The financial markets were enthusiastic about Mauricio Macri’s election as president of Argentina in 2015, glad to see a businessman in charge of a country they had long shunned. The Financial Times said it marked ‘the beginning of a new political era’. Davos had found a new star. Now Argentina is in crisis again, and asking for help from the International Monetary Fund (IMF). Macri sees himself as a victim of Argentina’s fate — ‘to fall down, get up, then fall again, over and over again.’ The pattern of economic growth is similar in most countries: peaks, troughs and occasionally a period of sustained growth. Argentina’s GDP graph looks more like a series of convulsions: a fall of 10.9% in 2002, peaks of 8.8% in 2003 and 7.7% in 2007, zero growth in 2009, another peak of 7.9% in 2011, and barely 1% growth in 2012. In 60 years, Argentina has had four defaults on debt, 26 agreements with the IMF and two periods of hyperinflation. In 1983 … [Read more...] about Argentina swings into financial crisis
Argentine financial crisis
Since then, US federal debt has gone out of control, more than doubling from the 2007 level of $9 trillion to $20.44 trillion in 2017, equivalent to 105.4 percent of GDP. After including state and city governments' debt, the total amount was close to $26 trillion, about 130 percent of GDP. The 2001 stock market crash was resolved through the rapid development of the real estate market, which, however, caused a larger global financial crisis in 2008. Increased debt and quantitative easing were used in response to the US subprime mortgage crisis, but will the resulting debt lead to another large-scale stock market collapse and economic crisis? Whether there will be a new crisis depends on whether the US government still has creditworthiness and whether it reaches a limit in terms of the debt-to-GDP ratio and debt leverage. Excessive debt issues may cause a US dollar devaluation and lower credit … [Read more...] about Will US Debt Crisis Trigger New Stock Rout, Financial Turmoil?
Business By Ana Nicolaci da Costa BBC Business reporter 7 September 2018 Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share this with Facebook Share this with WhatsApp Share this with Messenger Share this with Twitter Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link https://www.bbc.com/news/business-45191872 Read more about sharing. These are external links and will open in a new window Close share panel Economic crises in Turkey and Argentina have led to talk of "contagion" - the danger of … [Read more...] about Can Argentine and Turkish crises spread?
Argentina has requested the early release of a $50bn (£38.5bn) credit line from the International Monetary Fund (IMF) after the peso hit new lows amid a deepening financial crisis. The value of the Argentine peso toppled yesterday prompting the government to call on the IMF to speed up access to the funding in a bid to raise confidence in the economy. The currency is at a low of 34.00 against the US dollar this morning and is more than 45.3 per cent down this year. In a statement IMF managing director Christine Lagarde said staff would "strengthen the Fund-supported arrangement" and "re-examine the phasing of the financial program" Read more: Last Week in the City: Relief for tech investors as Argentina wobbles “In consideration of the more adverse international market conditions, which had not been fully anticipated in the original program with Argentina, the authorities will be working to revise the government’s economic plan with a focus on better insulating … [Read more...] about Argentina calls for early release of $50bn IMF support as crisis deepens
NESTOR PITANA is one of the referees at the 2018 World Cup. And the Argentine had the honour of presiding over the opening game between Russia and Saudi Arabia. Who is Nestor Pitana? BORN in Corpus in 1975, Pitana is one of Argentina's most senior referees. A former actor and now a gymnastic teacher, he began refereeing domestic games in 2007 and took just three years to earn his Fifa-listed status. Since then he has been a regular face at Copa Libertadores games around South America, including last year's semi-final between Gremio and Barcelona SC. This season he has been in charge of six World Cup qualifiers and was in the middle for the playoff between Australia and Honduras. Pitana was in the headlines following that performance after giving two penalties and brandishing seven yellow cards. GUS THE MAN Pep ready to help Leeds boss Marcelo Bielsa by loaning starlets including Gunn VILLA FOR SALE Aston Villa owner Tony Xia in talks to sell club amid financial crisis Snooze you Lews … [Read more...] about Who is Mexico vs Sweden referee Nestor Pitana and how many World Cups has Argentine ref officiated at?