What a fantastic way to encourage foreign investment in your country.

It appears as though the same thing has happened with Argentine land name IRSA ( IRS), which is 64% owned by Cresud. IRSA was to pay a $0.648 dividend that went ex in late November. IRS Chart IRS data by YCharts

Don't get me wrong, I still believe that Cresud, with its 1.6 million acres of farmland, an incredible 2,500 square miles, its 64% stake in IRSA and other assets, is a potentially valuable name.

Unfortunately, there's just too much risk in Argentina, and too much control from a government that is unfriendly to business and foreign investment. First, it took control of the oil and gas industry, then price controls, now dividend interruption. What's next?

At the time of publication the author had no position in any of the stocks mentioned.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Jonathan Heller, CFA, is president of KEJ Financial Advisors, his fee-only financial planning company. Jon spent 17 years at Bloomberg Financial Markets in various roles, from 1989 until 2005. He ran Bloomberg's Equity Fundamental Research Department from 1994 until 1998, when he assumed responsibility for Bloomberg's Equity Data Research Department. In 2001, he joined Bloomberg's Publishing group as senior markets editor and writer for Bloomberg Personal Finance Magazine, and an associate editor and contributor for Bloomberg Markets Magazine. In 2005, he joined SEI Investments as director of investment communications within SEI's Investment Management Unit.

Jon is also the founder of the Cheap Stocks Web site, a site dedicated to deep-value investing. He has an undergraduate degree from Grove City College and an MBA from Rider University, where he has also served on the adjunct faculty; he is also a CFA charter holder.

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