CFK ratified her administration’s economic policies before Mexican business elite

Monday, May 30th 2011 - 05:51 UTC

Full article 8 comments

Argentine president Cristina Fernandez de Kirchner ratified before Mexican businessmen that her government will continue to advance the current ‘development inclusion model’ with strong policies in support of the domestic market and exports with added value. Read full article

Comments

Disclaimer & comment rules

GeoffWard
'Following the melting of the Argentine economy in 2001, President Nestor Kirchner restructured the country’s foreign debt and cancelling all debts with the IMF.'

Does 'cancelling all debts with the IMF' mean deciding not to pay them?
I really can't get to the bottom of this Argentia-IMF situation.
Anybody have *the definitive* link to the right answer?

'Restructuring all foreign debt' - are these financial-speak for agreeing to pay (eg) 10 cents on the dollar, or does it mean 'all debts will be repaid in full but it will take a bit longer'?

I guess we need a financial whizz-kid to do the baby-talk for us.
: )
May 30th, 2011 - 06:13 pm - Link - Report abuse 0
-+
Think
http://en.wikipedia.org/wiki/Argentine_debt_restructuring
May 31st, 2011 - 02:41 am - Link - Report abuse 0
-+
GeoffWard
Yes, read it a couple of times already -
but it is still obscure how much was borrowed, how much was paid back at full rate, how much paid back at reduced rate (10-30%), how much was 'private' defaults, how much was IMF scheduled/rescheduled/defaulted, what is outstanding today and what repayment conditions pertain,
even recent http://uk.reuters.com/article/2011/05/12/argentina-debt-idUKN1211785120110512 is obscure in many areas.

Still, thanks for trying.
May 31st, 2011 - 10:36 am - Link - Report abuse 0
-+
Artillero601
@2
In total, Venezuela bought more than $5 billion bonds from Argentina since 2005 ....... why?
May 31st, 2011 - 03:44 pm - Link - Report abuse 0
-+
GeoffWard
I think Venezuela just wants to own a country in a cooler latitude.
May 31st, 2011 - 06:05 pm - Link - Report abuse 0
-+
Think
(3) GeoffWard

At (1) you ask:
”Does 'cancelling all debts with the IMF' mean deciding not to pay them? I really can't get to the bottom of this Argentia-IMF situation.”

At (2) I provide a link that says:
”On 15 December 2005 President Kirchner announced his intention of liquidating all the remaining debt to the IMF, in a single payment of $9.810 billion USD, initially planned to take place before the end of the year (a similar move had been announced by Brazil two days before, and it is understood that the two measures were to be coordinated). Argentina made some minor payments beforehand, but the main one, for about $9.5348 million, was delayed for accounting reasons and paperwork, and was finally made on 3 January 2006.”

At (3) you say :
”Yes, read it a couple of times already - but it is still obscure……………….”

Obscure?
The full Argentinean IMF debt was paid in cash more than 5 years ago…………
What is ”Obscure”?

Ps:
(4) Artillero601
Why not?
May 31st, 2011 - 06:32 pm - Link - Report abuse 0
-+
GeoffWard
Yes, Think,
I've previously posted the quote in your #6(2) myself,

but there is a basket of *other* major debts as well as the IMF ones - these are the ones that are difficuly to 'get your head around' from published sources.

And, as far as I know, a 'Rescheduled' (IMF) repayment at (eg) 30%, means that 70% is not repaid.
I'm pretty sure that this is what it means -
the creditors pragmatically accept 30% back instead of nothing back froma total default.
Jun 01st, 2011 - 11:01 am - Link - Report abuse 0
-+
Artillero601
@6 In a exchange for what ? or he did it because of his love to the argentinian people?? ..... Come on Think !! you are talking to me not to the “El Carlitos de la esquina”
Jun 01st, 2011 - 01:25 pm - 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!