Cambio?

More than one person told me that the first word that came to their mind when they thought of Chile in relation to South America was "stable." I had forgotten that economic stability was on the "pro" list for Chile until I got to Buenos Aires a few weeks ago. Although we saw quite a few signs of economic instability, and experienced it in more ways than one, the attitude toward cash and/or credit was an aspect of the Argentine economy that I encountered on a daily basis.   

Argentine Pesos. Really pretty. Not exactly stable.

Avenida Florida is a long pedestrian shopping strip in the heart of downtown Buenos Aires. We passed by our first night in town, and started to notice various people lined up and down the avenue asking us and others "cambio?" They wanted to change their Argentine pesos for American dollars, Chilean pesos, Brasilian reals -- any currency that was more stable than their own. (They were actually masters at being subtle and persistent. They had wads of cash that they didn't necessarily want to advertise, but also had wads of cash that they wanted to change).

It wasn't just the hecklers on Avenida Florida that showed a preference for foreign currencies. Restaurants, for example, showed their preference by giving a slightly better exchange to those who paid in dollars or real. 


In other cases the preference was for Argentine pesos, though, as opposed to credit. Credit or debit cards were accepted in larger/chain stores and restaurants, but several of the smaller or independent businesses would only accept cash. Sometimes it had to do with the costs and fees that Visa or MasterCard (or whoever) charge, but more often than not it had to do with complete lack of trust in the banks.

I noticed this most with tango-related businesses. I could only pay with cash for the shoes, the shows, the lessons, the milonga cover charge...