P. Edronkin

Argentina, the case for Neo-Communism? (XIX).

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Going back to the case of Argentina, in December 2001 there has been a case of mass hysteria concerning deposits there which led to a preventive law passed by the government in order to, well, confiscate the money of people and investors.

In other words, people lost their trust in the local banking system, began withdrawing their money so fast that the banking reserves dried out, and finally, the money of pensioners, merchants, employees, companies, and common people was, yes, confiscated and converted into things like junk bonds that 89-year old retired ladies with little dogs can expect to cash-in in about ten years.

I received myself, courtesy of the Argentinean government, U$ 45.000 that they had to pay me for a 1995 contract which they were supposed to pay during the same year, in dollar bonds with a similar nominal value, but due in 2008. Lawyers told me, back in 1995, that my company - even as winners - could expect a trial no shorter than eight years, to which we would have to add legal costs higher than the due amount itself.

Of course, the local tax revenue said that what I had was a 'loan' to the state, so I had to pay taxes for what I did not have.

When I pointed that out, they told me: 'It's your problem...'

Explained in another way, it means that those politicians broke a contract, got themselves a self-proclaimed loan at 0% interest rate for thirteen years, declared default and who knows what will happen when year 2008 finally comes.

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