Exchanging Currency

[QUOTE=Seismo;435168]Coins- I have noticed in the past few weeks several Chinese grocery stores and Chinese buffets offering to buy coins at a 5% to 7% premium. Any ideas on why this is happening as I haven't seen a coin shortage anywhere?[/QUOTE]

Wikipedia says:


'Small denomination currency and particularly coins are sometimes difficult to come by in Argentina, especially in Buenos Aires. The problem has developed to a stage in which some shop owners will not sell items if the transaction involves giving the purchaser change in coins. It has also been exacerbated by ATMs, which tend to give out only 100 peso notes, and by bus companies, some of which will take only coins in payment and sell these at a 5–10% markup on the black market rather than depositing them at banks.[8] This situation has improved in the years following the Argentine economic crisis (1999–2002). Nowadays nearly all bus lines have a Sube (Sistema Único de Boleto Electrónico) smartcard reader, allowing passengers to pay electronically without coins.[9]'

Given that the last two sentences only seem to refer to coin hoarding by bus companies and not by others, I guess hoarding must still (or again) be taking place. Or maybe there is some valuable metal in the coins?

[QUOTE=MackDad;435152]They asked how many 100 dollars bills I wanted to change. I told them 2. I received 1740 pesos. I inspected all the pesos made sure they had the red serial numbers, silver strip and water mark. The counterfeit bills tend to have the black serial numbers.[/QUOTE]What is the highest-value peso bill? Wikipedia says $100 but I wondered whether that was now out-of-date what with the inflation..

[QUOTE=MisterTea;435183]What is the highest-value peso bill? Wikipedia says $100 but I wondered whether that was now out-of-date what with the inflation..[/QUOTE]Also known as Rocha's or Violetas. Though I'm sure if you wore Bermuda shorts, a Hawaiian shirt, and Birkenstocks with socks you could find somebody on Lavalle that would sell you some 500 or 1000 pesos notes.

Got 8.90 today, changing USD2 k.

Oddly, the web-sites clickable on the front page here were showing an unusually diverse range between 8.85 and 9.07.

Does anyone know if this place is still open for changing money?

Thanks.

[QUOTE=DaddyRulz;435187]I'm sure if you wore Bermuda shorts, a Hawaiian shirt, and Birkenstocks with socks[/QUOTE]Is that not how most Americans dress.

[QUOTE=FlexibleHorn;435196]Is that not how most Americans dress.[/QUOTE]When you buy your clothes at the unclaimed luggage store, you get what you get.

[quote=flexiblehorn;435196]is that not how most americans dress.[/quote]

[quote=jackson;435198]when you buy your clothes at the unclaimed luggage store, you get what you get.[/quote][size=+2]ROFLMAO[/size]



Jackson, Why is the Text Cleanup changing everything in the quotes to lower case, even the names?

[QUOTE=FlexibleHorn;435196]Is that not how most Americans dress.[/QUOTE]We picked it up from seeing pictures of Brits on vacation in Spain.

[QUOTE=DaddyRulz;435202]We picked it up from seeing pictures of Brits on vacation in Spain.[/QUOTE]We thought after 4th July 1776 you as a nation could set your own trends. Obviously we were wrong. Forever in our shadow.

[QUOTE=FlexibleHorn;435203]We thought after 4th July 1776 you as a nation could set your own trends. Obviously we were wrong. Forever in our shadow.[/QUOTE]At least we figured out that the beer goes in the fridge.

[QUOTE=Jackson;435205]At least we figured out that the beer goes in the fridge.[/QUOTE]NO lager goes in the fridge...beer comes from a barrel. We have been holding your hands since 1776 don't worry we won't stop guiding you.

[QUOTE=MJsummit;435191]Does anyone know if this place is still open for changing money?

Thanks.[/QUOTE]Too risky, as your operations are visible from the outside. They are too many people and they are organized. They can just text each other and everyone knows that a guy is the carry dollars guy. Best is to have a contact and meet in a bar, coffee shop, etc.

[QUOTE=MJsummit;435191]Does anyone know if this place is still open for changing money?

Thanks.[/QUOTE]If it's gone there are probably 10 more that have taken it's place.

Exchanging money ANYWHERE can be risky down here. Even inside of a Bank. There are no guarantees but if you do it during the day when there are a lot of people around you then I think your chances of survival are in your favor.

The Boys that live down here full time exchange Dollars every day.

Bring a friend if you want.

There are so many businesses exchanging cash on the streets that the only thing you need to do is find the best rate.

I have been using the "Secret Asian" girl because I'm lazy but there are many more. The guy next to "La Mad" during the day is very fair and his store is on one of the busiest corners in BA. Safe!

TL.

[QUOTE=MJsummit;435191]Does anyone know if this place is still open for changing money?

Thanks.[/QUOTE]Try This Place:

M-F till 5:45 or 6 pm.

Corner of Carlos Pellegrini and Cordoba right next door to La Madelein. (Pellegrini 787).

Tourist Trap Shop and Long Distance Travel Bus Company called Turismo Dalman has been a good enough rate lately for a bunch of us.

Update. The Store and the Sign are being renovated. Just walk in and ask for Cambio.

Call them:

5. 031.8008 and ask for "Cambio", tell them El Tejano Loco sent you and let's us know what the rate is.

Thanks,

TL.

Across the street from Excedra.

The appellate court handed Argentina its hat, and ordered the country to pay its defaulted bonds. Argentina says that they will appeal to the Supreme Court, but I will be surprised if the Supreme Court hears the case. If the Supreme Court denies certiorari, it will be game over for Argentina. It will be interesting to watch the effect on the blue dollar exchange rate.

Tres3.

From Reuters.

Argentina will continue paying bondholders on the same terms, its economy minister told state news agency Telam on Saturday, after losing an appeal in its legal battle with creditors who rejected past restructurings of the country's defaulted debt.

The 2nd USA Circuit Court of Appeals upheld a judge's order on Friday requiring Argentina pay $1.33 billion to hedge funds still fighting the country over its record sovereign debt default more than a decade ago.

"We're going to keep paying as we have until now, on the same terms," Economy Minister Hernan Lorenzino told Telam, calling the court ruling "an attempt to bring the country back to 2001.

The appeals court held off enacting its decision while the USA Supreme Court weighs whether to take up the case, bringing short-term relief to investors concerned about another default.

The 93 percent of bondholders who renegotiated debts after Argentina's $100 billion default, accepting less than 30 cents on the dollar, worry the refusal to pay holdouts in the face of court orders could freeze payment on restructured bonds as well.

Dissident bondholders led by Aurelius Capital Management and NML Capital Ltd, a unit of Paul Singer's Elliott Management Corp, are demanding payment in full. They have argued that Argentina can't deny them their due while paying investors who agreed to restructurings in 2005 and 2010.

Tres3.

Some research on Paul Singer will quickly show he is nothing but a vulture capitalist, the worst of the worst, who will use his money to (try to) walk over anyone, anywhere in his quest for profits.

His modus-operandi is to buy cheap debt, and extort the situation for profit. Creating lobbying groups, making strategic political donations, and filing lawsuits as needed.

The other 93% of Argentina bondholders agreed to a deep cut, but Singer's hedge fund is demanding full payment on Argentine bonds with a face value of $630 million, claiming they are now worth $2.3 billion with accrued interest. He stands to make a huge profit, and won't back down no matter what the fallout is for other people. He did this with Peru back in 1996 too. He is certainly on solid legal ground, but on morals it is another question.

Look up the story of how Singer, backed by Mitt Romney, bought a controlling interest in a key automotive parts supplier (Delphi) for pennies on the dollar in 2009. They then threatened to withhold key parts to GM, threatening the recovery of the US automotive industry. With the help of the US government, Delphi was bought back, and Singer and Romney made huge profits (up to 3000%). But not before Singer moved much of Delphi's operations to China, sticking US taxpayers with the bill for the pensions of the Delphi workers cut loose. This is a truly sickening story, and to think Singer almost helped his buddy Romney get elected President? Vulture capitalism should not be confused with job creation.

Romney & Co Shipped Every Single Delphi UAW Job to China
[URL]http://www.gregpalast.com/romney-co-shipped-every-single-delphi-uaw-job-to-china/[/URL]

[QUOTE=Esten;435246]. He is certainly on solid legal ground, but on morals it is another question.

[/QUOTE]What does morality have to do with the issue? USA Courts decide legal issues, not moral ones. There have been people of questionable morals throughout recorded history. Was the unilateral Argentina default morally correct? If it were, Argentina would not find the international credit markets closed.

Tres3.

[QUOTE=Esten;435246]Some research on Paul Singer will quickly show he is nothing but a vulture capitalist, the worst of the worst, who will use his money to (try to) walk over anyone, anywhere in his quest for profits.[/QUOTE]Only a liberal would use these words to describe someone who wants his loan repaid. And yes, I said "his loan" because he bought the bonds and thus he now owns the loan.

[QUOTE=Esten;435246]Creating lobbying groups, making strategic political donations, and filing lawsuits as needed.[/QUOTE]None of that would have been necessary if Argentina had repaid the bondholders as they had originally promised.

[QUOTE=Esten;435246]The other 93% of Argentina bondholders agreed to a deep cut...[/quote]The other bondholders didn't really agree with the haircut in so much as what really happened was that the Argentina government shoved the agreement up their asses.

[QUOTE=Esten;435246]...but Singer's hedge fund is demanding full payment on Argentine bonds with a face value of $630 million.[/quote]Incredible. Imagine the temerity of an individual expecting to be repaid his loan as originally agreed.

[QUOTE=Esten;435246]...and won't back down no matter what the fallout is for other people.[/quote]What fallout? That the original bondholders will also have to be repaid in full? Ouch! I bet they're all pissed off at that prospect.

[QUOTE=Esten;435246]Look up the story of how Singer, backed by Mitt Romney, bought a controlling interest in a key automotive parts supplier (Delphi) for pennies on the dollar in 2009. They then threatened to withhold key parts to GM, threatening the recovery of the US automotive industry.[/quote]Once again, only in Liberal Land would a for profit company, beholden to their shareholders, deliberately decide to stop selling their products to their #1 customer in an alleged effort to put that customer out of business. BTW, how exactly could Delphi "[i]withhold key parts[/i]" anyway, given that GM could have contracted with other manufacturers to supply those same parts?

[QUOTE=Esten;435246]With the help of the US government, Delphi was bought back...[/QUOTE]When you say "[i]With the help of the US government[/i]" you actually mean "[i]With the help of the US taxpayer who was forced to bailout union companies whether they liked it or not.[/i]"

Here is a link to the ruling itself. http://www.ca2.uscourts.gov/decisions/isysquery/08821c11-2f02-4a64-b8a5-3134521750d2/2/doc/12-105_2_opn.pdf#xml=www.ca2.uscourts.gov/decisions/isysquery/08821c11-2f02-4a64-b8a5-3134521750d2/2/hilite/

It is only 25 pages and easy enough to read. Clearly a legal ruling that the Supreme Court will not review.

Argentina agreed to all the findings when they wanted to sell the bonds. For example, they agreed that any legal issues would be settled in NY, under NY law. The ruling also binds the banks that are processing payments for the current Argie bonds, which really slam Argentina's arguments (these same arguments where heavily criticized as baloney and lacking fact) so that if the Banks pay the current bond, they also have to pay the defaulted bond, in full. Argentina may default again on their current bonds. The uniqueness of the bond as it was worded will not affect any other sovereign rights. The bonds that Arg. Sold later on and they are currently paying have different wording regarding paying and guarantees and would not have been subject to the current ruling.

Basically, Argentina signed a contract then when they did not like it changed their minds. But this bond had particular rights and guarantees that could not be changed. The legality of the contract was extended, with Argentina's express permission prior to selling the bonds, to any future owners of the bonds, therefore the vulture funds (whom I do not necessarily like) will win this case. The NY courts (especially the tough Judge Thomas Griesa, who originally handled the case) are going to be-slap Argentina for their BS.

Watch for those who settled to try and get some relief.

I recieved 8.90 today in Moreno.

[QUOTE=Thomaso276;435250]Watch for those who settled to try and get some relief.[/QUOTE]And if their so doing tips Argentina into default?

One day Singer might need some help from those whom he's endangering. I will laugh at that time.

[QUOTE=Tres3;435248]What does morality have to do with the issue? USA Courts decide legal issues, not moral ones. There have been people of questionable morals throughout recorded history. Was the unilateral Argentina default morally correct? If it were, Argentina would not find the international credit markets closed.

Tres3.[/QUOTE]Talking about morality... The only reason this gov't is making any effort at repayment is so they can borrow more money and do what? Default again. Why should anyone give them any kind of a break?

[QUOTE=MisterTea;435258]And if their so doing tips Argentina into default?[/QUOTE]Earth to Mister Tea: Argentina is ALREADY in default.

[QUOTE=MisterTea;435258]One day Singer might need some help from those whom he's endangering. I will laugh at that time.[/QUOTE]Yea, right. Singer is going to need the Argentine government's help exactly how?

Here's today's editorial in the Herald. Good summary.

If Supreme Court will not take the case by 2014 Argentine Government will probably service Exchange Bondholders.

In dollars thru the Bank of Argentina in Buenos Aires.

[URL]http://www.buenosairesherald.com/article/139257/sentence-without-a-full-stop[/URL]

[QUOTE=Canardly;435261]Here's today's editorial in the Herald. Good summary.

If Supreme Court will not take the case by 2014 Argentine Government will probably service Exchange Bondholders.

In dollars thru the Bank of Argentina in Buenos Aires.

[URL]http://www.buenosairesherald.com/article/139257/sentence-without-a-full-stop[/URL][/QUOTE]And break their agreement with the banks and the courts.

Here is a fake bill I got from an ATM machine from the Galica right next to the General San Martin subway station. The bill had the silver strip and right watermark. What gives away this bill the serial numbers font. Even my friends from there say its one hella of good counterfeit. [ATTACH=CONFIG]28849[/ATTACH].

[QUOTE=Tres3;435248]What does morality have to do with the issue? [/QUOTE]

Morality has everything to do with the motives of a Vulture Capitalist.

[QUOTE=Canardly;435261]Here's today's editorial in the Herald. Good summary.

If Supreme Court will not take the case by 2014 Argentine Government will probably service Exchange Bondholders.

In dollars thru the Bank of Argentina in Buenos Aires.

[URL]http://www.buenosairesherald.com/article/139257/sentence-without-a-full-stop[/URL][/QUOTE]If you read the ENTIRE ruling, the Buenos Aires Herald presents a really bad summary. The Supreme Court has issued a certiorari ruling fairly rapidly if it considers the lower court ruling to be cut and dried.

Tres3.

[QUOTE=Esten;435265]Morality has everything to do with the motives of a Vulture Capitalist.[/QUOTE]There are many who consider mongering immoral. Is your mongering immoral? Do you have bad motives? Morality is an independent opinion that courts in the USA do not decide. As I said before, courts decide the legality, not the morality of a law. Legislatures decide morality. If you think a law is immoral, you should talk to your elected representatives, not judges who are appointed for life in an effort by the framers of the Constitution to keep morality out of the courts.

Is making money legally immoral?

Give up on this one, because you cannot win. You are wrong.

Tres3.

[QUOTE=Tres3;435268] ... Legislatures decide morality. ...

Tres3.[/QUOTE]It seems to me that in the US individual legislators decide how to insure their re-election. And anyway how would they decide morality when they have none?

Bob.

[QUOTE=Jackson;435260]Earth to Mister Tea: Argentina is ALREADY in default.[/QUOTE]No no, in default on the bonds it's currently servicing, and in default on the new arrangements (haircut) on the old bonds. That's the only use of the word here that makes any practical sense.

[QUOTE=Jackson;435260]Yea, right. Singer is going to need the Argentine government's help exactly how?[/QUOTE]No no, not the Argentine government, but the firms who own the bonds currently being serviced. Those are the ones being endangered by Singer.

[QUOTE=MisterTea;435273]No no, in default on the bonds it's currently servicing, and in default on the new arrangements (haircut) on the old bonds. That's the only use of the word here that makes any practical sense.

No no, not the Argentine government, but the firms who own the bonds currently being serviced. Those are the ones being endangered by Singer.[/QUOTE]Read, and understand the ruling! If you do not comprehend the ruling, get someone who does to explain it to you.

Tres3.

[QUOTE=AllIWantIsLove;435272]It seems to me that in the US individual legislators decide how to insure their re-election. And anyway how would they decide morality when they have none?

Bob.[/QUOTE]I agree that most all of the legislators have no morality. That is why most of them check which way the morality wind of the voters who elected them is blowing before casting their votes. BUT, that is also why the framers of our Constitution attempted to take morality out of the equation by having an appointed federal judiciary, that is appointed for life.

Tres3.

The unique feature of the US Courts ruling is that it prohibits banks from paying interest to the Exchanged Bondholders (who agreed to take the haircut) unless Singer is paid.

This is rather extraordinary and the IMF and others may find this ruling uncomfortable.

Probably ends up in the Supreme Court sometime next year.

[QUOTE=Canardly;435278]The unique feature of the US Courts ruling is that it prohibits banks from paying interest to the Exchanged Bondholders (who agreed to take the haircut) unless Singer is paid.

This is rather extraordinary and the IMF and others may find this ruling uncomfortable.

Probably ends up in the Supreme Court sometime next year.[/QUOTE]As I said earlier, read, and understand the entire ruling. There is nothing extraordinary about Argentina agreeing to a pari passu clause in the original bond indenture. No one held Argentina's feet to the fire. If you do not know what pari passu means, look it up. The IMF and "others" filed amicus (friend of the court) briefs, and were shot down. In other words, they can take their "discomfort" and pound sand. Argentina made the mistake of paying the Exchange Bondholders when Argentina had not received 100% of the original, defaulted bonds in the exchange, and is now trying to undo that mistake.

Here is the link that was posted earlier.

[URL]http://www.ca2.uscourts.gov/decisions/isysquery/08821c11-2f02-4a64-b8a5-3134521750d2/2/doc/12-105_2_opn.pdf[/URL]#xml=[URL]www.ca2.uscourts.gov/decisions/isysquery/08821c11-2f02-4a64-b8a5-3134521750d2/2/hilite/[/URL].

Tres3.

Tres.You're entitled to your opinion.

Mine is that absent a favorable Supreme Court ruling Argentina will honor its promises to the Exchanged Bondholders by payment in dollars in Buenos Aires.

I'm not arguing right or wrong here, just trying to cut to the chase and predict how the game will play out.

[QUOTE=Canardly;435280]Tres.You're entitled to your opinion.

Mine is that absent a favorable Supreme Court ruling Argentina will honor its promises to the Exchanged Bondholders by payment in dollars in Buenos Aires.

I'm not arguing right or wrong here, just trying to cut to the chase and predict how the game will play out.[/QUOTE]Bondholders have to agree to this change, if CK changes laws this week & makes it mandatory, it will be considered a default. Laws in Arg. Restrict dollar outflows. How about those Argies holding bonds but never declared them? Who in their right mind would prefer Arg. Law over NY law when it involves debt, contracts and consistency?

Thomaso. The Exchanged Bondholders are currently being paid interest by New York Banks.

If these banks are forbidden to continue payment by the US Courts I think Argentina will try to continue paying another way. Which I suggest will be in Buenos Aires.

I expect bondholders will prefer to be paid in Buenos Aires than not to be paid at all.