Global News Post: Argentina

Rise in Argentina’s Maize Exports to Ease Pressure in International Food Markets – UN

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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLYND4hRkKxolvsB99V83iIdHiqcx8NzXqqjroHeyhI1cxg9AXOuNhW6MTfWBiVSVbKAMYGfGy4VSQjqDjd_yoW6YSlSJIL7iAyfrzpzSfCvr2wsUo_SIgXQD1vG0I6VsOUn0rurFWwz8/s1600/09-14-2012yauhar.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="203" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLYND4hRkKxolvsB99V83iIdHiqcx8NzXqqjroHeyhI1cxg9AXOuNhW6MTfWBiVSVbKAMYGfGy4VSQjqDjd_yoW6YSlSJIL7iAyfrzpzSfCvr2wsUo_SIgXQD1vG0I6VsOUn0rurFWwz8/s320/09-14-2012yauhar.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNoSpacing" style="text-align: center;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-size: 9.0pt;">FAO Director-General José Graziano da Silva (left) with <o:p></o:p></span></div><div align="center" class="MsoNoSpacing" style="text-align: center;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-size: 9.0pt;">Norberto Yauhar, Minister of Agriculture, Argentina.<o:p></o:p></span></div><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 9.0pt; mso-bidi-language: HI; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="mso-spacerun: yes;"> </span>Photo: FAO/Alessia Pierdomenico</span></td></tr>
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<div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">UN News – Argentina’s announcement that it would export an additional 2.75 million tonnes of maize this year will help ease tight international markets, the United Nations food agency said today, adding that while this is a welcome measure, countries must remain vigilante to avoid a global food crisis.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">According to the UN Food and Agriculture Organization (FAO), the announcement was made by Argentina’s Minister of Agriculture, Norberto Yauhar, who had just met with FAO’s Director-General, José Graziano da Silva, at the UN agency’s headquarters in Rome, Italy.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">“This goes to show that there is no threat of a global food crisis at present, although we must continue to be vigilant and monitor the situation closely,” Mr. Graziano da Silva said.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Argentina is the world’s second biggest exporter of maize, and was responsible roughly for 15 per cent of the world’s maize exports in the last three years. The increase will bring the amount of maize from the 2011-2012 harvest to a total of 16.45 million tonnes, FAO stated in a news release.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">This summer’s drought in the United States – the worst in over 50 years – fuelled fears of a food crisis when the FAO Food Price Index, which measures the prices of 55 food commodities, including meat, dairy, sugar, and cereals, surged by six per cent in July. However, food prices have remained steady in the past month.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">During their meeting, Mr. Yauhar and Mr. Graziano da Silva noted that the world is now better placed to cope with higher food prices than during the crisis of 2007-2008, partly because of mechanisms likes the Agricultural Market Information System (AMIS), which contributes to increasing market transparency and reducing price volatility.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mechanisms like AMIS, which was established in 2011 by the Group of 20 (G20) leading economies, make it possible for countries to coordinate action and respond faster to volatile food price situations, Mr. Graziano da Silva said.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The two men noted that there was better coordination within the UN system to address food security issues and stressed that it was important for countries to work together through international mechanisms rather than taking unilateral action, according to FAO. They also underlined that financial markets and trade should be regulated to avoid speculation on prices, which contribute to their volatility.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mr. Graziano da Silva also emphasized the need for the international donor community to increase its immediate and long-term support to poor countries, which are significantly affected by changes in the prices of the food basket.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">According to the UN World Food Programme (WFP) – which provides food relief in humanitarian emergencies such as war and natural disasters – every 10 per cent increase in the price of its food basket means finding an additional $200 million a year to buy the same amount of food.<o:p></o:p></span></div></div>

Rise in Argentina’s Maize Exports to Ease Pressure in International Food Markets – UN

FAO Director-General José Graziano da Silva (left) with Norberto Yauhar, Minister of Agriculture, Argentina. Photo: FAO/Alessia Pierdome...

Summit of the Americas in April Will Discuss Falklands Issue

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<div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">BOGOTA (NNN-MERCOPRESS) - The British-Argentina-Falklands-Malvinas dispute is among the list of topics to be discussed at the coming VI Summit of the Americas, Colombian Foreign Affairs Minister Maria Angela Holguin said.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">During a meeting with foreign correspondents here, Ms Holguin confirmed that the summit which takes place April 13 to15 in Cartagena de Indias, Colombia and to which have been invited the leaders of the region’s 34 countries, will accept the petition from Ecuador to debate the South Atlantic Islands dispute currently under British sovereignty.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">However any declaration or statement on the issue “won’t go further than what has been said in the framework of the Organization of American States (OAS)”.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Holguin said that the 34 leaders or their representatives will support “Argentina’s sovereignty pretension over the Falklands-Malvinas”. Furthermore the leaders in Cartagena will call for a dialogue on the issue “and prop Britain to accept and sit to discuss”.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The Colombian host said that some countries such is the case of Ecuador would not let the opportunity by and will speak extensively about the Falklands-Malvinas, “even when there has been no forma request from Argentina”.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Any petition on the Falklands-Malvinas will most certainly make an issue, unanimous and that is calling to avoid the military presence in the South Atlantic, she said.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">U.S president Barack Obama has confirmed his presence so has Canadian Prime Minister Stephen Harper, which will not be expected to support the Argentine sovereignty claim over the Falklands, among other things because Ottawa’s head of state is Britain's Queen Elizabeth II.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The government of President Cristina Fernandez has been involved in a diplomatic offensive to collect support for Argentina’s claim over the Falklands-Malvinas ahead of the April 2 30th anniversary of the Argentine invasion of the Islands in 1982. -- NNN-MERCOPRESS<span style="mso-spacerun: yes;">  </span><o:p></o:p></span></div></div>

Summit of the Americas in April Will Discuss Falklands Issue

BOGOTA (NNN-MERCOPRESS) - The British-Argentina-Falklands-Malvinas dispute is among the list of topics to be discussed at the coming VI Sum...

Half a million sheep dead in Argentine Patagonia caused by volcanic ash

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<div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">BUENOS AIRES (NNN-MERCOPRESS) - Half a million sheep have already died in Argentine Patagonia as a result of the eruption of the Chilean volcano Puyehe which has covered most fields in the province of Chubut with a film made of a mix of mineral ash.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">The sheep die unable to find food and when they can the volcanic ash mix turns into a toxic grind for the animal.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">“We estimate over half a million sheep have been lost because of the ashes which continue to be spewed by the volcano” said Ernesto Siguero president of the Chubut Rural Society.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">Ashes also weigh on the sheep’s wool making it harder to move around with the extra burden and ‘once they sit it’s hard for them to stand up’. Likewise the continued ash in the air harms livestock’s sight.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">People living in the area are also suffering the consequences of the ashes in their daily lives. The constant ash blocks chimneys, gets into the water pipes, covers with dust light bulbs and when it’s windy, drivers guide themselves by the culverts because of the almost zero visibility.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">In some areas the volcanic ash has accumulated almost a metre high making it even difficult for the 4 by 4 to vehicles to move around.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">But even more damaging is in those areas populated mostly by small farmers, on average 300 sheep: they have lost all chances of recovering unless they receive outside support, points out Siguero.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">The <st1:country-region w:st="on"><st1:place w:st="on">Argentina</st1:place></st1:country-region> government has distributed food stamps in some areas but “we also need to save the livestock left” says Siguero.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">President Cristina Fernandez was last week in Chubut to open <st1:country-region w:st="on"><st1:place w:st="on">Argentina</st1:place></st1:country-region>’s largest wind power farm and was given a petition letter by neighbours from rural areas.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">“We want you to know that the ash problem in <st1:place w:st="on">Chubut</st1:place> is not a feeling. The whole <st1:place w:st="on">Chubut</st1:place> plateau is covered with ash forcing farmers to advance shearing, but it’s kind of complicated, shearing scissors get stuck with the ash and the wool is virtually worthless”, Siguero said. -- NNN-MERCOPRESS<o:p></o:p></span></div></div>

Half a million sheep dead in Argentine Patagonia caused by volcanic ash

BUENOS AIRES (NNN-MERCOPRESS) - Half a million sheep have already died in Argentine Patagonia as a result of the eruption of the Chilean vo...

TOURISM IN ARGENTINA HAS CREATED A MILLION JOBS BETWEEN 2003-09

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<div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">  </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">BUENNOS AIRES  (NNN-PRENSA LATINA) - Between 2003 and 2009, a million jobs related to tourism were created in Argentina, said minister Enrique Meyer.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Argentina now ranks as the top destination in the region and the fourth in the Americas, and last year the South American country was visited by five million 300 thousand tourists, he said.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><a href="http://www.amazon.com/Rough-Guide-Argentina-Travel-Guides/dp/1848365217?ie=UTF8&tag=glob036-20&link_code=bil&camp=213689&creative=392969" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;" target="_blank"><img alt="The Rough Guide to Argentina (Rough Guide Travel Guides)" src="http://ws.amazon.com/widgets/q?MarketPlace=US&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL160_&ASIN=1848365217&tag=glob036-20" /></a><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=glob036-20&l=bil&camp=213689&creative=392969&o=1&a=1848365217" style="border: none !important; margin: 0px !important; padding: 0px !important;" width="1" />Meyer disclosed the details during the presentation of the Strategic Tourism Plan 2020 in a ceremony at Casa Rosada, presided by President Cristina Fernandez.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Referring to the perspectives outlined in the programme, he said that it is expected to increase the number of foreign visitors to eight million per year, which would generate revenues of more than 10 billion USD.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">One of the objectives of the Plan will be taking those tourists to non-traditional settings, he added and stressed the importance of infrastructure works to achieve this. -- NNN-PRENSA LATINA</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><a href="http://www.amazon.com/s/?ie=UTF8&tag=glob036-20&link_code=btl&camp=213689&creative=392969&search-alias=aps&field-keywords=argentina" target="_blank">Search Amazon.com  for argentina </a><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=glob036-20&l=btl&camp=213689&creative=392969&o=1&a=" style="border: none !important; margin: 0px !important; padding: 0px !important;" width="1" /></span></div></div>

TOURISM IN ARGENTINA HAS CREATED A MILLION JOBS BETWEEN 2003-09

BUENNOS AIRES (NNN-PRENSA LATINA) - Between 2003 and 2009, a million jobs related to tourism were created in Argentina, said minister ...

ARGENTINA BLASTS MOODY'S FOR QUESTIONING COUNTRY'S BANKING SYSTEM

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<div style="text-align: justify;"><a href="http://www.amazon.com/Argentina-NATIONAL-Flag-Football-Banner/dp/B000G2TNKK?ie=UTF8&tag=glob036-20&link_code=bil&camp=213689&creative=392969" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;" target="_blank"><img alt="Argentina NATIONAL Flag 3x5 NEW 3 x 5 Football Banner" height="192" src="http://ws.amazon.com/widgets/q?MarketPlace=US&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL160_&ASIN=B000G2TNKK&tag=glob036-20" width="320" /></a><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=glob036-20&l=bil&camp=213689&creative=392969&o=1&a=B000G2TNKK" style="border: none !important; margin: 0px !important; padding: 0px !important;" width="1" />BUENOS AIRES  (NNN-MERCOPRESS) - Argentina’s Central Bank’s Governor (BCRA) Mercedes Marcó del Pont said that the Argentine banking system “is in its best historical levels of liquidity, solvency and default rates” referring to an earlier report from Moody’s rating agency.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">“Today’s Argentine banking system has the lowest levels of delinquency in its history, and what’s important to understand is that although its not in the ideological conception of this rating agency, the strength of the financial system of this country has to do with the strength of the national economy,” Marcó del Pont said.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">The BCRA Governor underlined that this strength is based in the “pillars of growth, macro-economic balance, dynamics and huge profitability of companies which has enabled the recovery of peoples’ income and their capacity to take credits and pay for them”.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Moody's yesterday lowered its outlook for Argentina's banking sector to “negative” from “stable” adding that banks in Argentina were increasingly reliant on “unsustainable” government policies, citing high inflation and negative interest rates.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">It also warned of a “growing vulnerability to political and event risks that could affect banks' asset allocation, profitability and capitalisation”.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">“I can’t believe the lack of responsibility and professionalism of these agencies that are being questioned at world-level for their co-responsibility in the global financial crisis,” she said.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">According to Marcó del Pont, “countries have to reach an agreement to regulate the private rating agencies that have been co-responsible of the international financial crisis”.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Regarding the statement on ‘vulnerability’ generated by the state’s intervention in the banking system, the governor of the Argentine central bank assured that “these statements are always tainted with ideological content.”</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">She said that “maybe what worries rating agencies is that they keep thinking in the free-market when Argentina and other Latin American countries have recovered the role of the State, the capacity of making public policies and intervention to guide the economic process towards real development and social inclusion”.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Argentina’s private ADEBA banking association also criticised the rating's agency outlook revision, saying the assessment had a “subjective and political basis, instead of objective and technical arguments”. Leading Argentine banks include Banco Galicia and Banco Macro.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">According to the report ”Banking System Outlook: Argentina”, the change in outlook reflects “1) the fragility of banks' earnings as they are increasingly dependent on the continuation of accommodative yet unsustainable government policies that produce high inflation and negative interest rates; 2) the inherent vulnerability associated to the low level of depositor confidence; and 3) the growing vulnerability to political and event risks that could affect banks' asset allocation, profitability and capitalization.”</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Furthermore, the report explains that “In the context of currently high commodity prices, strong exports and low unemployment, the continued expansionary fiscal and monetary policies are driving Argentina's economic growth, domestic consumption and inflation to levels that are difficult to sustain. </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">“The macroeconomic dynamics are particularly vulnerable to a reversal in the terms of trade, including growth moderation of its main trading partner, Brazil”, the report said. -- NNN-MERCOPRESS</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
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ARGENTINA BLASTS MOODY'S FOR QUESTIONING COUNTRY'S BANKING SYSTEM

BUENOS AIRES (NNN-MERCOPRESS) - Argentina’s Central Bank’s Governor (BCRA) Mercedes Marcó del Pont said that the Argentine banking system ...