pull down to refresh

24 sats \ 2 replies \ @didiplaywell OP 16 Jun \ parent \ on: My Direct Account on the Situation in Argentina under Milei's Government Politics_And_Law
  1. The main known debtors are:
  • The Paris Club
  • NML Capital Ltd.
  • EM Ltd. Elliott Associates
  • Dart management
  • AFTA
All of them where old creditors with rolling debts with Argentina already. What the Kirchnerist regime did over and over was to "renegotiate" the debts, which implied to pass on the debt for a later term in exchange of ever increasing interest rates.
Freshly new from the Kirchnerist regime:
  • Venezuela (yes, you can imagine).
  • Internal debt (what they took from people via banks, to be re-paid to the banks by ever-increasing emission, or, in the case of funds expropriated to people directly, promised but never returned). Worse than the IMF in the sense that these sources (letting aside the intermediary banks, which largely profited) were simply helpless for it was composed by average citizens, defenseless against the state.
  1. Who came back to the IMF:
Right fresh from his assumption to power, and with all the above creditors fed up, the newly elected socialist president Mauricio Macri used his perceived greater confidence, gained from supposedly being an opposition to the Kirchnerist regime, to go back to the IMF to ask for financing to pay the other creditors, and to keep up public spending, resulting in another wave of net increment of the external debt. After Macri's lame posing as a fake alternative, the Kirchnerist regime got back again in power right after his term.
  1. "the IMF had limited prospect of getting much of it paid back until Milei came to power and began his reforms" this last part is true.
write
preview
10 sats \ 1 reply \ @Solomonsatoshi 16 Jun
Thank you for this detailed description of events. I do not know anything about the creditors you mention but would suggest they are unlikely to have any agenda seeking to prevent Argentina from allowing Bitcoin to be used as a MoE- whereas the IMF clearly does. I hope Milei and Argentina can be free of all external creditors and undue pressure, and can enable Bitcoin MoE and true prosperity and sovereignty. It will take strength and an educated population. Keep up the great work.
reply
177 sats \ 0 replies \ @didiplaywell OP 16 Jun
Thank you Sr, will do!
reply