A Country Without Credit

The Financial Times follows Inc.’s Argentina story with its own take on the country, focusing on the difficulty businesses have raising money : With a small stock market where institutional investors have been in short supply since the nationalisation of pension funds in 2008, and few angel investors or venture capital funds, the traditional source of seed capital is what is known as FFF: friends, family and fools. “There is no culture of investment. People stick their money under the mattress, they don’t put it to work,” says Leo Piccioli, who used to work at Officenet, a stationery and supplies start-up bought in 2004 by Staples, the US office supply chain store, and is now that company’s Argentina country manager

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A Country Without Credit