Argentine Supreme Court judge says dollarization is unconstitutional if it eliminates the peso
Chief Argentine Supreme Court Judge Horacio Rosatti said the dollarization plan proposed by presidential candidate Javier Milei is “unconstitutional” because it would abolish the national currency, the peso. “If a dollarization [plan] eliminates the Argentine currency, that’s unconstitutional. Article 75 of the Argentine Constitution establishes the country have a Central Bank and a currency whose value must be protected. As an example, Rosatti cited the convertibility period of the 1990s, when the peso was pegged to the dollar one-to-one. The CCL dollar rate was AR$735.1 per US dollar at the time of writing.
Source:Bueno Aires Herald
September 20, 2023 03:45 UTC
ESMA Museum declared a UNESCO World Heritage Site
On Tuesday, the museum and site of memory that commemorates the spot was declared a UNESCO World Heritage Site. The decision was announced Tuesday morning at the World Heritage Committee’s 45th Convention in the city of Riyadh, Saudi Arabia. The road to the World Heritage List began in 2015, when the Argentine government began negotiations with UNESCO. In 2017, the World Heritage Center included the ESMA Museum on its tentative list. The Argentine delegation in Riyadh was headed by Human Rights Secretary Horacio Pietragalla Corti, ESMA Museum executive director María Marcela ‘Mayki’ Gorosito, and the general coordinator of the Work Plan for the candidacy of the ESMA Museum, Mauricio Cohen Salama.
Source:Bueno Aires Herald
September 19, 2023 14:29 UTC
From Vaca Muerta to Chile and Brazil: Massa negotiating more exports
The government is also in talks with Bolivia about the cost of using existing infrastructure to get gas up to Sao Paulo, Brazil. Vaca Muerta–BrazilArgentina will end 2023 with a stable energy balance following a record deficit in 2022. To that end, a month ago the government launched a tender for the Reversal of the Northern Gas Pipeline — aimed at getting Vaca Muerta energy to Argentina’s northern provinces. If the project is ready by then, sources in the Economy Ministry say “the Argentine north will live off Vaca Muerta.” And the almost 20-year-long contract with Bolivia will be terminated. It will be at the inauguration of the Vaca Muerta Northern Pipeline, which will increase transportation capacity and export crude oil to Chile.
Source:Bueno Aires Herald
September 18, 2023 19:19 UTC
Businessman Juan Chediack dies after plane crash
Businessman Juan Chediack died on Monday morning after the small plane he was flying in crashed in San Luis city airport on Sunday. Chediack, 69, former head of the Argentine Construction Sector Chamber (CAMARCO, by its Spanish initials) was the only passenger on the plane. He suffered burns across most of his body and other severe injuries including compromised airways and a broken leg. He has a fractured pelvis and other severe injuries including compromised airways and burns over a large proportion of his body. On Sunday night, the wind speed reached over 100 kilometers per hour in San Luis, according to the province’s Meteorological Stations Network.
Source:Bueno Aires Herald
September 18, 2023 17:07 UTC
Translation troubles: big flags and serpent eggs
On returning from a trip this week, one of my favorite parts of getting back into the office was trawling through our translation channel on Slack. Although not in common parlance, the earliest use of the phrase is in William Shakespeare’s Julius Caesar — so it’s actually a translation from English. EscracheThis one was waiting in my inbox and came from Martina: although the term wasn’t used in the final article, it’s worth getting into. As mentioned in a previous translation trouble article, -azo is a cheerleader, used to play up the size, force, or importance of something. Share your thoughts and translation hang-ups with us on Facebook, Twitter or Instagram!
Source:Bueno Aires Herald
September 18, 2023 02:02 UTC
A man and his dog: the mysticism behind Javier Milei’s campaign
“That’s Conan there. It’s Conan, that’s Conan,” the congressman repeated when he opened his mouth again. But there was a lot about that dog — and about himself — that Milei did not reveal in that interview earlier this year. Just as he had done with Moses, He told Milei that He had a “mission” for him: to enter politics and not stop until he became president of the country. The thing is, Milei’s mysticism was not the first revelation to force a change of plans.
Source:Bueno Aires Herald
September 17, 2023 16:46 UTC
Chaco elects governor under shadow of Cecilia Strzyzowski’s disappearance
Chaco province will vote for its next governor on Sunday, with incumbent Governor Jorge Capitanich from the Peronist local coalition Frente Chaqueño as a frontrunner. However, his ties with the suspects of Cecilia Strzyzowski’s alleged femicide have had political repercussions that might affect his performance as they did in the primaries. In Chaco, gubernatorial candidates need at least 45% of the vote or 40% with a 10-point advantage to win the elections. The drop could be a consequence of Cecilia Strzyzowski’s disappearance and the ensuing media storm and political discontent. You may also be interested in: Chaco governor minimizes political ties with femicide suspects— with information from Télam
Source:Bueno Aires Herald
September 17, 2023 16:33 UTC
Digital culture roundup: Amid inflation and economic woes, another coronation of glory
In its last two lines, Argentina’s National Anthem sings “coronados de gloria vivamos, o juremos con gloria morir” (Let us live crowned in glory, or swear to die with glory). And as of late, locals have seemed to take the task of achieving “glory” as a mandate. Over the past year, either Argentine individuals or national representatives have won prizes in multiple realms. Grimson insists that this idea is key to understanding how Argentines achieve greatness in the middle of an economic crisis. According to surveys done by Voices Consultancy, even an efficient monthly purchase at the shop can sometimes feel like an odyssey.
Source:Bueno Aires Herald
September 16, 2023 20:33 UTC
Government files 2024 budget, treatment is expected after the elections
Hours before the legal deadline, the Economy Ministry presented the 2024 budget bill, the road map in which the government establishes the main economic variables for this and the following year. In Argentina, it is not unusual for the budget bill treatment to happen after presidential elections. Year-on-year inflation for 2024 is forecast to be 70%, while average inflation will be around 90%. Per the new document, GDP is expected to drop by 2.5% this year and grow by 2.7% in 2024. According to the budget, the exchange rate by the end of 2024 will be AR$600 to the US dollar.
Source:Bueno Aires Herald
September 16, 2023 15:20 UTC
Bond auction: Argentine markets take cover from devaluation, inflation
The Economy Ministry raised AR$1.14 trillion through peso securities in the local market in a scheduled auction that took place on Thursday. The second round of this auction will take place Friday at 3 p.m. This was the second bond auction of the month, albeit the first scheduled one — the previous one on September 1 was not planned. The most-requested instrument was a dual bond (TDJ24) that matures in June 2024, which got 55.7% of the total raised amount. Dual bonds pay the highest amount between the inflation rate and the devaluation of the peso against the US dollar.
Source:Bueno Aires Herald
September 16, 2023 05:53 UTC
Mar del Plata offshore drilling expected to generate investments of US$40 bn
“The well, which will cost about US$100 million, is set to start between next December and June of next year, but the works in the Mar del Plata port have already begun. According to Guiscardo, Vaca Muerta required close to U$S780 million since 2009 to explore 87 wells and detect reserves of 29,100 MBOE. Brazil, with close to 2,200 offshore wells, managed to double its crude oil production from 2 to 4 million barrels. Lamacchia said that the Mar del Plata offshore project can have up to 50% of locally made components, cautioning nonetheless that it would not be easy. He also estimated that the national government would receive between 58% and 62% of the total profits from this project.
Source:Bueno Aires Herald
September 15, 2023 14:46 UTC
Brazil's Supreme Court convicts first defendant in January 8 coup trial
The Brazilian Supreme Court voted on Thursday to convict the first person to stand trial for the storming of government buildings in the capital Brasilia on January 8 to 17 years in prison. They were possessed by an irrational, almost pathological, hatred,” said Supreme Court Justice Alexandre de Moraes, who also serves as the head of Brazil’s electoral authority. Thursday’s decision was the opener of a first batch as four people who were directly involved in the invasions stand trial. Pereira was convicted of all crimes he stood accused of, including attempted coup d’etat, damage to historic buildings, and criminal association. “The objective was, through the use of violence, to besiege Brasilia and propagate criminal acts throughout the country to attack the rule of law,” said Supreme Court Justice Cristiano Zanin.
Source:Bueno Aires Herald
September 15, 2023 04:27 UTC
Massa to file 2024 budget bill on Friday
Economy Minister and ruling coalition presidential candidate Sergio Massa will file the 2024 national budget bill on Friday, following the deadline established by law, sources from Congress and the ministry have confirmed to the Herald. However, the bill will be presented on Friday, and not after the elections, as Milei requested. The government must present the budget bill for the period that starts on December 10 no later than September 15, according to Argentina’s Financial Administration Law. In Argentina, it is not unusual for the budget bill treatment to happen after presidential elections. In years without presidential elections, this usually happens in October or November.
Source:Bueno Aires Herald
September 14, 2023 16:40 UTC
Monthly inflation rate hits 12.4%, a 32-year high
Argentina’s monthly inflation rate was 12.4% in August, according to the National Institute for Statistics and Census (INDEC, for its Spanish acronym). The figure is almost double that of July and represents the highest monthly rate since February 1991, when the country was mired in a hyperinflation crisis. Eco Go predicts an 11% inflation rate for September. pic.twitter.com/OA5CQQ5POL — Patricia Bullrich (@PatoBullrich) September 13, 2023Shortly after INDEC released the monthly inflation rate, Juntos por el Cambio presidential candidate Patricia Bullrich took aim at the ruling coalition on X (formerly Twitter). INDEC will publish September’s inflation rate on October 12.
Source:Bueno Aires Herald
September 14, 2023 01:58 UTC
Massa announces VAT refunds for basic goods
The government will start refunding value-added tax (VAT) on basic goods for many workers and welfare recipients, Economy Minister Sergio Massa announced on Wednesday evening. The program, called “Buy without VAT”, will apply to products within the basic basket of goods, purchased via debit card. “Its goal is that the basic basket is covered and compensated by this benefit.”In Argentina, VAT is 21%. On Monday, Massa announced that the Argentine government will raise the income tax threshold to AR$1.7 million pesos per month from October. August’s inflation rate, announced just three hours beforehand, was 12.4%.
Source:Bueno Aires Herald
September 13, 2023 23:59 UTC