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3h ago

La Rioja Revives 'Chachos' Quasi-Currency to Fund Two Tourism Programs

Details of the new issuance remain undisclosed, with the province still in external default.

A sign reads in Spanish, "We take chachos" at a butcher shop in La Rioja, Argentina, Monday, Sept. 23, 2024. In response to slashed federal budgets to provinces, La Rioja is printing a new emergency tender called "chachos" to pay state workers and spur the economy. (AP Photo/Natalia Diaz)
El gobernador Ricardo Quintela tiene un largo enfrentamiento con el presidente Milei

Overview

  • Governor Ricardo Quintela announced the return of the 'Chachos' to power two initiatives called Impulso Turístico 50/50 and Previaje Riojano Movete por La Rioja con Chachos.
  • The Previaje Riojano plan offers a 50% rebate on eligible lodging and travel packages, credited in Chachos up to 150,000 per invoice for spending at registered providers.
  • Impulso Turístico 50/50 will finance up to half the cost of approved improvement projects for tourism businesses through non-repayable contributions of up to AR$2,000,000 per project.
  • Officials did not specify the size of the new Chachos issuance, and local leaders position the move as a response to national funding cuts under President Javier Milei.
  • The relaunch follows a prior 2024 issuance of AR$22,500 million that circulated for purchases and provincial payments until December 31, and comes as La Rioja has notified it will not pay principal and interest on 2028 international bonds after earlier defaults.