+++ 7. August 2012 +++
Argentina to the Sinking Eurozone:
Don’t Kill Your People to Save the Banks!
Argentina is about to close the "final chapter of the 2001-2002 debacle" in August, when final payment is made on the “Boden 2012” bonds held by citizens whose bank savings were frozen in 2001 by Finance Minister Domingo Cavallo. This will be a moment of "economic independence," said Finance Minister Hernan Lorenzino in July 28 remarks to Tiempo Argentino.
Both President Nestor Kirchner and his successor and widow, Cristina Fernandez de Kirchner, assumed the responsibility of repaying citizens the money Cavallo had confiscated and placed in the so-called "corralito," or "little corral."
Echoing EIR's "Program for an Economic Miracle in Southern Europe" report, which contains a chapter entitled "What Europe Can Learn from Argentina," Lorenzino pointedly referred to the European crisis. "It's worth remembering," he said, "that you can recover from a crisis like the one we had without making the most needy bear the cost and sacrifice."
The difference between what's going on in Europe today and Argentina, he explained, is that "we repaid people whose funds were frozen, but at the same time unemployment dropped, the mortality [rate] dropped; today there's more employment than nine years ago — 4.5 million jobs were created. There's the Universal Subsidy per Child, and a social-safety net for the most needy. We did it without austerity, by growing. There's a way to recover from a crisis that has nothing to do with the prescriptions which, despite Argentina's  example, financial organizations continue to impose on countries with problems such as we had," Lorenzino explained. Now, he went on, Argentina has no intention of returning to foreign financial markets, because "going back to financing current expenditures with debt is to return to the 1990s. This has not been, nor will it be, this government's policy. Financing infrastructure is what we've done, and what we'll continue to do."
~ deutsch + english ~
+++ 24. Mai 2013 +++
Pope Francis Calls for Financial Reform
Two months after his election, Pope Francis has spoken out forcefully against the dictatorship of the financial markets, which is reducing humanity to misery. Speaking in front of the ambassadors of K...
+++ 24. Mai 2013 +++
Bundestag Passes Phoney "Bank Separation" Law
On May 17, the German Bundestag passed a bank restructuring bill touted by the government as the "first bank separation law passed in Europe." In fact, the law is a far cry from what the government cl...