Thursday, April 12, 2012

@08:38, 04/11/12 2

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http://query.nytimes.com/search/sitesearch?query=Argentina&date_select=full&srchst=cse

There have been noises about the Falklands. 
Trying to replay that adventure would be a bad mistake.

"In 2003 Mr. Kirchner was elected to succeed the interim president, Mr. Duhalde. Mr. Kirchner embarked on a new economic model — the one that his wife, continued to follow today. Its pillars are sustaining a weak currency to foster exports and discourage imports, and maintaining fiscal and trade surpluses that can be tapped for financing government and paying down debt.
The Argentine government waited until 2005, when its economy was already in recovery, to conduct the first of two debt restructurings. Nongovernment foreign investors — the biggest included pension funds from Italy, Japan and the United States — took haircuts costing them two-thirds of their investments.
Notably, the one creditor that was paid back in full — in 2006 — was the International Monetary Fund, to which Argentina owed $9.8 billion dating to the 1990s.
Since paying off the International Monetary Fund, Argentina has not borrowed from the fund. That enabled the Kirchner governments to avoid the agency’s typical prescription of cutting state spending.
The Argentine government has maintained hefty subsidies on energy and some food to avoid public discontent — steps that would be anathema to the monetary fund. But high commodity prices have helped let Mrs. Kirchner maintain popularity at home through generous government outlays."






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