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Date: | Fri Mar 31 17:18:27 2006 |
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----------------- HES POSTING -----------------
Chas wrote:
"Argentina's government ran up a huge foreign debt, much of it denominated
in dollars no less, as a means of financing its fiscal pump-priming and
destroyed its economy as a result."
Fiscal pump-priming? When Mr. Cavallo (Harvard tie) tried two weeks ago to
put in motion a zero deficit policy ONCE MORE in Buenos Aires, following
the IMF, in the rest of the country the governors were too busy printing
quite a bunch of fancy money, even in the province of Buenos Aires (the
patacon). When he (Cavallo) reminded the governors that the only legal
currencies in Argentina were the peso and the US dollar, they showed him
how mistaken he was. He is now unemployed, without the possibility of
leaving the country.
Ariel Viale
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