THE CUP RUNNETH AWAY
Pride can also come after a fall – after seven victories in seven matches and thrilling a nation, Argentina lost last Sunday’s World Cup final in New Jersey 1-0, completely outplayed by Spain with the chief merit of the defending champions being to take the match into extra time with tenacious defence and brilliant goalkeeping. A second title for Spain instead of a fourth star for Argentina – a sad farewell for superstar Lionel Messi, as his tears after the match showed. Also in tears was coach Lionel Scaloni at the after-the-match press conference, pledging to serve out his contract until the end of the year but casting doubts as to whether he would be continuing beyond without Messi. The Javier Milei government proposed a public holiday to welcome the football heroes home but dropped the idea when it became clear that the players were not in any celebratory mood. Nevertheless, a multitude of grateful fans thronged to Ezeiza International Airport to hail those of the team returning on Monday (not including Messi, who flew directly back to his native Rosario aboard a private jet last Tuesday, nor nine others of the 26-strong squad) but including Scaloni, who was warmly received in his native Pujato (Santa Fe Province) the following day. Furthermore, the United States intervened in the controversy over the Malvinas banner unfurled after the semi-final win over England (a clear violation of FIFA rules against political expressions at World Cup events) by not intervening with the State Department declaring: “Washington does not take up positions over symbols exhibited by fans at sporting events.” In further World Cup repercussions Córdoba cancelled a concert scheduled for next Thursday by the Spanish singer Rosalía after she shared a post celebrating her country’s victory and mocking Argentina.
AFAGATE BACK IN NEWS
Now that the World Cup is over, the investigations of suspected corruption involving the AFA Argentine Football Association are no longer dormant. The FBI is investigating Javier Faroni for purchasing luxury flats in Miami for US$11 million on the suspicion that this was a money-laundering operation – something which might seem to be of no concern to either AFA president Claudio “Chiqui” Tapia or his treasurer Pablo Toviggino were it not for the fact that the TourProdEnter LLC company owned by Faroni and his wife Erica Gillette has acted as something of a clearing bank for AFA in the United States, collecting around US$300 million owed to the football association against a 30 percent commission. The Dade County properties in question consist of two flats in Brickell and a penthouse in Sunny Isles, suburbs where the price of a square metre is a five-digit sum in dollars. The investigation seeks to determine whether these properties were purchased with Faroni’s own money or the funds of others and if the latter, who those others might be. Faroni has already been mentioned as a middleman for international transfers in previous investigations of the AFA helm although he has never been indicted in Argentina. But Argentine court sources have confirmed that the PROCELAC (Procuraduría de Criminalidad Económica) prosecutors of business crimes are evaluating requesting information from the United States to determine whether Faroni’s transactions could be defined as money-laundering or tax evasion with AFIP tax bureau interested in the latter aspect, analysing whether the real estate purchases were declared and whether the sums invested correspond to the businessman’s registered earnings. AFA leaders seek to defend the association by pointing out that Faroni occupies no formal post but the federal investigation in the United States reportedly worries them. The United States in turn is taking a closer look at a growing trend of real estate purchases by foreign citizens in Miami, historically used to channel funds coming from illegal activities. Last year the US Treasury Department toughened its transparency requirements for all transactions topping US$300,000. According to the Financial Times, the case falls into a context of growing cooperation between US agencies and Latin American authorities to trace suspicious capital movements in the real estate sector.
TRADE SURPLUS BULGING
Argentine exports were nearly US$50 billion (US$49.454 billion, to be exact) in the first half of this year, the INDEC national statistics bureau announced on Monday, for a trade surplus of almost US$14 billion (with US$13.923 billion the exact figure), a fivefold improvement on the first half of last year. The June figures were exports totalling US$9.055 billion as against imports of US$6.86 billion with the trade volume of almost US$16 billion the highest in the last 46 months. Fuel exports surged 126 percent. Almost half the exports went to five markets – Brazil, China, the United States, Chile and India.
ANOTHER EXPROPRIATION BACKFIRES
The Court of Appeals of the District of Columbia has confirmed a ruling ordering Argentina to pay compensation of US$390 million for the 2008 nationalisation of Aerolíneas Argentinas after turning down an Argentine government appeal. The ruling favours the Titan Consortium investment fund, which had purchased the litigation rights from Burford Capital (the plaintiffs in the US$16-billion lawsuit against YPF now deactivated), which had in turn bought them from the Spanish group Marsans – owners of the Aerolíneas Argentinas and Austral airlines until nationalised by the Cristina Fernández de Kirchner administration with the symbolic payment of one peso in 2008.
DEBT UPGRADE
Last Tuesday Moody’s credit rating agency upgraded Argentine debt from ‘Caa1’ to ‘B3,’ thus joining its colleagues Fitch and Standard & Poor’s in displaying improved confidence in the country’s current economic course. “The risk of Argentina not complying has diminished significantly,” concluded Moody’s while adding: “The political risk continues to be a key limitation on the rating” in allusion to next year’s general elections.
A NEW NUNCIO
The new papal nuncio, Monsignor Michael Wallace Banach, a compatriot of Pope Leo XIV, arrived in this country on Wednesday morning and was received at Ezeiza International Airport by Cults and Worship Secretary Agustín Caulo. Born in Massachusetts and previously representing the Vatican in Hungary as from 2022, Wallace Banach was due to present his credentials shortly to Foreign Minister Pablo Quirno and President Javier Milei. His presence is considered a key step towards the visit of Pope Leo XIV expected for later this year. While the date and agenda of the papal visit to Peru and the River Plate countries has yet to be confirmed by the Vatican, Montevideo Cardinal-Archbishop Daniel Sturla recently said that Pope Leo would be visiting Uruguay in November.
PALERMO FARM SHOW
Tomorrow will be both the opening and closing day for the annual Rural Society farm show on the Palermo exhibition grounds with President Javier Milei set to inaugurate it just before its closure – his farming audience is expected to greet his speech with both applause and demands. Our press time prevents us from informing about the final attendance in the 11-day exhibition but its first half had to contend with the distractions of the World Cup climax, followed by miserable weather in the early days of the week.
BLIZZARDS IN THE ANDES
Winter blizzards hit the western mountain provinces of Mendoza, San Juan, Neuquén and Catamarca in the early days of the week with many communities high in the Andes isolated. Provincial emergency committees and the Border Guard had to work against the clock to clear blocked roads and bring relief to the rural stranded, including cattle, sheep and goats as well as persons. There were up to four metres of snow in some areas, covering entire homes. Although the blizzards were largely confined to the Andes, temperatures in Patagonia were even more extreme with at least 13 cities experiencing sub-zero temperatures, including El Calafate with -16.2°C at 7am on Wednesday morning.
