Argentina’s oil and gas corporation YPF CEO Miguel Galuccio admitted that the ‘energy deficit’ of Argentina has become a serious challenge since the country has started to face a serious shortage of light oil for refining.
Argentina’s legal representation in Washington DC yesterday sent a petition for a writ of certiorari to the United States’ Supreme Court, requesting Justices to accept its appeal against the Second Circuit Court of Appeal’s ruling in favour of holdout hedge funds, which are demanding full repayment for bonds left unpaid by Argentina’s record-breaking 2002 default.
A British Conservative Member of Parliament Henry Smith labeled Argentine president Cristina Fernandez as ‘disgraceful’ for how she has treated the people of the Falkland Islands and also claimed she stopped an Argentine prosecutor from testifying before the US congress on the Buenos Aires 1994 bombing of an Israelite mutual association in order to protect a growing alliance with Iran.
Argentina’s flag carrier Aerolíneas Argentinas will have this year an operational deficit of 250 million dollars, approximately 12% of sales, but a sharp decrease from the 640 million loss last year, said CEO Mariano Recalde addressing Senate Budget, Finance, Infrastructure, Housing and Transport committees.
Argentina's economy is expected to grow 6.2% next year, while GDP in 2013 is forecasted to expand 5.1% boosted by a massive grains harvest and the automobile industry, Economy Minister Hernan Lorenzino said on Thursday while presenting the 2014 budget bill before Congress.
The US Supreme Court will use its Sept. 30 private conference to consider whether to hear Argentina’s appeal in a clash affecting billions of dollars in defaulted debt. The schedule, revealed on Wednesday on the court’s public docket, means the justices may say as early as Oct. 1 whether they will review a 2012 federal appeals court ruling that requires Argentina to pay holders of defaulted bonds if the country makes payments on restructured debt.
Spanish Foreign minister Jose Manuel Garcia-Margallo said that the ‘best solution’ for Spain and Argentina on the dispute over the seizure of a majority stake of YPF from Repsol is “negotiations” and emphasized that Madrid will back Spanish corporations in what it ‘considers convenient’.
The government of President Cristina Fernandez thanked Paraguay for granting political asylum to Juan Domingo Peron, three times elected president of Argentina, at their embassy in Buenos Aires, when he was ousted by a military coup in September 1955
Argentina’s long-term sovereign foreign currency credit rating was cut one level by Standard & Poor’s, which cited a US Appeals Court ruling that prevents the country from honouring its debt without also paying holders of defaulted bonds in full.
Inflation in Argentina during August climbed 2.11% and 25.2% in the last twelve months according to the release from the Congress Freedom of expression commission. The so called Congressional index is an average of private consultants that have been intimidated from making public their estimates by the government of President Cristina Fernandez.