Argentina

Argentina
Monday, August 4th 2014 - 07:34 UTC

Debt ruling shows a callous disregard to the effects on Argentina

“It's not fair to the government of Argentina, which cannot pay the vulture funds without facing demands from other creditors to be paid in full”

By Eileen Appelbaum (The New York Times) - There is no way to construe as fair the United States court ruling that Argentina cannot pay 93% of its creditors, unless it first pays a small group of hedge funds. It's not fair to the 93% of bondholders who negotiated a restructuring of Argentina’s debt in 2005 and 2010 with reduced payments.

Monday, August 4th 2014 - 07:27 UTC

Argentina awarded by the EU beef 'feed-lot quota' of 48.200 tons

Argentina joins an exclusive club of countries with 'feed-lot quotas'

The European Union (EU) has recognized Argentina as one of the few countries able to export high-quality beef under the “feed-lot quota” to the European market, a press release from the Argentine Foreign Ministry informed on Sunday.

Monday, August 4th 2014 - 07:09 UTC

Malvinas war and the 2001 and 2014 defaults, Argentina's worst mistakes in 33 years

Analyst Rosendo Fraga anticipates very hard times ahead for Argentina with a worsening of social costs

The Falklands/Malvinas war, the 2001 default and the 2014 default are “the three events that are going to go down, in recent Argentina history, as the three worst strategic mistakes committed by the country”, according to political analyst and historian Rosendo Fraga.

Sunday, August 3rd 2014 - 13:22 UTC

“Argentina Finds Relentless Foe in Paul Singer’s Hedge Fund”

While Singer’s firm has yet to collect any money from Argentina, experts say that the battle may have shifted the balance of power toward creditors

The following article by Peter Eavis and Alexandra Stevenson was published in The New York Times and addresses the current litigation between Argentina and the speculative funds. The hedge fund firm of billionaire Paul E. Singer has about 300 employees, yet it has managed to force Argentina, a nation of 41 million people, into a position where it now has to contemplate a humbling surrender.

Saturday, August 2nd 2014 - 09:18 UTC

“Debt restructuring” and the Argentine case by Joseph Stiglitz

“The vultures have invoked the rule of law but we should be clear: This is about greed”, says the Nobel Prize

The following piece published in The New York Times was written by Joseph E. Stiglitz, winner of the Nobel Prize in Economics and a former chief economist of the World Bank, and currently a professor at Columbia University.

Saturday, August 2nd 2014 - 09:08 UTC

IDSA decides that Argentina “failed to pay” and thus declares it has defaulted

ISDA's 15-member determinations committee decided that a “failure to pay” event has occurred on the contracts on July 30

The International Swaps and Derivatives Association (ISDA) on Friday declared Argentina in default, which could trigger payments worth up to one billion dollars on credit default swaps.

Saturday, August 2nd 2014 - 08:58 UTC

Argentina suggests Griesa and Pollack are actively helping holdouts by declaring a 'default'

Thus Argentina for these reasons, “reiterates its request, by writing, that the mediator be replaced”.

The Argentine Economy Ministry claimed on Friday New York judge Thomas Griesa has benefited “vulture funds” during negotiations over Argentina's defaulted debt with holdouts and asked the (Argentine) National Values Commission (CNV) to start an investigation over alleged “speculative moves”.

Saturday, August 2nd 2014 - 08:46 UTC

Brazilian media call Cristina Fernandez, “inept, arrogant and incompetent”

No mercy for Cristina Fernandez and the Marxist professor of populist heterodox economic policies

The leading Brazilian newspapers blasted Argentine president Cristina Fernandez as the sole responsible for the 'default event' which followed the failure of negotiations with holdouts in New York. This despite the fact Brazilian economy minister Guido Mantega denied Argentina was in default and strongly supported the Argentine government.

Saturday, August 2nd 2014 - 04:08 UTC

Griesa orders Argentina/holdouts to resume negotiations and an end to 'misleading information'

 The Judge told Argentina lawyers “to take steps to stop the misleading information being released by the Republic”

US District Judge Thomas Griesa presiding over Argentina's bitter dispute with two hedge funds left the country stranded in default on Friday, ordering it to hold new negotiations and calling for an end to “mistrust”. In a stern tone Griesa slammed the decision by Argentina to defy his order that it pay in full holdout investors and instead opted to default on 29 billion dollars in debt.

Friday, August 1st 2014 - 08:57 UTC

Hedge fund Aurelius denies any serious proposition to buy its holdout bonds

The original version was that foreign private banks were involved in such a proposal

Aurelius Capital Management has shot down speculation that the hedge fund was fielding a viable private-sector proposal for selling its untendered Argentine sovereign debt in a bid to shorten the amount of time Argentina is in default.

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