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Defying Milei's austerity, an Argentina province plans its own currency

Section: Daily Dispatches

By Patrick Gillespie and Manuela Tobias
Bloomberg News
via BNN Bloomberg, Toronto
Friday, January 19, 2024

When President Javier Milei defended the adoption of the dollar through a "free competition of currencies" in Argentina, few foresaw a brand-new legal tender coming out of the middle of the country. 

The legislature of La Rioja, a small, landlocked province known for its olives, approved the creation of a new quasi-currency this week, defying Milei's austerity push to end the nation's chronic fiscal deficit. 

... Dispatch continues below ...


Guanajuato Silver Commences Processing
Third-Party Gold and Silver at El Cubo

Company Announcement
Wednesday, January 17, 2024

VANCOUVER, British Columbia, Canada -- Guanajuato Silver Company Ltd. (TSXV:GSVR) (OTCQX:GSVRF) announces commencement of a relationship with a Mexican silver mining company to process a portion of its surface inventory of mineralized material at Guanajuato Silver's wholly owned El Cubo mines complex in Guanajuato, Mexico.

Guanajuato Silver's chairman and chief executive officer, James Anderson, said: "We are excited to have reached this agreement, which will use a considerable amount of the excess capacity that exists at our El Cubo mill. We believe both parties will benefit from this agreement, as we collectively look to expand silver production in the Guanajuato area through the processing of low-cost and readily available material.

"With additional unutilized capacity still available at El Cubo, we continue to pursue similar business agreements with other mining groups in the area." ...

... For the remainder of the announcement:

La Rioja's move evokes similar provincial currencies issued during past economic crises that ended infamously. 

La Rioja Governor Ricardo Quintela -- from the opposition Peronist coalition -- requested authorization to launch the so-called bocade to pay part of public servants' salaries after a strike by La Rioja’s local police force and protests from health workers. The legislature approved issuing as much as 22.5 billion pesos ($27.5 million) worth of bocades to complement workers' paychecks in the national currency. ...

Milei, who has put plans to replace the peso with the U.S. dollar on hold to prioritize budget austerity, sarcastically welcomed La Rioja's decision.

"Provincial currencies are welcome to compete," Milei wrote on social media. But "unlike what happened in the past, in no way are they going to be rescued by the national government." 

... For the remainder of the report:

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