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Montevideo, March 31st 2023 - 11:51 UTC



Argentina's international reserves at a six year record low, and sliding ….

Wednesday, August 28th 2013 - 01:07 UTC
Full article 21 comments

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


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  • Pirate Love

    Sliding like a turd further into the sewer.

    Foreigners pullout now before its too late.

    Aug 28th, 2013 - 04:28 am - Link - Report abuse 0
  • GeoffWard2

    $37b in reserves ... still sufficient to pay off the amount owing to those holding national default and holding out for full repayment.
    With $36b left over.

    Aug 28th, 2013 - 05:37 am - Link - Report abuse 0
  • Steveu

    @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 0
  • ChrisR

    2 GeoffWard2

    But 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”.

    Aug 28th, 2013 - 08:26 am - Link - Report abuse 0
  • yankeeboy

    The rising price of fuel is going to be a problem for Arg since they are paying spot prices.
    Very 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

    Aug 28th, 2013 - 08:26 am - Link - Report abuse 0
  • Simon68

    4 ChrisR (#)
    Aug 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!!!!!!!

    Aug 28th, 2013 - 08:40 am - Link - Report abuse 0
  • Don Alberto

    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
  • Conqueror

    @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 0
  • The Truth PaTroll

    Would anyone with a brain read the headline and conclude Mercopress was a “unbiased” observer of the Argentine world?

    Though their headlines are certainly much more objective than the British press, world champions in ineptitude and poor product.

    Aug 28th, 2013 - 12:49 pm - Link - Report abuse 0
  • golfcronie

    It was US$ 93 billion in 2001, now that debt is worth about US$ 400 billion ( if inflation at 15% pa is added )

    Aug 28th, 2013 - 01:23 pm - Link - Report abuse 0
  • Brit Bob

    Another devaluation is on the cards and the ordinary folks will be fleeced again.

    Aug 28th, 2013 - 02:21 pm - Link - Report abuse 0
  • warteiner

    Comment removed by the editor.

    Aug 28th, 2013 - 04:31 pm - Link - Report abuse 0
  • yankeeboy

    Looks like some of the people of Neuquen don't like fracking.
    The 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


    Aug 28th, 2013 - 06:26 pm - Link - Report abuse 0
  • Ayayay

    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
  • Welsh Wizard

    @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 0
  • yankeeboy

    I thought they were offering Cedins at 9.30 with no takers?

    Why 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

    Aug 29th, 2013 - 09:31 am - Link - Report abuse 0
  • Welsh Wizard

    @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 0
  • ChrisR

    17 Welsh Wizard

    I 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.

    Aug 29th, 2013 - 12:55 pm - Link - Report abuse 0
  • yankeeboy

    Devaluation is inevitable and imminent, they don't have enough U$ to keep the gov't rate at 1/2 of the mkt rate.

    Devaluation-inflation rate skyrockets-hyperinflation begins
    There is no turning back now.

    Aug 29th, 2013 - 03:07 pm - Link - Report abuse 0
  • Pete Bog

    “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.

    Aug 29th, 2013 - 04:00 pm - Link - Report abuse 0
  • cornelius

    Argentina is so desperate that gave Chevron Vaca muerta Ha Ha Ha what about giving resources to foreign interest Ha Ha Ha .
    How many they shoot in Neuquén yesterday!! Ha Ha Ha.

    Aug 29th, 2013 - 05:10 pm - Link - Report abuse 0

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