miércoles, 9 de julio de 2014

Argentines "drain" billions of USD to safety amid debt crisis

Anticipating a range of feared scenarios, Argentines were reported to have removed just under 184 billion USD out of their country's financial system during 2013, hiding them in various safe havens including black market outlets, foreign assets or presumably in cases, in the form of cash at home. This was the updated figure given at the end of 2013 by the Argentine statistics agency INDEC, which found that monies turned into "external assets" of the "private, non-financial sector" increased by USD 16.047 billion that year to reach just over USD 183.75 billion or six times the Central Bank's reserves of USD 30.6 billion, Clarín reported on 9 July. The daily contrasted the sum with the total amount of "dollars outside the system" in 2003, which was USD 98 billion. INDEC nevertheless included these hidden or escaped assets in the country's total assets, concluding that all assets included Argentina was a creditor, not a debtor nation. Clarín, a daily critical of the government of President Cristina Kirchner, dismissed this as a "statistical game." The country was currently in a negotiations deadlock with some of its creditors, notably several private funds.

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