SUBSCRIBE VIA EMAIL

RSS Feed

CFK Presents New ‘Argentine Debt’ Cartoon

April 27th, 2011 | Categoría: Economics, Politics

Share
YouTube Preview Image

Argentine President Cristina Fernández on Tuesday presented a new animated cartoon series about the country’s sovereign debt history.

The series, called “Martians,” runs repeatedly on the government’s Encuentro channel.

Fernández, who has been a fierce critic of the way Argentina borrowed money in the past, hopes the series will help Argentines, and school children especially, learn about the debt program and draw lessons from it.

She said the series about martians is “very good because, in reality, it’s not them who are the martians, it’s we who have been the martians because we thought we could get ahead by following these kind of (debt) policies.”

In 2001 Argentina defaulted on around $100 billion in debt, setting off a massive financial and economic crisis.

Since then, and when measured as a percentage of its gross domestic product, Argentina has substantially reduced the amount of money it owes to other countries and its own people. It reduced that debt ratio largely by deciding not to pay back much of it’s debt, as well as by growing the size of it’s economy.

This decision not to pay its debt had both positive and negative consequences. On the upside Argentina now owes less money and can use its available funds to invest in infrastructure and healthcare, etc. On the downside, many people consider Argentina a pariah nation and refuse to lend it money or invest in it.

That has increased Argentina’s borrowing costs significantly. If Argentina needed to raise funds for something it would have to pay far higher interest rates than would its neighbors and most other countries.

Link: Argentina’s Debt Museum

Be Sociable, Share!
 

7 Comments

Pete BolliniNo Gravatar says:

Infantile in its simplicity, I don’t think it will have much effect. This government has been in power for eight long years but they insist on going back over 30 years or more. This government is filled with mediocre officials from the President on down.

MarcosNo Gravatar says:

“Those who cannot remember the past are condemned to repeat it.” – George Santayana

DaVidNo Gravatar says:

Fuck the IMF/World Bank and the Paris Club of financial terrorists. Fuck Menem and his cronies who sold the financial futures of the Argentineans for the millions they made on the back end.

What happened to Argentina in 2001 was a practice run for what is happening in Europe today. Bail out the Banksters OR suffer like the Argentineans. That’s the choice placed before the people of Ireland, Spain, Greece, Portugal, and the rest.

That $100 billion were private debts socialized upon the people of Argentina.

samNo Gravatar says:

But the banksters are bailed out and the people will suffer anyway. Just look at how many are fascinated by the so-called “royal” wedding. People are easily suckered. The future is bleak for us all.

DaVidNo Gravatar says:

@Sam

That’s what one would call a “Mexican Standoff” ~ the little people are financially fucked no matter what. And, in the end as that Beatles song goes (not), it is the little people’s fault for not paying attention and taking responsibility to what the Banksters and their politician criminals like Menem are doing to them, were doing to them, and will be doing to them.

I feel really sorry for what the Argentineans are about to experience . . . which is the financial collapse of the USD, i.e., all the money and savings that they hold dear intheir cases, because the AR pesos are not worth the paper it’s (not) printed on.

It’s like 2001, Parte Dos. Even worse because the entire world is going through it this time. There will not be a “Recovery after 2001″ happening in Argentina for a long time.

MorganFNo Gravatar says:

Hey at least it’s not Venezuela. We were recently watching a Venezuelan private TV station and every other minute was a (government-mandated/obligatory) TV commercial about how amazing Chavez is.

Funny the way dictatorships take form. They survive via their nonstop propaganda to their own citizens.

Well what can I said, on the north is Chavez and his non-sense about how to expend the country’s money and on the south you have this other clown…

Atrévete a Vivir
__________________________
El Secreto, Atraer Dinero

Leave a Comment

 
%d bloggers like this: