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South Amercia Calling
Fri Sep 19, 2014 12:03 PM CDT

Argentine Congress Thursday approved a supply bill that could allow the government to confiscate grain stocks and cap domestic food prices.

The lower house voted 130-105 to offer President Cristina Fernandez greater powers to control the economy, setting profit margins for large companies and confiscating goods sold at unjustifiably high prices.

The move reflects the dire straits in which Argentina's government finds itself. The economy has stalled, inflation is surging at over 30%, dollar reserves are dwindling dangerously low and it has been forced into default on its sovereign debt.

In the face of a hard currency shortage, Fernandez has ...

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