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Capitalism: Argentina close to default
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    Argentina asked the International Monetary Fund for financing to help stem a five-month-rout in the peso that is sparking a surge in interest rates and threatening to derail the country’s economic recovery.

    “This will allow us to face the new global scenario and avoid a crisis like the ones we have faced before in our history," President Mauricio Macri said in a televised address Tuesday.

    The president didn’t state how much money was being requested but a person with direct knowledge of the talks said officials are seeking a flexible credit line worth $30 billion. Treasury Minister Nicolas Dujovne will head a delegation flying to Washington on Tuesday evening for talks with the Fund, the ministry said. The IMF said in a statement the talks will help strengthen Argentina’s economy "in short order."

    It is expected that IMF will require measures similar to Greece. Selling all good stuff to their affiliates and cut the expenses for social programs and workers,

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  • 6 Replies sorted by
  • The argentines have had this situation several times the last 20 yeares. Their political system do not have the tools or guts to manage the situation. Bjarne

  • The argentines have had this situation several times the last 20 yeares. Their political system do not have the tools or guts to manage the situation.

    They had seem same shit because exactly their political system that is one run by ruling class has both the skill and guts to reap working people repeatedly. As soon as they organize as class and throw out their capitalists it'll change.

  • US Supreme Court ruled in favor of vulture capitalist hedge funds against Argentina, regarding bonds that were defaulted on in 2001. Bets made by wal street gamblers get higher priority than the people of Argentina

  • @robertGL

    Well, capitalists always try to find way to rip people. Capitalists are always internationalists as soon as it is about profits and their own taxes. But as soon as it is about their workers taxes and wars - they instantly turn 180 degrees and become patriots.

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