You can’t get a loan.
Want to buy a house in Argentina? All cash, baby. All cash. 100% equity.
Want to do a commercial real estate deal for a million pesos? Bring a briefcase full of US Dollars. That’s right. A briefcase full of cash.
No joke. This is not a movie. This is business in Buenos Aires in 2009.
It’s easy to bash the banking / financial system in the U.S., especially after the last 12 months, but a few days talking to business people in Argentina reminds me we have much to be grateful for.