By Linda Quiquivix
We’ve arrived!
Together. In one piece. Luggage intact.
Which is more than I can say for U.S. airports. Of all the places in the “third world” I’ve ever traveled to, I’ve never any problem with luggage. The U.S. wins the award for efficiency when it comes to putting my luggage on the wrong flights.
And twice!
But enough about the U.S. We’re in Guatemala! Nine of us. All university students. We’re here to save the world and we’re not leaving until it’s saved.
All of it.
Our first meal: Pollo Campero! Guatemala’s answer to McDonalds – a quite formidable answer, at that. It’s an enormous international chain with restaurants in almost every Central American country, Mexico, the U.S., Ecuador, Spain, and even Indonesia.
Indonesia.
Eating at Pollo Campero is an absolute must for anyone seeking the “authentic” Guatemalan experience. If you’re a vegetarian (as are Pavak and myself) you can chomp down on Campero’s french fries. The ketchup is sweet. It’s not quite the same experience, of course, but one that can be lived vicariously through your carnivorous, chicken lovin’ friends.
And plenty of them on this trip we have.
Carlos’ grandfather, Eddie, hosted our first night in his lovely home. There, we were treated to frijoles revueltos (refried black beans), handmade corn tortillas, and guacamole (in Guatemala, it’s pronounced without the last syllable: “wah-kah-MOL”).
Guatemalans like to shorten words a lot.
Guate’s national beer, Gallo (in conjunction with every nation’s national soft drink, Coca-Cola) helped us wash it all down.
We expect to have many more encounters with the aforementioned foods throughout the remainder of the five week-trip. (Five weeks is exactly how long it takes to save a world, in case you’ve always wondered.)
This morning, Eddie treated us to breakfast. Pollo Campero! (The menu is totally different in the morning – it’s a whole new experience.) While driving to breakfast we experienced traffic slow down on Avenida de las Americas – protesters – voicing their anger at the government’s (lack of) response to the recent Banco de Comercio scandal which robbed many of their savings.
The Banco de Comercio scandal involves sleazy bankers, off-shore accounts, unsuspecting customers who sign up without reading the fine print. The bank had served as a proxy, depositing customers’ money in off-shore banks instead of in the actual bank.
The bank collapsed at the beginning of the year; as did its directors; as did the off-shore dough.
Its customers have no recourse. Because their deposits were technically made to go into off-shore banks (something they consented to by not reading the fine print when they opened their accounts), it made their accounts ineligible for coverage through Guatemala’s FDIC-like – an insurance which covers up to 20,000 quetzals or, approximately 2,729 dollars and 48 cents.
(The current exchange rate: Q7.95 = $1.00.)
The way the government sees it, it’s the customers’ own fault. Documents, contracts, fine print – the institutionalization of trust has rendered the customers guilty. Guilty of having too much trust in, and unawareness of, the banking system.
This is all making me realize that I never read the fine print for anything. I have no idea how my banks operate. They’re all credit unions – market socialism where the members are all owners – so I trust them. Is this bad? Do I trust them too much? When I make deposits, am I technically making them in off-shore banks? Would that make them ineligible for FDIC?
Yikes.
This isn’t the first financial crisis Guatemala has experienced in recent months. The country’s fourth largest bank, BanCafe went under at the height of the holiday season last year.
Soon after, there was a shortage of paper money. Enough of the new bills to replace the old, worn bills hadn’t been ordered. Unless you had a credit card, you were SOL. ATM machines were inoperable. I visited here in January, arriving without any cash. I’d relied on the ATM system so often. It had never done me wrong. But this last time, I was unable to make any withdrawals. Thank goodness I had family to house me, feed me, and even spot me. (Crap, I still owe my brother 80 bucks for that bus ticket to Mexico.)
It’s only months later, and now Banco de Comercio collapses.
It amazes me how little coverage Guatemala’s financial woes receive in the international news. You’d be hard-pressed to find any online (in English, anyway). There’s one Reuters story about it from January, nothing on the BBC (unless I’m not searching correctly but I promise you, I’m a wiz at this kind of stuff). There’s nothing in the L.A. times (a place which boasts the largest Guatemalan population outside of Guatemala). And there’s nothing to be found in the news search machine that is Lexis Nexis!
(Am I doing this wrong? Someone prove me wrong, please.)
It’s making me wonder if any of this is even real. I mean, I’m seeing it, but if it’s not on the English-speaking Internet world does it not exist?
It’s on the English-speaking Internet world now.
Luckily, we had Carlos’ grandfather, Eddie to sort this all out. Eddie is the former director of Guatemala’s second largest bank, G &T Continental. He’s a fountain of knowledge on the country’s banking industry, politics, history – basically, he’s hours of stimulating conversation. So much so, that I’ve invited myself over to grill him for invaluable information come dissertation fieldwork time.
And he said “yes”. He had no choice not to.
Next journal entry: the trials and tribulations nine university students experience while being forced – forced! – to take up lodging in a mansion in Antigua complete with swimming pool, free wi-fi, and a garden in every shower (no lie).