Tuesday, May 25, 2010

hi ferfal,
My name is fufutos and i come from Greece. You put together an interesting blogspot which I look forward to watch in detail. But right now I have some burning questions and I would really apeciate if you could provide me with some answers.
Did Argentina restructure its debt? If so, on what terms and what are the consequenses of that action?
How did the crisis and the IMF affected the lower, middle and upper class? Or, how did the income and its distribution changed in the course of the crisis? Was the crisis a catalyst for real social change?
How do Argentinians now look at their future? Do they have better reasons to feel optimistic?
I would love to start a communication. I have recently started my own blog (http://criticalglobe.blogspot.com/) but is unfortunately written only in Greek for the moment. I am another Greek-byproduct of the crisis that has in fact started on December 2008 with the riots in Greece. There is an active dialogue and social mobilization here after the IMF involvement and the giving up of our national sovereignity.
Thats all for now. I would be happy to hear back from you.

Regards,
fufutos

Hi Fututos,
Argentina is now paying its debts ( largest defaulted debt ever, I think 93.000 million) and its doing so even if we are clearly not capable of. The purpose is of course asking for more money again and doing the same old thing: Stealing it before they are voted or kicked out of office.

How did the crisis and the IMF affected the lower, middle and upper class?

More parts of the middle class became poor (with everything that involves) and some of those that already were poor fell below poverty lines. Some upper class became middle class and the small elite got even stronger in many ways, with more power.

Or, how did the income and its distribution changed in the course of the crisis?

"Redistribution" will be a key word for politicians after the crisis, some poor ( and sometimes I must say) stupid  like hinking "Oh, they'll take away from the fat fish and distribute that to the poor" BS. They just take a lot from the middle class, a lot from the already poor, and the small powerful elite flies calmly over the mess, untouched. Redistribution means the hard working middle class is going to get screwed in one way or another.

Was the crisis a catalyst for real social change?

Yes, but unfortunately it was for the worse. We are  now a more "3rd worldly country"  with strong leftist politician speech and people , at least teh average mass, cant see the truth behind it.
 
How do Argentinians now look at their future?

Not good, I think we'll stay in our third world status for a considerable amount of time.
Do they have better reasons to feel optimistic?

Not much, but as we say in Argentina, hope is the last thing you lose. (after your house, savings, car, lifestyle)

I would love to start a communication. I have recently started my own blog (http://criticalglobe.blogspot.com/) but is unfortunately written only in Greek for the moment. I am another Greek-byproduct of the crisis that has in fact started on December 2008 with the riots in Greece.

I feel your pain man. Believe me I've been there, and your situation is going to be very much a carbon copy of Argentina's unless some other factors help in some way. You're going to find lots of useful information in my blog ( and book, "The Modern Survival Manual" for that matter) Use the tabs for teh files and search button.

Take care and see you around!

FerFAL

5 comments:

Pete said...

For you the blind who once could see, the bell tolls for thee! Fufutos, my sincere condolencses. We're not too much further behind. The IMF loan is a guarantee that all the West is right behind you. Please find an English translator that could help you with your blog. There a lot of us in the US that would love to follow your conditions there, maybe to raise awareness here in the US as to the consequences of debt piled upon debt. Thank you in advance.

Maldek said...

Hi Pete...greece is the #3 in the line here.

Please google: estland (beeing the first going "argentine"

Then please google: Romania (also 1-2 steps ahead of greece on the road "to argentine")

Disclaimer: I still see argentine as one of the best countries in latin america with many products beeing "made in argentine" and exported to other south american countries, a big country with relativly few people and great natural resources....all qualities that lettland, romania and greece all do NOT have....so without the constant financial help of germany these will fall much much deeper imho.

russell1200 said...

Argentina did default on its debt, but in a complicated fashion.

http://en.wikipedia.org/wiki/Argentine_debt_restructuring

From what I have read, I think Argentina is getting to the point where it is its current governance, rather than its past sins, that are weighting it down more. As Malkek mentioned, Argentina is still a strong exporting country.

gaga said...

Many pundits quite the Argentinian model for the way to default on debt and get away with it pain free. I point them to this blog every time, it amazes me that they think defaulting is easy and painless and won't affect them in any way.

Anonymous said...

Ferfal,

Are you back in Argentina? Will you be posting your thoughts on your visit to USA?

Russell,

Being an exporting country does not mean you are wealthy. The key is whether you are exporting high quality 'value added' goods or raw materials. Most countries that export raw materials (even oil, except for a few like Saudi Arabia) are poor. It's an export trap and has to do with things like currency valuations, foreign owneership of goods, foreign debt, etc.