8 bizarre things that only happen in emerging market Argentina
Last week, the Argentine government devalued its currency and prices soared. It was just one step on a long road to getting Argentina economy back in order as the Central Bank currency reserves dip to dangerous levels.
It been chaotic, but Argentines don sweat it. They seen this before.
Economic crashes, underground dollar exchanges, Rolling Stones cults, and a string of five Presidents in two weeks in 2001 Argentina is a crazy place.
RelatedThis Is A Great Description Of The Forces Affecting Emerging Markets, And Why They Are Getting ShellackedTOO MANY FIRES BURNING: Why Emerging Markets Are TankingThe Emerging Ma oakley vault rkets Are Facing Huge Headwinds
The South American country is rich with resources, but often broke. As a result, Argentines are so accustomed to political and economic turmoil that they adopted a bunch of interesting coping mechanisms habits that help them get through the disorder.
And then there the stuff that just comes out of left field.
Gonzalo Otalora does not much care what he looks like. He planted himself in front of the presidential palace, the Casa Rosada or Pink House, to harangue President Nestor Kirchner to change the law.
It not fair, he said. The beautiful people get all the breaks. a loyal comrade because our childhoods were very similar. He also had thick glasses and spots. They also made fun of him.
And your application can easily be rejected.
To stem capital flight from the country, the government has placed restrictions on currency exchanges and travel.
Any Argentine wishing to buy dollars to travel abroad must provide their tax identification number to the tax agency (AFIP) and declare where, when and why they are travel ling. Even after waiting in long queues and filling in stacks of paperwork, would be travelers are often refused dollars, or granted miserly sums that would hardly cover a souvenir snow globe. When recently asked to explain how AFIP determines the allotment of dollars, its director bumbled: “It is a formula that is periodically changed that has ingredients from the central bank, AFIP and God. The truth? I can’t explain it because I don’t know exactly how it operates.”
Canada’s next housing bubble: real estate agents
Banking secrets in jeopardy? Landmark ruling threatens financial industry’s confidential dealings
Why retail investors almost always get burned
Beyond the selfie: There are some social media skills Millennials don’t have
First Nation plan to build $50 billion oil pipeline needs more than social licence
30 smart answers to tough interview questions
The childhood penalty how motherhood affects your money
What comes first kids or retirement? Plan now or suffer later
Soon to retire couple needs to rebalance investments now or risk their plans
5 things to do before selling a winning stock
9 reasons Google Chromebooks should be making Microsoft nervous
Canadian dollar falls as economy loses 2 oakley vault 9,000 jobs: Here’s what the economists say
Why moms and all women need a winning retirement plan
7 investing books to read now
Why Apple Inc is buying Beats Electronics
Lawrence Solomon: One size suit oakley vault s all vaccines will soon be replaced by safer, more effective oakley vault ones
Garbage designer, Robot counsellor, Nostalgist are among 9 futuristic jobs Canadians could see by 2030