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Forbes
23-04-2025
- Business
- Forbes
The Epic Downfall Of The 'King Of The Blue' In Argentina's Black Market For US Dollars
Argentina's black market for US dollars has some crazy swings. Argentina's infamous 'blue chip' or black market dollar exchange rate – known locally as 'dólar blue' has served as a fear gauge over the past few decades. At least since the latest batch of currency controls were put in place, first by Cristina Fernández de Kirchner, temporarily suspended and later redeployed by Mauricio Macri, and later extended by both Alberto Fernández and Javier Milei until the recent IMF deal. The blue peso-dollar exchange rate has gone through multiple mutations, at some points being considered illegal by governments that sought to mask the inefficiencies of their economic policies — namely the Fernández-Fernández administration during Sergio Massa's heyday at the Economy Ministry, along with Cristina Fernández de Kirchner's previous government. But it has always retained certain forecasting capabilities, particularly when Argentina gets out of control. The Milei administration, with Luis 'Toto' Caputo at the helm in the electric chair that is the Economy Ministry, had managed to tame the 'blue,' bringing the spread with the official exchange rate down considerably and keeping it there throughout the majority of the President's first year in office. But as the tectonic plates begin to slide past each other, though, the 'blue' started to move again and things got hairy. Ultimately, the Milei administration inked a deal with the International Monetary Fund that brought relative stability to the market, easing currency controls while implementing a system of upper and lower 'bands' where the government can intervene. Yet, the wild fluctuations of the 'blue' can have an amazing influence and those who operate in that subterranean domain on the verge of legality can become exponentially rich one day, only to fall from grace the next One such case recently made it to the headlines in bombastic fashion. Elías Piccirillo, the latest 'King of the Blue,' was arrested in the exclusive gated community of El Yate, in Nordelta, after apparently being tipped off as to the presence of the security forces looking to detain him. Video footage shows him apparently running away in his underwear, which, according to journalist Daniel Bilotta, was an attempt to delay the arrest until his lawyer was present. Piccirillo jumped to fame in May 2024 when he wed Jesica Cirio, a superstar model and fitness entrepreneur who at the time had recently ended her relationship with Martín Insaurralde, the former mayor of Lomas de Zamora, a Peronist bastion in the metropolitan region of Buenos Aires. Cirio seemed to be a victim in Insaurralde's epic downfall, who was revealed to have spent lavishly on taking his lover, professional escort Sofia Clerici, on board a yacht named 'Bandido' during a hidden escape to the Spanish resort town of Marbella, on the Costa del Sol. Insaurralde, a Peronist golden boy under Cristina's wing, was quickly accused of corruption and investigated for his supposed ties with the gaming industry in his territory. The investigation indicates that he spent some 14,000 euros to rent the yacht. Not long after, Piccirillo was taking his ex-wife Cirio aboard super yacht 'Bold,' for which he spent 1.3 million euros, according to journalist Carlos Pagni. Someone needed to show off (and someone quickly needed to find a new 'partner-in-crime,' so to speak) Only a few years ago, Piccirillo was a real-estate agent for property firm Remax. He got his start when his mother got him a job at a call center in the humble municipality of Florencia Varela, then he went on to work in real estate and made his big break in the financial underworld of 'cuevas financieras,' which translates directly into 'financial caves.' This is where the 'blue' comes to life – it is in these shady outposts of the Argentine financial system where somewhere between two to five percent of the daily volume of currency market transactions nationwide occur. From individuals looking to secure the value of their earnings in the context of currency controls, to firms looking to clean 'black' funds used to avoid the heavy burden of taxes, to drug-traffickers and corrupt politicians… they all participate in the 'blue' market. Even tourists walking the streets of downtown Buenos Aires can see the 'arbolitos' or exchange rate traders looking for clients Piccirillo was arrested for allegedly planting a 0.9mm-calibre pistol and more than a kilo of cocaine in the car of Fráncisco Hauque, another shady character who was arrested for alleged possession of narcotics and firearms upon their discovery. Hauque immediately accused Piccirillo and Cirio of setting him up, ultimately getting federal judge María Eugenia Capuchetti to investigate and arrest Picirrillo and another seven people all of them members of the Buenos Aires City Police Force for the attempt to frame Hauque, who spent a few months behind bars. Hauque, it's worth noting, is no angel either, as he was one of the main players behind the crypto-based Ponzi scheme named Coinx World, which at one point was promoted by Javier Milei (before taking office as head of state). If the $Libra scandal is beginning to ring a bell, it's no coincidence. Hauque blames Piccirillo for scamming him to the tune of $6 million – the 'King' says he paid back and was later extorted for even more. What else will surface from the Piccirillo-Hauque affair, particularly once the courts open his safety boxes and potentially unlock his personal devices? The sketchy 'tales of the blue' stretch throughout and across Argentina's economy. Indeed, in the context of brutal inflation and decades of currency controls, it was one of the only ways in which Argentines could seek some level of protection against the destruction in value of recent years, along with cryptocurrencies. Yet, when corruption is endemic and is ultimately exposed, it is usually revealed that the perpetrators generally had some level of access to hard currency, in the form of US dollars. For example, suspended Entre Ríos Province Senator Edgardo Kuieder, who was caught red-handed crossing the border to Paraguay with $210,000 in cash (a video of him counting dollars and distributing them in multiple envelopes was recently leaked) is another graphic example of the power of the greenback. Going further back, images of the Kirchnerite former Public Works secretary José López with duffel bags and a semi-automatic rifle hiding the money in a convent marked an era in the public's perception of state-run corruption, along with the Lázaro Baéz case and videos of his operator, Leandro Fariña, counting money in 'La Rosadita.' Milei and Caputo have eased the "cepo" currency controls in the context of their agreement with the IMF. It won't signal the end of the 'blue,' but it should reduce its importance and the wild fluctuations that voraciously mint millionaires and, at the same speed, erase their fortunes. Until then, they will be forced to remain vigilant of the 'fear gauge. This piece was originally published in the Buenos Aires Times, Argentina's only English-language newspaper.
See - Sada Elbalad
07-04-2025
- Entertainment
- See - Sada Elbalad
Get to Know 2025 AEW Dynasty Full Results
Rana Atef A few moments ago, AEW organized its second annual Dynasty at Liacouras Center, in Philadelphia, Pennsylvania. The event witnessed the beginning of the Owen Hart Foundation tournament; in addition, several title matches are set for the event. The event witnessed the crowning of two new champions: Adam Cole became the new TNT Champion, and Bandido became the new ROH World Champion. Both world champions retained Jon Moxley, and Toni Storm retained their title. Mox retained the title after the interference of the Young Bucks. The full results of the event are as follows: Nick Wayne & CRU defeated AR Fox & Top Flight (Dante Martin and Darius Martin) Anthony Bowens defeated Max Caster Main Card Men's Owen Hart Cup Tournament Quarterfinal match: Will Ospreay defeated Kevin Knight AEW World Tag Team Championship: The Hurt Syndicate (Bobby Lashley and Shelton Benjamin) (c) (with MVP) defeated The Learning Tree Women's Owen Hart Cup Tournament Quarterfinal match: Mercedes Moné defeated Julia Hart AEW World Trios Championship: Death Riders (c) defeated Rated FTR AEW Women's World Championship: "Timeless" Toni Storm (c) defeated Megan Bayne Men's Owen Hart Cup Tournament Quarterfinal match: Kyle Fletcher defeated Mark Briscoe Title vs. Mask match for the ROH World Championship: Bandido (mask) defeated Chris Jericho (title) AEW TNT Championship: Adam Cole defeated Daniel Garcia (c) AEW International Championship: Kenny Omega (c) defeated Ricochet and "Speedball" Mike Bailey AEW World Championship: Jon Moxley (c) defeated Swerve Strickland read more Japan Stun Spain 2-1 to Qualify for World Cup Last 16 World Cup 2022: Get to Know Confirmed Line-ups of Japan and Spain Group E Decider Saudi Arabia Bid Farewell to World Cup after 2-1 Loss to Mexico Tunisia Achieve Historic Win over France but Fail to Qualify Tunisia to Clash against France in World Cup Sports Get to Know Squad of Group D Teams in World Cup Sports Al Ahly Gift EGP 70,000 to Players After Claiming Egyptian Super Cup Title Sports Bencharki Hits First 2 Goals with Al Jazira Since Leaving Zamalek Sports Arsenal Possible Line-up for Nottingham Forest News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) News Israeli PM Diagnosed with Stage 3 Prostate Cancer News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
