Argentines stockpiling cash in anticipation of crisis

Argentines, mistrustful of their government and fearful of what a global slowdown could mean for the local economy, are back to hoarding dollars, according to the New York Times:

Argentines are pulling money out of the country’s banking system at a pace that has alarmed some economists, stoking potentially self-fulfilling fears of another crippling default on international debt that could bring Argentina’s seven-year economic expansion to a screeching halt.

The Grey Lady’s report didn’ t go unnoticed in Argentina, where La Nacion, the national paper that’s highly critical of President Cristina Kirchner, noted the Times’ sharp criticism of her government, which it said compared poorly to that of Chile’s Bachelet and Brazil’s Da Silva, both of whom took better advantage of the commodoties boom to put away savings for the hard times that are now upon us.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: