The Argentine state is taking control of the country’s privately-managed pension funds in a drastic move to raise cash.
Credit Default Swaps on Argentine bonds reached 2,900. Do we have a Latin Iceland on our hands, but with 100 times the population?
The Merval index of stocks in Buenos Aires is down 12.6pc as I write. Telecom Argentina took it badly (-25pc), so did Grupo Financiero Galicia (-13pc) and Banco Frances (-20pc).I suppose Doug would say:
Sometimes people, who haven’t been there, look at me in a questioning way when I mention Argentina, because they’ve heard of the government. But it’s not evil, or dangerous, like many. It’s just corrupt, incompetent, and inefficient — which is actually much better than the alternatives, when we’re talking about governments.I'm not sure, but I suspect that South America has held out against the rest off the global elitists for some time. I hope so, at least. I'd like to think that there's a corner of the world which offers safe haven. If so, then the fortunes of the Latins could be on the up, whilst the West slips into chaos and ruin.