The Mudcat Café TM
Thread #43992   Message #706573
Posted By: Escamillo
08-May-02 - 06:01 AM
Thread Name: BS: Still alive in Argentina
Subject: RE: BS: Still alive in Argentina
12 days went on, this is just to report that this is worsening day by day. Legal actions against Argentina started to show up in Washington DC, and the IMF presses for an immediate derogation of the Bankrupcy Law which prevents foreign creditors to seize the assets of debtor local companies. Everything signals that large capitals are pushing to force the sale of all Argentinean companies and resources for a vile price, and this is not geopolitics, it's just plain robbery.

In fact, the dilemma has no solution. A company which ought 1 million dollars to its suppliers abroad, now owes 3.3 million and raising. If the internal prices accompanied the raise, in a genuine inflation process, it would be possible for them to gather the 3.3 millions, but the problem is that there are no new emissions, salaries are frozen, and the circulating money is locked at the banks and being lent to a broken government at annual rates of 100%

Today the Bank of Nova Scotia (under a 30 day suspension) accepted deposits from Otamendi Hospital to pay salaries, but then refused to pay to the employees, argueing that the bank is suspended and there is no obligation to pay. However they claim to those employees to cancel their credit card obligations, bringing money from elsewhere !The employer argues that they have paid the salaries on time, and everybody has to go to work. Moreover, those employees had been compulsively bankerized, and it was the employer who had chosen the Scotia for all of them. WE'VE JUST REACHED DELIRIUM TREMENS. Canadian friends, please don't feel attacked at all, it could have been any other bank.

The IMF is "preparing" a new, viable plan for Argentina. S.O.S.

On the other hand, steel industries reached 100% production capacity, oil exports are raising, cereals started to move, and many small manufacturers started production at the ruins of their facilities. Rich countries threatened to boicot Argentine products, but there has to be some market out there.

Politicians, banks and corporations have decided to kill the hen of the golden eggs and bring their own. They don't know that there is no replacement.

Un abrazo - Andrés (applying for a place at the NYCFTTS)