Re:El Salvador expected to default as Bitcoin plummets
by JumpCrisscross on Wednesday May 11, 2022 @09:17AM
(#31339525)
> real reason for the risk of default is that El Salvador was counting on a loan from the IMF and the IMF refused to make a loan to El Salvador while Bitcoin is legal currency
El Salvador's dollar bonds started crashing right after the Bitcoin announcement, before the IMF bailed; Bukele had already snubbed the IMF six months before when he "fired five top judges and the attorney general" [1].
> Bukele is wildly popular in El Salvador
This is correct [2]. I'm not certain how this makes me feel about supporting them when this inevitably fails.
El Salvador's dollar bonds started crashing right after the Bitcoin announcement, before the IMF bailed; Bukele had already snubbed the IMF six months before when he "fired five top judges and the attorney general" [1].
> Bukele is wildly popular in El Salvador
This is correct [2]. I'm not certain how this makes me feel about supporting them when this inevitably fails.
[1] https://www.bloomberg.com/news/articles/2021-11-22/bitcoin-b...
[2] https://www.reuters.com/markets/currencies/majority-salvador...