Argentina's first couple deliver prosperity – for themselves | World news

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Photograph: Argentine Presidency/Handout/Reuters</p> </div> <p><strong></strong><strong></p><p></strong>They were elected on the promise of delivering prosperity to <a href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/world/argentina">Argentina</a>, but statistics showing a stunning economic turnaround have come with a catch.</p><p>New figures show that since Nestor and Cristina Kirchner came to power in 2003, they have presided over a remarkable sixfold increase in their own wealth.</p><p>The couple have racked up a fortune through property speculation and investments that have thrived even as the economy has faltered. Last year alone their wealth jumped 158% to £7.3m.</p><p>Opponents have accused the Kirchners of exploiting political connections in their home state of Patagonia to buy municipal land cheaply and sell it at a vast profit. "It's a scandal," said Patricia Bullrich, a member of congress.</p><p>The couple, lawyers by training and leftists in the Peronist movement, denied any wrongdoing and through a spokesman said that being in office did not impede business deals: "That is the essence of capitalism."</p><p>In an unusual tandem, Nestor served as president until 2007 when he stood aside for his wife, a veteran senator and politician in her own right, who was elected in the first round over a divided opposition.</p><p>They were popular for presiding over a speedy recovery after Argentina's econnomic meltdown in 2001-02. But underlying problems became apparent after "Queen Cristina", as she is known to some, took over.</p><p>Analysts said inflation was perhaps triple the official rate of 9%, a figure widely viewed as a product of government fiddling, and a bruising battle with farmers over export taxes was compounded by a drought. After six consecutive years of steady growth the <a href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/world/imf">IMF</a> expects GDP to shrink by about 1.5% this year. Industrial activity has slumped.</p><p>With their own party riven by in-fighting, the Kirchners lost control of congress in mid-term elections last month. In their Patagnonian fiefdom, however, they have notched up property deals that would have made Donald Trump proud.</p><p>According to information the couple supplied to the anti-corruption office, they own 28 properties valued at $3.8m, four companies worth $4.8m and bank deposits of $8.4m. Last year they sold 16 properties, almost tripling their bank accounts, and expanded their hotel business in El Calafate, a tourist magnet. Their debts also jumped because of bank loans.</p><p>Local authorities have investigated transactions over suspicions that a mayor had given the Kirchners a bargain price for municipal land, but the case has stalled.</p> </div> </div> <div id="related"> <ul id="article-toolbox-side"> <li class="printable"><a href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/world/2009/jul/26/argentina-kirchner-wealth/print" rel="nofollow" id="printlink" class="printable rollover" title="Link to a printer-friendly version" name="&lid={pageToolbox}{Printer-friendly version}&lpos={pageToolbox}{1}"><img src="http://web.archive.org/web/20090729211358im_/http://static.guim.co.uk/static/77051/common/images/icon_print.gif" alt="Print this" class="trail-icon"/><span>Printable version</span></a></li> <li><a class="rollover sendlink" href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/email/350819822" title="Opens an email form" name="&lid={pageToolbox}{Email a 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} //]]> </script> </div> <script type="text/javascript"> google_ad_client = 'ca-guardian_js'; google_ad_channel = 'Worldnews'; google_max_num_ads = '3'; </script> <div id="google-ads-container" class="capsule advertiser-links" style="display: none;"></div> <script type="text/javascript"> //<![CDATA[ if (isExternalSystemOn("googleadsense")) { generateScriptTag("http://web.archive.org/web/20090729211358/http://pagead2.googlesyndication.com/pagead/show_ads.js"); } // ]]> </script> </div> <div class="related-content"> <h3 class="first" id="relatedInformation">Related information</h3> <div id="keyword-rule-wrapper"> <div class="relatedlinks" class="capsule"> <h3 class="first"><a href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/world" name="&lid={inlineKeyword}{World news}&lpos={inlineKeyword}{1}">World news</a></h3> <ul class="relatedlinks-keywords"> <li> <a href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/world/argentina" name="&lid={inlineKeyword}{Argentina}&lpos={inlineKeyword}{2}" rel="tag">Argentina</a> · </li> <li> <a href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/world/imf" name="&lid={inlineKeyword}{IMF}&lpos={inlineKeyword}{3}" rel="tag">IMF</a> </li> </ul> </div> </div> <div class="related-item"> <p class="thumb"> <a href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/environment/video/2008/mar/14/viedma.glacier" name="&lid={relatedContent}{Huge Patagonian glacier could disappear in 60 years}&lpos={relatedContent}{1}"> <img src="http://web.archive.org/web/20090729211358im_/http://static.guim.co.uk/sys-images/Environment/Pix/pictures/2008/03/13/Viedma140.jpg" alt="Viedma Glacier Calving Into Lake Viedma"/></a> </p> <p class="linktext "> <a href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/environment/video/2008/mar/14/viedma.glacier" name="&lid={relatedContent}{Huge Patagonian glacier could disappear in 60 years}&lpos={relatedContent}{2}">Huge Patagonian glacier could disappear in 60 years</a> <p class="trailtext"> <span class="date">14 Mar 2008: </span> Scientists report that the Viedma glacier in Argentina has retreated 1km since 1930 and could be gone altogether by the end of the century </p> <div class="related-footer"> <a href="/web/20090729211358/http://www.guardian.co.uk/video" name="&lid={relatedContent}{Video home}&lpos={relatedContent}{3}">More video</a> </div> </p> </div> <div class="related-item multi"> <h5 class="date"> 5 Jun 2009</h5> <p class="linktext"> <a href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/commentisfree/cifamerica/2009/jun/02/argentina-debt-us-vulture-funds" name="&lid={relatedContent}{Vultures circle Argentina | Mark Weisbrot}&lpos={relatedContent}{1}"> Vultures circle Argentina | Mark Weisbrot</a> </p> <h5 class="date"> 1 Apr 2009</h5> <p class="linktext"> <a href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/commentisfree/cifamerica/2009/apr/01/g20-argentina-kirchner-economy" name="&lid={relatedContent}{Rodrigo Orihuela: Argentina does belong in the G20, despite what critics say}&lpos={relatedContent}{2}"> Rodrigo Orihuela: Argentina does belong in the G20, despite what critics say</a> </p> <h5 class="date"> 9 Mar 2004</h5> <p class="linktext"> <a href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/business/2004/mar/09/argentina.internationalnews" name="&lid={relatedContent}{Argentina and IMF in duel over $3.1bn loan}&lpos={relatedContent}{3}"> Argentina and IMF in duel over $3.1bn loan</a> </p> <h5 class="date"> 14 Jan 2003</h5> <p class="linktext"> <a href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/business/2003/jan/14/argentina" name="&lid={relatedContent}{Argentina agrees IMF plan}&lpos={relatedContent}{4}"> Argentina agrees IMF plan</a> </p> </div> <div class="related-item last"> <p class="linktext noTrailPicture"> <a href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/world/gallery/2007/may/02/argentina" onclick="return openGalleryPopup('http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/world/gallery/2007/may/02/argentina', 696);" name="&lid={relatedContent}{In pictures: Argentinas workers revolution}&lpos={relatedContent}{1}">In pictures: Argentina's workers' revolution</a> <p class="trailtext"> <span class="date">2 May 2007: </span> Karl Marx urged workers to break their metaphorical chains, but in Buenos Aires they do it literally. Employees at factories declared bankrupt after the economic crash in 2001 have been breaking the chains and locks of the defunct businesses, turning on the lights and starting up the machines again. Run as workers' cooperatives, many of them are once again successful enterprises. <b>Photographs: Diego Giudice</b><br><br><a href="http://web.archive.org/web/20090729211358/http://www.guardian.co.uk/argentina">More on Argentina</a> </p> <div class="related-footer"> <a href="/web/20090729211358/http://www.guardian.co.uk/inpictures" name="&lid={relatedContent}{Gallery home}&lpos={relatedContent}{2}">More galleries</a> </div> </p> </div> </div> <div id="footer"> <ul id="footer-links"> <li><a href="http://web.archive.org/web/20090729211358/http://syndication.guardian.co.uk/" name="&lid={areas/common/footer}{License/buy our content}&lpos={areas/common/footer}{1}">License/buy our content</a> | </li> <li><a href="/web/20090729211358/http://www.guardian.co.uk/Users/help/article/0,,933905,00.html" name="&lid={areas/common/footer}{Privacy policy}&lpos={areas/common/footer}{2}">Privacy policy</a> | </li> <li><a 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Argentina's first couple deliver prosperity – for themselves | World news | The Guardian