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Argentines up in arms as McDonald's runs out of ketchup amid peso pressure Argentines up in arms as McDonald's runs out of ketchup amid peso pressure
(35 minutes later)
Argentines have grown used to food shortages and strict foreign exchange controls, but could running out of ketchup be the final straw?Argentines have grown used to food shortages and strict foreign exchange controls, but could running out of ketchup be the final straw?
On Monday, McDonald's Argentina apologised to customers on Twitter citing a shortage problem but that didn't stop angry customers from using social media to vent their frustration - with some arguing the situation reflects the dire state of the Argentine economy. On Monday, McDonald's Argentina apologised to customers citing a shortage problem for the lack of ketchup but that didn't stop angry customers from using social media to vent their frustration- with some arguing the situation reflects the dire state of the Argentine economy under President Cristina Kirchner.
One customer tweeted: "Please Cristina (Kirchner) let us have ketchup."
Another user wrote: "As if things weren't bad enough, now McDonald's runs out of ketchup."
A spokesperson for the fast-food chain said: "We're working on this. In the meantime, we advise customers to use other dressings."
Jimena Blanco, senior Latin America analyst at Maplecroft, told The Independent: "The problem varies from week to week, product to product, but it's largely related to Argentina's foreign exchange controls."Jimena Blanco, senior Latin America analyst at Maplecroft, told The Independent: "The problem varies from week to week, product to product, but it's largely related to Argentina's foreign exchange controls."
"In this case, it appears that the sachets are packaged in Chile," she added. "McDonald's Argentina may have the cash to pay for it in pesos - it's the lack of access to dollars that's usually a problem for Argentine companies.""In this case, it appears that the sachets are packaged in Chile," she added. "McDonald's Argentina may have the cash to pay for it in pesos - it's the lack of access to dollars that's usually a problem for Argentine companies."
McDonald's Argentina apologised for the lack of ketchup sachets citing a shortage problem, and asking customers to use other dressingsMcDonald's Argentina apologised for the lack of ketchup sachets citing a shortage problem, and asking customers to use other dressings
Under pressure to soften currency rules, the Argentine government has reduced the tax rate on dollar purchases to 20 per cent from 35 per cent. The Argentine government has soften its foreign exchange rules reducing the tax rate on dollar purchases to 20 per cent to 35 per cent last month. The new rules were introduced soon after the Argentine peso suffered its steepest declined since the 2002 financial crisis down to eight pesos to the dollar after the country's central bank pulled support for the currency.
The new rules were introduced soon after the peso suffered its steepest decline since the 2002 financial crisis to 8 pesos to the dollar on 23 January after the country's central bank pulled support for the currency. The bank's reserves have declined 34 per cent to $28 billion over the past year. Inflation is expected to top 30 per cent. According to the Kirchner administration, inflation stood at 10.9 per cent in 2013. The International Monetary Fund censured Argentina's data as inaccurate. The country has two months left to release updated figures. Last year, Argentina saw shortages of basic products such as wheat, corn, tomatoes and cooking oil.
However, according to the Kirchner administration, inflation stood at 10.9 per cent in 2013. The International Monetary Fund censured Argentina's data as inaccurate. The country has two months left to release updated figures. 2003 A lawyer by training, Nestor Kirchner is sworn in after a succession of presidents in the wake of the major financial crisis which hit Argentina in 2001.
Last year, Argentina saw shortages of basic products such as wheat, corn, tomatoes and cooking oil. 2005 Kirchner declares the restructuring of the country’s debt a success, and a year later announces that Argentina had paid back multi-billion dollar debt to the International Monetary Fund.
2007 Cristina Fernandez de Kirchner sworn in as president in December, succeeding her husband. They are criticised for working together to side-step presidential term limits.
2010 Nestor Kirchner dies from heart attack.
2011 Fernandez-Kirchner is re-elected in a landslide victory.
2013 Banned from running again in 2015, Fernandez-Kichner had hoped to win enough support in October’s mid-terms to allow the constitution to be changed to allow her a third term.
Ed Stocker