Argentina hiked its interest rate to 45% earlier this month but it did not stop the damage.
Mike "Mish" Shedlock
I used to work with an Argentine who avoided the 2001 bank freeze (prior to his US emigration) by keeping his money in Montevideo. It was a pain for him to go to his bank, but at least he could access his money, unlike most of the people around him.
He was a cool guy, hopefully his remaining family in Buenos Aires are still hedging themselves as best they can. They sure seem to get a lot of practice with economic crises.
@Bam_Man -bet citizens of those countries wish they had bought more gold.
Argentina means “land of silver”, so all these currency crises could be avoided if they just backed their currency with it. However, such a practice is so mid-twentieth century…
Every time the USD rallies, third world countries with debt denominated in USD get screwed. If you use the IMF, you have no choice but to borrow in USD.
Hmm, "neoliberal" governments (led by Macri now, Menem before) lead to deep crisis, while charlatan Kirchnerism was accompanied by good times and economic growth. What are Argentines supposed to think?