Latin America

Already Toast? Mexico’s Energy Reform Buzz vs. Oil Theft, Corruption, And Organized Crime

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A pipeline explosion in Tezoyuca, Mexico, injured seven and forced the evacuation of 800 families. It was caused by a tap to steal liquefied petroleum gas. Mayor Arturo Ahumada Cruz affirmed that the pipeline is perpetually tapped.

The Suddenly Invisible And Silent President Of Argentina

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By Adrian Bono, Argentina, The Bubble: The last time President Cristina Fernández de Kirchner was seen in public was December 10th – dancing at the Plaza de Mayo in Buenos Aires to celebrate the 30th anniversary of the return of democracy, while a wave of looting tore through many provinces that left ten people dead and frayed the very fabric of society.

Brazil’s Energy Sector Struggles With Its “Oil Revolution”

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Brazil has been touted as Latin America’s oil powerhouse, projected to account for one-third of global supply growth by 2035. But poor policies and bad luck are throwing cold water on these projections.

What the Hell Just Happened in Córdoba?

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In the last 24 hours, the province of Córdoba spiraled out of control, the very fabric of society torn apart. A sudden absence of law and order sent people into a looting frenzy. Residents and store owners boarded up windows, grabbed shotguns, and climbed to their roofs, waiting for the encounter with the enemy.

Currency Controls: Argentina Cracks Down on Foreign Travel

by Bianca Fernet •  • Comments Off on Currency Controls: Argentina Cracks Down on Foreign Travel

By Bianca Fernet, Argentina, The Bubble: In 2012, Argentina introduced a 15% tax on credit card purchases made in foreign currency. Which turned into 20%. And now, after promising not to raise it again, the government raised it to 35% and closed the last legal window to acquire dollars at the official rate.

Argentine Stocks React to President Kirchner’s Latest Handiwork

by Bianca Fernet •  • Comments Off on Argentine Stocks React to President Kirchner’s Latest Handiwork

By Bianca Fernet, Argentina, The Bubble: President Cristina Fernández de Kirchner returned to her post this week, shuffling her cabinet and shaking up financial markets. Balding men marked the occasion by holding their heads in their hands in front of computer screens.

Mexico: the Final Piece in North America’s Energy Renaissance

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By Rory Johnston, OilPrice.com: While American and Canadian crude production has jumped over 30% in the last decade, Mexican production has fallen by over a quarter. Now the Mexican government might finally act.

Rule #1 in Argentina: Do NOT Talk About The “Blue Dollar”

by Bianca Fernet •  • Comments Off on Rule #1 in Argentina: Do NOT Talk About The “Blue Dollar”

By Bianca Fernet, Argentina, The Bubble: The black/blue/unofficial ARS/USD rate hit 10/1 again. The Federal Police, the Prefecture, the Border Patrol, and representatives of the Central Bank are stomping around downtown, shutting down currency exchanges and being as obvious as possible. And now a gag order on the exchange rate!

The Multi-Billion Dollar Reason Argentina Can’t Be Venezuela, Yet

by Bianca Fernet •  • Comments Off on The Multi-Billion Dollar Reason Argentina Can’t Be Venezuela, Yet

By Bianca Fernet, Argentina, The Bubble: I bring up Venezuela because I am frequently asked what I think is going to happen in Argentina. Venezuela provides a very sobering cautionary tale, because their economic policies look like Argentina’s on steroids.

US Supreme Court Passes on Argentine Bonds Case

by Bianca Fernet •  • Comments Off on US Supreme Court Passes on Argentine Bonds Case

Ahh. Nothing gets me going quite like the smell of defaults in the morning. Argentina’s path to economic ruin feels like a drunk snail making its way through molasses.