Tag: Hernán LorenzinoHernán Lorenzino
The administration of President Cristina Fernandez announced the drafting of a bill intended to establish a recovery plan for undeclared assets within the country and abroad in order to strengthen the level of foreign reserves of the Central Bank. The government estimates Argentines hold 160bn dollars outside the financial system in the country and overseas.
Dollar in Argentina breaks 10 Pesos barrier, despite Cristina Fernandez and her “I want to leave” minister
The ‘blue’ or parallel dollar in Argentina beat a new record on Tuesday by breaking the 10 Pesos milestone and ending trading at 10.08 Pesos. The official rate meantime remained relatively stable and closed at 5.16 and 5.21 Pesos (buying and selling price).
Argentine nationalized energy company YPF warned on Tuesday that inflation in the country may keep rising and affect its results, a rare admission considering the company is controlled by a government known for playing down the problem.
The Argentine government is considering different options to contain the current skyrocketing of the US dollar, but according to the financial media there are different positions in the cabinet of President Cristina Fernandez. One of those calls for direct interventions while the other adopts a more passive attitude saying the issue is speculative and ‘marginal’.
Economy minister Hernan Lorenzino became the laughing stock of Argentina when a video was revealed showing him suspending an interview with Greek television arguing that Argentine inflation ‘is too complex’ and telling his aides, ‘I want to leave’. One of the aides then tells the Greek reporter that in Argentina ‘we don’t discuss inflation’.
Two US hedge funds suing Argentina for full payment on defaulted bonds rejected on Friday, President Cristina Fernandez government offer to settle the suit with a deal that would give them approximately 25% of what they were seeking.
Argentine Economy Minister Hernán Lorenzino is in Washington ready to start his official activities in the margins of the 2013 International Monetary Fund and World Bank Spring meeting.
President Cristina Fernandez called an urgent meeting on Wednesday evening of her economic team following a day of hectic trading in the currency exchange market which had the US dollar climb to 8.75 Pesos in the parallel market, expanding the gap with the official rate to almost 70%.
“We are representing a government, and governments will not be told to do things that fundamentally violate their principles” lawyer Jonathan Blackman told the Manhattan US appeals court.
Argentina's defence urged a US appeals court on Wednesday to come up with a workable solution to its long-running fight with so-called holdout bondholders, and assured the country will not pay an amount exceeding the one set in the debt-swaps.