MercoPress. South Atlantic News Agency
Kicillof downplays Argentina's relation with IMF; Capitanich describes it as 'normal'
Argentina's Economy minister Axel Kicillof tried to downplay his recent to the G20/ IMF annual meetings held in Washington, saying the country is a regular attendant, and insisting that the country has no agreements with the IMF ”because it’s not an Argentine creditor”. Cabinet chief on the other hand described Argentina's relation with the IMF as 'normal'. Read full article
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Disclaimer & comment rulesHaha, seems that the Argentine people love their daily does of snake oil. I'm sure that the IMF can't wait to sit down and listen attentively to Argentina's 'critical point of view', or more likely whispers of “is it time for coffee”.
Apr 15th, 2014 - 08:57 am - Link - Report abuse 0Of course it.s a normal relationship, just as Russia and Ukraine are just having a family spat. But no worries........Argentina does need need them or the free western world as we hear over and over from the trolls.
Apr 15th, 2014 - 09:17 am - Link - Report abuse 0For those who don't read Spanish, today in La Nacion Kilchof refused a request by the FMI to investigate Argentinas finances and books.
Apr 15th, 2014 - 10:01 am - Link - Report abuse 0Most of the comments from Argentines where “ WTF”, “ No one is going to trust us” and “They will find all the corruption and missing funds”.
Very soon Argentina is going to need a bailout. The problem is they are out of status with the IMF and nobody will lend them the money they'll need when they need it.
Apr 15th, 2014 - 10:10 am - Link - Report abuse 0Of course after driving Argentinita into the worse crash it will have to date CFK will be gone with her stolen Billions when everyone in the country is starving with no heat or nafta.
China banks will lend billions when the IMF refuses.
Apr 15th, 2014 - 10:44 am - Link - Report abuse 0When the debt is due for repayment China will take a 'pound of flesh' which will leave most of Argentina in Chinese hands.
China likes soy, and will get meat production going again, along with oil and gas ... all of which will go to China, of course.
Just another way of hegemonical annexation -
Russia uses armies; China uses debt.
5. Chinese banks are having problems tackling their own non performing loans.
Apr 15th, 2014 - 11:02 am - Link - Report abuse 0I don't see them giving Argentina U$15B that they can ill afford.
I've said for a long time, when the economy collapses in China the 2-3T they have in reserves is not going to be enough to cushion the fall. The population is too big, the corruption is immense and there's nothing of substance underlying the economy. Their growth has been built on a falsehood.
Just give it a little more time the cracks are just showing up now and this is with extreme media control. You know it is much worse than the dribs and drabs that are getting out.
@6 China has built up a $23 trillion property bubble since the Lehman crisis using credit to fuel China's economy. China is awash in overcapacity and debt & the whole unstable pyramid is about to come crashing down bringing China and possibly the global economy with it. The property bubble looks like its already beginning to collapse leading to a mega default that will dwarf the West's collapse in 2008. China's rich know the score & are investing in everywhere but China right now as they try to get their billions out of China . Much of the recent growth in China after 2008 came from a massive 6.6 trillion dollar stimulus program that expanded credit and poured massive amounts of money into the system. This money encouraged expansion and construction with little regard as to real demand or need. Now China has entered a great credit trap & like the West the day of reckoning is approaching.
Apr 15th, 2014 - 11:32 am - Link - Report abuse 0Outside of Argentina, does anyone, anywhere give a toss what Kicillof thinks?
Apr 15th, 2014 - 11:36 am - Link - Report abuse 0Did anyone see the official “family photo” of the IMF meeting in Clarin yesterday?
Apr 15th, 2014 - 11:57 am - Link - Report abuse 0You can certainly spot the “’rung ‘un” RHS second or third row up, on the end: Kickitoff in the flesh. Billy no mates by the look of it.
People who do not know him (99.999% rec. of the population of the world) would probably think a tramp had snuck in and had gone unnoticed. How can these people be so disrespectful to the other “members”? They wear their dishevelled look as a badge of honour it seems to me.
Argentina has one of the dirtiest looking undereducated skank as their Ambassador to the USA.
Apr 15th, 2014 - 12:03 pm - Link - Report abuse 0Their embassy is a mess, filled with Marxists idiots doing nothing but shopping and lunching on the people dime.
Nobody wants to deal with them, they can't get an appointment with anyone of consequence.
In 2002 there was rumor they were selling the Embassy complex. I bet it will be on the short list during the next crash.
The complex web of stinking corruption is slowly starting to unravel as the Evil Queen's cohorts realise time is running out. The rats are looking to the lifeboats....
Apr 15th, 2014 - 12:07 pm - Link - Report abuse 0#10
Apr 15th, 2014 - 12:56 pm - Link - Report abuse 0“Argentina has one of the dirtiest looking undereducated skank as their Ambassador to the USA. ”
It's endemic in the argentinian public service. Meritocracy just doesn't exist there. Judges, diplomats and academics (in public universities) get their positions due to political influence and friends, not competence. That's why the once respected University of Buenos Aires, the best Rg university, lies in 14th position in the ranking of Latin American superior education.
The government of the worst.
Argentina should be reconciled with both the IMF and with the holdouts.
Apr 15th, 2014 - 04:04 pm - Link - Report abuse 0Each state in the world refinances its debt on the capital markets. A return Argeniniens to the the capital markets is welcome.
BUT before reentering the world, Argentina must end this HORROR-Default with the Holdouts!
President Kirchner (what a beautiful women) should end this since 2002 ongoing HORROR-Default and solve the holdout problem
Following might be the solution:
A bank such as Goldman Sachs (or Argentina itself) makes a buyback offer of about 130-140% (for owned capital+ accrued interest between 2002-2015) for the holdouts.
(Argentina owns until now about 230%, a cash buyback of 130-140% would so mean for Argentina already a debt relief of about 100%)
In case of a buyback offer, the “RUFO” clause (Rights Upon Future
Offers) would not apply, because buyback is not a swap with better
Conditions. And anyway, the RUFO clause expires in December 2014.
It is not welcome by anyone who invests. Argentina has repeatedly demonstrated that it is unworthy of credit.....period.
Apr 15th, 2014 - 04:46 pm - Link - Report abuse 0Stick to Scotland
Argentina is a failed state. Economically speaking.
Apr 15th, 2014 - 11:05 pm - Link - Report abuse 0Soon it will implode socially.
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