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8/30/18

Argentina's Peso is collapsing

When President Mauricio Macri went national yesterday morning with his proclamation that he'd asked for advances of cash from the IMF in order to cover everything and that the problems faced by Argentina had been generated by political chatter, not economic fact (seriously, he said that, what a freakin idiot), the Argentine Peso (ARS) stood at 32 to the US Dollar. Last night it closed at 34, this morning it's just rocketed to 40. In response, the Argy Central Bank has raised its baseline interest rate on the Peso from 45% to 60%. Yup, it's collapsing. Again.

For more, maybe another look at the article published by your humble scribe entitled "Argentina and the calm after (and before) the storm", that first appeared on August 5th. At that time the Peso was 28 to the Dollar. I've also been boring subscribers of The IKN weekly stiff every weekend with updates on the decadence in the country's financials, so not everyone should be surprised about what's going down today. Or in order words...

Toldyaso.