Economic crisis in Argentina begins to worsen and banks take advantage of the situation
Argentina is experiencing one of its worst economic years of the decade. The dollar has risen exponentially, and the last elections catapulted it to 60 Argentine pesos for every dollar. For years the dollar remained below 20 Argentine pesos.
Now, the Argentine economy has been hit by the fact that candidate Alberto Fernández is the main favorite to be president and Macri has made accusations that economic fear is their fault.
Argentina's economy collapses, while Macri tries to avoid collapse
For the moment, banks will have to request authorization if an Argentine wants to send his profits abroad. The presidential candidate affirmed that there is no one who wants to buy the Argentine debt and there is no one who can pay it. In addition, he was critical of the emergency plan proposed by Macri, who sought to postpone payments on the public debt.
So far, Macri's plan is not working. This is making the country's financial system nervous, and they even began to put restrictions on the purchase, sale or diversion of dollars abroad.
What they are looking for is a control over the exit and entry of dollars, which managed to make the foreign investment system more nervous, of which they are withdrawing from Argentine investments. Fernández for his part criticized the International Monetary Fund, since he assures that lending that amount of money to a man like Macri was irresponsible.
"Macri is an uncontrollable spender," Alberto assured in an interview. To this, it is added that the international agency Standard & Poor's, classified Argentina with CCC / C- which means, vulnerable and very vulnerable to not complying with payments.
For now, it is known that the International Monetary Fund will not deposit more money to the current government and although the loan was for 57 billion dollars, it will wait until there is a new president or Macri continues to continue disbursing.