I recently blogged about Argentina’s near century long record of appalling economic management.
A nation, once believed to be destined to become the richest in the world, has instead been a non-stop disaster.
The Financial Times report that the Argentinian central bank is about to lift interest rates to 91%, given the current inflation rate is now over 100%.
Five months back the IMF, which has been supporting the economy for the past two years, provided another bailout of NZ $10Billion. This is money the IMF will never see again, and is bloody rough on the suppliers, notably American taxpayers.
We should be actively soliciting Argentinian skilled migrants and university graduates for theirs and our benefit.
3 Comments
I totally agree with you, I moved to New Zealand from Buenos Aires my birthplace, 54 years ago. Yes, Argentina was a very wealthy nation endowed with excellent natural resources and an education system second to none. I was born into a family that reaped the benefits that Argentina had to offer but by 1967 a disease called Corruption was in full swing.
Like most diseases, Corruption eats a nation from the inside and it works its way from the top of the pyramid downwards to the street cleaner.
Let the Argentine experience be a warning to us all, the disease is rapidly spreading, everywhere.
yep yep & yep
I was in Argentina in 1972. I was told that if you wanted to now who would be in Govt in 10 years time, look at the Army promotion list for Colonels that year!!!
It was a great country and nice people. Remember the bank notes, held together by sellotape and looked like 2nd hand toilet paper.