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Colombian Peso.....

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morganstern
  12/12/2019 08:05 EST

Jeez....somebody pissed off the elves and stole our Christmas present. grrrr

Paco23
  12/12/2019 11:28 EST

boooo

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DallasSteve
  12/12/2019 12:21 EST

Makes a fellow glad that he bought his furniture and prepaid his rent in October/November.

Electricista
  12/12/2019 13:03 EST

Any chance that the blip in November is related to Colombian stores paying for imported goods related to Christmas?

LaPiranha
  12/12/2019 16:42 EST

Don't worry Morg....
When Boris has got his electoral majority, the pound will go up more, based on increased confidence in the markets

But if catastrophe happens, and Corbyn gets it, you'll be able to buy pounds for 2500 pesos or even less, 'cos no-one will want them.

At the moment its been oscillating around 4440, which is not bad, but if he gets a really solid majority, look for maybe 4500 pesos or even higher, to the Pound.

LaPiranha
  12/12/2019 17:10 EST

UPDATE ...

First blood to Boris. Exit polls predict Cons 386 seats
Marxist 191

Predicted 122 seats more than all other parties combined.

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LaPiranha
  12/12/2019 18:18 EST

UPDATE. In the hour since the exit poll suggested a big majority for Boris, it has gone up to 4542 pesos to the pound.

Paco23
  1/5/2020 20:50 EST

How do you guys think the death of Qasem Soleimani and the potential for Iran to disrupt oil supplies will have on the exchange rate?

LaPiranha
  1/5/2020 22:00 EST

Well it hasn't been too bad so far. It had settled at the turn of the year just under 4300 to the pound sterling, and that was before he was taken out. Today it is around 4255, and had been up to 4270 earlier today, so no massive drop so far. Of course, many traders are not back at work yet, but the markets usually get a feel of things pretty quickly, so if they thought the dollar was going to tank, they would have already marked it down.

So we can be optimistic that its not too bad at the moment. But of course, depending on the next developments.

LaPiranha
  1/5/2020 22:04 EST

Also notice that oil only spiked at around 4% up, so there seems to be no fears of a hundred dollar barrel again.

But watch out for ships being blown up in the straits of Hormuz.

Paco23
  2/27/2020 14:58 EST

Heads up! The dollar is back up to 3,500 COP again.

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LaPiranha
  2/27/2020 16:03 EST

And the pound sterling went up as far as 4533 at one point today, :))

SkyMan
  2/28/2020 09:42 EST

Great News ! 3,600 maybe ? We can all hope. Buena Suerte !

Elexpatriado
  2/28/2020 09:56 EST

Yep ..a stock market crash and world wide recession always effects dveloping countries and currencies the worst.

dbarnwell
  2/28/2020 10:39 EST

I am looking to a 4000 peso euro.

Of course I am still a big loser on US and European stocks. I am afraid to calculate how much. My head is firmly in the sand and my fingers over my ears. If that's possible...

WhoaNellie
  2/28/2020 10:58 EST

"When America sneezes, the world catches a cold"...

In this case, it's more like "When the world catches coronavirus, America sneezes"...

pocopelo
  2/28/2020 11:14 EST

...although in this case China did the sneezing!

DallasSteve
  2/28/2020 11:49 EST

Bloomberg took time out from campaigning to tell me that the peso has fallen to 3,540 this morning. And just when I'm about to take my dollars and leave Colombia.

On a related note, I see the volume in the stock market spiked even higher this morning. It looks like a lot of investors are nervous about holding stocks over this weekend.

SkyMan
  2/28/2020 14:54 EST

Whoa...I haven't hear that expression in a while. How true ! some things do not ever change. Yep...it's kinda a "double whammy" right now. Buena Suerte !

Electricista
  2/28/2020 15:14 EST

Goodbye any chance of continued decent interest rates on CDs.

Elexpatriado
  2/29/2020 08:16 EST

Yep- great news- virus killing people and market and economy crashing - wealth evaporating(I think it is unnecessary paranoia and overeaction- but that is what is happening)

And we can all get great rates until the banks shut down and you cant get money out, and have to fight the Gamines in the streets for mangos or an empanada

Maybe people will really start dieing and the peso wil go to 5000 - but inflation will go to a million percent like Venezuela

Electricista
  2/29/2020 10:27 EST

Most retired people on this board are losing money as a result of the Corona crash. Unless you are living from SS check to SS check, the amount one loses on stocks, and the eventual drop of the interest rate on all one's non-speculative investments, will far out-weigh the purchasing power gain on the exchange rate. I suspect real estate will be fine though.

LaPiranha
  2/29/2020 13:30 EST

Electricista. Absolutely agree that what your investments will lose FAR outweighs any gain in exchange rates. Looking at today's news, the 500 richest people have lost 444 BILLION dollars in their combined net worth.

And also agree that bricks and mortar will still be standing and still retaining their value long after Coronavirus has come and gone, whereas its gonna take some time to recoup that 444 Billion dollars.

Elexpatriado
  2/29/2020 13:46 EST

But it is only temporary Electricista

Dont know how long you have towait but if you walt long enough things will go to a new high

I stocked up on cash before the crash and have only dividemd paying stocks. Figure I can wait at leadt 3 years minimum

suadel
  2/29/2020 16:30 EST

WTF??

TextoMex
  2/29/2020 16:42 EST

I heard today, Apple is buying their own stock, and they're back to production in China.

SkyMan
  3/2/2020 09:28 EST

COP this morning is 3539.07 and has fallen a little since early today. We'll see. Buena Suerte !

elpdiver
  3/4/2020 00:55 EST

Time to cash in your gold and double down on the stock market. On paper I have lost six figures on my 401, but it will rebound. If not Colombia becomes more and more attractive or possibly even mandatory.


LPd

Smileynot
  3/4/2020 02:16 EST

Why are there so many nutcases living in Colombia?

peterv123
  3/4/2020 06:36 EST

That would be a great question/thread. If only we'd get some honest answers.

JustSomeGuy
  3/4/2020 08:38 EST

“ Why are there so many nutcases living in Colombia?”

First of all, for your information Mr Smartypants, I don’t live in Colombia.
Secondly, I am not a nutcase...why does everyone keep say that?

SkyMan
  3/4/2020 10:41 EST

Smiley...'Seems like there is a magnet that reads he following..."lovely ladies, nice climate, low-cost living"...that just attracts 'em. Buena Suerte !

Elexpatriado
  3/4/2020 12:43 EST

My experience is Nutcases use projection a lot..espescially in Colombia ..or anyone living overseas

Acuse other people of characteristics they project..

If you get my drift...

SkyMan
  3/5/2020 11:36 EST

COP at 3.525,12 now.....seems to have settled a bit. Buena Suerte !

wistundera11
  3/5/2020 11:45 EST

I'm curious, What is your source for your conversion rates ?

SkyMan
  3/5/2020 11:52 EST

XE.com

LaPiranha
  3/5/2020 14:45 EST

And today the pound sterling hit 4584 pesos, the highest since 12th March 2016, 4 years ago.

Keep going baby.

fecherklyn
  3/5/2020 19:11 EST

@LaPiranha

"4584 - Keep going baby"

Yeah, if your income source is GBP and you have no COP assets.

But if you have COP assets (property for example).....oh sxit.

Elexpatriado
  3/5/2020 19:23 EST

I learned a neat little trick frrom my KOHO card which gives me no screen fees if I go to Davaienda or (Most) Colpatria ATMS and gives me the posted Visa international exchange rate.

The Visa International rate LAGs the XE.Com exchange rate by 1 or 2 days.

What happens is, if the $Cad to COP rate on XE.COM goes up (Peso falls) on Monday, you wont see it in the Visa International Rate until Tuesday or Wedndsday. Say it is 2635 on XE.CoMM on Monday, but Visa rate reflects last weeks rate of 2580.

By the time Tuesday or Wednsday hits, the XE Rate goes down to 2575 (say). But the lagging Visa rate is up at 2625.

You then Load up on Pesos on Tuesdy or wedndsdy, whenever it goes over 2600.

I end up saving an additional 1 to 2 % by timing my withdrawals on top of the 2.5 to 4 % I already am saving by using the KOHO card.

Note that in these turbelent times, the COP exchange rate falls and rises in line with the stock market (Not to the same degree percentage wise, as others have pointed out in previous posts)

BlueSeas
  3/5/2020 20:59 EST

fecherklyn:

Sort of. But it's not that simple. Inflation here is higher. So length of ownership or investment is a factor.

That said...investments here should always be long term. Complete with the understanding that a near or total loss is possible,

The exchange rate change from 3000 in 2014-15 to 3500 today isn't yet breaking anyone with a long term investment, Prior to that the 1800 exchange rate in 2012 might, but that's old news.

What's true...is properties in some markets (ours) at home in the US are worth twice what we paid for them at the same time we invested here. So the investment at home outperformed the investment here. But it's not the exchange rate making the difference. It's the market growth of real estate. Probably similar to comparable stock market gain comparison in the same timeframe, but I don't follow those as closely.

LaPiranha
  3/5/2020 22:30 EST

Hi Fech. Yeah, as you may remember, I have both UK and Colombian income, and property here too, (locales in centro comerciales), and they are still holding well, and the tenants are still paying the rent. Price inflation seems to have more than compensated for the devaluation of the peso over the long term. But I have absolutely no plans to sell up and return to Blighty, so I shouldn't need to bite the bullet on a reverse exchange rate. Even my Ecopetrol shares, which I bought way back in the recession are still in the black - closed today at 3185 pesos,despite the downturn in oil.

So its not all bleak. :)

DallasSteve
  3/6/2020 10:17 EST

Bloomberg says the dollar will now buy 3,590 pesos. That's the most I've ever seen and I'm leaving in about 1 week. I always just miss the party. Oh, and he said "I quit. Vote for Joe."

fecherklyn
  3/6/2020 10:58 EST

The essence of this theme is the weakness of the COP against virtually every other major currency. In this context, the COP pretty much reflects what has happened to other S. American currencies.

Thus most forum members are happy with this situation as it means their dollars (and Euros, GBP, etc) are worth more COP. ("Keep going baby")

But why has the COP been so weak?
In my opinion, most of this recent bout of COP weakness derives from market concerns about the impact of Coronavirus and its impact on the global economy (plus the background of a general feeling the N. American equity markets are way overpriced). If this is true, what is likely to happen as the “virus” situation improves and the headlines move on to the next major topic? In this case I would expect the major currencies to ease back to pre-virus levels.

What do you think? I think it may be the moment buy COP!!

LaPiranha
  3/6/2020 21:01 EST

I tend to agree with you on that. Coronavirus is a big part of the currency movements. But maybe its not all down to weakness in the peso, but a flight to the safer haven of the dollar? In most past crises, every man and his dog reins in the riskier holdings, and puts their money into the perceived "safer" currencies, like the dollar, pound, and yen.

Also, we must remember that not so long ago, the dollar lost a lot of ground, and that's why the rate was down to 2700 pesos to the dollar only two years ago. It wasn't that the peso was much stronger, more that the dollar was weaker. Over the past 2 years we have seen the dollar gain back a lot of its strength, and I would say its not that the peso has fallen, but the dollar strengthened. It is now exacerbated by the Coronavirus fears, and strengthened still more.

I am not worried about a collapse of the peso, for Colombia has so much in the way of natural resources that the world wants, that it will carry the country through recessions better than many.

Just my own view, as always.

dalepues
  3/6/2020 21:03 EST

I will suggest that the drop in crude prices Is the reason behind the falling cop (or rising dollar). All currencies are commodity backed and oil is the universally traded product. Oil price.com is a good source for news on oil trades and prices.

peterv123
  3/7/2020 08:33 EST

Well, to verify that theory one should plot a graph showing both the price of oil and the price of the peso to see if there is correlation.

Elexpatriado
  3/7/2020 10:19 EST

Canadas currency hasnt dropped nahardly at all and it produces 5 times as much oil as Colombia.

Not saying oil still does have a little influence, but not as much as previously. It is a flight to safe currencies.

Other currencies of developing countries who have little oil production have also fallen a lot.

dalepues
  3/7/2020 12:17 EST

Investopedia has a good article on this subject titled “Understanding the Correlation of Oil and Currency” from August 2019.

It begins: “ There is a hidden string that ties currencies to crude oil.”

Colombia’s economy gets a brief explanation in one paragraph.

SkyMan
  3/8/2020 11:29 EST

COP is 3.588,93 currently -via- XE.com Seems to have some stability right under 3.600 Great for all of us ! Buena Suerte !

cprmetro
  3/8/2020 15:41 EST

Oil will CRASH big time next week....
3700 to 3800 in less than 10 days

Paco23
  3/8/2020 21:52 EST

Ohhhh I heard we might see close to 4K to the dollar I might wait a few days before I transfer money. Who else thinks it’s going up?

PFleetwood
  3/8/2020 22:09 EST

If it is really tied to the price of oil worldwide it should keep depreciating (more pesos to the $), right?

CAtoMDE
  3/8/2020 23:32 EST

ohh my luck it will shoot up to 5k to the dollar as I just sent a wheel barrel full of US dollars to COL pesos this past few days.

PFleetwood
  3/9/2020 09:29 EST

Just read there is also a "burgeoning oil price war between Russia and Saudi Arabia". Should get Interesting.

SkyMan
  3/9/2020 10:36 EST

3.588,26 right now...via XE.com Seems like breaking that 3,500 point and staying there is not happening thus far...but still good for us !
Buena Suerte !

Electricista
  3/9/2020 12:16 EST

The price of oil would affect the US-COP exchange rate when the US was an net oil importer and Colombia is an net oil exporter. A change in the oil price was good for one country and bad for the other country. As a result such a change in the oil price would affect the exchange rate between the countries. However now that both countries are net oil exporters, a change in oil prices affects both countries in the same direction. Since a change in oil prices has the same affect on both countries, the currency exchange rate are affected less than before.

WhoaNellie
  3/9/2020 13:10 EST

Just past noon, it's now at
1 USD = 3797.86 COP

Good deal for expats while it lasts. Not so good for Colombia...

dalepues
  3/9/2020 14:04 EST

Electricista your comments are always excellent and I enjoy reading them. I do disagree though when you say that a change in oil prices has the same effect on both countries. The effect of lower prices on each country’s economy depends on the percentage of oil exports to total exports. Petroleum products currently make up about seven percent of US exports while crude accounts for 25% of Colombia’s total.

Electricista
  3/9/2020 14:51 EST

dalepues: Yes I agree. It is not the same effect but more like the same type of effect (positive or negative) but with different proportions. My point was more to demonstrate why the oil prices do not have the large affect on currencies exchange rates the way it had three or more years ago. Mind you what is happening today must be factoring in the fear of the sudden fall in the stock market.

LaPiranha
  3/9/2020 14:52 EST

I would agree with Electricista to a large extent, for I also believe that if you are both a net exporter of oil, both countries should get the benefits, and also the disadvantages.

But you must also factor in the relative costs of production, which are affected by the methods of extraction. In the USA, much of the production is from shale, and this is much more expensive to produce. In many fields, its costing US$40 or even US$50 per barrel in many cases. In the Colombian fields, they are mostly conventional wells, and so the lifting costs are much lower. In one of my invested companies (Amerisur, just recently taken over by Geopark), the lifting costs are (or were) US$19 per barrel.

This difference means that many US wells will be shut in, for the cost of production will be far higher than the price they can get for it. And that's even before transport costs. Unfortunately many companies operate on very sizeable debt, so they still have to pay high interest costs. If they don't produce the oil, they can't pay the interest on the debt, or if they do produce, they make a very big loss, In previous times of low oil prices, many went under. The Colombian wells could keep producing, and still made good profits at under US$30 a barrel.

So it will really depend on how long this price war will last. If it goes on for a long time, it will really hurt the US oil industry, and of course, the economy, as they will have to import more.

Electricista
  3/9/2020 14:56 EST

3812 = 1 US
2798 = 1 CDN It is a bizarre day.

PFleetwood
  3/9/2020 17:23 EST

But the U.S. economy isn't as dependent on oil, the price of which just dropped 20%. And I don't know what the cost of production for oil is there in Colombia, other than for La Piranha's oil wells. I know some of you guys have claimed Colombia wasn't hit that hard in the last recession. We may have the opportunity to see how that works and if it still holds, shortly.

Elexpatriado
  3/9/2020 17:29 EST

I dont know where you got your numbrrrs elect.

2620 approc.CAD to COP on both CE. And Visa sites


This last devaluation to US dollar was primarily oil related...25% a big drop..and CAD has dropped the same proportionally to US

From here on I dont think.oil price will have such a bearing as it is so damn low

Think it will be flight to safety as the economy tanks

Dont get too jubilant Skyman..dont know who is paying your bills..but everyone is at risk

SkyMan
  3/9/2020 17:32 EST

I just checked XE.com and was quoted a rate of 3.588,28-USD Where did the quote of 3,812 come from ? Buena Suerte !

PFleetwood
  3/9/2020 17:40 EST

The most current info I could find for costs to produce a barrel of oil in Colombia (Bloomberg, several years ago) was $35.30, which was the seventh most expensive in the world. The current references I looked at only had stats for the largest producers.
I find it interesting that Saudi Arabia and Russia are fighting over markets, since I thought the cost of Russian oil production was much higher.

littlebhuddha64
  3/9/2020 18:38 EST

Not sure why but XE is saying 3588 while every body else I saying 3805

Paco23
  3/9/2020 19:20 EST

Where do you get 3797¿ I saw 3590 As the highest today.

saiid20
  3/9/2020 19:23 EST

Bloomberg end of day...USD to COP 3.812.5200...was up as high as 3.846

Electricista
  3/9/2020 19:30 EST

I quoted Morningstar rates on Google Finance. I do see that XE is different. I believe XE quotes mid-day rates. We will learn tomorrow which site is correct.

wistundera11
  3/9/2020 21:13 EST

You both brought out valid points. But your forgetting one thing. You must account for the crude oil futures market. Production is heavily hedged. You can and most do sell production out for a year or more.

If your cost is 40 bucks a barrel and the futures market allows you to hedge at 65 a year out from now you take it ! Both you and your banker are happy.

I strongly believe that this activity has kept a lid on crude oil prices the last number of years and at times caused an over supply. If crude drops to 25 a barrel and your hedged at 65 why stop producing.

Quite possible that both Russia and the Saudi's were heavily hedged long before the meeting.

Remember years ago old Saddam Insane would create a disturbance in the middle east and crude would jump 3-5 bucks. He was using dummy accounts across the world to buy crude oil futures. When they were sold at a huge profit he would immediately back off. That's were all the funds were coming from to keep him propped up.

Same old crap, rinse, repeat.

LaPiranha
  3/10/2020 00:16 EST

PFleetwood. I was hoping to give you a link to Amerisur's lifting costs, but unfortunately since the takeover, Geopark have disengaged the access to the RNS bulletins, and have incorporated Amerisur into their consolidated figures. Sorry, but I tried.

But one suggestion for the variation in costs, could be that the transport costs, to get it to market is included in your figures, or maybe overheads too?. Its quite possible, as transport can often be as high as $20 per barrel to get it to an export facility, especially if the oil is trucked far, so you could strip out some of that cost from your figures to get the base lifting cost as a more direct comparison, whereas the costs I quoted do not include transport or any other overheads, and are just the basic lifting costs, as they have their own pipeline into the Ecuadorian system, with no need for trucking.
But that's only a guess.

But also, some Colombian production is more expensive, as in the Middle Magdalena Valley, there are sanding issues, which necessitate higher maintenance costs and reworking of the wells, and of course there is a small amount of shale production too, but not anywhere near the proportion of shale in the USA.

Sorry I can't support the figures with proof, but those figures were publicly available before the takeover.

PFleetwood
  3/10/2020 01:03 EST

If that is so true why are the real experts on the news shows tonight all commenting that many oil companies are highly leveraged with debt and predicting catastrophe, esp for small producers in the U.S., with this huge drop in prices. And why would Saudi Arabia, with cost per barrel in the single digits, even bother to up production as a response to the Russians?
If the futures market solves everything. Are you missing something? Or am I?

JustSomeGuy
  3/10/2020 08:22 EST

Some definitions to clarify a previous post:

“Real experts” - Anyone who agrees with me.
“News shows” - Entertainment designed to increase corporate profits.
“If that is so true” - That is so false.

BlueSeas
  3/10/2020 08:37 EST

Just transferred a few USD. I got 3737 COP per USD. This via Wells Fargo ExpressSend which is usually 30-50 COP less than XE. XE still show in the 3500 range, so it's broke.

PFleetwood
  3/10/2020 10:29 EST

I thought that was an honest question. I just wonder why oil futures would solve all the problems as the poster claimed. And I would buy into professionals who have worked in the industry all their careers over any anonymous internet poster. So should you. But I refuse to buy into any snarky haters.
Definition- someone with an insecurity who refuses to keep an open mind and is generally disgruntled with their life who gets off on anonymous sniping on the internet.

PFleetwood
  3/10/2020 10:31 EST

LP thanks for the helpful clarification. Greatly appreciated. I know the devil is really in the details and it is easy for a layperson to get things wrong.

LaPiranha
  3/10/2020 15:39 EST

PF. Yeah, I think it was Wistundera11 who brought futures into the debate. I'm not so influenced by futures, as its more a speculative game, whereas I prefer to state what I know from my own experience. So I won't comment on how the futures markets affect it, but I guess they do have some influence.

None of my own investments actually use much hedging either, unless we are in those heady days of $100+ a barrel, but of course, many do.

As regards the experts on the news channels all predicting catastrophe for the smaller US producers, yep, it concurs with my views too, as in my post above. Many are highly leveraged with debt, and they are caught between 2 evils, unable to pay the interest charges if they don't produce the oil, and risk foreclosure, or if they do produce the oil, they do so at a loss, just to pay the interest, and again, risk foreclosure based on their heavy losses.

Watch out for the sharks, the bigger producers with sustainable debt levels, and who have oil fields with lower lifting costs, swallowing up the minnows and those who are in trouble, but only if they are sitting on big potential resources. And they will steal them for a fraction of their worth. The rest can go bankrupt. It happened during the last dip in the oil price, (below $30 a barrel), and will happen again, I'm sure.

PFleetwood
  3/10/2020 19:44 EST

LP, thanks for your comments. One point made on the news I thought interesting was that the actions of Saudi Arabia sinking the price the way it did in response to Russia's action may have been precipitated by the coronavirus. But it also could have happened at any time. Just a particularly bad time for the world economy. Maybe they will think about it and pullback. Lots of Russian troops in that area of the world and the U.S. couldn't be having warm, fuzzy feelings toward the Saudis right now. But that is just my speculation.

mattinnorfolk
  3/10/2020 20:01 EST

This is really more of a coordinated attack on the US shale oil industry than anything else so they can take away the USA power on sanctions etc....

BlueSeas
  3/10/2020 22:18 EST

This may not be a popular view on this forum. However, I think it's inevitable that the price of oil will be low. We aren't going to run out of "cheap" oil, before the need for cleaner energy becomes imperative. As greener energy supplants fossil fuels, demand will be reduced, and the guys that have the least expensive production costs will win.

How long will this take? No idea. But in November, we commissioned a rooftop solar panel array (only 16 panels, for < than 10K US,) that generates 90-95% of our residential electric power. That includes powering one of two cars. Further, this investment should conservatively return 10% vs. paying the local power company bills over the life of the system.

The energy giants really need to focus on these sorts of projects lest they become irrelevant and fade from prominence.

The writing is on the wall, even though this present decline in pricing is artificial.

ponymalta2
  3/11/2020 08:19 EST

LaPiranha

Good post. I always consider the old adage : buy when others seek to sell, sell when others wish to buy, trick of course is when. The world will continue to use oil for decades to come, and large oil companies generally try to not reduce their dividends, so this might be a good year to accumulate large oil stocks- some are now paying 6 to 0 years. Even Exxon whose dividend coverage ration not the best I think won't cut their dividend or not much.

While in some countries or sectors solar energy may have achieved grid parity, the legacy investment in fossil fuels is such it will still be some time before oil demand disappears or drastically reduced.

Elexpatriado
  3/11/2020 08:38 EST

Blue seas

With cheaper oil and natural gas " green energy" is a lot less competitive..

Espescially with governmenmts and consumers in recession and dont have the money to pay for luxuries like electric cars and highly subsidized and unreliable " renewable" electric generation.

Even more so in the 75% of the worlds population that is developing and cant even meet basic requirements like clean water, good infrastructure, proper medical facilities for all,proper waste disposal and clean air (and iI do not include CO2 as a polutant)

Its common sense. And basic economics
.

Now that peoples livelihood at stake you are starting to see less pontification about "climate change" being such a global "emergency"..people will just be fed up with this type of nonsense as they are just trying to pay their bills and feed their families.

abr127
  3/11/2020 11:25 EST

Wow the COP is 3764.97 now.

BlueSeas
  3/11/2020 11:26 EST

Elexpatriado:

I can't fault any of your reasoning. The difference is do you believe in climate change or not. Then further, if you do, is it even possible to slow/reverse the impacts.

Our difference is I both believe it's happening, and have hope we are smart enough to do something about it. And that impacts the economics.

LaPiranha
  3/11/2020 12:28 EST

Pony. Absolutely, Timing is everything.

LaPiranha
  3/11/2020 12:44 EST

The pound jumped 300 pesos this morning, from about 4,640-ish to 4,940-ish. Maybe just a spike, but who knows? Maybe we will see 5,000?

Could be based on the news that another 3 people in Colombia have the virus, and 2 travelled much in Colombia after they arrived, so it may spread quickly.

I think travel restrictions could be tighter. If folk didn't travel so much, it wouldn't get spread as much.

Electricista
  3/11/2020 14:24 EST

I just did a withdrawal at a Davivienda ATM (at 1:20 PM) and they gave me 2715.5 to the CDN dollar. That is the highest rate yet in my 12 or 13 years of hanging out in Colombia.

PFleetwood
  3/11/2020 15:01 EST

Blueseas I agree.
Elex don't forget you said only a week or so ago this pandemic was overblown. At any rate it should die down in warmer months at least where I am and the effects die down. The Saudis will cut back on production and prices will go back up, which is what they want.
I believe it was mentioned here that relatively undeveloped countries need to be more dependent on oil. However Paraguay is a 100% user of renewables as are at least 3 other countries. Many others are less dependent on gas and oil than the U.S. And power in Texas is 40% wind. Don't be stuck in the past. There are windmills and solar panels everywhere and prices are falling.
Sure, gas and oil will be around a long time. I wish that wasn't the case but it is a reality. But things are changing.
Anyway, we've had this conversation before so I'm gonna pass on any more of it. Go work out, Elex. I'm gonna do some dumbell curls.

mattinnorfolk
  3/11/2020 17:45 EST

See the one year chart on BanColombia (CIB), $52 to $33... Anyone want to catch a falling knive? I really think the Saudi move and Russia is a coordinated attack on USA shale which is not profitable at these levels. The USA has private companies that can move quickly and many are heavily leveraged, So once their credit blows up and stocks go down they will shutdown much quicker then sovereign owned oil company's. Oil will stay low until the USA oil companies are slashing dividends, merging, and capacity is forced offline. Remember Aramco went public in I believe September, and people with real money may not be pleased with the returns and the Royal Saudi Family. It would be great to see more green, but even a move from oil, coal to natural gas would still help in a huge way. The $10,000 in panels sounds like a great investment to power home and one car, and wish we all could do more like that, but in short run stay out of MDE from mid February to mid April or wear a mask.. IMHO

Elexpatriado
  3/11/2020 18:22 EST

I believe the climte is changing, always has, and yes we are acentuating it now.

However, I think the bad effects are blown way out of proportion, and the benifits that result are ignored.

Sure something has to be done in the long run (next 100 years), otherwise we fry like a potato chip.

But right now, at this moment, there are way more important issues in the world..

mattinnorfolk
  3/11/2020 18:38 EST

Total agreement Elex, and until we get China and India Philippines Colombia, Brazil other countries in that range to change as well, and I think that’s highly unlikely, we are fighting a losing battle if you’re trying to fight climate change from North America and Europe only. I still do believe natural gas is a good first step and nuclear but we’ve abandoned that.

PFleetwood
  3/11/2020 18:56 EST

I would like to see a little evidence the Russians are working with the Saudis, since the Russians are being damaged by the Saudis as well, and we- the U.S.- are the country responsible for the defense of Saudi Arabia. By most accounts the Saudi actions were in response to the Russians, who wanted to go against the price decisions of Saudi and OPEC (Ecuador is a member) and undercut them.
But Saudia Arabia seems like a different country now, so who knows?

WhoaNellie
  3/11/2020 19:23 EST

The peso is sliding...almost to 4000.

Today it closed at

1 USD = 3892.25 COP

...which is from Morningstar, which is what you get if you search for
usd to cop
using Google.

This article in El País says it closed at
3836.21

https://www.elpais.com.co/economia/dolar-cerro-este-miercoles-cerca-de-los-3-900-tras-declaracion-de-pandemia-del-coronavirus.html

¡Buen provecho!

mattinnorfolk
  3/11/2020 19:33 EST

Fleet, Mutual understandings by governments are rarely published so we all can see evidence. The USA shale industry is destroying both the Russian and Saudi oil industries, so I suspect they both know who their biggest target industry is destroying their economy;s. . Perhaps, Vlad can write you a letter and let you know while riding a horse shirtless. Buena Suerte.

JustSomeGuy
  3/12/2020 10:40 EST

PF, the question was fine, the packaging was funny though. And those definitions were funny, true also. If you want to be a sour puss that’s up to you.

SkyMan
  3/12/2020 11:03 EST

Concerning the COP to USD current rates......My thinking is like surfing...Just enjoy that wave, cause it won't last forever...but really a great ride, while it's rolling. This morning I enjoyed a fresh slice of carrot cake and a café con leche at a small coffee shop...here in Medellín & the Cost=6.900 COP What a deal ! Just enjoy the ride. Buena Suerte !

Electricista
  3/12/2020 11:50 EST

This morning posted on almost all exchange rate sites:

Over 2900 to CDN
Over 4000 to the USD

I was very close to doing the investor visa 7 years ago and I now am so glad I did not make the big investment into Colombia.

PFleetwood
  3/12/2020 11:57 EST

Maybe you could lighten up a bit yourself JSG? And not read too much into the "packaging" while ignoring the question completely.

PFleetwood
  3/12/2020 12:20 EST

Mattinorfolk I don't believe the U.S. shale industry is destroying the Saudi oil industry. The Saudis have the lowest cost of production and some of best quality oil (correct me if I'm wrong) on the planet. I'm not sure about the Russians.

I actually would have liked a serious answer but it sometimes seems that isn't easy to get. If you know about any "secret gov agreements" or even any other media content supporting your theory plz enlighten me. I perhaps shouldn't have been suggesting you were wrong, just asking for more content Anyway, the sarcasm about shirtless Putin didn't seem worthy of you..

mattinnorfolk
  3/12/2020 13:31 EST

Sorry Fleet, as it was a failed joke and tried to make you laugh, and no offense intended. This article should help, as the Saudi's need $80 a barrel to balance their budget, and Russia is about $40. You are correct the Saudi's can produce for much less, but have been trying to diversify its economy and needs higher prices. https://www.reuters.com/article/us-opec-oil-policies/russia-vs-saudi-how-much-pain-can-they-take-in-oil-price-war-idUSKBN20W21S

WhoaNellie
  3/12/2020 13:33 EST

Just around noon, today, 12 March 2020,

1 USD = 4061.51 COP

Wow!

PFleetwood
  3/12/2020 13:42 EST

Thanks mattinnorfolk!! Appreciated. It is so hard to read tone into a post. One of my friends who is pretty cool keeps getting phone calls from me because I think she is pissed about something and she is usually joking. Usually when a woman texts "yes, sir" to you after a text to her .....its not a good sign!

Now I have to get that shirtless Putin image out of my mind.
I'll check your reference!

dbarnwell
  3/12/2020 15:45 EST

In the Poblado of Medellin, the rates offered by casas de cambio are totally out of kilter with movements on currency markets.
I strolled around this morning and saw that most were offering a ludicrous 3500 to the euro, despite market values of euro at well over 4200. A similar discrepancy between market rates for the dollar, around 4k, and what you'll sell doll ars for in Poblado, maybe 3300.

What's going on.? I fully accept that money changers make a living out of margins, but in Poblado we are now in Rip Off Land. It's annoying me, because I want to buy pesos.
But only at a fair rate.

Blenheim
  3/12/2020 16:56 EST

do not feel too bad--Colombians are also being ripped off buying dollars--

Paco23
  3/12/2020 20:33 EST

I noticed the casas de cambio in Rionegro had an extremely low rate as well, somewhere around 3450. They must be smoking dog food. I was considering changing some of my stash of dollars until I saw the terrible rate they were offering.

JustSomeGuy
  3/13/2020 08:08 EST

I’ll walk you through it since you claim you can’t understand.
“If that is so true why are the real experts on the news shows tonight ….”
compare to this:
“If that is true why are the experts on the news shows tonight ….”
Do you really not see the difference?
“real experts”, The implication is that the other guy is not an expert and is not informed by any real ones, unlike you, who saw the real experts on the infotainment show. In the second neither him, his knowledge nor his ideas are denigrated, it is only pointed out that there are other knowledgeable people who disagree and that needs to be reconciled. You used the first and not the second because it was your intent to put the man down. That is why the packaging matters, it is the point. Really, what do you care about the Colombia peso? You’ve never been to Colombia, you never will be in Colombia and you don’t know anyone who has been to Colombia. Your purpose is to relieve your boredom and have fun arguing here. Unfortunately for us your argument style is to insult.

I make a joke about your real experts on news shows and you respond with haters, sniping, disgruntled and insecurity, and I should lighten up? You should get some self awareness.

This put down was much nicer than the horrible rants you directed at nonames. Unfortunately any hint of challenge gets a toxic response. Even so your current persona is better than what we got in the past so thank you for that.

And real TV experts is still absurd. They told us who the next President would be, what a bunch of geniuses they are.

So turn off your TV, that is probably half the problem anyway. Then buy a ticket to Colombia. Blenheim thinks there is something worth salvaging in you, he will probably volunteer to meet you at the airport. This is a pretty forgiving crowd, just stop being a prick.

saiid20
  3/13/2020 08:45 EST

Ok..never thought I'd say it but...enough is enough. 4050 rates are too much. I'd be content buying my pesos at 3300 just take my 3 kids 401k out of the tank...please.

Elexpatriado
  3/13/2020 08:53 EST

FLEETWOOD

I still think it is way overblown

It is the mass hysteria that is the problem

AndI never said it would die down in the Spring

Someone else said that

Elexpatriado
  3/13/2020 08:59 EST

Everybody is paying well below the XE.com rate and TRP

Even Visa International rate is 2 to 4% below

And if you use local banks it is 6 to 8%

Dont complain..stock up on pesosand non perishable food

SkyMan
  3/13/2020 10:49 EST

Elec...I know an American expat who came down here to Colombia 16 years ago, with some major USD $$$$$ and moved all his USD to Colombia, The exchange rate was about 1.800 COP to USD...that's a big OUCH ! Best advice I was given by a good friend of mine here in Colombia, prior to my move was this....."Keep your $$$ in the U.S.A. period. I have thanked him numerous time for that bit of advice. Buena Suerte !

SkyMan
  3/13/2020 10:56 EST

3.928,79 COP to USD currently -via- XE.com Still a Great Rate ! Buena Suerte !

PFleetwood
  3/13/2020 12:13 EST

JSG, how about just letting it go? I won't comment about some of your posts I find juvenile and petty and you can do the same analyzing (walking through) the patronizing and elitist way I seem to speak? I will try, as I have been doing, to be more polite and courteous. You can of course do whatever you want.

PFleetwood
  3/13/2020 12:36 EST

JSG sent you a pm. Blenheim as well.

PFleetwood
  3/13/2020 14:10 EST

Elex, I hope you're right. I may have said it will die down in the Spring. We'll revisit that in a few weeks.
I guess one question I would ask is what constitutes mass hysteria? I think there is a lot of truth in that there is too much of an unproductive reaction, and some crazy people out there. I have to reassure my friends that most people, the younger ones, will have a mild reaction. The worst case scenario is that 50% of the population will get it. And that has a percentage of seniors that far exceeds the # of hospital beds in the U.S. Best case is it'll be over by April. Having accessible testing would help a lot. Im wondering myself as I was pretty sick a few weeks back and it is lingering and wonder about my vulnerability. The exercise room in the community center I go to has been closed, as has the dining hall providing lunches to seniors. I guess they can get it by driving through in the back. And they have meels on wheels. A lot of those folks can barely get around, and come to the center witn walkers and oxygen tanks.

tubes
  3/13/2020 14:28 EST

SkyMan: what you care to forget is that anyone who bought $COP years ago will probably have invested in a long term CDT paying back up to 6% interest

SkyMan
  3/13/2020 17:20 EST

Maybe or Maybe Not....haven't asked him. But with his track record...probably not. Buena Suerte !

Electricista
  3/14/2020 16:58 EST

At 3:47 PM today
ATM Davivienda paid:
2839 COP = 1.00 CDN

Elexpatriado
  3/14/2020 21:35 EST

Tubes.. 6% over 16 years he would not even break even due to the crash of the Peso, let alone cover inflation which is also 6% in Colombia.

Colombia- unless you are lucky and time a niche real estae market right--BAD INVESTMENT

ponymalta2
  3/15/2020 04:53 EST

PFleetwood

I think one issue simply extrapolations being made based on limited data, which then media reports and can then add commentary.

Interesting comments about percentage than will be infected, and 'herd immunity'. Merkel says in Germany infection rate will hit 70%. UK chief medical officer states if general infection rate reaches 50 to 60% rate then a natural immunity will develop.

As far as hospital beds or ICU units everywhere has same issue hence in news the focus on dealing/slowing down spread.

JustSomeGuy
  3/15/2020 08:35 EST

If I wanted to be elitist I would say “The other day I read in the Journal of Computational Physics…”, or, “I saw an interesting TED talk ….” or even, if I was slumming, “There was an article in the New York Times….”. You come out with “real experts on the news shows.” That not elitist, that’s embarrassing. I recommend you just stop, you’re no good at it. I don’t really care about that though. What I don’t like is the constant stream of insults. Like “real experts”, just say “experts”. You don’t have to put people down to make a good argument.

Me:
“Expert = anyone who agrees with me”

You:
“Or maybe that is just the sad way you have of entertaining yourself in your loneliness and inability to connect with others.”

Said to nonames a couple days ago, that guy has been a particular target for you.
I’ll take juvenile over vicious any day.

Truthfully I don’t like having to tip toe around dysfunctional people, trying to avoid a vicious attack. It’s a control mechanism, it sucks. Maybe you could stop doing that. I’ll make you a deal, you stop insulting people and I’ll stop pointing out what an awful person you are.

PFleetwood
  3/15/2020 09:17 EST

JSG, I would love to meet you in person and discuss this like adults. And I sent you a pm trying to resolve this. I think your posts speak for themselves.

PFleetwood
  3/15/2020 09:25 EST

PM, I can't disagree with anything you just said. Most of us are just trying to deal with the reality. Some extrapolate too far with limited data. And politicians as they are wont to do can use the info to score political points. The former appointee of both Reagan and Obama (a high level national security position, can't recall the title) made the same point yesterday on 'Firing Line'. Issues are politicized far more than they used to be.

Pedroal
  3/15/2020 09:32 EST

Just Some Guy, put on your big boy pants and take a look at your own post.

SkyMan
  3/15/2020 11:42 EST

Cop to USD=4.021,04 -via- XE.com

All of my friends & business associates in the U.S.A. definitely feel that all of this is totally-media-driven and the actual chances of this virus being far worse than let's say the Swine Flu, Bird Flu, Sars, is very low. I do not know, as I am not a Doctor...but it does seem that the mass-panic over toilet paper is insane to say the least. I'm beginning to believe that it's all-media-driven also. Buena Suerte !

WhoaNellie
  3/15/2020 14:06 EST

It does make you wonder.

In October 2009 with the H1N1 swine flu, after 6 months of the outbreak since April 2009, with millions of Americans infected, over 20,000 hospitalized and over 1,000 dead, Obama finally declared a national emergency. Eventually over 12,000 Americans died. The press said, "Good job, Obama!"

Last year, over 61,000 Americans died during the flu season - the common flu, the "normal" flu, killed SIXTY-ONE THOUSAND. The reaction: Ho-hum.

Now with the coronavirus, President Trump has acted more quickly, more widely, and more effectively than any President ever before to control and contain the outbreak. As of today in the USA, there are just over 3,000 cases and 61 deaths. SIXTY-ONE, NOT SIXTY-ONE THOUSAND. And the reaction from the press: "Run, run for your lives, we're all going to die!!!! President Trump is an incompetent monster!!!!"

But I know there are many who are totally incapable of looking at this apolitically, and with logic and reason. Toilet paper wars? Give me a break. These people are MORONS.

Andresen
  3/15/2020 14:47 EST

The virus is real but that won't stop people from responding irrationally.

Andresen
  3/15/2020 14:51 EST

Really? When did the corona virus end? I must have missed that piece of news.

JustSomeGuy
  3/15/2020 15:12 EST

PF, I read the semi-coherent ravings you directed at nonames when you were following him from thread to thread. I think your posts speak for themselves. I’m not a therapist, and can’t see any way to help you except to suggest you stop insulting people. I certainly do not want to meet the author of those posts, I wouldn’t feel safe.

Pedroal
  3/15/2020 16:07 EST

Whoa Nellie, I left my response to you on Coronavirus site.

PFleetwood
  3/15/2020 16:24 EST

JSG, pot meet kettle.
If you don't want to make up and I wish you did- I think I did with nonames, or tried to - keep up the drama.
One thing I decided
All these histrionics are a sign of weakness.
As an aside, have you ever read any of President Trump's tweets? Do you think he needs a therapist? Or is it just people you don't agree with politically?

stoneshirt1
  3/18/2020 12:59 EST

Quit talking the SHIZ.
stoneshirt.

stoneshirt1
  3/18/2020 13:02 EST

Cheap Beer and Hookers.
stoneshirt.

Pedroal
  3/18/2020 13:28 EST

That might help get through this. I'm looking for my $2000 as well.

Elexpatriado
  3/18/2020 14:00 EST

Yeah stoneshirt!

You are the guy with the best mentality

JustSomeGuy
  3/18/2020 14:24 EST

PF,
I like that last post. You're a funny guy when you want to be. When people are mean to me I have a tendency to be mean back. Sadly we have that in common.

That post to nonames about him being unable to change and unable to connect or some such. I don't recall a worse post than that, anywhere. Particularly coming after mention of suicide resulting from internet bullying. I hope to never see anything like that again. I don't recall any political content in it.

I have never read anything that Trump wrote as far as I know. I do recognize his voice when I hear it, I have heard a few seconds of it at a time. I don't have a TV. The man is an ass but I'm not a fan of politicians in general. In his defense he hasn't started any new wars, sad that that is better than what we are used to.

SkyMan
  3/18/2020 14:55 EST

Back to the Cop now....currently trading at 4.159,47 per USD. Enjoy the ride !
Buena Suerte !

FrozenPonds
  3/18/2020 15:19 EST

Its crazy...buying pesos NOW for my next shot down...whenever the heck that will be!

Stay Safe Everyone!

JustSomeGuy
  3/18/2020 19:45 EST

Ok, I shouldn't have said that and I'm sorry I said that. "worst" is not the right way to go.

I felt bad after reading that post and angry.

Yeah, he isn't sweetness and light but that response looked like a different level to me.

Paco23
  5/27/2020 12:44 EST

What is happening to our exchange rate? It’s floating in the 3,700 range and I am hoping to see it go back up near 4K as I am due for another transfer. Where do you guys think it is heading?

DallasSteve
  5/28/2020 00:03 EST

Paco

The US government is giving away a lot of free money and that tends to reduce the value of the dollar. But other countries are doing the same so it's a difficult question to answer. If you didn't see 60 Minutes a week ago you might find the interview with the head of the Federal Reserve, Jerome Whatshisname, interesting. The reporter asked how do you create more dollars and he said they basically do it by buying US federal government debt. Very interesting interview.

SkyMan
  5/28/2020 11:33 EST

I recall that in 2016 the COP was trading at around 2.950 to US Dollar, so we're much better off that in 2016...but that 4.100 sure was great ! 'Seems like that ride at the top is over...for now. Stay Well. Buena Suerte !

morganstern
  5/29/2020 07:35 EST

The dollar....no one knows less than me about the dollar. If I make a prediction....go the other way and it will be like money in the bank. So my comment is this...I listen to Bloomberg every morning, all morning. There is conversation this very minute about the 'surprising' weakness of the dollar against the euro and even the chinese yuan. Does this affect the Col Peso....beats me. For me the peso should beat 4500 to the dollar....so you know what to do.

LaPiranha
  5/29/2020 13:55 EST

Morg ..... I think you'll find that a lot of people started putting their money in a "safer" currency at the start of the economic downturn (the virus and also price of oil), around end of feb, early march. The safe currencies usually include the dollar. It was a situation where people didn't want to be in riskier currencies.

Now its the other way, people are more inclined to put their money back into the riskier currencies, as they can see their economies starting to open up again, and are simply changing dollars back into other currencies, hence the rise in the dollar earlier, and going back down to previous levels now.

Nothing too dramatic there.

fecherklyn
  5/29/2020 17:13 EST

Quite right Lap, plus another factor that has just arisen.

After years of soul searching by the EU they have finally, suddenly, agreed to the European equivalent of "helicopter" money. Under this mechanism the Northern European 'Rich" nations (principally Germany and Holland) have agreed to bale out their "poor cousins" in the South.

This effectively means the Euro becomes a form of mini reserve currency and the Euro/US$ has reacted accordingly.

LaPiranha
  5/29/2020 17:38 EST

So true, Fech, For years, Germany, France, Holland, etc, have fought against bailing out the poorer countries, they fought and screamed and kicked, but now they realise they simply have to do something, as the whole common currency could be in jeopardy. Some of the eastern countries could make the Euro collapse unless they can agree a deal.

Blenheim
  5/29/2020 20:59 EST

The Eastern European countries understand the meaning of a one European government state.. They lived through 45 years of a one Soviet government state and do not want a repeat of another government state for another 45 years.

Elexpatriado
  5/30/2020 12:22 EST

I think there is going to be another soverign debt crisis in Europe, and the EU may even collapse.

I keep hearing stories of migrants from Ecuador, Peru, Colombia leaving in droves, and at the same time, hear desperqte Colombianns here who think they are going to get on the next plane to Europe and work there illegally or legally (in what, I dont know).

I know it is way easier for Latinos and people from other developo¡ing countries ti¡o get into Europe than the UK, Canada, , US or Australia.

They seem to just put all those people on governmet housing and assistance, along with their own people.

Is this sustainabe? Doesnt seem to be too me. I may be wrong, but I think Europe is toast...

morganstern
  5/30/2020 12:43 EST

LaPiranha.....interesting.

Paco23
  5/30/2020 15:57 EST

@lapiranah you make a good point about countries not wanting to bail out other countries. This is also true in the US where seemingly nobody wants to bailout California. One thing I remember from when Greece was getting bailed out was that many thought Germany was working longer to allow Greeks to retire earlier. This turned out to be untrue as the main issue in Greece was that there were not enough funds going into social security to keep it running. Many people in Greece relied on the elderly family members pension as a life support system due to the high unemployment rate among the younger generations. Not that Colombia has a stellar retirement/pension system but if this lockdown continues much longer I can see a similar situation happening here where entire families will end up relying on any pension, no matter how small it is. Let’s hope they end the lockdown soon and get people back to work.

LaPiranha
  5/31/2020 00:46 EST

Paco. Yeah, I think one problem in Greece, was that "the elite" found ways not to pay tax for many years. But when Greece's economy dived, they took all their money out, and put it out of reach of the tax authorities. This meant that the burden fell on the poor, and the pensioners, who you rightly say had to support the whole extended family, so there was no way Greece could meet its obligations.

The only way the IMF and the EU central bank would bail them out, was stringent austerity measures, which the Greek people couldn't afford.

So, as the "father of democracy", the Greek government put the deal to the people, who voted "No". The poor, who were the only ones left in the country, simply couldn't agree to more austerity, as they had been screwed to the wall for a long time, So in retaliation, the German and other governments made the conditions doubly hard, as punishment, for the Greeks to have the temerity of voting, and voting "No". It was heartbreaking to see poor Greeks who had had their pensions cut to the bone, having them cut even more, but at the same time, having to support a whole family.

Even the IMF admitted that Greece would never be able to pay back the loans from the European central bank, and opted out of the deal, as it was punitive and unworkable. The only way was to grant debt relief to Greece, but again, the Germans vetoed that idea, as they wanted to crush Greece, as an example to other EU countries, never to say no to their masters.

A sad period indeed, and it may well be a good thing if the EU collapsed.

WhoaNellie
  5/31/2020 11:14 EST

"...the main issue in Greece was that there were not enough funds going into social security to keep it running."

And why was that? Glad you asked.

Too many people with overly-generous pensions taken at too-early ages, which left too few workers to pay for their pensions.

The system was set up such that 75% of Greeks can enjoy early retirement, before age 61.

From the Greek Reporter at:
https://greece.greekreporter.com/2014/12/04/75-of-greek-pensioners-enjoy-early-retirement/

“In the public sector, 7.91% of pensioners retire between the ages of 26 and 50, 23.64% between 51 and 55, and 43.53% between 56 and 61. In IKA, 4.44% of pensioners retire between the ages of 26 and 50, 12.83% retire between 51 and 55, and 58.61% retire between 56 and 61. Meanwhile, in the so-called healthy funds, 91.6% of people retire before the national retirement age limit,” Vroutsis said.

Other EU countries rightly see this as, for instance, Germans having to work longer to support Greeks in their early retirement. And then people in other countries get mad when they are expected to bail Greece out because they set up an unsustainable system.

Just do a search for
greek pension age start
...and there are many articles with strong agreement as to why it all happened.

There are some similarities with the situation in the USA with California. And for the same reasons, any bailout for California is going to have a lot of opposition.

LaPiranha
  5/31/2020 22:59 EST

Whoa Nellie, ..... Whilst I hear what you say, I have many contacts in Greece, and although I agree the number of people who could retire early was wrong, we must bear in mind that many of the pensioners only received about 40 pounds a week, some 60 pounds a week. And the EU wanted to cut them even further. Could you manage on that? What is your pension? I bet its a lot more than that. (Ok, not wishing to be personal, but just to make you think about the vast difference).

And we must also bear in mind that many of those who retired early were the rich, not the poor. Its like Jeff Bezos saying he will retire when he is 30. Unfortunately those rich are still included in the figures, even if they are millionaire shipping magnates.

Figures don't always represent the majority, or the poor.

DallasSteve
  6/1/2020 01:06 EST

I'm glad I didn't sell the Colombian pesos sitting in my bedroom drawer. Soon I'll be a rich man when 1 peso equals 1 dollar. LOL

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Best Places to Live in Colombia Best Places to Live in Colombia

If you're considering a move to Colombia, here are the 15 Best Places to Live in Colombia in 2023.

Healthcare in ColombiaHealthcare in Colombia

Our guide to healthcare in Colombia covers public and private healthcare in Colombia, hospitals, vaccinations, prescription medications and more.

Cost of Living in ColombiaCost of Living in Colombia

Expats offer insight into the cost of living in Colombia.

Moving to ColombiaMoving to Colombia Guide

With its bustling cities, beautiful beaches and friendly Colombians, Colombia is an increasingly popular destination for expats of all ages. Expats in Colombia offer insightful tips for those moving to Colombia.

Real Estate in ColombiaReal Estate in Colombia

Real estate listings in popular cities and towns in Colombia.

Pros Cons of Living in ColombiaPros & Cons of Living in Colombia

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Colombia.

Retiring in ColombiaRetiring in Colombia

Advice for people retiring in Colombia.

10 Tips for Living in Colombia10 Tips for Living in Colombia

If you've recently arrived in Colombia, here are 10 tips for digital nomads living in Colombia.

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