of the Argentinian congress members, Rodriguez Saa (the prez) declared payment default for our national debt. Intentions are to renegotiate the debt with new rates and maybe a capital cut. Meanwhile, the surplus will be used for social programs in an orthodox Keynesian style: making everyone work for a couple of bucks building infrastructure. [/QB][/QUOTE]
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