Some of that may happen but the obvious goal is a port that doesn't require endless government subsidies to function. Argentina is in a dire economic situation where a lot of money needs to be raised. You've seen Milei's efforts to secure funds from banks, the IMF, foreign countries, etc which I would say have been very successful so far. Another source of funds is to stop the bleeding at government enterprises, which not only improves the budget but gives confidence to foreign lenders that Milei is serious about restoring Argentina's economy.
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Politics Thread: President Javier Milei - From Decree of Necessity and Urgency (DNU) to Today
- Thread starter Nasdaq
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daveholman
Well-known member
Like what happened to Puerto Madero? That land was a shipping port in disrepair, sold off by the Menem government in 1994. Not only one of the nicest parts of the city, but probably 50 times as many people with jobs there now as when it was a port.
Uncle Wong
Well-known member
It looks like you have banks all interested in investing and loaning Argentina money. I read that Argentina could have raised even more money but they only took $1 billion. I'm not sure why they didn't accept more. IIRC it was up to $3 billion. I don't understand Argentina enough to understand all of what is going on but thought it was great news that banks are willing to lend money. I see the country risk number going down each week.
It sounds like the budget is continuing to get slashed. While I understand it is sad @Avocado because many are losing jobs but it sounds like many of these jobs are not needed. I'm not sure if that is true or not.
You are probably right about fraud and some real estate being sold. I saw one sale was suspended due to possible fraud. That is probably inevitable in any country in South America when dealing with auctions.
import export
Well-known member
If they are cutting them you can probably bet that they studied it in detail. For years and years they just keep added on jobs for friends and family members in government administration. I dated a girl once that her brother was like this. He didn't even have to go to work and collected a paycheck. He was let go a few months ago. I am not sure what he will do but he had a job making about $3k a month. He will probably never find a job like that again. Basically free money.
Corruption is everywhere but most of these auctions are public auctions. But you are right they can put conditions on the people bidding. There are definitely probably sweetheart deals or collusion between bidders. The same thing happens here in Brazil.
Exactly. Most of anything that will replace a government building will contribute much more economically than the bloated or unused buildings they have now. I am guessing that residential towers will go up where government buildings are now. Will bring in a lot of money in taxes and fees and ongoing taxes.
Puerto Madero was terrible before with an eyesoar. Now it is full of the most expensive properties in BA.
I heard that this auction was suspended with complaints from some of the bidders of some corruption. I can't find details now.
Real Estate Sales - The auction of a coveted INTA building in Palermo generated unprecedented interest: how much is it worth and who wants to keep it? - Infobae
The auction of a coveted INTA building in Palermo generated unprecedented interest: how much is it worth and who wants to keep it? - Infobae Source...
www.expatsba.com
Impossible to root out corruption. @BuySellBA posted about this a few weeks ago.I heard that this auction was suspended with complaints from some of the bidders of some corruption. I can't find details now.
Real Estate Sales - The auction of a coveted INTA building in Palermo generated unprecedented interest: how much is it worth and who wants to keep it? - Infobae
The auction of a coveted INTA building in Palermo generated unprecedented interest: how much is it worth and who wants to keep it? - Infobae Source...
"Inexplicable apuro": detectan irregularidades en la subasta de un emblemático edificio del INTA
Fue realizada por Sergio Leonardo Rodríguez, fiscal Nacional de Investigaciones Administrativas.El edificio del INTA se vende mañana con una base de US$ 6,3 millones.
www.clarin.com
Avocado
Well-known member
They will probably never print about the corruption. Even if they find it the government will scare media not to publish it. It is getting dangerous all the power the government has. Same problem with previous governments only worse now.Impossible to root out corruption. @BuySellBA posted about this a few weeks ago.
"Inexplicable apuro": detectan irregularidades en la subasta de un emblemático edificio del INTA
Fue realizada por Sergio Leonardo Rodríguez, fiscal Nacional de Investigaciones Administrativas.El edificio del INTA se vende mañana con una base de US$ 6,3 millones.
We are seeing dangerous things because people refuse to acknowledge that not all is positive. This heavy austerity cause many problems here.
One article about problems in hospitals. This cuts will go too far. People will suffer. Quality of medical care sinking. Impossible to provide good medical care. Not everything can be about money. Dangerous situation in hospital! We will see consequences to all of this later.
‘Financial suffocation’: Argentina’s medics fear impact of Milei’s chainsaw cuts
Workers at main paediatric hospital say quality of care is threatened by president’s economic policy
Are any of you buying stuff on Amazon and shipping to Argentina? I have heard mixed results with some people on X saying they are getting things to their door and other expat friends telling me their stuff is still getting held up in customs.
www.ft.com
Javier Milei’s next economic mission: affordable air fryers
Libertarian leader scraps tariffs to break open Argentina’s protectionist economy, unnerving domestic industry
Uncle Wong
Well-known member
Here is a non paywall URL. I had some friends that ordered a monitor and it took a while but they got it. They still had to pay some import taxes and vat tax of 21%. I'm not sure how long they ordered it. Another friend ordered some shoes and it got held up in customs but he finally got it.Are any of you buying stuff on Amazon and shipping to Argentina? I have heard mixed results with some people on X saying they are getting things to their door and other expat friends telling me their stuff is still getting held up in customs.
Javier Milei’s next economic mission: affordable air fryers
Libertarian leader scraps tariffs to break open Argentina’s protectionist economy, unnerving domestic industry
Avocado
Well-known member
I have purchased a few items with the free shipping offer on Amazon. The free shipping takes long time to make it to BA. Weeks but I got the item. It works good. I hope prices come down. I worry about local manufacturing getting totally eliminated. As the article says they won't be able to compete and will have to close down. The government did not think things through and plan for it ahead of time.Are any of you buying stuff on Amazon and shipping to Argentina? I have heard mixed results with some people on X saying they are getting things to their door and other expat friends telling me their stuff is still getting held up in customs.
Javier Milei’s next economic mission: affordable air fryers
Libertarian leader scraps tariffs to break open Argentina’s protectionist economy, unnerving domestic industry
Local manufacturing employs 1 out of 5 people in Argentina. He is helping foreign companies but all the taxes and increases for local companies are still there. He is going to kill local industries.
daveholman
Well-known member
Shutting down isn't the only alternative to competing. Smart people adapt their business model. Lowering prices, providing faster service, etc. But frankly, if your business has access to low cost labor, local suppliers, and is local to the customers and still can't compete, maybe they need to go out of business.
Blockchain
Well-known member
That is what needs to happen. People need to adapt but I read all kinds of horror stories there how companies refuse to lower prices. Many local businesses don't seem to follow common sense.
But it sounds like too many taxes there. I met a girl and she told me she is working under the table. Her company wouldn't hire her unless she worked under the table. How are these companies going to compete with China? Seems like imports are going to flood the market in Argentina. I am not sure if manufacturers can compete on prices.
BuySellBA
Administrator
Great article in today's New York Post.
nypost.com
How Argentina’s Javier Milei got governing right — and proved the elites wrong
How Argentina’s Javier Milei got governing right — and proved the elites wrong
Javier Milei, the chainsaw-wielding economist president, followed through on his promise of “shock therapy,” taming inflation by cutting spending and deregulating the economy.
nypost.com
Vince
Well-known member
Saw that today! Great article!Great article in today's New York Post.
How Argentina’s Javier Milei got governing right — and proved the elites wrong
How Argentina’s Javier Milei got governing right — and proved the elites wrong
Javier Milei, the chainsaw-wielding economist president, followed through on his promise of “shock therapy,” taming inflation by cutting spending and deregulating the economy.
Finance Prof
Well-known member
Javier Milei doubles down on Argentina’s unorthodox currency policy
Javier Milei extends bet on Argentina’s unorthodox currency policy
Libertarian leader slows peso’s devaluation in attempt to stamp out inflation
This policy is doomed to fail letting the peso get too strong. Every time they did it before it subsequently crashed. This proves that Milei's plan isn't working. Manipulation and more manipulation of the peso and blue dollar. So much for his promise to end the cepo. That does not seem likely for the rest of this year now. More lies.Javier Milei doubles down on Argentina’s unorthodox currency policy
Javier Milei extends bet on Argentina’s unorthodox currency policy
Libertarian leader slows peso’s devaluation in attempt to stamp out inflation
daveholman
Well-known member
That was a year ago. He was hedging his bets then.
Avocado
Well-known member
I don't understand why some of you love Milei so much. We have gone through these boom and bust cycles before. This seems like no different.
Milei's ideas are better and he is moving much faster. Look at how quickly the budget was balanced. I do think it will be different if locals can stick with it, and that is the rub.
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