Argentina

Argentina
Thursday, October 9th 2014 - 06:08 UTC

Mercosur finally agrees: unified number plates for new cars beginning 2016

Timerman and other officials hold the enlarged prototype of the Mercosur cars' number plate

The five full members of the Mercosur trade bloc will use unified number plates for their 0km vehicles starting in 2016, Argentine Foreign Minister Hector Timerman announced on Wednesday from San Martín Palace in Buenos Aires city.

Wednesday, October 8th 2014 - 20:40 UTC

IMF forecasts two years of recession for Argentina

“Increasing economic misbalances” and “uncertainty” because of the ongoing litigation with the holdouts

The International Monetary Fund anticipates two years of recession for Argentina in a context of “increasing economic misbalances” and “uncertainty” because of the ongoing litigation with the holdouts or 'vulture funds', as well as inflationary tensions.

Wednesday, October 8th 2014 - 07:51 UTC

Argentina needs an “urgent change of course” and better relations with financial markets

“Humbly speaking if I was in Argentina's shoes, that would be my priority”, said economist De la Torre .

The Argentine economy needs an urgent change of course which would have the effect of reestablishing normal relations with the financial market, a crucial step to open a maneuvering space in an ever more complex environment, suggested Augusto de la Torre, World Bank chief economist for Latin America.

Wednesday, October 8th 2014 - 03:50 UTC

Brazilian and Chinese banks support for Argentina in bonds litigation confirmed

The Dilma Rousseff administration seeks “maximum discretion” for this operation while keeping the Argentine government informed, Garcia admitted

Brazil’s PTG Pactual Bank and the China Construction Bank are at the forefront of the initiative to buy up the 1.6 billion dollars of debt which Argentina owes “holdouts” NML-Elliott and Aurelius, according to a report from Buenos Aires Ambito Financiero, the country's leading financial newspaper.

Wednesday, October 8th 2014 - 03:46 UTC

World Bank supports Argentina, favors institutional frame for 'holdouts'

“I welcome Argentina’s initiative in the UN and every way in which these problems can be solved”, said economist Augusto De la Torre

World Bank Chief Economist for Latin America and the Caribbean Augusto De la Torre has said the ongoing conflict between Argentina and holdout creditors is due to the “lack of international debt regulation frames”, and favored Argentina's initiative in the UN to “solve the situation.”

Tuesday, October 7th 2014 - 22:19 UTC

Despite record shrimp season, Argentine seafood landings drop 7.3%

Shrimp landing reached 80.362.9, which is 27.6% higher compared to the same 2013 period: 62,937.2 tons.

Seafood landings in Argentine sea ports between January first and 30 September totaled 584,835.1 tons of seafood resources, 7.3% less that the same period a year ago, 630,393 tons.

Tuesday, October 7th 2014 - 06:16 UTC

Ambassador Castro criticizes 'holdouts' and thanks UK unions' support for Argentina

“Trade unions the world over condemn this ruthless profiteering strategy led by the vulture funds that aim to undermine our economy”, said Ms Castro

Argentine ambassador in the United Kingdom, Alicia Castro has fiercely criticized the conduct of holdout investors and thanked UK unions for their support in the dispute with 'vulture funds', during an address to the British umbrella trade union UNITE.

Tuesday, October 7th 2014 - 06:04 UTC

IMF urges changes in sovereign bonds' contracts, following Argentina's case

The IMF report said that the standard “pari passu” or “equal treatment” clause in Argentine bond contracts permitted holdouts to make their claim for 100%.

The International Monetary Fund on Monday urged changes in sovereign bond contracts as Argentina remained mired in a US court battle with holdouts or “vulture funds” years after its massive debt restructuring.

Tuesday, October 7th 2014 - 05:46 UTC

“Blue” dollar in Argentina further plummets as market waits for new rules

With the latest changes in the Central bank, Economy minister Axel Kicillof has become the most powerful official of the Cristina Fernandez administration

The US 'blue' or informal dollar plunged 35 cents at the end of trading on Monday in Argentina to 14.95 Pesos after dropping another 20 cents last Friday, amid uncertainty about the new Central bank authorities policies and what is anticipated will be tighter controls on 'illegal' trading.

Tuesday, October 7th 2014 - 00:53 UTC

Holdouts insist they want to negotiate with Argentina a solution to bonds dispute

“The interest of my client is to negotiate a solution to the dispute with Argentina”, said Cohen in New York

Lawyer Robert Cohen representing NML, the main holdout fund in litigation with Argentina, insisted that his client is prepared and willing “to negotiate” but also questioned the government of President Cristina Fernandez attitude during the court hearings in New York over the restructured debt.

Advertisement

Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!

Advertisement