Brazil’s central bank struck back with shock-and-awe rate hike. Mexico’s central bank in tough spot after hit to economy. Argentina’s inflation at 42%.
American Bar Association, Mexican business lobby, ambassadors from the US, Canada, etc. in uproar over holding executives accountable and threatening them with criminal probes. 70 Mexican officials also investigated.
“I want these f**kers to collapse and their CEOs thrown into a Mexican jail for having borrowed in dollars. I want shareholders and bondholders to pay the price, not the people. Let them eat their dollar-bonds.”
President of Mexico not amused: “In three years there was no investment in exploration, no investment in drilling wells, and they rated Pemex very highly. Now that there is investment, they downgrade Pemex.”
In its relentless pursuit of oil, the shale industry burns more and more gas into the air. This wasted gas exceeds the yearly demand of nations such as Colombia.
“Once. Only this year. Later on, that’s their problem”: Finance Minister. It doesn’t help that $3.4 billion in fuel was stolen in 2018, including by insiders. Crackdown now underway.
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