Argentine Treasury appeals to government banks to pay debts

Friday, March 4th 2011 - 01:20 UTC

Full article 2 comments

Argentina's Treasury will borrow 8.40 billion pesos (2.02 billion US dollars) from state-run Banco Nacion this year to refinance some of its debt with the bank, a top official told state news agency Telam on Wednesday. Read full article

Comments

Disclaimer & comment rules

GeoffWard
Let me get this right .......... Argentina is cancelling its international debt, says the Presidenta, having defaulted on a historic previous occasion.

This could be construed to mean that Argentina is paying back the debt and the interest to the international community of lenders.
BUT, “President Cristina Fernandez's administration has relied on loans from within the public sector, rather than take a chance on a new global bond issue that could be blocked by creditors suing over the country's massive 2002 default.”
Surely this means that the public sector of Argentina lent the banks money to see the government through a period when they didn't have enough money to run the country.
So.......... the country lent itself its own money and is now about to pay itself back, with interest, its own money !!!???

Or have I got it wrong?
Mar 06th, 2011 - 12:05 am - Link - Report abuse 0
-+
I
pay IMF, what for ??
http://www.gregpalast.com/el-actual-ganador-del-premio-nobel-en-economia/
Mar 06th, 2011 - 08:21 am - Link - Report abuse 0
-+

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!