Business in Argentina Gets Done in Cash…No, Really, Cash

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.

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