Argentine President Cristina Fernandez de Kirchner's efforts to stem capital outflows and extend her control over South America's second-largest economy has brought growth to a standstill. good job, Evita
Gross domestic product was unchanged in the second quarter from a year earlier and shrank 0.8 percent from the first quarter, the national statistics agency reported today. Economists had forecast year-on-year growth of 0.5 percent, according to the median estimate of 10 economists surveyed by Bloomberg. This was the first time GDP hasn't grown annually since a 0.3 percent contraction in the third quarter of 2009. based on fake inflated data
"The government's policies have halted growth because they led to lack of confidence and of investments," said Walter Molano, head of sovereign research for emerging markets at BCP Securities in Greenwich, Connecticut, an investment bank that focuses on developing nations. "Argentina could have easily continued growing 7 percent or 8 percent for years." but then she wouldn't have had control
Since her re-election in October, Fernandez, 59, has banned most purchases of foreign currency, restricted imports and nationalized YPF SA (YPF), the country's biggest oil producer. While those policies have eroded business confidence and investment, a drought in the U.S. that has pushed up soybean prices may provide some relief for the world's third-largest producer of the oilseed.
Argentine President Cristina Fernandez de Kirchner's efforts to stem capital outflows and extend her control over South America's second-largest economy has brought growth to a standstill.
Gross domestic product was unchanged in the second quarter from a year earlier and shrank 0.8 percent from the first quarter, the national statistics agency reported today. Economists had forecast year-on-year growth of 0.5 percent, according to the median estimate of 10 economists surveyed by Bloomberg. This was the first time GDP hasn't grown annually since a 0.3 percent contraction in the third quarter of 2009.
Enlarge image Argentine Growth Slumps as Fernandez Tightens Controls: Economy
"The government's policies have halted growth because they led to lack of confidence and of investments," said Walter Molano, head of sovereign research for emerging markets at BCP Securities in Greenwich, Connecticut, an investment bank that focuses on developing nations. "Argentina could have easily continued growing 7 percent or 8 percent for years."
Since her re-election in October, Fernandez, 59, has banned most purchases of foreign currency, restricted imports and nationalized YPF SA (YPF), the country's biggest oil producer. While those policies have eroded business confidence and investment, a drought in the U.S. that has pushed up soybean prices may provide some relief for the world's third-largest producer of the oilseed.
Budget Forecasts
Argentina, which has expanded an average 7.8 percent a year since 2003, will grow 2.5 percent in 2012 and as much as 5 percent next year, Molano said. Fernandez's government forecasts growth will accelerate to 4.4 percent in 2013 from 3.4 percent in 2012, according to the 2013 budget. and pigs will fly
The Argentine government has defended its record and says growth will rebound.
Argentina's Fernandez tightened import restrictions in February to boost the country's narrowing trade surplus and bolster central bank reserves. With Argentina locked out of global credit markets since its $95 billion default in 2001, Fernandez has tapped the bank's holdings since 2010 to help pay the nation's foreign debt. She plans to use $8 billion of reserves for the same purpose next year.
The import restrictions led to shortages of foreign-made parts, forcing manufacturers such as Fiat Spa (F)'s local unit to trim production. Fernandez also tightened controls on dollar purchases in a bid to slow capital outflows, which accelerated to $21.5 billion in 2011 from $11.4 billion the previous year.
In April, Fernandez, who succeeded her late husband Nestor Kirchner in December 2007, seized control of YPF from Spain's Repsol SA, blaming lack of investment by her country's biggest oil company for a doubling of fuel imports in 2011. During her first term, she expropriated $24 billion of private pension savings and nationalized Aerolineas Argentinas SA, the nation's flagship airline. Obama and the democrats will likely try and tap teh cash in 401Ks in exchange for future "promises", expecially now that they are making squat in interest
Posted by: Frank G ||
09/22/2012 08:43 ||
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#1
thought I posted to Seedy Pols. Mods? please move, thx
Moved to Non-WoT.
Posted by: Frank G ||
09/22/2012 8:55 Comments ||
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#2
It's already started in Europe last year. Amd we know how Obama and a lot of Democrats want to be more like Europe...
#3
You would think crooked politicians at all levels would want us all to be working like mad in an overheated economy so there would be more to steal, but they're a short sighted lot, they are...
Posted by: M. Murcek ||
09/22/2012 10:14 Comments ||
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#4
Of course, get enough prosperity and most of the solutions in search of problems that politicians like to peddle would be spotted as unnecessary. Can't have that...
Posted by: M. Murcek ||
09/22/2012 10:16 Comments ||
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#5
...its about power and control. Tis better to rule in Hell than serve in Heaven. Ask any one running Cuba, North Korea, Zimbabwe, Venezuela, etc
#13
Executive summary of comments so far:
Feds expropriating 401Ks in stealth maneuvers and talk on US streets is about how much Honey Boo Boo should be paid per episode.
#1
Probably the Russians just gearing up to cash out some more of their chips while Zero's still President. It might also have stuff to do with the tensions between Armenia and Azerbajan, with Georgia's existance being an unfortunate side-quest for Putin.
Also, that's the direction Russian troops would be going if they were to meet up with the Iranians and squeeze out the capacity of the West to stop their nuclear program.
Three former Turkish generals, who were key suspects in the Sledgehammer coup trial, have been sentenced to 20 years in prison on coup charges, a ruling that is expected to help curtail the Turkish military's hold on politics, Today's Zaman reported.
Former 1st Army Commander retired Gen. Çetin Doğan, former Air Forces Commander Gen. Halil İbrahim Fırtına and former Naval Forces Commander Adm. Özden Örnek were initially given life imprisonment but the court said the three would only serve 20-year prison sentences because they were unsuccessful in their bid to topple the government. It acquitted 34 officers in the case, which has underlined civilian dominance over the once all-powerful military in Turkey.
Retired Gen. Engin Alan, War Academies Commander Gen. Bilgin Balanlı, retired Gen. Ergin Saygun, former National Security Council (MGK) Secretary-General Şükrü Sarıışık, retired Gen. Nejat Bek, retired Adm. Ahmet Feyyaz Öğütçü and retired Gen. Süha Tanyeri were also each sentenced to 18 years in prison.
Prosecutors had demanded 15-20 year jail sentences for the 365 defendants, 364 of them serving and retired officers.
The court issued 16 year jail sentences for 214 suspects, including the retired Col. Dursun Çiçek and retired military judge Ahmet Zeki Üçok, in the historic coup trial.
Çiçek was arrested on charges of preparing the Action Plan to Fight Reactionaryism, which sought to undermine the Justice and Development Party (AK Party) government and the religion-based Gülen movement.
Among the 365 suspects, 250 behind bars and the rest pending trial outside of custody. The verdict session was the 108th hearing in the trial.
Suspects entered the courtroom to the applause of viewers, who sang various military anthems as the suspects, most of whom are of military background, walked in.
Four defendants delivered their final statements on the last day. The court adjourned before announcing the verdict.
The first time the Sledgehammer plot was publicly discussed was on Jan. 20, 2010, when the Taraf daily claimed that a group of generals had conspired to overthrow the Justice and Development Party (AK Party) government, devising a plot titled the Sledgehammer Security Operation Plan. The daily claimed that among the plans of the generals was bombing the Fatih Mosque, one of İstanbul's biggest, during a busy Friday prayer and other atrocities to shake public confidence in the government. The plot was devised in 2003, according to the paper.
The first evidence against the suspects emerged in January 2010, when an anonymous tipster delivered a suitcase to journalist Mehmet Baransu. The suitcase contained various materials, including documents not related to the investigation. Three CDs -- which formed the backbone of the prosecution's argument -- in the suitcase were the subject of the Sledgehammer investigation. The journalist shared the documents with the prosecutors shortly after obtaining them. The CDs contain documents that mention Sledgehammer and related activities such as operational plans (subplots the generals called Oraj, Suga, Çarşaf, Sakal), a list of civil society organizations that would be closed once the generals were in power, blacklists of individuals from various institutions, journalists to be arrested, vehicles, hospitals and pharmacies to be taken over and personnel assignments. Later, the documents found at Gölcük were added to the pile of evidence against the suspects.
Posted by: Steve White ||
09/22/2012 00:00 ||
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A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
Three former Turkish generals, who were key suspects in the Sledgehammer coup trial, have been sentenced to 20 years in prison on coup charges, a ruling that is expected to help curtail the Turkish military's hold on politics, Today's Zaman reported.
