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Paris Club will study Argentina's repayment proposal; long process expected

Thursday, January 23rd 2014 - 10:27 UTC
Full article 26 comments

The Paris Club said it would study an outline from Argentina for repaying the more than 9.5 billion dollars it owes the group of creditor nations. Argentina is eager to resolve the problem of its outstanding debt with the group in order to regain access to international capital markets from which it has been shut out since its 2002 default. Read full article

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  • Britworker

    Doesn't sound like Argentina's answer to Elvis has been very convincing.

    He was “all shook up”, telling Cristina “any day now”, with the club saying “are you sincere” and his reply being its “beginners luck” and the club saying, you might be “blowin in the wind”. So he is going back home “in the ghetto” to go “cryin in the chapel”, with the club saying “don't cry daddy” and his reply “don't be cruel” and the British contingent saying, they really do live on “the edge of reality” and in a “fairy tale”.

    So he is going to “flip flop fly” on aerolinas argentinas, listening to the British members of the club saying “finders keepers losers weepers” and his response being “don't be cruel” and “I just can't help believing”, but its the “impossible dream” and “it hurts me”, but will you “reconsider baby” and the club saying, no, you better “runaway” “solitaire” because we have “suspicious minds”, but he says “tell me why” and the British say “too much monkey business”.

    I thank you.

    Jan 23rd, 2014 - 10:52 am - Link - Report abuse 0
  • yankeeboy

    The PC already came out with a statement denying everything positive that the RgElvis said.
    I don't think he realizes when he's getting the brush off.

    Jan 23rd, 2014 - 01:18 pm - Link - Report abuse 0
  • Condorito

    @1
    ...surely he will be reporting all to the “hound dog”

    Jan 23rd, 2014 - 01:36 pm - Link - Report abuse 0
  • golfcronie

    I would be scratching my head as well, how am I going to pay the Paris Club 9 billion when we only have 30 billion in reserves.

    Jan 23rd, 2014 - 02:25 pm - Link - Report abuse 0
  • Conqueror

    There seems to be something wrong with this, but I may need to go and discuss it with my bank manager. To pluck a figure out of the air, let's say I've owed my bank £9,500 for the last 11 years. I've decided that I want to clear the debt so that I can get another loan. But there are some conditions. I'll accept that I owe the money. But I'll only make repayments when I think I can. And I can do what I like.
    There's something wrong with that. Where's the interest? Based on a 10% compound interest, the sum now owed is $28,409,789,036.08. Even if the compound interest rate applied were 5%, argieland would still owe $16,447,099,479.50. And more interest would be added every year! Another attempted argie scam. How about $16 billion up front and we'll talk about the rest? And let's tell Kisitoff that we can lock argieland out of international money markets permanently.

    Jan 23rd, 2014 - 02:41 pm - Link - Report abuse 0
  • golfcronie

    I blew my calculator up when I tried to work out how much $US 90 billion is worth today.

    Jan 23rd, 2014 - 03:14 pm - Link - Report abuse 0
  • Condorito

    @conq
    I think the loan was approx $6.5 billion and the rest is interest. I could be wrong on that.

    Jan 23rd, 2014 - 03:38 pm - Link - Report abuse 0
  • ChrisR

    Well, whatever the reality is it will be a HUGE win for Kickitoff!

    Presumably he managed to lay out the “offer” before the Paris Club made one of their own! Urinate while you leave the building OR, FOR THE ARGIES WHO DON'T UNDERSTAND ENGLISH: piss off.

    Jan 23rd, 2014 - 03:55 pm - Link - Report abuse 0
  • BOTINHO

    More likely “ Heartbreak Hotel. ”

    Sr. Kicillof explained that Argentina holds debt with 16 of the 19 countries in the group. Not much traction around the world today.with your Marxist fantasy, nonsensical ideas for repayment.

    ( “ I feel so lonely Baby, I could die... ” ).

    Jan 23rd, 2014 - 05:22 pm - Link - Report abuse 0
  • Conqueror

    @7 Condorito. You're quite right. You're wrong. Not that it makes a lot of difference. The interest rate can be suitably “adjusted”. What does it matter? Argieland is going to have a heart attack when it finds out how much it owes. And that nobody is willing to take a “haircut”. We want every last penny!

    Jan 23rd, 2014 - 06:09 pm - Link - Report abuse 0
  • Jack Bauer

    What ?? Rgland owes US$ 9.5 billion, and since 2002 ????!!! Nooooo! By reading the posts from the Trolls one would think they had paid every cent......and that figure is only the principal....plus 11 year's interest ? Interesting !

    Jan 23rd, 2014 - 06:44 pm - Link - Report abuse 0
  • Briton

    somehow one tends to get the impression,
    that Argentina don't want to pay its debts,

    yet still wish to borrow more..

    Jan 23rd, 2014 - 07:09 pm - Link - Report abuse 0
  • RICO

    Should have paid when they had more reserves then it wouldn't have been so obvious that they are only paying it in the hope that they can borrow more to default on again.

    I don't think anyone is fooled. If Argentinas credit rating improves then someone has bought the propaganda. My prediction is Argentina will drop down below its main competitors for biggest economic basket. South Sudan (a country that is just a few months old) and Greece (a country where no one pays tax and people can retire at 55 on 80% of salary.

    Jan 23rd, 2014 - 08:23 pm - Link - Report abuse 0
  • ElaineB

    They have requested a loan of US$1.8 billion and I am guessing they are pretending they are good for it by negotiating with the P.C. Reading Businessweek's article on the crashing peso, the future is more than gloomy for Argentina.

    They should have sent a man not a boy to speak to the P.C.

    Jan 23rd, 2014 - 08:34 pm - Link - Report abuse 0
  • golfcronie

    @13
    RICO It is typical of a gambler mentality, they will always beat the table. Or in this case the Markets.

    Jan 23rd, 2014 - 11:22 pm - Link - Report abuse 0
  • Troy Tempest

    Hmmm,

    No Trolls on this thread. I wonder why?

    Is it too delicate a situation to risk comments of cynical disdain from Think, Paul, or Stevie-boy??

    Interesting that they ALL seem to have got the same memo from Head Office !!!

    Jan 24th, 2014 - 01:29 am - Link - Report abuse 0
  • ilsen

    @ 14 ElaineB - yes, interesting article, I read that too. May I also ref: Argentines Mad Dash for Dollars April 28, 2013 Bloomberg Business Week. Can't say we/they haven't seen it coming...
    @16 TT - Although a very divisive figure in the UK, (... and let's not go off topic guys, we are currently troll-free!)
    A quote attributed to Margaret Thatcher goes along the lines of
    “The problem with socialism is that eventually you run out of other people's money [to spend].”
    quite pertinent I feel... Is that enough of a juicy bone? oops! shouldn't encourage them!!

    Jan 24th, 2014 - 02:06 am - Link - Report abuse 0
  • Troy Tempest

    17ilsen

    I would think that the PC would want to see some sort of “Business Plan” before they would consider lending money.

    For that plan to be effective enough to generate the $$$ required to pay off both the 'old' debt and the 'new' debt, the lenders may want to see a change in ideology, away from National Socialism.

    Jan 24th, 2014 - 03:28 am - Link - Report abuse 0
  • yankeeboy

    There's no way the PC could even consider a plan until Arg becomes in alignment with their commitments as a member of the IMF.
    That includes, allowing audits, have believable stats, pay all the ICSID judgements etc.

    CFK will be out of power before they have an agreement with the PC.

    As I have said before, investors, countries etc know the economy is failing and when it implodes she'll be gone and they can deal with someone sane ( hopefully) there is no pressing need to bother with this regime.

    Jan 24th, 2014 - 12:42 pm - Link - Report abuse 0
  • Jack Bauer

    I think I'm gonna hop on a plane and go have some good meat and wine in B.A., while the peso is in the crapper, and before they turn the lights out...

    Jan 24th, 2014 - 08:17 pm - Link - Report abuse 0
  • BOTINHO

    Hi Jack B -

    You might be right, but you could also get stranded in the country when banks, and airports all shut down.

    Jan 24th, 2014 - 09:40 pm - Link - Report abuse 0
  • Be serious

    I suppose Patagonia could be taken as part payment.

    Jan 24th, 2014 - 09:51 pm - Link - Report abuse 0
  • Troy Tempest

    CBC Radio One:

    Air Canada and other Internationsl carriers have suspended flights to/from Venezuela - no tickets will be sold, and no payments have been received.
    Venezuela wants to limit funds leaving the country.

    Jan 24th, 2014 - 11:42 pm - Link - Report abuse 0
  • Jack Bauer

    @21,BOTINHO, tks for the heads up.....

    Jan 25th, 2014 - 07:00 pm - Link - Report abuse 0
  • Conqueror

    @19 I do hope you're right. At least you usually are. Question is, which members of the Paris Club are desperate for money and have the largest amounts owed by argieland? Let's hope the PC isn't inclined to write the debt off. And argieland should be required to repay IN CASH. If it can afford to buy aircraft, it can afford to cough up. Should be easy enough. Re-route a few suitcases and/or holdalls.

    Jan 25th, 2014 - 07:47 pm - Link - Report abuse 0
  • BOTINHO

    Comment removed by the editor.

    Jan 25th, 2014 - 09:07 pm - Link - Report abuse 0

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