MercoPress. South Atlantic News Agency
Argentina pays GDP-linked bonds; Central bank reserves fall to lowest since 2007
Argentina made payments of over 3.5 billion dollars on Friday in GDP-linked bonds which refer to the 2005 and 2010 rescheduling agreed with creditors who originally held 2001/02 defaulted sovereign bonds. At the same bank the Central bank revealed that international reserves have fallen to its lowest since 2007. Read full article
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Disclaimer & comment rulesdownward spiral continues
Dec 15th, 2012 - 09:41 pm - Link - Report abuse 0Yet they believe onward and upward
Dec 15th, 2012 - 10:29 pm - Link - Report abuse 0Good job, Argentina.
Dec 15th, 2012 - 10:40 pm - Link - Report abuse 0Raiding central bank reserves is highly stupid and dangerous. We are already seeing a controlled devaluation of the peso. All one needs is for things to get out of hand and things will get nasty.
Dec 15th, 2012 - 10:59 pm - Link - Report abuse 04 Conorworld
Dec 15th, 2012 - 11:09 pm - Link - Report abuse 0“Raiding central bank reserves is highly stupid and dangerous” This will not be the first time, nor the last time that KFC has been caught with her hand in the cookie jar. Robbing Peter to pay Paul is a way of life for her.
Another victory for Argentina.
Dec 16th, 2012 - 12:02 am - Link - Report abuse 0I guess after the vultures back up plan failed IMF had to re-adjust the value of their share. the IMF is seeking to use Argentina's report to put up as collateral for another round up of vulture frenzy on Argentina's revenues. I think that's the red card IMF was referring to, am still wondering where all the money is gone before anyone gets their hand in Argentina's cookie jar, I want to see complete accountability and an open social discussion over the budget and management of this funds, I don't think am asking for much, ven IMF should be more concerned with an efficient mode of trade rather then managing a stagnant economic recovery, kicking down the productive food section of the Society can only mean hunger. I don't think you need to major in political or socioeconomic sciences to see that. IMF will follow the dinosaurs, And nationalism will rise, taxes on exports seem to get heir attention more then anything, I wonder why?
Dec 16th, 2012 - 01:06 am - Link - Report abuse 0http://www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
Accountability? What a joke to use in the same post as argentina. argentina borrows 100,000,ooo,ooo dollars and decides only to pay back 30,000,000,000....you call that accountable? That is no different than breaking into someones home, taking their TV's, Stereo, jewelry, and money, getting caught and returning only the TV. Theft is theft.
Dec 16th, 2012 - 01:40 am - Link - Report abuse 0Comment removed by edit0r.
Dec 16th, 2012 - 01:40 am - Link - Report abuse 0@ 7 Prat-Cunter
Dec 16th, 2012 - 02:08 am - Link - Report abuse 0Yep, the Vulture funds are in a feeding frenzy and sucking poor Argentina dry.
Doesn’t seem to be anything you can do about it.
Not the IMF going extinct here, it’s your reserves.
Your last hope of surviving this intact.
#8 you still have a lot to learn let me help you a little.
Dec 16th, 2012 - 02:48 am - Link - Report abuse 0http://www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
#10 If Iran, N Korea and Cuba can be isolated for 50 years with limited resources with Argentina on board things can turn out a lot better for everyone. People in Iran, Cuba and N Korea could eat fresh argentine products and Argentina could build a nuclear defense program And everyone in latin America will feel secure and happy. Last time I checked my whole family in Argentina is fine and growing no one said anything about the reserves. They said something about resero blanco for the weekend but I am sure it had nothing to do with economics.
@11 Prat-Cunter
Dec 16th, 2012 - 03:02 am - Link - Report abuse 0Iran has a lot of resources.
N. Korea is totally dependent on China.
Cuba was dependant on the USSR, and has been in the shit ever since it collapsed.
None of them have the foreign currency to pay for any Argentine produce, they spend it all on their defence budgets.
Zimbabwe is the model you should be looking at.
N Korea was growing PLENTY of fresh food until the command economy. Zimbabwe was the bread basket of a continent until expropriation!
Dec 16th, 2012 - 04:47 am - Link - Report abuse 0Isolationism is best. All argentines on this board agree, because all argentines agree. Close the borders, close all embassies, only barter for foreign goods. Live within our means.
Dec 16th, 2012 - 05:02 am - Link - Report abuse 0Who is looking for a model I was talking about a union of none align nations helping each other and sharing resources, no body want to deal with US and UK IMF or the UN anymore. You go sit with them and keep Argentina out of your equation, I don't remember adding US or UK into Argentina's equation, as I recall I clearly and loudly said N Koreans, Cubans and Iranians. I never mentioned any english people.
Dec 16th, 2012 - 05:08 am - Link - Report abuse 0@14 - “Live within our means.”
Dec 16th, 2012 - 08:23 am - Link - Report abuse 0You sure you have enough caves for everyone?
@14 The Sage of Mendoza
Dec 16th, 2012 - 09:09 am - Link - Report abuse 0Oh dear. But you'll still entertain us on the Internet, right?
14
Dec 16th, 2012 - 09:23 am - Link - Report abuse 0I agree that isolation is best for Argentina. Of course there is the small matter of the massive existing debts to be repaid, but once they are...feel free.
Resign from the UN, Mersosur, Unasur, Anussore, and what ever other nonsense SA groups you are in. At least we would be spared your nonsense about “speaking for a continent”
SA will be better without you. The world will be better without you.
So, cough up the remainder of your debts, and crawl under a stone...great idea.
The rate they are going, argentina is going to be isolated as some kind of vassal state of china.
Dec 16th, 2012 - 09:35 am - Link - Report abuse 0While they are at it cancel all double taxation agreements so that decent Argentines can live outside thier country without being pursued for Argentine taxes
Dec 16th, 2012 - 09:58 am - Link - Report abuse 0Put up a Wall to keep the foriegners out! Or our loyal subjects in? Falklands, Chile, Uruguay standby to receive refugees!
Oh and all that money deposited in Switzerland? Sorry madam your account has been frozen and can only be used to buy chocolates and cuckoo clocks
@ Pirate Hunter - so you think Argentina can survive just by trading with Iran and North Korea? Basic economics says that there has to be trade both ways for economic growth to be effective. SO you send Iran & North Korea your goods - great. But how are they going to pay you? What have they got to trade with Argentina? Oil? Sure Iran has a lot of it but they don't have the finance or the resources to drill - so they can't offer you expertise either. What is North Korea going to give Argentina? Cold war soviet rocket technology? Great huh? Argentina will be on the list of supporting a pariah nation - im sure that'll be just great for Argentina stability/ Do you really think that Brasil is going to let you have nuclear technology? You're a man man you have no idea what you're talking about.
Dec 16th, 2012 - 10:53 am - Link - Report abuse 0@11
Dec 16th, 2012 - 11:30 am - Link - Report abuse 0“People in Iran, Cuba and N Korea could eat fresh argentine products”
They are not really fresh if they are transported that distance are they?
Fresh would mean consumed in Argentina
@7 IMF isn't really concerned with “trade”, just money. The clue is in its name. And who would care if argieland suffered hunger? Certainly not you. Safe in your Canadian British-originated bolthole.
Dec 16th, 2012 - 01:39 pm - Link - Report abuse 0@11 Go ahead with your “nuclear defence program”. Based on argieland's known capabilities, we can look forward to it blowing itself apart. I think someone suggested that argieland should buy Patriot systems from the U.S. Don't bother. It's only good for short-range battlefield use. What you need is the U.S. Ground-based Midcourse Defense (GMD). I believe it costs around US$30.7 billion. Can you “afford” that? It's been in development for around 20 years. So, good luck with that because I doubt the U.S. will sell it to you. Wonder how much the cesspit will have to spend? Its “technology” is at least 30 years out of date. I can help you on “resero blanco”. It has two meanings. One is “argie whine”, as they do all the time. And a slang phrase for “white flag”. Also much used.
@14 If you want. Pay back ALL your debts first. IN FULL. Otherwise you get NOTHING. What do you have to barter with? Raw materials? The first US$100 billion worth will have to go to debt repayment. Possibly more. What do you have after that?
Corinthians!! Corinthians!! Corinthians!! Corinthians!!
Dec 16th, 2012 - 04:12 pm - Link - Report abuse 0Brasil!! Brasil!! Brasil!! Brasil!!
Victory!!
Yes brasiliero A great triumph over Chelsea
Dec 16th, 2012 - 06:03 pm - Link - Report abuse 0If the payment of sovereign debt is considered like controversial, by conservative politicians and orthodox economists, it's because actually they pretend argentina to solicit credits before the i. m. f., in order to pay our debt and our public expenditures with more and more debt. While it is true that the reserves have fallen to the level of 2007, it's also true that they helped the nation to stop the financial coup d'etats that the most powerfull corporations tried to do in different moments to c. f. k's government, on the other hand, allthough the reserves have fallen, the central bank has enough reserves in order to continue paying the sovereign debt with them, and to stop the pressures for a strong devaluation that the most powerfull corporations pretend.
Dec 17th, 2012 - 01:53 pm - Link - Report abuse 026 axel arg (#)
Dec 17th, 2012 - 02:57 pm - Link - Report abuse 0Dec 17th, 2012 - 01:53 pm
Do you seriously believe that the BCRA has US$ 43.8 billion?????
If we have US$ 3 billion in reserves I'd be amazed!!!!
They did not have ther money to spare the fly home the sailors for several weeks.....43.8 billion...seriously? The US Treasury accounts for all it's dollars......Argentina does not have 43 billion in reserves. Looks see what the November trade balance looks like.....4 months of steady surplus decreases........will November be the 5th....or a deficit? Will it even be reported?
Dec 17th, 2012 - 03:30 pm - Link - Report abuse 0Not to mention repairing a ship in South Africa, repairing it my ass, you could have built a new one by now!
Dec 17th, 2012 - 03:50 pm - Link - Report abuse 0Eactly....I;ve seen major repairs with hull damage on subs turn around faster than that......no denaros
Dec 17th, 2012 - 04:47 pm - Link - Report abuse 0I have just had an Epiphany!! Could this all be a dispicable ruse? They will sail back to the homeland together! Their “Glorious Fleet,” returning home in victory, from the shores of darkest Africa.
Dec 17th, 2012 - 05:20 pm - Link - Report abuse 0I bet they even have a prime spot, already picked out on a wall in the National Museum, to display their battle trophies, BAILIFFS WARRANTS & JUDGES ORDERS!
Way to funny. I bet they return to a hero's welcome and a paper parade. How the brave argentino navy fought off the feroicous capitalists. cent by cent, they were able to remove their dollars from the capitalist. They will be awards the argentine naval highest award........The Naval Order of the IMO Release Order award..........few if any in the argetine navy has ever been awarded it. 22 couples....I mean 44 sailors thus far.
Dec 17th, 2012 - 08:31 pm - Link - Report abuse 0#24, #25
Dec 17th, 2012 - 08:52 pm - Link - Report abuse 0My Brasilian team ... good result.
SIMON68.
Dec 22nd, 2012 - 07:20 pm - Link - Report abuse 0As i told you in others oportunities, you have right to ignore as much as you like these numbers. Beside, if you have doubts about our reserves, it's because this is evident that you have true information about the level of reserves in argentina, if you know it, why don't you say it here, and we all can know it.
Axel Better ask INDEC They know!
Dec 22nd, 2012 - 09:42 pm - Link - Report abuse 0Good news, this is the responsible scheduled payment Griesa and the vultures tried and failed to sabotage. Lovely picture of the beautiful Cristina =)
Dec 24th, 2012 - 06:15 pm - Link - Report abuse 0Commenting for this story is now closed.
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