500+ pesos to dollar, thank the Greeks

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500+ pesos to dollar, thank the Greeks

Post by admin » Wed May 16, 2012 2:06 pm

Hey, everyone grab a plate and smash it on the floor in honor of Greece. We are crossing the 500 level. Hopefully the EU will stay a sufficient basket case for the rest of the year (but not too much), that we can get a little exchange rate relief on the peso / dollar trades.

My money is 550+, before this is over.

The EU does not seem willing to let Greece go, but they also don't seem to interested in fixing the mess.

Seen a stat last night on the BBC I think.

something like, 50% or more unemployment in Greece for the 20-30 year old population, 20+ % for the overall economy. wooo.

Another show on the BBC, they were walking around a port city where there was 80% unemployment.

No employment, no one wants to pay taxes, no payments in to retirement funds, government has no money to spend, the government would not spend it if it did.

I think short of France and Germany buying Greece, we are set for a trip down the rabbit hole.

Greece might be putting the Euro in danger, but the economy is still relative chump change. The EU has the money to handle it.

My money is on Spain being the one that goes boom. Italy may not have control of its own currency, but they got plenty of corruption still to fix any book keeping discrepancies. So, I don't think Italy will be the pin in the economic grenade they are playing hot potatoes with in European Grenade factory. It will be Spain.

The only way out I see, is to stop all the EU countries each issuing their own debt. There needs to be a central Euro bond or something where all the countries go to for their public debt. Sure that one will not play well in the Northern EU countries however, but that is what took Argentina down last time (states were issuing debt, independent of the federal government). I am sure there are more examples of that disaster in history.
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Re: 500+ pesos to dollar, thank the Greeks

Post by zer0nz » Wed May 16, 2012 2:10 pm

NOOOOO!!!! there goes my theory of waiting for Xmas for my flatscreen tv, price will just go up :(

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Re: 500+ pesos to dollar, thank the Greeks

Post by eeuunikkeiexpat » Wed May 16, 2012 2:16 pm

Screen shot 2012-05-16 at 1.15.06 PM.jpg
Screen shot 2012-05-16 at 1.15.06 PM.jpg (47.99 KiB) Viewed 1206 times
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Re: 500+ pesos to dollar, thank the Greeks

Post by zer0nz » Wed May 16, 2012 2:36 pm

eeuunikkeiexpat wrote:
Screen shot 2012-05-16 at 1.15.06 PM.jpg
so it sunny where you are, its cloudy here!

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Re: 500+ pesos to dollar, thank the Greeks

Post by eeuunikkeiexpat » Wed May 16, 2012 3:18 pm

My wife travels this route often. 70% of the time, it is opposites. It may be sunny in Santiago but cloudy here or cloudy in Santiago and sunny here.
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Re: 500+ pesos to dollar, thank the Greeks

Post by nwdiver » Wed May 16, 2012 3:27 pm

Don’t rejoice for too long the market is punishing resource currencies today, CD down 1% also, its flight to the USD only, the quality currencies CD and CP will be back as money flows out of the USD, the EURO had to go somewhere fast.

Sorry I don't see it as a long term trend, that trend will be to quality.
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Re: 500+ pesos to dollar, thank the Greeks

Post by HybridAmbassador » Wed May 16, 2012 6:04 pm

I see todays currency exchange, a $1.00 US can buy $501.85Cl..So please someone advise me
(No pun intended)
If changing let say, US$50.000 into Chiles peso. Cl Peso against Argies Peso, inflation or deflation before end of year? Is it wiser to not change anything and bring US currency?
Opinion of adept forum members much obliged..
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Re: 500+ pesos to dollar, thank the Greeks

Post by seawolf180 » Wed May 16, 2012 6:33 pm

The US Fed is so disinterested in the merits of a sttong currency, that they may QE3 to keep US products cheaper in Europe.
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Re: 500+ pesos to dollar, thank the Greeks

Post by Chuck J 3.0 » Wed May 16, 2012 6:39 pm

HybridAmbassador wrote:I see todays currency exchange, a $1.00 US can buy $501.85Cl..So please someone advise me
(No pun intended)
If changing let say, US$50.000 into Chiles peso. Cl Peso against Argies Peso, inflation or deflation before end of year? Is it wiser to not change anything and bring US currency?
Opinion of adept forum members much obliged..
Change 50k USD to CLP? Dude! stick with the double ply toilet paper for now you'll get plenty of single ply in Chile. :mrgreen: Wiser IMO, not to change anything. By bring US$ do you mean physically? The DHGestapo will likely confiscate anything over $2,999.00 and it might be wise to not even carry that much. I think legally you can take 10k if you fill out some form but I'd never risk it myself. I'm sure you'll hear people tell you they did and it turned out OK, though. Probably best to just have your banking lines set-up well so you aren't charged on both ends for ATM usage. eeuunikkeiexpat is the expert to consult on that.
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Re: 500+ pesos to dollar, thank the Greeks

Post by Andres » Wed May 16, 2012 6:49 pm

Chuck J 3.0 wrote: By bring US$ do you mean physically? The DHGestapo will likely confiscate anything over $2,999.00 and it might be wise to not even carry that much.
The USUAL international practice is that one can carry up to the equivalent of USD10,000 worth of currency when travelling without declaring it. One must take into account the total value of all currencies carried. If carrying more than the equivalent of USD10,000, one must declare it. Otherwise, the entire amount can be confiscated.
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Re: 500+ pesos to dollar, thank the Greeks

Post by admin » Wed May 16, 2012 6:50 pm

Have not heard of anyone having any problems up to $10,000 US leaving the States. You can bring whatever you want in to Chile in Cash, you just need to declare it at the airport. Be prepared to prove where it came from and where it is going, but more than possible.

Don't understand the Argentina question, other than to tell you the Argentina money is already essentially worthless in spite of whatever government bs they are officially fooling themselves with these days. For all essential purposes it is no longer a free floating market currency, as it can not be readily traded or converted. Foreign companies are being forced to buy Argentina goods to get their profits out of the country, there are limits on the dollars that can be bought. So, figuring out what it is worth is anyone's guess.
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Re: 500+ pesos to dollar, thank the Greeks

Post by nwdiver » Wed May 16, 2012 7:13 pm

Yeh, the USD paranoia has hit in Bas, a friend just jumped through hoops to change $1500 USD as his Hotel want AP or credit card at a 4.5% surcharge, he had USD cash. He spent a day changing his cash, everybody knew someone that would do it for him but when it came down to it none would, banks would only do $250 at a time and he needed $1250.
Hybridambassador be careful with your car and cash east of the Chilean border.
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