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Weekly Report - 16 May 2013 (WR-13-19)
ARGENTINA: Whitewashing
Unorthodox macroeconomic policy has long become the norm in Argentina, and the government’s latest attempts to shore up its dwindling foreign reserves are no exception. Over the past week, the government of President Cristina Fernández sent a bill to congress authorizing a tax amnesty for undeclared dollar assets which could be exchanged for government promissory notes or bonds at a 4% annual yield. At the same time, Argentina is negotiating a US$10bn currency swap with the Chinese government, a sign that it is desperate to find another credit line if its reserves, currently standing at a record low of US$39bn, run out.
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