Argentina

[cowman]

There are some very good viewpoints about what is going to happen in Argentina, in the last edition of the Western Producer. One point of view says the situation there is going to affect Canadian grain prices in a fairly big way, the other viewpoint is not at all. Any thoughts on this?
The other thing is they are in default for something like $132 billion! I don't know how this works? Does this mean they just stiff some bank for the money? Who pays? Does this mean bank costs are going to go up? I think that happened once when Mexico sort of screwed the banks...we all had to sort of pick up the tab! When a country screws the banks what do they do? Can they repossess the country?

[ValueChainFX]

Cowman:

The history of Argentina and how it got where it is today goes back over a hundred years and was compared to Canada on a very interesting documentary last week.

I am sure some of the other guys can answer your money questions better then I but as a point of interest. The biggest thing that Canada has the Argentina does not is that the land ownership in Argentina was held by about 8% of the population (the rich folks) and worked by the poor (the shirtless ones) In Canada the individual that works the farm usually owns it. The comment made was when you own the land you tend to look after it. In Argentina the land has not been looked after and they are sure to be in big trouble!