Article

2018-05-05 Caribbean-Latin America

[BBC] Argentina's central bank has raised interest rates for the third time in eight days as the country's currency, the peso, continues to fall sharply.
How can such a resource-blessed country screw it up so monumentally? Castro/Mexico/Che/Perons/...
On Friday, the bank hiked rates to 40% from 33.25%, a day after they were raised from 30.25%. A week ago, they were raised from 27.25%.

The rises are aimed at supporting the peso, which has lost a quarter of its value over the past year.

Analysts say the crisis is escalating and looks set to continue.

Argentina is in the middle of a pro-market economic reform programme under President Mauricio Macri, who is seeking to reverse years of protectionism and high government spending under his predecessor, Cristina Fernandez de Kirchner.

Inflation, a perennial problem in Argentina, was at 25% in 2017, the highest rate in Latin America except for Venezuela.

This year, the central bank has set an inflation target of 15% and has said it will continue to act to enforce it.

Posted by Frank G 2018-05-05 00:00|| || Front Page|| [11131 views ] Top

#1 How can such a resource-blessed country screw it up so monumentally?

Don't forget Venezuela. As far as how, just look at what Barry tried to do to the US.

Posted by AlanC 2018-05-05 08:51|| 2018-05-05 08:51|| Front Page Top

#2 40% interest on a hyper-inflating currency...? Wow, I'm sold. Sign me up!!!!1!!!

Posted by magpie 2018-05-05 16:13|| 2018-05-05 16:13|| Front Page Top

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