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Argentina again this year will use reserves to comply with debt commitments

Thursday, April 4th 2013 - 07:59 UTC
Full article 15 comments

Argentina will use 2.3 billion dollars of central bank reserves this year to meet payments to international financing organizations and on its official bilateral debt, according to the Official Gazette. Read full article

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  • Anglotino

    Using reserves to pay off debt?

    Silly silly silly!

    Apr 04th, 2013 - 09:37 am - Link - Report abuse 0
  • Britworker

    I can hear the piggy banks being shaken from here.

    Apr 04th, 2013 - 09:45 am - Link - Report abuse 0
  • lsolde

    Just like a farmer selling another paddock to live the high life.

    Apr 04th, 2013 - 10:42 am - Link - Report abuse 0
  • yankeeboy

    They claimed u$40B last week, so it is clear they have less than that now, they have a piss poor crop this year and need to spend U$14B for fuel.
    In 2001 the economy collapsed when they had U$9B.
    Anyone think they have much more than that now?

    Apr 04th, 2013 - 10:48 am - Link - Report abuse 0
  • Shed-time

    I'm thinking they should close their doors on this Argentina business, rebrand and then open their doors under a new name, like funland or similar.

    Apr 04th, 2013 - 12:30 pm - Link - Report abuse 0
  • Conqueror

    @4 Well, they are already in the hole for US$1.3 billion, courtesy of the New York courts. How often are those bonds paid? Have they paid anything to NML et al? Do you reckon the other bondholders can follow the argie “plan”, tear up the “restructuring” agreements and demand the full amounts?

    Apr 04th, 2013 - 12:44 pm - Link - Report abuse 0
  • yankeeboy

    Or one fo those Chinese names like Happy Happy Good Investment Country

    That'll fool 'em...

    Apr 04th, 2013 - 12:45 pm - Link - Report abuse 0
  • Shed-time

    @7 You're making me worried because I invested all my pension in Happy Happy Good Investment Company (HHGIC).

    I might have to rethink that move.

    Apr 04th, 2013 - 12:53 pm - Link - Report abuse 0
  • bushpilot

    @7

    This HHGIC sounds pretty rock solid. I've been hearing good things about it for a long time.

    I'm thinking about investing in some HHGIC stock. Can you tell me more?

    Apr 04th, 2013 - 02:35 pm - Link - Report abuse 0
  • Welsh Wizard

    @9 apparently their investment strategy is looking for the perfect arbitrage between the official US$ rate and the “blue” rate...

    Apr 04th, 2013 - 02:52 pm - Link - Report abuse 0
  • redpoll

    Sounds a great deal by the RG Treasury. They pay the Central Bank in non transferable bonds and pay them 1% below Libor rate which today is 0.53%, so effectively the Central Bank is paying 0.47% to the Treasury for the privelege of taking the bonds
    Sounds like robbing Peter to pay Paul or have I got it wrong?

    Apr 04th, 2013 - 03:52 pm - Link - Report abuse 0
  • Simon68

    4 yankeeboy (#)
    Apr 04th, 2013 - 10:48 am

    “... In 2001 the economy collapsed when they had U$9B.
    Anyone think they have much more than that now?”

    It is very difficult to keep up with the sort of triple and even cuadruple entry book keeping of our finance ministry, but from rumours that float out of Bs. As. I reckon at the moment there are about 8 billion US$in reserve, so laying out 2.3 billion will leave a large short fall for paying for LNG!!!!!!

    Apr 04th, 2013 - 04:39 pm - Link - Report abuse 0
  • yankeeboy

    12. U$8-9B is in the ball park. They were counting on a huge crop to bail them out and it didn't happen. Then they figured they get some U$ from IDB/WB and it didn't happen.
    Now a huge flood, which will increase inflattion, lower Gdp adn tax revenue.
    What is next?
    GM/Ford pulling out?
    Maybe
    They're stuck
    and I am glad to be watching it from afar.
    I am sorry you're stuck there Simon.

    Apr 04th, 2013 - 05:34 pm - Link - Report abuse 0
  • John Troll the 3rd

    http://en.mercopress.com/2013/04/04/boe-ready-to-pump-liquidity-if-first-quarter-confirms-uk-back-in-recession#comment235460

    lol

    Apr 05th, 2013 - 01:44 am - Link - Report abuse 0
  • yankeeboy

    14. Your economic ignorance is simply astonishing. BCRA is pumping 40% more $ into the Arg economy THIS YEAR!! FOR GOSH SAKES!! 40% IN ONE YEAR!!
    It is suicide
    90% of your currency is now $100 peso bills! BECAUSE THEY ARE AFRAID TO PRINT HIGHER DENOMINATIONS.
    Austral to Peso 10,000 to 1
    that wasn't too long ago
    what's next the Nuevo Peso 10,000/1?

    Apr 05th, 2013 - 10:57 am - Link - Report abuse 0

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