Friday, 18 May 2012

Argentina heading for “de facto devaluation”

http://en.mercopress.com/2012/05/18/argentine-former-central-bank-chief-anticipates-de-facto-devaluation?
'...“The situation is unsustainable in the long term: 4.50 Pesos and 5.50 Pesos for the official and the parallel dollar will end having a great impact on the level of prices”, said Aldo Pignanelli

“A 20% difference between the two exchanges is inconsistent in the long term and generates distortion and uncertainty, with prices taking their highest value so as to cover themselves from inflation and the overall increase”, added Pignanelli.

The economist blames the government of President Cristina Fernandez for the current situation which is the result of very serious “macroeconomic maladjustments” which lead to a chaotic policy which then triggers inflation and pinches into the pockets of consumers....

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