As the Argentine congress started to debate an end to the 15-year litigation, United States District Judge Thomas Griesa sent a new message of support to Argentina by claiming he won’t allow any attempts to seize the funds to be used by Argentina to pay the holdout creditors.
The administration of president Mauricio Macri overcame a first hurdle in the Argentine congress to have its debt normalization bill approved, which should help bring to an end years of litigation with the holdout funds and open access to global money markets in normal conditions.
Beijing made a formal complaint to Argentina and expressed 'great concern' regarding the incident in which a Chinese flagged jigger caught red-handed fishing in the country's EEZ was fired at and sank on Tuesday. Chinese authorities also requested an “immediate inquest” into the procedure of the Argentine Coast Guard in the sinking of the vessel Lu Yuan Yu10.
Argentina's coast guard has sunk a Chinese flagged jigger that was fishing illegally within its territorial waters, the coast guard said on Tuesday, marking a first test for relations between President Mauricio Macri and Beijing.In a high-seas chase, a coast guard vessel pursued the fishing vessel Lu Yan Yuan Yu 010 toward international waters, firing warning shots across the Chinese boat's bow as it attempted to raise the crew by radio.
Indonesian authorities on Monday bombed the last major ship internationally wanted for years of illegally taking toothfish from southern waters, reiterating a strong message to would-be poachers who enter the country's waters.
It would be 'hasty' to consider that Argentina is ready to sign a trade agreement with the United States, but in any case the issue must be addressed by Mercosur, and it's the whole group that should advance in that direction, said Argentina's foreign minister Susana Malcorra.
February’s inflation in Argentina reached 4.8% and has accumulated 33.9% in the last twelve months, according to the so called congressional inflation index released laast week. But Finance minister Alfonso Prat-Gay from Chile anticipated that consumer prices will fall to nearly 1% during the second quarter.
Mercosur and the European Union will exchange trade proposals in April, a key step for the long delayed trade and cooperation agreement between the two blocks and which has gained strength since the change of administration in Argentina with president Mauricio Macri.
Argentina's Finance Ministry finally released its fiscal results for the 2015 period, which showed a deficit amounting to more than 5% of GDP. The figure is likely to be subject to much controversy and discussion, as the government of president Mauricio Macri introduced new methodology to calculate its figures.
By Nick Cunningham of Oilprice.com
Argentina offers one of the few places on earth where oil companies are not suffering from the full force of the collapse in prices. Argentina regulates oil prices, a policy originally intended to insulate the public from the whims of the market, protecting people from triple-digit crude prices. But with the crash in prices since mid-2014, the effect of the regulation has reversed: motorists are now effectively subsidizing the oil industry.