Jan

8

A few days ago my travels took me to Buenos Aires and I met with a friend I haven't seen for a few years. We met in a Beijing hostel as the Argentinian peso was devalued in January 2002, and months later I took up his offer to visit his country but I haven't returned until this week.

I was asking him about the changes since "the crisis" (his words) which he mostly noted were positive but spoke of some lingering aspects. Regarding the banking system, I was told that many people have been turning pesos into dollars/euros and simply putting the cash into safety deposit boxes rather than deposit the funds in a bank. Seriously, I replied, who does that? He told me that he does and so do many of those he knows.

I think it's troubling to hear that from someone who I feel represents the average Argentinian. There's an angle for speculators but I don't know what exactly, maybe a rush of deposits if Latin American bank credibility is ever restored. Just joking …. Buenos Aires is such a beautiful and inexpensive city that I'd like to return soon and investigate it further.


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