Deliriously Red

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Bench It

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Leaving the Gravesite from Amazon or iBooks 

Palm Me In Lights

47 Feet Deeper

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Stascia, Why am I off of your shoulder? Wahhhh!

Visit The Positive and Negative Sides of Will on Amazon

I'll Get Back To It Some Day 2

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I'll Get Back To It One Day 1

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GLOBAL EDUCATION SUMMIT, SAVANNAH, GA

Center for the Study of International Schooling, College of Education in conjunction with the Continuing Education Center

http://coe.georgiasouthern.edu/cis/

Contact Melissa Richardson - Phone: (912) 478-1821 mrichardson@georgiasouthern.edu

No Red Ink

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Argentina, The Struggle for Financial Liberation

La liberación financiera:  RUFO, FAA, IMF, and talk of vulture funds… the acronyms and definitions  only matter in pointing out one thing, a lesson was learned in the worse sort of way; one man’s DDD is another man’s AAA.  This twist mired Argentines deeper into its struggle for financial liberation.

The quick of it:  Argentina defaulted on its debt over a decade ago.  Private funds bought bonds on the secondary market at a deep discount after that default.  Argentina sought to restructure its debt to settle with creditors.  While others accepted the proposed settlement, those who bought bonds after the default held-out, refusing the offer, wanting to collect the full face-value.   Argentina attempted to pay those who accepted the settlement.  Holdouts successfully sued so that no one gets paid until they get paid.  Now, Argentina is locked in a battle in which their default situation grows worse.  A second default has already occurred.  Some debtors have attempted to seize any investments or assets owned by the state through courts across the globe.  As a minimum, Argentina’s situation is a warning for any sovereign state to watch its butts and bonds when it comes to debt or the people suffer.

President Cristina Fernández deKirchner promises resources to prioritize education.  The World Bank states Argentina’s economic growth as .5% Gross Domestic Product, GDP, for 2014 and continues to support the country with projects in rural areas. 

Yet, jobs can be hard to find.  With the unemployment rate around 7% and the payout to bond holders still unresolved, job development is expected to lag.  I reached out to one of my Linkedin connections to discuss the situation in her native country.

Photo Courtesy of Gaby Garay

Gabriela (Gaby) Garay and I became Linkedin connections in June 2014.  We connected because of her listing as working in accounting and me as an asset manager.  She lives in Morón, a city within the greater metropolitan area of Buenos Aires.  According the Argentine government, Buenos Aires, the capital city, has a population of about 3,000,000 while the metropolitan area’s population is about 13,000,000.  Our discussions continued to develop around business climate and culture.  In a recent call through Skype, Gaby discussed the job market with me.   My daughter, Kerri, joined the conversation to speak with Gaby both in Spanish and English.

On a theme breaking side note, when some primary Spanish speakers talk to Kerri, they look at me and ask, “De Donde eres?” I answer poorly, making the y sound more like a very long e, “Soy  Alabama.” They turn to her mother.  She responds in English, “Same as him.” For Kerri, this was a chance for her to make a friend and learn another Spanish dialect.

Back to Argentina - Gaby described her job search as “… very hard.  I look for jobs on the computer.  There are very few for all the people who need work.  For me, I search for administrative type work in accounting.”  She has thought about migrating as well and remains curious about the job market her in the U.S.  She is especially interested in the Miami area.  She uses social media to research opportunities and make contacts.  Doing so requires a great amount of care from men and women alike.  False job offers can lure job-seeker into a trap.

Photo Courtesy of Gaby Garay

Gaby’s awareness of opportunities in the U.S. doesn’t mean that she has given up on possibilities in Argentina.  It simply means that she weighs opportunities of current work she finds against the hope of doing something more or, eventually, having a business of her own, regardless of where that opportunity may carry her.

Gaby talked of her business interests.  The hope and stress in her voice evident.  So I asked about what she saw as a roadblock.   “I want to open a business, maybe as a hairdresser.  Starting your own business is difficult here.  Everyone wants a piece of it.”   

“Oye, ain’t that the truth,” I answered.  And perhaps that is one of the more ironic effects of the debt default deadlock dragging on Argentina - capitalism choking capitalism because of government trying to get funds from most everything to pay off said debt. 

Silvery Day