Tourists travelling to Buenos Aires from the United States of America can expect the Peso devalue, as the recession, the impact of the Swine flu virus and the farming dispute put the Argentine economy under pressure.
Argentine capital flight $11 billion so far this year reported reported Rueters BUENOS AIRES.
Capital flight from Argentina was $11.2 billion in the first half of this year, the central bank said Saturday, and about $43 billion has left the country since 2007.
The pace of capital flight slowed to $5.5 billion in the second quarter of this year from $8.4 billion in the same quarter of 2008, when the government was locked in a dispute with the agriculture sector about farm policy in the country, one of the world’s top grain producers.
The farmers, still locked in a bitter dispute with the Government have stated that more protests are likely unless Christine Kirchner’s executive listen to their complaints and respond positively. Farmers claim that the state has become an insatiable predator.
123rd Argentine Rural Society’s Palermo Livestock and Agriculture Exhibition has become a platform for farmers to attack the Government on a wide range of issues.
Analysts say continued capital flight could undermine the local economy. Capital flight surged in late 2007 when President Cristina Fernandez, who at times adopts policies frowned on by investors, took office and Argentines sold pesos to buy dollars.
We can exchange one US dollar for 3.82 pesos today in Buenos Aires.
A weak Argentine Peso makes Argentina a cheap travel destination.