Argentina Reporting — 17 December 2013

You have to see it to believe it.  Last week the municipal police in Argentina throughout the country simply walked off the job.  They wanted a raise.  (Inflation there is reported to be 30%.)

What did the people do?  They do what criminals around the world would do when there is no government.  They started looting local department stores and grocery stores. 7 person were killed and 100 injured.

What did the federal government do? Nothing.  It seems there are municipal, provincial, and federal police in Argentina.  After a few days of looting the provincial police finally stepped in and the rioting finally stopped.   One policeman was killed.

The President of Argentina made the starling announcement that some of the police were actually participating in the looting.

The government has stopped the strike with a 52% raise.  The newspapers are wondering where this money will come from.  The country is running out of US dollars to back up the peso, so inflation and solvency is a problem.  This provoked the federal government to increase currency controls and fees on Argentine credit cards used outside the country to 50%

This week is the anniversary of the 2001 economic collapse in Argentina in which the government defaulted on its sovereign bonds, wiping out the savings of many people.  Now the federal police in Argentina are wondering how they can contain the rioting and looting that is certain to break out on the anniversary.





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