- Housing bust in Argentina, via Bloomberg News. Plus evidence of real estate bubbles in Chile and Colombia.
“The main issue in Argentina is that the real estate market has historically been transacted in dollars so when you make it impossible for people to source dollars liquidity gets disrupted,” said Bret Rosen, managing director of research at Jamestown Properties LLC in New York.Fernandez’s foreign-currency curbs effectively put home purchases out of reach for many Argentines because they would be forced to buy dollars on the black market for 60 percent above the official rate. Sales in Buenos Aires plunged 34 percent in the first five months, the biggest decline since the 2001 financial crisis that culminated in the government’s $95 billion bond default, according to the Buenos Aires Notary College.
- A little overview of India's short-term macroeconomic situation, via Bloomberg News.
- China's National Audit Office to audit government debt, via BBC News. I wonder what the NAO will publicly say, once the audit is finished. Not the whole truth, of course.