Argentine Finance Minister announces end of currency controls and devaluation.

[forest444]

Argentine Finance Minister Alfonso Prat Gay is expected to announce during a press conference to be held at 6 pm the implementation of two campaign promises by right-wing candidate Mauricio Macri: the lifting of dollar restrictions and a devaluation of up to 50% he refers to as "exchange rate unification."

President Mauricio Macri had already announced he would start lifting restrictions this week to access to U.S. dollars that had been imposed by the previous administration nearly four years ago. He has not specified the speed at which he will lift the restrictions.

Freeing capital controls will likely weaken the official peso exchange rate. Sources said they expect a speculative selloff to weaken the exchange rate to between 13.5 and 15 pesos to the dollar, versus the current rate of 9.83.

At: http://buenosairesherald.com/article/205080/end-of-currency-controls-to-be-announced-today
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The "Finance" Minister, of course, is the same one holding millions in put options against the peso in a Swiss account (confirmed by Swissleaks). http://www.democraticunderground.com/110845605

This, then. isn't so much a devaluation as it is his writing a check to himself - at everyone else's expense: http://www.democraticunderground.com/110845684

[Judi Lynn]

1. There's no one to block him, either, while he worsens the lives of 99% of the people. n/t