
Thursday, June 3, 2010
Photoquiz redux

Wednesday, October 7, 2009
Argentina never changes


Here we are one month later and the governor of San Pedro reports that the sum total of 70 bundles of clothes and one television is all they've seen in the way of aid. So once again we have to ask the people that run Argentina, "Where has all the money gone you lying, thieving, corrupt, self-serving pieces of shit?".

Argentina is not a serious country.
Wednesday, August 5, 2009
Chart of the day is.....
- Their net worth jumped 158% in the period 2007 to 2008
- Their net worth jumped 562% in the period 2003 to 2008
- Assets stand at P$65m, including P$32m in bank deposits (mostly in dollars) and P$17.5m in shareholdings.
- Debt stands at P$19m, including a brand new P$8.83m loan from Banco de Santa Cruz, the bank run by their pally pal Eskenazi who was recently handed the keys to a large slice of oil company YPF on easy payment terms.
Wednesday, July 15, 2009
Argentina: Just a little reminder every now and again.....

I try to ignore Argentina as much as possible on the blog these days because it's just too silly. For some it's difficult to explain just how a country that has everything necessary for human development, virtually unlimited water supply, most flavours of climate but for the most part very clement and agreeable weather all year round, vast tracts of fertile land, hydrocarbons for all, friendly people etc etc etc can be so screwed up. But just check out the people that have been running the shop for the last 20....no, 30....no, 100 years and the answer is pretty simple in the end.
Today's small example comes from the mouth of President Klishtina. It's only a little thing but it's enough to keep me on track and as far away as possible from bizarro circus numero uno. The subject was swine flu (AH1N1 still sounds so boring next to the original name) and the fact that 137 people were yesterday confirmed as fatalities in Argentina, a big jump from the weekend's 92. Klishtina said:
"I'm not worried that Argentina is second in the mortality rankings because it's the only (country) that really counts its figures (correctly)."And y'know what? After living in the country for several years, I can assure you that the BS coming from her mouth will be believed by the majority of Argentines. Not because they trust her over the World Health Organization, or Chile's health service or that of the UK, or France or whatever else. The reason is that the average Argentine has absolutely no idea about what goes on outside their own country apart from the European soccer leagues or the odd 'bleeds-it-leads' accident that gets picked up from CNN. She tells her descamisados that Colombians paint themselves blue for a couple of months every year and it'd get debated in Porteño coffee houses the next morning.
Wednesday, July 8, 2009
Argentina reshuffles
So farewell, then, to Carlos Fernandez, the (now ex) FinMin that nobody even noticed was there. And farewell, then, to Sergio Massa, the (now ex) cabinet chief who was brought in from his mayorial-type role in the Tigre region (North of BsAs) because he'd been doing a great job and was a breath of fresh air and would lead ministers in a new direc.....etc....errrrr...it didn't happen, ok?
The new FinMin is a certain Amado Boudou (a last name that makes Francophones titter), party loyalist who was having fun at ANSES (the social security people) and was basically next in line anyway. He now gets to play at big numbers and DON'T TOUCH THOSE DIALS! until 2011 when it's all over for this team. So stfu and think about the pension at the end of the period, Amado. As for cabinet chief, ultra-K of all ultra-Ks Anibal Fernandez has got the job, moving over from the Justice Ministry. A stuffed suit named Julio Alak, who was in charge of the newly nationalized Aerolineas Argentinas until yesterday, is now the Justice Dude.
The bottom line is that this is the cabinet reshuffle of a dead duck administration. Nothing has changed and nothing will change due to yesterday's botox injections and new shades of eyeliner. We now enter The Long Dark Teatime of the Soul as regards Argentine politics, so wake me up when the 2011 Pres election campaigning starts.
Monday, June 29, 2009
Argentines are good at hacking
So last night some geek hacked into the main Peronist (PJ) party website and although the page is now down (click thru and get 404 right now) we got the screenshot. Here's the message left on the front page for all to see (translated underneath).
Chart of the day is.....
Nestor Kirchner conceded defeat last night with 87% or so of ballots counted. "We lost by very little", he said. That might be so, but the defeat was a shock and marks the end of the Kirchner's governmental rule in Argentina.As well as watching Kirchner lose out to Francisco de Narváez, we saw the Kirchner's "FPV" (front for victory) party, part of the wider PJ umbrella, lose absolute control in the lower and upper house.
Winners last night were Carlos Reutemann, who won through in Santa Fe and will now make his run at the top job in 2011. Equally, Veep Julio Cobos (often known by his second name 'Cleto') won well in his Mendoza province and will make a run at the top job in 2011. Finally, via De Narváez, Mauricio Macri, Mayor of the city of Buenos Aires, is now in a strong position to make his move.
Friday, June 26, 2009
Argentina's weekend election

its ups and down, of course. Sometimes they believe
themselves to be the most important in Latin America
and sometimes merely the most important in the world."
Les Luthiers*
This despite what they might believe in Argentina, of course. Today we have this report quoting one of the leading "Mothers of Plaza de Mayo" (the mothers of the disappeared association) Hebe de Bonafini as she calls on people to vote pro-Kirchner:
"This Sunday we cannot make a mistake. Our future and the future of our children depends on what happens over the next few days in the country, but also the direction that Latin America will take depends on it."This is the typical Argentine bullshit, of course. It's very tough to make them believe that they don't matter in the great scheme of things, so rather than report all the claptrap these last weeks (the above is pretty typical, by the way) I've just ignored it. Let 'em vote, get it done, goodbye.
Wednesday, May 27, 2009
Ain't no joking with the press for a lefty

That started the whole world crying
But I didn't see
That the joke was on me
I Started a Joke, The Bee Gees, 1968
In a relaxed atmosphere, Chávez joked with Lula by saying that Venezuela was going through a phase of "nationalizations, except for Brazilian companies (in Venezuela)" which caused generalized laughter at the meeting.
However,
- Argentine press were also present.
- Argentine press that don't like Chávez
- And Argentina is just 31 days away from the polls in its hotly contested senate elections
Yep, the anti-Kirchner bizmedia and MSM in Buenos Aires who had watched Chávez recently nationalize the Techint-owned steel mill in Venezuela (and pay a suitable price for the asset, it must be pointed out) opened up with all barrels blazing on Chávez and the way that this dictator friend of the Kirchners was about to take over every Argentine asset in Venezuela and how, of course, Klishtina would start down the same path as soon as the key elections next month were over.....if Argentina lets her.
Once it got to the point of the Argentine industrial union (the biz bigwigs association there) calling for a bar on Venezuela as a Mercosur partner, Klishtina got on the phone to Chávez and asked him about his comments that seem to "involve certain discrimination". It was only at that point that Hugo realized what he'd done (i.e. had the temerity to crack a joke and treat those present as adults...big mistake when it comes to reporters in South America) and so this afternooon he got his diplo corps to issue a formal communicado that officially tells in official language just how much Venezuela respects Argentina and they'd never do anything to piss them off and it was all a smear campaign by certain sectors of the press etc etc read it here if you like...letterheaded paper and everything.
Moral of the story: Don't crack jokes in the presence of dumbasses with recording equipment, teeline skills and editors with agendas.
Friday, May 15, 2009
Revolutionary downtime
Wednesday, April 29, 2009
Barrick and Pascua Lama: Munk and Borg's lobbying pays off
The sticking point of the project that straddles both countries high up in the Andes has been the tax regime, but it seems that the three parties have come to a broadstroke agreement. Here's Reuters with the info:
SANTIAGO, April 29 (Reuters) - Chilean tax authorities reached a deal late Tuesday with their counterparts in Argentina over tax issues related to Barrick Gold's (ABX.TO) Pascua Lama gold project, but said some minor issues remain to be resolved.
Pascua Lama, one of the world's last known mega-gold finds, is located about 5,500 meters (18,000 feet) above sea level and holds a treasure trove of some 18 million ounces of gold. It is also one of the world's largest silver deposits.
Chile's tax authority said the tax issues were agreed upon at a meeting in Buenos Aires on Tuesday.
"During the meeting, a deal was reached to resolve tax issues related to transborder services and some others that remained outstanding," Chile's tax authority said in a statement.
1) Enviro protesters ramping up their voices in opposition. To be honest they have a case, here. Details can be found all over the interwebnetpipes via that Google thingy, but I'd strongly suggest you read both sides of the argument and not swallow either sides' propaganda whole.
2) Argentina and Chile will likely get bogged down in the unspecified details, as this saga has been going on all decade and there's no reason to suspect that today's announcement declares a final definitive accord. LatAm is as LatAm does and you'd be wise to remember that.
3) Barrick will do the pipes and whistles on the news in the next few days.
That's just three personal ideas and there will be a lot more thrown into the mix, for sure. My personal bottom line on this is witout particular opinion, but I'm a keen observer of the issue and will be watching the developments going forward. However for those looking for an investemnt angle on this news, take a good look at International Royalty Corp (IRC.to) (ROY) as it has a chunk of the revenue stream of Pascua Lama and is trading at low levels right now. You'll probably get more bang-per-buck playing the latent behind-the-scenes royalty holder than ABX itself. But make sure you DYODD dude, as I own IRC.to in my long-term never-touch-it portfolio.
Wednesday, April 15, 2009
You can tell there's an election coming up in Argentina...
Example yesterday, as he told a crowd of descamisados that "Not only have we (Argentina) not fallen into recession but we have managed to reactivate the economy in dramatic fashion," which made me chortle as his words hit the wires almost the same time as two reports from independent buffets (forget the INDEC massage, the indies are as close as we're gonna get to reality) that said almost exactly the same thing; Argentina's economy had contracted for the last two quarters and is now in recession.
There was at the time plenty of debate about the precise reasons for the bringing the date of the congressional elections forward. Was is some kind of finessed move? Had the Kirchners something special up their sleeve? Well, no. The whole idea is to lie through teeth until polling day, tell people that everything is rosy and then go through the painful hard landing post-vote. Or in other words, it's still the Argentina we've known and loved for all these decades.
Tuesday, April 14, 2009
LatAm Presidential Popularity: Full Chart Rundown
Here's the full table, all colour-coded for your dee lek tay shun. The base source for the ratings is the Mitofsky report, but I've also added the latest updates from Angus Reid Monitor (example, Bachelet's recent 62.1% polling from last weekend). Click the chart to expand it if necessary and feel free to swipe it for your own blog, website or whatever (but a h/t this time, please guys, yeah?):
- Lula: He is Yoda. The end.
- Uribe: It's high but it's also dropping. NastyBrutishAndShort was polling 80+% this time last year. It's the economy, stupid.
- Calderón: Must be really annoying Lopez "legit" Obrador by polling so well. He's been surprisingly likeable in his first two-and-a-bit years, in fact. An example of the 'art of the possible' definition of politics.
- Chávez: Amazing how the Venezuelan majority opinion gets lost in translation via the English media, innit? Media bias is one thing, but ignoring the views of almost 2/3rds of Venezuelans is nothing short of disgraceful.
- Bachelet: Probably the best recent performance. Michelle was in the low 40s this time last year. Chileans are going to miss this quality head of state when her time is up at end 2009. We like Michelle, yay!
- Correa: Studmuffin wins April 26th. Nuff said.
- Lugo: Very likely to drop in the near future, all things considered.
- Morales: Steady as she goes, he always polls high 50s.
- Ortega: Low at 38% but was a lot lower. Notable that when this ratface STFUs and gets on with the job in hand he gets better numbers. The world would still be better off without him, though.
- García: The man least likely to go on hunger strike in THE WHOLE WORLD. Amazing how outsiders think Twobreakfasts is doing a good job in Peru. The man is a disaster.
- Klishtina: Ugh. She deserves less and is going to get hammered at the polls in June.
Thursday, April 9, 2009
Argentina: Another round of "INDEC versus Reality"
Here below is something far closer to reality (and of course the gov't throws up its hands in disgust and denies it all). Argentina's industrial output dropped 12.1% in Feb '09 YoY. DJNW takes up the story.
BUENOS AIRES (Dow Jones)--Industrial production in Argentina declined far more in February than the government previously reported through the national statistics institute, Indec, according to a new report published by a manufacturers group.
Indec reported last month that industrial output fell 1.1% in February versus the same month a year earlier.
But February's output actually fell by 12.2%, according to the Argentine Industrial Union, a group that represents the country's leading manufacturers.
Dow Jones Newswires obtained a copy of the report Wednesday.
The UIA's report is considered authoritative because it gets its production data from its own member companies, which in many cases are the same companies consulted by Indec. In theory, economists say, Indec's data shouldn't differ substantially from that compiled by the UIA itself.
In reality, the gap between Indec data and private-sector industrial estimates has widened in recent months.
Production Minister Debora Giorgi dismissed the report, however, saying it doesn't reflect reality.
"If the decline were of that magnitude, we would be seeing job losses that, thank God, we're not seeing," Giorgi said. "This isn't Argentina's reality. All you have to do is walk around and look at factories in the country."
Even so, virtually all private-sector economists now believe Indec data don't accurately reflect inflation, poverty, economic growth or industrial production.
The UIA's report indicates industrial production is down for the fourth consecutive month since November. Before that, production had risen uninterrupted for 72 months.
A UIA official familiar with Indec's report says the government institute gets its data directly from companies and not from the UIA itself. But the official didn't know how many of these companies Indec surveys.
Indec officials repeatedly decline to comment on differences between their reports and private estimates.
One example of diverging data comes from the estimate for food and drink output. Indec reported that February food and drink production rose 13.3% from a year earlier while the UIA said it declined 5.6%.
Chemical and petrochemical output rose 11.6% according to Indec, but declined 11% according to the UIA.
-By Taos Turner, Dow Jones Newswires; 5411-4590-2421; taos.turner@dowjones.com
Thursday, March 26, 2009
Argentine Humour
'Revista Barcelona' is the Argentine version of maybe The Onion in the States or maybe Private Eye for you UK viewers. But it's different to both, too. What it does have in common is sharp satirical humour aimed at its local politicos. This is the cover of this week's issue that hits the Argentine newsstands tomorrow and features the leaders of the farmers associations mashed with local youth culture fashion. As long as you know what you're looking at, it's hilarious.UPDATE: More Argentine visual humour tonight, but from a different source. The website of the Kirchner's FpV party was hacked and images and messages left behind, including this one.
Again Spanish is needed, but this time the picture speaks for itself. This one is of 'Patota' Moreno, loyal Kirchnerite and head of the ridiculed Argentine Stats office INDEC that insists Argentina's GDP is growing and there's no inflation.
Wednesday, March 11, 2009
Chart of the day is.......
Not much to add, really. She's still the second most unpopular regional president, vox populi dixit. At least her positive column isn't getting any worse, I suppose, but these numbers are down from the 45% to 50% bracket she held when voted into the presidency. Doesn't bode well for her supporters in the congressional elections late this year.Friday, February 27, 2009
Argentina: Nationalized grains?
Just in case you don't know what world class silo areas look like these days. Forget those quaint free-standing towers, this is the real deal.
Today I got this in my mailbox, kindly sent along by regular reader "Patria Grande".
Argentina: May Nationalize Grain Commerce
Argentina’s government is considering the nationalization of its grain commerce, La Nacion reported Feb. 27. Federal Administration of Public Income (AFIP) chief Ricardo Echegaray said the government agency would purchase all of Argentina’s grain, flour, and oil production and ensure that domestic demand is met before exporting the remaining quantities. The National Office of Agriculture Commerce Control currently administers grain exports.
But the gov't is also mightily annoyed that most of the big agro players (and the co-operatives too) are just storing a lot of the grain and waiting for a combo of a new tax deal and higher market prices. With so much grain just sitting in silos the gov't isn't getting its tax income for sales abroad, hence the threat that Patria Grande sent along. The gov't will moan about "domestic demand" but that's just so much BS. Klishtina isn't worried about Buenos Aires bakeries running out of bread (cos they won't) and much more worried about the state coffers running out of moolah.
The bottom line is that for the moment it's a bit of posturing by the Argentina gov't to get the deal struck, but it's also a move that has a set of back teeth. If the agro boyz try to push the limit this threat could turn into action. So right now it's something to keep an eye on and not make into screaming NYT polemic headlines. The politics of soybeans.
UPDATE: I note Bloomberg is running the story too. True to Bloomie form, even in what passes for a 'report' it manages to quote just one side of the story and genuflects at the altar of free trade. Why doesn't anyone care for reporting the story as it is instead of shilling any more? If it bleeds it leads, that right?
Tuesday, February 24, 2009
Argentina and the Call to Default
Here are some direct quotes from this morning's interview put through the Ottotrans™:
"It's not that simple, this bill is not ours to pay. Latin America has to rebel like Africa and Asia. We have nothing to do with this. There's no reason why we should be hurt by this."
"The government does what it can (but) there is no deep analysis about what is happening."
"If the world is bankrupt, let's put our debt in with the others and see what happens later. What we have to do is take care and look after what is left of our reserves."
"It's very difficult and I don't think that much more can be done. The government has to think seriously in what I've said; this bill isn't ours to pay. This crisis was born in the USA, it hurts all of us and they have the chance to print money and save their own people. We don't have that opportunity.
"(During the Kirchner government) unfortunately they paid the U$9Bn dollars in IMF debt. It was announced in such a triumphant way that it was like Fidel Castro descending from the Sierra Maestra, when in fact it was stupid."
"That they now want to pay the Paris Club debt of other unnecessary highlights the fact that in this government there is no deep analysis about what is happening and what must be done."
UPDATE: Dear Mr. Dowsett, learn Spanish.
Wednesday, February 11, 2009
From a Porteño viewpoint: Macri

So when Porteño (we'll use that moniker) saw the Mauricio Macri video in the preceding post this morning he sent me a mail with his views on Macri and entourage that's well worth putting through the Ottotrans™ and sharing on the blog (permission has been granted). As mentioned already today, Macri is one of these "love him or hate him" characters down there. Enjoy.
Speaking of De Narváez, five or six years ago he bought Juan Perón's personal library and still hasn't read one of the books. He said it himself, no kidding.
But back to Mauricio: I still don't understand how nobody realizes that the guy is a packaged product. But he's also a dangerous package. Up to now all that he's done is:
- Raised Buenos Aires property taxes an average of 300%
- Increased road tolls
- Increased the number of parking meters and their charges
- Attempted to cut gross salaries.
- Added stamp duty to house sales
- Added tax to credit cards
- Sold construction materials to out-of-city centre residential projects (known as "countrys")
- Stopped education grants and scholarships
- Cut health spending
- Destroyed the Colon Opera House
- Created a disaster in the hospitals system
- Sacked local gov't people that protest and ignored the corrupt
- His government functionaries are resigning en masse
- His execution of the city budget plans is the worst in 30 years
I could go on and on about this idiot but I'd get boring. The Duhalde/Macri/De Narvaez association scares me, frankly, but it looks like it's going to be the future.
*President at the time of the 2001 crisis. Famous for being dust dry.
**Explanation from Porteño himself: "Francisco de Narváez is a businessman who made his fortune in the 1990s. After the 2002 crisis he started in politics with a discourse based on crime/security. In the same way as Mauricio he spends a lot of money on propaganda and has smart people as political advisors. His slogan is very good; "Knowledge brings safety". Thus he pushes his "grand project, the "safety map". His speeches are aimed at the typical scared middle class."
Sunday, February 8, 2009
News roundup
Ecuador: Thanks to the dozen or so people that have mailed me with the "Correa Expels US Diplomat" story. It is a case of 'you can't fire me cos I quit' cos the dude in question. Armando Astorga, had already been retired from Ecuador on what the US Embassy called 'a normal rotation of staff'. Smell the BS? Yeah, me too.
Anyway, Studmuffin sure likes to make a scene (he announced it as part of Radio MUFN), but he's well within his rights here; this was a classic case of foreign diplo meddling in national affairs. In the end it's no biggie, but as reader MG said in his mail last night, "I just like how the embassy/state dept hasn't lost it's talent for playing dumb post-Bush". Quite right, MG.
In Argentina, things are beginning to heat up in the run to the congressional elections at the end of the year. Now that the summer break season is drawing to a close there, lines are beginning to be drawn and the atmosphere is already getting bitter. The main line of interest is the "Kirchner versus Duhalde" fight, with the ex-presidents battling for the hearts and minds of the Peronist party. There's a lot to unfold from here so watch this space as 2009 progresses.









