“In view of the situation, I have decreed a state of siege for the entire country and informed Congress of it. Our country is going through a difficult period…”
After many years the apathy in the country the insurrection exploded.
The never ending debt. Ever since Independence, almost 200 years ago, Argentina’s foreign debt has been a source of impoverishment and corruption and the biggest scandals. Since the first loan negotiated by Rivadavia in 1824 with the British bank Baring Brothers, the debt was used to enrich the Argentinean financiers, to control the finances, and empty the country of its wealth.
The policy of indebtedness gave rise in Argentina to generations of technocrats and bureaucrats, who favored banks and international corporations over their own country.
A good example is what the North Americans invented around 1898, at the same time they occupied Cuba. Some Spanish Banks had granted loans to the colonial government of Cuba. he North Americans said: If the Cuban people didn’t benefit from these loans, there’s no public debt. In 1923, a British Bank, the Royal Bank of Canada, lent a petty tyrant of Costa Rica, called Tinoco, a sum that he used for personal goals. The Royal Bank of Canada asked Costa Rica for repayment.
The problem of private debts, that were illicitly nationalized by Mr. Cavallo, must be absolutely reexamined. What is this theory? It’s the theory of the Odious Debt. A director of the IMF, Karen Lissakers, representing the United States said:”If we applied the theory of odious Debt, the Third World’s debt would no longer exist.”