MercoPress. South Atlantic News Agency
Argentina's international reserves at a six year record low, and sliding ….
Argentina’s central bank international reserves pierced the psychological barrier of 37bn dollars and ended Tuesday at 36.9bn dollars, which is the lowest in over six years and will continue to drain since next month the country must repay in full 2bn of a 2007 sovereign bond. Read full article
Comments
Disclaimer & comment rulesSliding like a turd further into the sewer.
Aug 28th, 2013 - 04:28 am - Link - Report abuse 0Foreigners pullout now before its too late.
$37b in reserves ... still sufficient to pay off the amount owing to those holding national default and holding out for full repayment.
Aug 28th, 2013 - 05:37 am - Link - Report abuse 0With $36b left over.
@1 According to TTT, they don't need foreigners anyway so it's a win-win situation!
Aug 28th, 2013 - 06:34 am - Link - Report abuse 02 GeoffWard2
Aug 28th, 2013 - 08:26 am - Link - Report abuse 0But some of the reserves are in script!
Given the lack of veracity in every disclosure by TMBOA does anybody believe they have this much in liquidity?
Muñoz took a large number of words to explain the situation: TMBOA has screwed the economy big time and we will be penniless for years. “Simples”.
The rising price of fuel is going to be a problem for Arg since they are paying spot prices.
Aug 28th, 2013 - 08:26 am - Link - Report abuse 0Very soon they will not have enough U$ to support the peso
Does that mean it will be 15-20/1 by eoy?
I love watching all of this collapse
All of my predictions coming to fruition
and it is only going to get worse
much much worse
4 ChrisR (#)
Aug 28th, 2013 - 08:40 am - Link - Report abuse 0Aug 28th, 2013 - 08:26 am
Chris, the majority of the reserves are scrip. I would hazard a guess that in liquid green cash there is no more than U$S6 billion!!!!!!!
But, but, but you must remember that 37 billion US$ is 330 billion pesos (buy) and 357 bio. (sell), same peso value as 48 billion US$ a year ago - so according to the 'axel arg school of economy' nothing is lost :-D
Aug 28th, 2013 - 10:02 am - Link - Report abuse 0@7 Yes but “axel arg” is a teacher. And a geography teacher at that. so he hasn't yet reached the required intelligence level for a roadsweeper. Have you seen his geography “syllabus”? Here it is. “Malvinas son Argentinas”. That's it. Being the geography “teacher” in the local “villa miseria”, it's all he needs because he also runs the local “Malvinas” compulsory disinformation lectures. Are you aware that he conducted a “survey” about the claims to the Falkland Islands? Without setting a foot outside argieland, and discarding certain claims, he concluded that the argie claim to the Islands was indisputable and rock-solid. Unfortunately, around 96 million people don't agree with him. Nevertheless, he did try to get people to email him so that he could send them a copy of his survey. He didn't mention that all the email addresses would be passed to La Campora to assist in intimidation. Why is it that argies believe we are as thick as they are? As far as the economy is concerned, it's doubtful if axel has enough nous to count his money before trying to buy a newspaper. But why would he need a newspaper? CFK's in the Casa Rosada and all's right with the world. Never mind the 25% inflation, the empty shelves in the supermarkets, the US$93 billion in debt, the lack of energy, the catastrophic railways, the sinking “navy”, the wingless “air force”, the walking “army”. Hang on, what happened to the 400,000 new homes?
Aug 28th, 2013 - 12:07 pm - Link - Report abuse 0Would anyone with a brain read the headline and conclude Mercopress was a “unbiased” observer of the Argentine world?
Aug 28th, 2013 - 12:49 pm - Link - Report abuse 0Though their headlines are certainly much more objective than the British press, world champions in ineptitude and poor product.
@8
Aug 28th, 2013 - 01:23 pm - Link - Report abuse 0It was US$ 93 billion in 2001, now that debt is worth about US$ 400 billion ( if inflation at 15% pa is added )
Another devaluation is on the cards and the ordinary folks will be fleeced again.
Aug 28th, 2013 - 02:21 pm - Link - Report abuse 0Comment removed by the editor.
Aug 28th, 2013 - 04:31 pm - Link - Report abuse 0Looks like some of the people of Neuquen don't like fracking.
Aug 28th, 2013 - 06:26 pm - Link - Report abuse 0The longer it delays production the better
Moreno shutting down the “caves” again today
I guess the new promise is not above 10, since not above 6.50 or 7 or 8 didn't work
BAHAHAHAHA
If the “real” reserves”, in dollars are guesstimated to be $6B by our very own. Simon68, and reserves are falling at a rate of $1B a month, does that mean in 6 months things will get more interesting?
Aug 29th, 2013 - 03:34 am - Link - Report abuse 0@13 Yup, noticed that it had made a strong move towards 10/1 yesterday. Thought that it was supposed to be somewhere around by now after a strong movment towards buying CEDINs
Aug 29th, 2013 - 06:26 am - Link - Report abuse 0I thought they were offering Cedins at 9.30 with no takers?
Aug 29th, 2013 - 09:31 am - Link - Report abuse 0Why would anyone buy a worthless Rg bond when everyone knows there will be a HUGE devaluation after the elections?
It makes no sense
Better to buy U$ @ 10 which could be 1/2 price in just a few months
@17 I've got a feeling that the won't devalue post october. Somehow I think they reckon that this is all going to turn around in time, a devaluation would be a huge admission of defeat. They won't accept that.
Aug 29th, 2013 - 11:47 am - Link - Report abuse 017 Welsh Wizard
Aug 29th, 2013 - 12:55 pm - Link - Report abuse 0I could be wrong but the exchange rate seems as if it is out of the control of TMBOA and her sidekick Pistol Pete Moreno and if so HOW can they avoid a devaluation post October on the back of terrible results.
This is a genuine question, I just don't see how they can.
Devaluation is inevitable and imminent, they don't have enough U$ to keep the gov't rate at 1/2 of the mkt rate.
Aug 29th, 2013 - 03:07 pm - Link - Report abuse 0Devaluation-inflation rate skyrockets-hyperinflation begins
There is no turning back now.
@9
Aug 29th, 2013 - 04:00 pm - Link - Report abuse 0“Would anyone with a brain read the headline and conclude Mercopress was a “unbiased” observer of the Argentine world?”
If the headline is pessimistic, then that's fine Argentina can pay off its debts-in fact it still owes the UK money it didn't pay fro defence equipment.
You can always read INDEC figures for 'accuracy' if you wish.
Argentina is so desperate that gave Chevron Vaca muerta Ha Ha Ha what about giving resources to foreign interest Ha Ha Ha .
Aug 29th, 2013 - 05:10 pm - Link - Report abuse 0How many they shoot in Neuquén yesterday!! Ha Ha Ha.
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!