MercoPress. South Atlantic News Agency
Argentina announces debt-swap and invites US corporations to invest
Mrs. Kirchner promises a new Argentine image after next week Argentine president Cristina Fernandez de Kirchner, CFK, speaking before the United States Chamber of Commerce confirmed that the debt-swap is to be launched between Wednesday and Thursday of next week and strongly praised Argentina’s conditions “for making business and investing”.
CFK was welcomed by the US Chamber of Commerce CEO Thomas Donohue and was introduced as the main speaker at the Friday event. Participating organizations were Direct TV, Boeing, Fedex, Nike, Cargill, Lockheed and Dell, among others.
During her speech, Mrs Kirchner placed strong emphasis on the “debt reduction the country is to face” highlighting it is to “improve Argentina's image all around the world.”
“All through these past years, foreign investment allowed us to collect and store an amount of reserves directly related to our GDP, and we are now the country with the best GDP-reserves relation in the region,” she added.
On the debt-swap, Mrs. Kirchner assured that “it is a great opportunity to improve Argentina's image and to help those who are holding Argentine bonds.” She anticipated the country is close to launch an offer to go out of default.
She also held sideline talks with the Chamber's CEO Thomas Donohue and with several members of the board of directors.
ON Thursday Foreign Minister Jorge Taiana informed that the meetings which President CFK will take part of in Washington with different business chambers will be “a very good opportunity to show the positive evolution of the economy and the important development perspectives of businesses of the United States in Argentina”.
The lunch was organized by the US Chamber of Commerce, the Association of United States Business Chambers in Latin America, and the United States Business Chamber in Argentina.
Meantime Economy Minister Amado Boudou went deeper into the debt-swap issue and assured that “Argentina leading the debt-swap will definitely lure more investment, which will in turn create new job positions”. He confirmed the debt-swap is on the top-agenda President CFK is to unfold in Washington.
Boudou highlighted that the administration of Mrs. Kirchner is “always focusing on job-creating policies and on taking care of our economy”.
On the debt issue, Boudou pointed out: “Argentina has been taking debt since the 70s, and that has brought about a snowfall effect, for in 2003 the country's debt was higher than half of its GDP; nowadays, debt is 40% of GDP, less than its half. This is due to how the issue was solved back in 2005.”
Boudou acknowledged “the government has to improve some things” but stressed that if one pays attention to the way the economy if flowing, one can perceive growth, and he used the latest data of a 10% increase of industry as an example.
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Read all commentsOne of the banks aranging this debt swap was Barclays who are a major holder of shares in Desire Petroleum. So much for the Argentine leadership baring companies with interests in the Falkland Islands from operating in Argentina. More evidence that they are all words and no action and that they are evidently powerless to prevent the companies operating and investing in the Falkland Islands.
Apr 11th, 2010 - 07:44 pm 0@Beef
Apr 12th, 2010 - 01:22 pm 0You are always out of the clue. Do you?
The ban imposed is on companies having direct oil operations in Argentina or suppliers. Let’s say Shell, Exxon, Mobil, BP, Techint, etc and not share holders or any other activity.
In fact Argentina blocked Techint international (Buenos Aires based company) and the monopoly of the seamless steel tubes for the oil industry in the world.
Without tubes and pipes the oil remains there do you understand the idea?
For more information click here please http://en.wikipedia.org/wiki/Techint
Barclays is a Bank and doesn’t drill, explore or refine crude by itself.
Y quedate tranquilo que nostros si tenemos poder para investigar y bloquer.
Regards,
NicoDin. Your analysis is pretty superficial and laughable. Firstly define what is directly involved. I am a Share Holder so by default I am directly involved as it is my money paying for the drilling. If my pension fund or unit trust was invested they I become detached and not directly involved. Barclays decided to directly invest deposited money in FI Oil exploration which makes they directly responsible. You can't drill for free. The ship you blockaded was the Thor Leader which has already deposited it's cargo and was taking a delivery from Argentina to Egypt. So in reality your government has failed misserably to stop the drilling and the Oil Exploration companies have found it easy enough to find drilling pipes etc. What do you think they are using at the moment, gutters and pipe cleaners?
Apr 12th, 2010 - 05:48 pm 0If the basins are proved (note I have said if and not when as I am a realistic speculator) then the big boys like BP, Shell etc will come calling and The Argentine government will be powerless to stop them without damaging the Argentine economy further. It is also likley that if Argentina votes for a change of government, and this is very likley then the new leadership will maintain the sovereignty claim but also agree to work in collaboration as it makes good business sence. A GTL plant on Argentine soil could directly benefit Argentima as the first drill may turn out to be a major gas find! Everyone wins and we all get rich together. This would be much more constructive than threatening compaines who may decide to invest in Argentina.
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