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sandensea

(21,526 posts)
Mon Jun 25, 2018, 02:21 PM Jun 2018

Argentines hold general strike against Macri, IMF austerity

Argentina was brought to a standstill on Monday as labor federations and social advocacy groups led a general strike against the right-wing Mauricio Macri administration.

The 24-hour general strike, the third since Macri took office in late 2015, was organized in response to austerity policies imposed as part of his June 8 agreement with the IMF for an unprecedented $50 billion bailout.

The IMF has tied the bailout, a stand-by credit line, to draconian budget cuts which include an 81% cut in public works outlays as well as further devaluation of an already weakened peso - a move likely to push inflation above 30%.

Also included are renewed utility rate hikes, which have already risen by over 1000% since Macri took office - helping lead to 8,000 business closures and a rise in unemployment from 5.9% in 2015, to 9.1% currently.

"This strike is decisive, and there is a reality that cannot be hidden," Transport Union leader Hugo Moyano said. "It is very difficult for this administration to bring solutions because they have given themselves to the IMF - which now governs the country."

From plaudits to bailout

The IMF bailout was precipitated by a record, $31 billion current account deficit resulting from trade and foreign exchange deregulation enacted by Macri early in his tenure.

The moves earned him plaudits from Wall Street and the IMF; but, by 2017, led to a record $8.5 billion trade deficit, $10 billion tourism deficit, as well as $22 billion in capital flight.

Trade deficits are up by 151% so far this year, pushing industrial production down 3.3% despite higher demand from neighboring Brazil.

Capital flight, in turn, nearly doubled to a record $6.2 billion in May alone - a trend that forced the Central Bank to raise its key interest rate last week to 47%.

These losses were financed with a record $52 billion in added foreign debt last year, the sharpest such increase (29%) since a similar debt bubble during the last dictatorship led to a financial collapse in 1981.

At: https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=https%3A%2F%2Fwww.pagina12.com.ar%2F124143-todo-parado-contra-el-ajuste&edit-text=



"IMF out": Argentines rally against austerity program imposed as part of its $50 billion bailout - a bailout equal to eight months of capital flight.

The IMF remains among Macri's most prominent cheerleaders.
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Argentines hold general strike against Macri, IMF austerity (Original Post) sandensea Jun 2018 OP
One has to hope the general strike will make a point with the man repeating the catastrophe Judi Lynn Jun 2018 #1

Judi Lynn

(160,211 posts)
1. One has to hope the general strike will make a point with the man repeating the catastrophe
Mon Jun 25, 2018, 11:06 PM
Jun 2018

the military dictatorship created in the 1980's. He has publicly stated support for that deadly, murderous government, and now he is following their monstrous financial plan for disaster for the entire country, with the exception of the supporters of the regime who made out like bandits.

Hope the people will be able to unify and escape the same fate, even after Macri has done so much shocking damage to the economy in such a short time. Those numbers should bring the wrath of god down upon these fascists. Destroying the many in order to hand excessive, apalling profits to those who conspired with him to derail the democracy.

The IMF has been able to destroy so many, many people around the world by assisting the political traitors who are so happy to betray the struggling masses of their countries to multinationals for profit for a tiny few cronies, and political accomplices. So many people starved, so many people tortured who tried to protect their countrymen and women, so many murdered, and sooner or later the greediest, most unprincipled among of us are going to have to pay for it. It's going to happen.

Thanks for sharing news of the last step taken against this war upon the poor people. It can only make you hope this time something might work, not to kill, persecute some more political enemies, but to help repair the damage.

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