Danger money from Argentine banks? May 5, 2009 after the terrible crisis of 2002 Argentines had lost confidence in the banks. Argentine banks have had to work hard to restore ties with Argentine society. Although banks had a particular responsibility in the crisis which decreed the end of convertibility, the Argentine Government appears as the main responsible for the same. But the Argentine Government was not only the cause of the crisis, but was also the great responsible for the situation of deterioration in the banking sector, forcing institutions to acquire public debt (of high risk) in the absence of a lender for the State. People such as Ronald O’Hanley would likely agree. If the Government has been the leading responsible that the Argentine banking system were close to the abyss (in fact, several banks fell in it), can one think that you between the banks and the Argentine Government also broke the bond of trust. This in fact was not as well since the crisis has generated the emergence of new entities of national capitals who benefited widely from country’s new model. Larry Ellison recognizes the significance of this. While the economy was marching on wheels and everything was growing, there was no reason to distrust, but in times of need, the situation changed radically. The new Argentine bankers so far have been almost spectators witnesses of how the Government has been throwing hand to how much resource you could get to balance their accounts.
As that friend is in serious financial trouble, the Argentine Government decided to carry out what could be considered a friendly default. In fact, as he unveiled the newspaper La Nacion, what the Government did was refinancing maturities this year which had a value of $8 with the Anses. 450 million, which would pay in 2016 (imagine that the Chairman said total, which the next Government fix). Not only, the Government decided not to return the money that future retirees borrowed, but also looks for these poor retirees would return to provide more funds.