“Regrettably, Kathleen, this is not a good time to speak about Argentina,” wrote Paul Reynolds from Buenos Aires in response to our invitation to him to join us in Panama next month for our Emergency Offshore Summit.
“The country is going through severe financial turmoil, including the strictest currency controls,” Paul continued. “This makes it very difficult and risky to invest in Argentine real estate today. Your attendees are smart enough to read about the country on their own and to avoid it right now. I do not see the benefit of touching upon this crazy Argentina of ours in the medium term…”
“Too bad Argentina is in such a tailspin,” wrote Latin America Correspondent Lee Harrison overnight. “They ‘peso-ized’ all real estate this week. I’m afraid Uruguay will go down with them for a while…”
We’ve included a complete report from Lee on the current and changing situation in Uruguay in this month’s issue of the Simon Letter. If you’re a subscriber, you should have it in your in-box.