Economy

Economy
Tuesday, July 8th 2014 - 08:33 UTC

EU holders of restructured Argentine bonds begin court actions in Belgium

Bondholders sent Judge Griesa a request for clarification on the impact of his pari passu (equal treatment) ruling

Holders of restructured Argentine bonds took to Belgian courts against Euroclear and the Bank of New York last week over their failure to pay out Argentina’s deposit, newspaper Tiempo Argentino (*) reported, citing court documents signed by the funds’ legal counsel.

Tuesday, July 8th 2014 - 08:20 UTC

Leading holdout hedge fund willing to give Argentina more time to negotiate

“The silence from Argentina is deafening. It does not appear serious about reaching a timely resolution of its debts”, said Newman in a FT column.

Elliott Management portfolio manager Jay Newman has revealed that the holdout hedge fund would be willing to give the Argentine government more time to negotiate following the nation's reverse in the US Supreme Court, while criticizing Economy minister Axel Kicillof for not meeting with the so-called 'vulture funds'.

Tuesday, July 8th 2014 - 08:10 UTC

Kicillof meets Pollack requests 'stay' injunction to pay bondholders

The meeting took almost four hours and was followed by a communiqué from the Argentine delegation

Argentine Economy Minister Axel Kicillof held Monday afternoon a meeting that lasted almost four hours with the Special Master appointed by US Judge Thomas Griesa, Daniel Pollack, and requested that an injunction allowing Argentina to pay bondholders be reinstated while negotiations with holdouts developed.

Monday, July 7th 2014 - 23:42 UTC

China economy with moderate growth in medium term, says World Bank

Current measures will improve the quality of China’s growth: more balanced, inclusive and sustainable” according to economist Karlis Smits

China’s growth will moderate over the medium term as the economy continues to rebalance gradually. Growth is expected to slow to 7.6% in 2014, and 7.5% in 2015, from 7.7% in 2013, according to the World Bank’s China Economic Update latest edition.

Monday, July 7th 2014 - 23:09 UTC

ECLAC sides with Argentina; calls for Collective Action Clause for sovereign debts

If Argentina were forced to declare a default, no creditors would get paid. If Argentina opted to pay, it could end in another default, argued Barcena

The Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Bárcena, has sided with Argentina in the holdout hedge funds litigation arguing on the need to establish an international mechanism that would allow for the resolution of conflicts of interest caused by sovereign defaults:

Monday, July 7th 2014 - 22:42 UTC

FAO food price index down for third month running: plenty of corn and wheat

Improved production prospects for coarse grains and wheat crops, particularly in the United States, the EU and India.

The FAO Food Price Index was down for a third consecutive month in June, a decline mostly influenced by lower wheat, maize and palm oil prices that reflected ample supplies and improved global production prospects for these commodities.

Monday, July 7th 2014 - 07:26 UTC

Uruguay Vice-president and Latam UN ambassadors claim US justice took sides

Astori said that the current situation is a disastrous precedent for countries wishing to comply with debt commitments

Latin American ambassadors to the United Nations (UN) and Uruguay's Vice-president Danilo Astori showed their support to Argentina in its dispute against holdout hedge funds. They agreed that the so-called 'vulture funds' are a risk to debtor nations and that they pose a threat to the region.

Monday, July 7th 2014 - 07:17 UTC

Kicillof formally meets 'Special Master' Pollack, but not holdouts delegates

The delegation will ask Pollack how to avoid fresh lawsuits from holders of 2005 and 2010 debt swaps

Economy minister Axel Kicillof is heading the Argentine delegation that on Monday will hold a first formal meeting in New York with “Special Master”, financial expert Daniel Pollack, appointed as mediator by Judge Thomas Griesa in negotiations between the sovereign country and holdout hedge funds, according to a release late Sunday from Buenos Aires.

Monday, July 7th 2014 - 07:10 UTC

Lagarde cautious about growth momentum; infrastructure investment needed

Lagarde said that the IMF did not expect a “brutal” slowdown in China, a market crucial for Latin America

Global economic activity should strengthen in the second half of the year and accelerate in 2015, although momentum could be weaker than expected, IMF chief Christine Lagarde said, hinting at a slight cut in the Fund's growth forecasts.

Saturday, July 5th 2014 - 09:32 UTC

Moody's confirms Peru as one of South America's strongest economy

Minister Ghezzi pointed out that Peru had become one of the countries with “the lowest credit risk in the world”.

Peru's sustained macroeconomic performance has been recognized through the recently announced upgrade to A3 of its sovereign debt by Moody’s Investors Service. According to the credit rating agency, Peru' government debt was lifted two notches to A3 from Baa2, with a stable outlook for the economy.

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