Gateway Pundit | By ProTrumpNews Staff Published January 26, 2023 at 9:30am
The mainstream press printed article after article claiming El Salvador was going to default on its debt because of Bitcoin.
The New York Times wrote, “A Poor Country Made Bitcoin a National Currency. The Bet Isn’t Paying Off.”
The Washington Post published an Op-Ed warning about El Salvador’s condition and how they could default.
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Bukele has paid dearly for his animosity against the United States. In January 2023, the government of El Salvador must pay 800 million dollars in international bonds. Bukele’s first option was to seek financing through the International Monetary Fund (IMF), but after the dismissal of the Supreme Court magistrates, negotiations with the United States – one of the top financiers of the multilateral organization – stalled. — criticized Bukele’s authoritarian actions.
The impossibility of reaching an agreement with the IMF forced Bukele, in September 2021, to find an unorthodox solution to a fiscal crisis: to convert the Bitcoin cryptocurrency into a currency for legal use. For this, Bukele invested at least 150 million dollars taxed by the people of El Salvador in the adoption of the cryptocurrency. Since then, the country’s financial situation has worsened. By May 2022, El Salvador has become the nation with the highest risk of default in Latin America, behind Venezuela, and its international bonds have one of the worst yields in the world, along with Ukraine and Belarus.
They didn’t default.