Argentine supermarkets freeze prices after IMF censure -
http://www.bangkokpost.c...rices-after-imf-censure Argentina getting hammered by IMF sharks for "hiding inflation". Argentina recently gave the finger to renegade bondholders that refused to take a haircut during 2 restructuring programs for its debt default back in 2000. The IMF move definitely shows they side with the renegade bondholders. The message is Argentina pays those bondholders or IMF will crash that economy. And the circle continues...
Quote:Supermarket chains in Argentina agreed to freeze their prices for 60 days in an attempt to rein in inflation, officials said.
The move comes after the International Monetary Fund censured Argentina on Friday for failing to supply accurate economic data to measure inflation.
The agreement between the government of President Cristina Kirchner and the Association of United Supermarkets -- which includes US-based Wal-Mart and France's Carrefour chain -- is retroactive to February 1 and extends to April 1.
Official Argentine statistics are sharply different from those private sector economists issue.
For instance, last month the government said that inflation in 2012 was 10.8 percent, while a group of private economists who collate their data put the rate at 25.6 percent.
Buenos Aires benefits from understating the data because a large part of its sovereign debt is indexed to inflation.
It is very interesting to see Argentina taken to the cleaners for understating inflation, yet across the globe all gubberments use the same gimmick to keep the civil society in check. Bullsh** from IMF as usual.
https://www.youtube.com/watch?v=avrnnvhKj4M - Argentina and the IMF - Michel Chossudovsky on The Corbett Report
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!