Argentina’s peso could soon be a thing of the past.
If Javier Milei, the front-runner in the campaign for the presidency, wins the election scheduled for later this year, the country’s own currency could be abolished and replaced with the US dollar.
In some ways, it’s surprising no-one has suggested it before. Argentines are reckoned to hold more greenbacks than anywhere outside the US and hoarding them is a way of life for many people.
In some ways, it’s surprising no-one has suggested it before. Argentines are reckoned to hold more greenbacks than anywhere outside the US and hoarding them is a way of life for many people.
Polls show that 60% of Argentines oppose the idea because it would give too much power to the US central bank, the Federal Reserve.
But like it or not, the dollar already plays such a big part in their economy that to some, the idea feels like a foregone conclusion.
Argentines have traditionally set little store by their own currency, preferring to convert their spare pesos into dollars as soon as they can.
They don’t trust financial institutions much either, so they resort to what is locally known as the “colchón bank” – that is, stuffing their dollars under the mattress.
Anecdotal stories abound of people keeping money buried in the garden, hidden in the walls or even secreted in heating systems – occasionally with disastrous consequences if there is an unexpected cold snap and the cash isn’t retrieved before it goes up in smoke.
Argentina’s peso could soon be a thing of the past.
In some ways, it’s surprising no-one has suggested it before. Argentines are reckoned to hold more greenbacks than anywhere outside the US and hoarding them is a way of life for many people.
If Javier Milei, the front-runner in the campaign for the presidency, wins the election scheduled for later this year, the country’s own currency could be abolished and replaced with the US dollar.
Polls show that 60% of Argentines oppose the idea because it would give too much power to the US central bank, the Federal Reserve.
In some ways, it’s surprising no-one has suggested it before. Argentines are reckoned to hold more greenbacks than anywhere outside the US and hoarding them is a way of life for many people.
In some ways, it’s surprising no-one has suggested it before. Argentines are reckoned to hold more greenbacks than anywhere outside the US and hoarding them is a way of life for many people.
Polls show that 60% of Argentines oppose the idea because it would give too much power to the US central bank, the Federal Reserve.
But like it or not, the dollar already plays such a big part in their economy that to some, the idea feels like a foregone conclusion.
Argentines have traditionally set little store by their own currency, preferring to convert their spare pesos into dollars as soon as they can.
They don’t trust financial institutions much either, so they resort to what is locally known as the “colchón bank” – that is, stuffing their dollars under the mattress.
Anecdotal stories abound of people keeping money buried in the garden, hidden in the walls or even secreted in heating systems – occasionally with disastrous consequences if there is an unexpected cold snap and the cash isn’t retrieved before it goes up in smoke.
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