Argentina chain in its miseries

Buenos-Aires 03-15-2017

Argentina is undergoing a process of transition towards a more just and developmental society. This is what the Macri government intends.

But there is a statistic that hurts, and that it should (rather, should) all citizens who believe and bet in this country: in Argentina there are 30% of the poor.

The government of Cristina de Kirsner is very responsive. But few we observed that both the employers, the unions and each of the citizens are responsible for all the evils that afflict us.

The choice of the then, now government, has the same responsibility. In fact almost all provincial governments are from the same sector of government and the same clique.
Since 2001, Argentina has lived with the same horizon of progress: “out of poverty”.

The government and the opposition are only involved in retaining power, their businesses plagued by past corruption. The government gives the impression of having no cases of corruption, but the history of Macri and his business family stalks them.

History teaches us that the pillars to get out of the poverty of our society are education and bet on the development of the middle class.

Today the people who claim in the squares of Buenos Aires are looking for more resources for subsidies. This is a drag of the past decade where the work is never encouraged and the effort is rewarded.

“Subsidiados”

These people have seen the state as their “Dad” for 15 years. They seek refuge for their life to be covered by the state. We are all paying for the “misery” we live in. And they often have access to health, education and entertainment that the lower middle class does not have.

My father-in-law, you have to buy Parkinson’s drugs. He is retired and can not fully pay for the amount of his prescriptions and studies. We help each other in the family. However, the Argentine state medicines for people who claim they give them free.

Of course, I do not think anyone has to stop taking their medications. But it is very different to give them a subsidy and to go home, without extinguishing them to educate and work. It is very different, if all the Argentineans will take us thinking about how to improve each day oneself.

Argentina is still Chavez’s Venezuela. Everyone believes that the state must care for us. All !, including employees, the unemployed, entrepreneurs, the church, and the subsidized (who have not looked for work for a decade).

 

Avenida de Mayo y Piedras, Buenos Aires 03/15/2017. (By: Alfredo Martínez)
Avenida de Mayo y Piedras, Buenos Aires 03/15/2017. (By: Alfredo Martínez)
Buenos Aires 02-15-2017 (By Alfredo Martínez)
Buenos Aires 02-15-2017 (By Alfredo Martínez)
Teachers cut the street in the neighborhood of Congreso, Buenos Aires. 03-15-2017 (By Alfredo Martínez)
Teachers cut the street in the neighborhood of Congreso, Buenos Aires. 03-15-2017 (By Alfredo Martínez)

 

Argentina caught between its past and future. The unions held a march against the government of Macri.

Buenos Aires: Antonio Calo marches next to the former mayor of Quilmes, Francisco "Barba" Gutierrez, heading the column of the UOM that goes to the central act of the CGT.

Today was the first march of the unions against the government of Mauricio Macri.
The march, is lit by the next elections of senators and deputies.
The guilds are demanding layoffs and price increases. Especially the increases in the energy sector, driven by the government that led to electricity and natural gas to rise above 400%, in the last year.

Continue reading “Argentina caught between its past and future. The unions held a march against the government of Macri.”

Elections 2016: Scioli not reaches 40% and still the prospect of runoff

Argentina: elections 2016

A national survey attributed 38.3% of the vote by projecting undecided. With a slight increase in the last month, Macri would reach 29.2% and 20% Massa.
Despite the intense election campaign of the ruling party, Daniel Scioli still unable to take off in the polls: according to a national survey by the consulting firm Management & Fit, the presidential candidate of the Frente para la Victoria currently has 34.3% of the vote, with the projection of undecided, it would stretch to 38.3%. If confirmed the poll, governor of Buenos Aires would not achieve winning the first round and would ballot.

Other survey data that will surely worry the command comes Scioli campaign. It is also, Scioli could be losing some of the votes obtained in the primaries. FPV candidate got 38.67% of the vote, according to the official count. The sample of M & F indicates that now would reap the Buenosairean 0.37% fewer votes than those which added 69 days ago.

They agree on something that most opinion polls in M&F appears as the second Mauricio Macri. The candidate of Cambiemos has a voting intention of 25.1%, without undecided, growing at 29.2%. In his case he would also be losing some of the votes that garnered front Cambiemos in the August primary. This time, when competed Macri, Ernesto Sanz and Elisa Carrio to see which of the three was left with the presidential candidacy, the force had obtained 30.12% of positive votes, according to the scrutiny of the National Electoral Board.

Consolidated third in voting preference appears, Sergio Massa. The candidate of the Alliance for a “Unidos para Nueva Argentina” (UNA) has according to the survey of M&F voting intention of 17.1% with the projection of undecided up to 21% (in primary had taken the 20.57%) .

Pretty further behind the other three presidential candidates appear. Margarita Stolbizer, candidate for the “Progresista” party, has 3.9% of the vote, which would rise to 4.8% (3.47% obtained in the primary).
In the fifth Nicolas Cano, the young candidate of the “Frente de Izquierda” appears, with voting intentions of 2.3% (2.9% excluding undecided. In primary had garnered 3.25%. And in sixth place “Compromiso Federal” headed Adolfo Rodriguez Saa, with 1.8% of voting intentions (2% without undecided).

To prevail in the first round, the floor needs to overcome Scioli 40% of the votes and get 10% lead over its rivals. According to the survey it is that this would not happen, and therefore had runoff on Sunday 22 November. Happened to the locals would be the sixth choice in a space of just seven months.

The M&F survey was conducted between 8 and 13 October. It was made through telephone and personal 2,400 interviews in all provinces. Its margin of error is 2%.
Another fact that emerges from the research by the consultancy is to enter the previous national survey He closed in mid-September-and this, Scioli would have dropped a few tenths in voting intentions. At that time, a survey by M&F showed that the candidate chosen by Cristina Kirchner to succeed it had 38.6% of the vote against 38.3% for now.

The UN adopted a resolution to limit the actions of holdouts in debt swaps

Foreign Minister Hector Timerman and Minister of Economy Axel Kicillof

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The UN General Assembly today passed the bill that impelled Argentina to try to shield the process of restructuring of sovereign debt of the interference of the holdouts. It is a non-binding resolution that promotes the creation of a regulatory framework for such cases and already has a list of principles to deal.

The vote was favorable for the support of 136 countries, mainly in Latin America, Africa and Asia. There were 41 abstentions and six rulings against: US, UK, Canada, Germany, Israel and Japan.

Speaking to the assembly, Argentine Economy Minister Axel Kicillof, said that the approval is “a major step against attacks by vulture funds, as currently endured by Argentina and as other countries can suffer.”

The officer then called that the UN propose an amendment to the international financial structures “for a better and peaceful world, a world free of vultures”.

Among the “Basic Principles”, the text mentions “sovereign immunity” of states against foreign courts and respect of the majority in the restructuring process, under which decisions must be accepted backed by a qualified majority of creditors .

It also calls for the “sustainability” and believes that the restructuring of sovereign debt should preserve the rights of creditors, but also promoting “sustainable and inclusive growth” in the country, “minimize the economic and social costs” and “guarantee the stability of the international financial system and respect for human rights.”

The proposal, in the economic scene some people call it “Kicillof Doctrine”, establishes a period of negotiation and the establishment of a review committee process, and its objective prevent failures such as those issued US Judge Thomas Griesa against Argentina.

For Argentina, promoter of the initiative through the Group of 77 and China, it is international support in its legal battle against hedge funds that earned him a trial by 1,600 million dollars in US federal courts for debt default since 2001.

The resolution does not mention however to Argentina or the funds to calling them “vultures” for buying bonds in default to auction and then litigate in court, rejecting debt swaps 2005 and 2010 that included major removeand they were accepted by 93% of creditors.

The Argentina refuses to comply with a ruling by Judge Thomas Griesa in New York ruled in favor of the fund NML Capital and Aurelius, urging the Government to pay 1,600 million in principal and current interests.

Cristina Kirchner poverty to below 5% and 1% indigence

Cristina Kirchner

Cristina Fernandez participates in the meeting with the United Nations Food and Agriculture Organization (FAO), on his last day in Rome, Italy, where he spoke about “the model” and the results that led the country to have poverty rates and indigence that are below 5% and 1%.

As part of a talk on food, the President said that “Argentina, has been rewarded for their results in the fight against hunger is not that we only had a feeding program. We had a national project, a model of society, more equitable, more just and egalitarian, which is the best antidote in the fight against hunger and poverty”, he said.

FAO awarded a distinction to the president of Argentina in recognition of public policies that reduced levels of malnutrition in the last 25 years. The head of state was based on the latest data released by questioned Statistics and Census Institute (INDEC), which in 2013 stood at 4.7% to poverty.

During the 39th Conference of FAO, the UN agency dedicated to the problems of food and hunger, the president remarked that the country index poverty is below 5% and the poverty rate of 1%.

“What has it helped the Argentina eradicate the problem of hunger was precisely the existence of the state. And a state with very active public policies, very focused on this problem, he said.

While insisting on placing the country among those with “the best minimum living wage of Latin America”. He highlighted the social plans such as universal child allowance, because “contributed strongly to boost the economy through aggregate demand, consumption”.

Accompanied by the economic attaché at the Embassy of Argentina, Guillermo Moreno, the president remarked that “the problem of hunger it cannot be approached solely from food production,” but through the work as “the great social articulator”.

After the summit, Cristina will meet with the Director General of FAO, Jose Graziano Da Silva, then lunch with the President of the Republic of Italy, Sergio Mattarella, after which he will undertake his return.

Lying

The data shed major consulting firms and the world on the level of poverty in Argentina not merely match the range of 4.7% announced by President Cristina Fernandez de Kirchner today in Rome in the framework of the meeting of the Bureau Food and Agriculture Organization (FAO) of the UN.

The digit showed the president is similar to the last measurement made by the INDEC in 2013 but. A study by the Catholic University Argentina of that year showed that the poverty rate was 26%.

According to the official CGT, which has its own center for study, poverty in May 2014 was 17.8%, while for X Consultant Artemio Lopez at the end of that year the percentage was 12.7 and the Chartered Institute of Buenos Aires this index was 20% in Buenos Aires.

Meanwhile, for the Indec technicians who were displaced by the institution, poverty in May 2015 is 25.1%.

Globally, according to data collected in 2012 by the CIA World Factbook, the first countries with the lowest poverty rates are 1.16% Taiwan, Tunisia and Malaysia with 3.8%, Lithuania with 4% and Ireland with 5.5% .

Taking into account the number thrown up by the President, of 4.7%, Argentina ranks fifth in the world ranking of registering a lower poverty rate France 6.2%, Switzerland 6.9% UK of 14% and even the United States of 15.1%.

Argentina pays restructured debt maturity

Argentina resisting, shame we do not have Manager

At the time more than one billion dollars are paid through the Bank of New York to settle the share of restructured bonds maturing in 2005, avoiding falling into the dreaded “technical default”.
Paid today aware that tomorrow is the Day of the State Employee and therefore there will be no activity in much of the public administration, and bonds set to be paid the day before the last business day, so it has avoided the vultures can arrive in time to seize the two accounts in the Central Bank has said New York bank and thus ensure the compulsory collection.
This gives lighter to handle the situation expecting arrive January 2015.
Ugh! ……..

As shown, we’re all together stopping those who want to come. All within of the field. Unfortunately the Manager (meaning the president) do not know to play.

Causes and consequences of the judgment of the Court of the U.S. against Argentina

A day ago has known the decision of the Supreme Court of the United States of America where Argentina appeal against the judge’s ruling Griesa New York is rejected and ordered to pay “immediately” U$  1,300 million a vulture fund NML.

Beyond all the analyzes that could be done about the sorry role of political opponents (actually opportunists) who went out to support the ruling, and the extreme right press is happy, a serious problem arises for the future economies of nation-states.

1 – If this decision becomes final, the possibilities fall sovereign restructuring in the medium and long-term debt, including the debt of Europe and, most likely, the United States of America, for the precedent that will be set a sufficient 1% for the remaining 99% lose their rights to demand that those who do not enter the swap.

2 – If this happens, and the sovereign debt payments can be decided at the offices of a judge, no use of economic and foreign policies of the governments of the respective States, as sufficient that a person‘s divine right to arrogate decide that a republic must pay a 1% to 92% with priority, to which you can prevent charging and sentencing him to a “technical default”.

He was more than clear on the process followed by before the New York court that NML never was harmed by the Argentine government, but the fund took advantage of the need for the bondholders who sold off their roles for this group to litigate against a republic and profit of over 400%. In short, both Griesa as the U.S. Supreme Court have validated a scam made ​​by those who have no financial need against those who were actually defrauded by the Argentine government. So for the U.S. justice” not interested NML bought these bonds in 2008, three years after the Argentine government had exchanged more than 85% of its defaulted debt for new bonds. Speculation has been validated and has been caught up with the economic policy of a sovereign state.

4 Pay to the terms set by the judge Griesa would violate the rights of the 92% who entered the trade voluntarily, and generate – this is the worst thing the right to execute that 92% of the Argentine State to be paid 100% and in one payment. Needless to say that the absolute inability to pay is just around the corner.

5 – The Secret of the strategy, in my humble opinion, is to January 2015 and attempt to generate a new negotiation with these funds, which like it or not now have a decision of justice from the main power world. Why that date? You can not pay any creditor in more advantageous conditions than those who enter the swap, because they would entitle them to sue in the same conditions the Argentine State. That clause expires in December.

Finally, I was greatly surprised that the adjective lofty economists, journalists and politicians said about the handling of the debt by the Argentine government, “improvisation.”
I’m not official, I’m hyper critical of his foreign policy, but if there is one area where this government deserves recognition, it is precisely in management that had national public debt.
Hopefully prime wisdom and sanity in government and opposition leaders, and instead of petty calculations consider a strategy to avoid the “greater evil“, not only for Argentina, but rather over much of Europe and on Washington.

The U.S. Court refused to treat the case of Argentina by vulture funds

US Supreme Court

With this ruling, the case returns to court Griesa Judge who had ruled in favor of groups of bondholders.

The Supreme Court of the United States rejected a request from Argentina to intervene in the trial between the country and holdouts and review adverse decisions of first and second instance requiring the payment of 1,330 million, reported this morning U.S. trade media .

The maximum American judicial tribunal had met in Washington on Thursday and postponed until today the official communication on its determination, which was unfavorable to Argentine interests, although in the last hours had gained strength version that the Court would request a review the new Obama administration.

With this decision, the only unfavorable against two other more beneficial for Argentina could have adopted the Court, Argentina would have to pay before June 30 about 1,330 million to bondholders in default.

Minutes ago he had published:  Holdouts: U.S. Court defines if you take the case of Argentina

Update
Argentina President Cristina Fernandez de Kirchner, announced on national TV that talk about this topic at 20:00. local