Trade between Argentina and China could see a rise in Yuan-denominated operations after the bilateral currency swap deal that was sealed earlier this year, according to key leaders of the Sino-Argentine business community in Buenos Aires.
President Cristina Fernandez said US Judge Thomas Griesa decision to declare Argentina 'in contempt of court' in the dispute with speculative funds, was in violation of international law, the UN chart and the OAS (Organization of American States) chart.
The informal of “blue” dollar in Argentina fell back 15 cents to 15.55 Pesos after it skyrocketed 75 cents last week and scraping 16 Pesos. The formal US dollar meantime advanced three cents to 8.49 Pesos at the end of trading in Buenos Aires City banks and foreign exchange offices. The gap between the two rates dropped to 83.9%.
In a speech delivered to over three hundred trade union delegates, Argentine ambassador in London Alicia Castro thanked the British unions for their support in fighting the 'vulture funds' and in backing the call for dialogue on the question of the Falklands/Malvinas, while praising progress made by Argentina regarding the role of women.
Argentina’s government released some hopeful economic statistics last week with numbers showing that the economy climbed out of recession in the last quarter. But with skepticism over the numbers, combined with a free-falling peso, in light of Argentina’s debt dispute with holdout creditors, economists still have a grim outlook the Mercosur member economy.
Argentina's Economy minister Axel Kicillof lashed out at US Judge Thomas Griesa after he authorized Citibank a one-off payment of Argentine bonds' coupon next Tuesday saying he once again failed to address the heart of the issue and also in fact recognized that bonds under Argentine law do not belong to his jurisdiction.
US District Judge Thomas Griesa has enabled Citibank to process a one-off payment on US dollar-denominated bonds issued under Argentine law, during a hearing held at Manhattan federal court on Friday.
By Arturo Porzecanski of American University (*) - Jose Antonio Ocampo, a former United Nations official and co-president with Prof. Joseph Stiglitz of Columbia University’s Initiative for Policy Dialogue, which promotes the adoption of heterodox economic policies in developing countries, recently wrote a guest post welcoming a UN General Assembly resolution calling for the launch of negotiations on a multilateral framework for sovereign debt restructuring.
The United Nations Human Rights Council meeting in Geneva on Friday adopted an Argentine-fueled resolution which condemns the so called 'holdouts' or “vulture funds”, currently in a legal dispute against the country.
US Assistant Secretary of State for the Western Hemisphere Roberta Jacobson has said the bilateral relationship with Argentina is going through a “difficult period”, but stated the legal battle between that country and holdouts is not a “political problem” but a “judicial problem.”