News of economic

Coronavirus pandemic

First anti-lockdown protest takes place in Buenos Aires

26-05-2020 15:41 Around 150 demonstrators rallied at the Plaza de Mayo on the 25 de Mayo holiday, protesting the lockdown introduced to tackle the coronavirus pandemic and the halt in economic activity.

DOMINIQUE STRAUSS-KAHN INTERVIEW

Dominique Strauss-Kahn: ‘Argentina has the cards to renegotiate its debt’

23-05-2020 09:45 French politician Dominique Strauss-Kahn, a former managing director of the International Monetary Fund, gives his view on Argentina’s debt restructuring talks, the Fund’s leadership and wealth taxes.

by Jorge Fontevecchia

THE ‘BARRIL CRIOLLO’

What is Argentina's US$45 'barril criollo' and how will affect local producers?

23-05-2020 09:31 Artificially fixed reference price for barril criollo imposed in move to defend jobs and output levels, with an eye keenly trained on Vaca Muerta shale.

ECONOMY AND CULTURE

Choice of Ramón Carrillo for 5,000-peso bill sparks controversy

23-05-2020 08:04 Health secretary under Perón set to be featured on new banknote, but local Jewish community leaders express anger given his historic links to Nazi Danish doctor Carl Peter Vaernet.

ECONOMIC INDICATORS

Economic activity fell 11.5% in March as lockdown kicked in

20-05-2020 18:12 INDEC national statistics bureau reveals economy contracted by 11.5% in March, as lockdown kicked in. Experts anticipate that April's data will be even worse.

DEBT RESTRUCTURING

Feud with BlackRock escalates as debt talks get heated

16-05-2020 10:53 The govenrment’s debt restructuring talks with foreign creditors are getting heated, and one Wall Street firm – BlackRock Inc – is a big part of the reason why.

EDITORIAL

Throwing stones from a glass house?

16-05-2020 08:57 The institutional monstrosity of allowing governments to choose anti-corruption officials entirely in the presidential (or vice-presidential) pocket puts both sides on the same sordid level.

WORLD

Martin Wolf: ‘This is potentially a hinge moment in history’

02-05-2020 08:25 Martin Wolf, chief economics commentator for the Financial Times, discusses the economic fall-out from the coronavirus pandemic, in an exclusive interview with Perfil’s Jorge Fontevecchia.

by Jorge Fontevecchia

Post-quarantine pickle

Lockdowns, immunity, tests... searching for the right virus strategy

27-04-2020 14:56 Governments are facing the urgency of reviving the economy and avoiding an aggravation of the social crisis, but they are also aware that allowing the virus to circulate with a view to achieving collective immunity implies taking on new deaths.

Fight against virus

Barcelona to sell Camp Nou naming rights to raise money to fight virus

21-04-2020 14:23 Barcelona will sell the naming rights to its Camp Nou, Europe’s biggest stadium – which has never had a sponsor since it opened in 1957 – for one year in an effort to raise money for the fight against the coronavirus.

ECONOMIC INDICATORS

Economy fell by 1.8% year-on-year in January prior to pandemic

31-03-2020 15:15 INDEC's estimate of economy activity shows that GDP has registered year-on-year drops in 19 of the last 21 months.

Bloomberg

‘I choose to take care of lives’: Fernández sacrifices economy to ward off virus

28-03-2020 10:36 President Alberto Fernández has won praise for his decision to go all-in in the fight against Covid-19, saying he will prioritise “lives” over the “economy” – and his approach stands in stark contrast to his peers in Mexico and Brazil.

DEBT TALKS

Government warns creditors that virus crisis will delay 'uncertain' recovery

23-03-2020 08:11 "The debt is not payable due to the critical situation in the country, in a context in which interests have grown rapidly," he said.

Coronavirus pandemic

Pandemic prompts fears for the future from crisis-weary citizens

22-03-2020 16:02 The coronavirus outbreak has paralysed the global economy – and that could not have happened at a worse time for Argentina...

COVID-19 OUTBREAK

Government's economic package against coronavirus – the details

21-03-2020 08:16 Government unveils host of measures to “protect production, labour and supply” during coronavirus pandemic.

CORONAVIRUS CONSEQUENCES

Coronavirus casts another shadow over Argentina’s economy

14-03-2020 08:48 Consultancy firms predict outbreak will deepen economic turmoil in 2020, shaving as much as 0.5% off GDP

by Fermin Koop

Markets slump

Merval suffers another rout fuelled by Covid-19 pandemic

12-03-2020 13:22 As coronavirus pandemic prompts economic turmoil and a downturn in the markets, Dow index slumps 8.7% and Argentina's Merval index falls 9.52%.

Coronavirus outbreak

European Central Bank fires off stimulus to counter virus 'shock'

12-03-2020 12:38 European Central Bank chief Christine Lagarde warns coronavirus will deliver a "major shock" to global economy that requires urgent, coordinated action.

Bloomberg

Brazil's Central Bank will intervene 'as long as needed' to support real

09-03-2020 13:49 The Brazilian Central Bank pledged to support its tumbling currency with all instruments and for as long as needed just as it stepped heavily into the spot market for the first time this year.

Price increases

Central Bank chief predicts February inflation data will be 'below 2%'

09-03-2020 08:00 Alberto Fernández’s administration will strengthen its economic interventions to combat inflation as experts forecast a deceleration of the price increases for February.

Virus panic

After a US$1-trillion wipeout, emerging markets bank on stimulus

02-03-2020 13:22 With the world reeling from one of the biggest risk sell-offs since the 2008 global financial crisis, more coronavirus-fueled declines in emerging markets may only be tempered by the prospect of coordinated central bank action or large fiscal stimulus.

URUGUAY FRONTIERS

Uruguay's president-elect Lacalle Pou eager to attract foreigners

25-02-2020 18:41 Luis Lacalle Pou expresses determination to open up borders, so that thousands of foreigners can settle in his country. Uruguay's incoming leader also says nation will change position on Venezuela crisis.

Bloomberg - Long Read

Money manager expects crisis to worsen as Argentina's bonds blow up

14-02-2020 13:49 Investment fund Franklin Templeton’s star money manager, Michael Hasenstab, interprets government's move to delay a US$1.4-billion local bond payment as a sign that the economic slowdown is only going to worsen.

Bloomberg

Brazil looks to India as trade with Argentina deteriorates

15-01-2020 23:26 Brazil sees a huge potential for its exports of food and commodities, and a chance to increase its US$7 billion in annual bilateral trade with India to US$25 billion in the next few years.

Bloomberg

US to prioritise Brazil over Argentina in OECD reversal

15-01-2020 09:06 Washington to tell OECD officials that US now prioritises Brazil's bid for membership, rather than Argentina's.

EXTRAORDINARY SESSIONS

Full agenda for Congress ahead of return to activity

14-01-2020 12:36 President Fernández says law to create an "Economic and Social Council" is ready to be sent to Congress for debate, along with a host of other bills.

by James Grainger

ECONOMIC CRISIS

Dying becomes a luxury as economic downturn hits home

06-01-2020 23:20 The cost of buying, renting and maintaining graves and tombs is so high that many in Argentina are opting to cremate their loved ones instead.

NEW ERA IN ARGENTINA

Fernández seals first 'social agreement' with business leaders, unions

29-12-2019 22:57 First meeting of Economic and Social Council ends with signing of four-page document – the "Compromiso Argentino para el Desarrollo y la Solidaridad."

Ley de Solidaridad

Government publishes emergency economic measures in Official Gazette

24-12-2019 09:02 Sweeping economic passage published as Alberto Fernández reveals IMF team will arrive in Buenos Aires for talks "in the coming days." President admits he hopes for single-digit inflation by 2023.

Ley de Solidaridad

Lower House lawmakers back Fernández's economic emergency bill

20-12-2019 10:47 After a marathon session, lawmakers in the Chamber of Deputies voted this morning to approve President Alberto Fernández's economic emergency legislative project, sending the legislation to the Senate.

Emergency Bill

González García: 'Argentina's health system in a critical state'

19-12-2019 15:17 Health minister delivered his comments during a presentation to a congressional Budget and Treasury committee, as lawmakers debate Fernández administration's legislative package.

Economic Crisis

Unemployment reached 9.7% in third quarter of 2019

19-12-2019 15:04 Racked by economic crisis, Argentina's joblessness rate has actually shown slight improvement.

Emergency Bill

Debate over government's omnibus 'emergency' bill rages on

18-12-2019 20:39 Lawmakers are set to vote on the massive piece of legislation on Thursday that would formalise the "triple" emergency and set in motion a series of economic reforms to address the crisis

NEW ERA IN ARGENTINA

Fernández administration to send recovery package to Congress

16-12-2019 15:21 Legislative package includes, among other measures, a 30 percent surcharge on 'tourist dollar,' increased taxes on exports and plans to make healthcare more accessible and affordable, according to government.

New government

Santiago Cafiero says government may declare state of emergency

11-12-2019 13:48 New Cabinet chief describes Mauricio Macri's government as the "worst in the history of democracy" in Argentina.

Bloomberg

Argentina can’t pay debt until economy grows, says Fernández

10-12-2019 17:36 In his first presidential address, Fernández read off a list of challenging economic indicators he’s inherited, including the biggest debt load as a percentage of gross domestic product since 2004, when the country was in default – and he was Cabinet chief.

Bloomberg

Jair Bolsonaro’s attempt to rewire Brazil’s economy risks short circuiting

04-12-2019 11:10 The government has presented not just one but three constitutional amendment proposals to reduce public spending. Each requires the backing of at least three-fifths of the lawmakers in both houses of Congress to pass – a tall order at the best of times.

RECORD CREDIT-LINE

Macri administration has used 83% of IMF loan to pay off external debt, data shows

25-11-2019 17:21 Data from Treasury says 83% went towards paying off debt accrued during the first three years of his presidency, with remainder used to service payments on national debt and fuel imports.

WASHINGTON CALLING

Trump phones Fernández: 'Your victory has been talked of around the world'

01-11-2019 18:11 After five days of silence, the United States president congratulates his new Argentine counterpart. The IMF deal and future cooperation were discussed. “We need to do things together,” Fernandez tells Trump.

DEMONSTRATION

Protesters march against IMF in downtown Buenos Aires

31-10-2019 19:44 First social protest since the election of Alberto Fernandez sees hundreds march through downtown Buenos Aires.

Bloomberg

Macri extends olive branch to Fernández over economy

28-10-2019 14:40 At a meeting Monday morning, the two discussed plans to steer the nation out of the looming economic crisis.

Chile Protests

Anti-government protests intensify in Chile; at least 19 have died

25-10-2019 20:49 The unrest began as a protest over a four-cent increase in subway fares and soon morphed into a larger movement over growing inequality in one of Latin America's wealthiest countries.

Election 2019

Peronists expect return to power in polarised election

25-10-2019 20:26 Citizens await results of approaching presidential election in the midst of an economic crisis, including rising rates of poverty and inflation. Potential leftist win could mark a significant departure from trend of increasing conservative governments in the region.

POVERTY

Streets of Buenos Aires the last refuge of those hit hardest by crisis

25-10-2019 15:24 Homelessness has increased markedly during Argentina's worst economic crisis since 2001 and the capital's growing population of street-dwellers are finding it increasingly difficult to get by.

ECONOMIC INDICATORS

Economic activity dropped 3.8% in August year-on-year

24-10-2019 21:00 The World Bank and the International Monetary Fund (IMF) recently predicted that Argentina's gross domestic product would decline by 3.1% in 2019.

AS I SEE IT

Crunch time is about to arrive

19-10-2019 13:36 For most of the country’s political leaders, trade unionists, businessmen and other influential personalities, the traditional way of doing things is perfectly natural and the ideas they cling to are only common sense.

by James Neilson

World

WhatsApp tax sparks protests in Lebanon

18-10-2019 15:28 In the midst of a massive economic downturn, the government imposed taxes on the free messaging service. Widespread outcry ultimately compelled the government to reverse its policy within hours, but protests have yet to cease.

Women's Rights

Buenos Aires confirmed as host of 2020 Women Economic Forum

17-10-2019 08:00 The annual gathering of over 1,000 people to discuss women's economic opportunity and empowerment will take place in Argentina's capital next year.

BLOOMBERG

US turns down Brazil’s OECD bid, despite having endorsed it

10-10-2019 12:27 US government decides not to endorse Brazil’s bid to join the Organisation for Economic Cooperation and Development, marking a reversal after months of public support from top officials. However, Washington indicates it does support membership claims from Argentina and Romania.

ECONOMIC INDICATORS

Economic activity grew 0.6% in July year-on-year, says INDEC

27-09-2019 00:46 Small rise on last July's figure thanks to agriculture; economic activity has contracted by 2.1% since January, according to statistics bureau.