Argentine president Cristina Fernández de Kirchner opened her administration with a number of political setbacks. However, we cannot say the same thing with respect to economic issues.
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On the contrary, commodities prices keep on rising and soy, after climbing more than 3 per cent, broke a new record on Thursday by exceeding $500 a ton in Chicago.
Such price rebound guarantees Treasury extra income for ARG$10 billions with respect to 2007.
Since the beginning of 2007, soy has already increased 80 per cent. Enough to avoid a significant adjustment this year after spending party due to 2007 presidential elections.
This is a shield for government, which lets it protect Argentina from being affected (the least possible) by foreign crisis.
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