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The remote province of La Rioja has created its own currency, the chacho, to try to revive its moribund economy. The essence of the scheme is ultimately a way for a deadbeat province that has been cut off from federal funds and locked out of debt markets at home and abroad to obtain financing and keep spending.
On a chilly morning in late August, the province’s workers bundled up in heavy jackets and hurried to get into line to collect their new currency. There was some grumbling as morning turned to afternoon and the line crawled along at a glacial pace — “seven hours to collect 50,000 filthy chachos,” one groused — but the mood was generally light. They made small talk and sipped mate. The payment they were due, equal to some $40, was a lot of money in a province where the average monthly salary is just $240.
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