MercoPress. South Atlantic News Agency
Argentine shares and bonds plunge, while US dollar climbs as operators seek refuge
Argentine shares and bonds plunged on Thursday as investors reacted to the failed negotiations between Argentina and the holdout hedge funds in New York. At the Buenos Aires City stock market the Merval index closed down by 8.4% to 8,187.99 points, far from yesterday’s record 6.9% climb. Read full article
Comments
Disclaimer & comment rulesWhere, oh where is Nosegay?
Aug 01st, 2014 - 09:04 am - Link - Report abuse 0Never mind him, where's The Lunatic of Chew Butt?
Aug 01st, 2014 - 12:23 pm - Link - Report abuse 0Blue Pesos 12.70, they can't give the crap away.
”Argentina “has not been able to attend payment of Discount bonds and according to Fitch criteria this constitutes a non-completion.”
A bit like stating the blindingly obvious.
All the argie trolls condemned me for constantly saying that TMBOA would not pay. But, as usual, I was correct.
@1
Aug 01st, 2014 - 04:52 pm - Link - Report abuse 0Unlike in my county China, or in your country, UK, or in USA, or rest of Europe Germany, Spain, France, Italy, Holland, or in Japan, Australia, Canada, or in Chile, Brazil, Mexico, etc... stock market and bond problems do not affect the Argentine population. THey don't invest in stocks and bonds, and they have been freed from being slaves of the markets.
Unlike in our countries where we live and die by their rise and fall. I envy Argentines who have declared independence from the world investor and banking cabal.
3 AN
Aug 01st, 2014 - 05:12 pm - Link - Report abuse 0What do you mean that Argentines don't invest in the stock market? Why would that be the case? Are you saying they are not allowed to or that they simply choose not to? What do you mean by saying Argentines have declared independence from the world investor and banking cabal?
Argentina does not need to borrow (and can't) in world markets. Even though you here see it as a hindrance, it is a blessing in disguise. They are not captives of the banks.
Aug 01st, 2014 - 05:17 pm - Link - Report abuse 030 years ago, many Argentines invested in stocks and bonds, the MERVAL was an important stock market. Today it is not a functional stock market anymore, so Argentines are spared the casino that Americans/Europeans are subjected to by investing in stocks that are rigged against them, and always favor the rich person that gets inside information first, and thus sells before the poor people. And even if he makes mistakes, he is bailed out every time by the taxpayers. If poor people make mistakes in investing, they are told to shove it.
Most of the assets of the Banks, Insurance companies, BCRA are Arg bonds. So unlike last the last default mostly Argentinians will be affected and not the Int'l community.
Aug 01st, 2014 - 05:21 pm - Link - Report abuse 0How do you think Arg is going to pay for Fuel and other imports without U$?
Pssst
They're not.
5 AN
Aug 01st, 2014 - 05:36 pm - Link - Report abuse 0Is the MERVAL the only choice Argentines have? I don't get it. Are you saying Argentines CAN'T invest in the stock market, that they DON'T or that they GENERALLY DON'T? Sorry for the questions but I'm not sure what you're saying and I'm intrigued.
6 Yankeeboy
So far from what I've seen of your posts (and those of a few others) , I get the impression you're quite knowledgeable on this subject of international business and finance. A few on the, shall we say, “losing side” seem to try to really attack you but end up with egg on their faces.
Keep it up; I for one find it fascinating.
Oh BTW I forgot Anses, CFK stole U$24B in hard assets and replaced them with Arg peso bonds which are worth about 1/1-1/8 now nad paying well below the inflation rate.
Aug 01st, 2014 - 05:40 pm - Link - Report abuse 0JB, Thanks. Unless you are a very wealthy Arg you can't invest in NYSE or any other stock market. You can invest in the MERVAL and they do. It is one way to kind of protect investments since some stocks are priced in U$. Its not a lot of people though. Remember the avg Arg makes U$346/mo. They're “investing” in food and fuel. :)
8 YB
Aug 01st, 2014 - 05:58 pm - Link - Report abuse 0Thanks. Is the reason they can't because of something the Argentine Government has put in place? I can understand that people living hand to mouth can't invest but if someone has some spare income what's to stop them investing internationally?
It is not so much that its illegal, the gov't has made it practically impossible.
Aug 01st, 2014 - 06:03 pm - Link - Report abuse 0You basically can't buy gold either.
I'm guessing you've never been there.
The gov't does everything it can to keep $ from being exported. Up to having $ sniffing dogs in the airports and ships going to Uruguay. They're only catching the little guys any way I think about U$25B leave the country every year.
Thanks. How interesting; and there I was thinking that the only people they were trying to oppress were the Falkland Islanders.
Aug 01st, 2014 - 06:20 pm - Link - Report abuse 0I have been there a couple of times but only as a tourist. Once to join a cruise ship in Ushuaia and once for a few nights in Buenos Aires as a side trip to a trip primarily to Chile and Peru.
@9 Just like in Venezuela you can't buy dollars legally unless you are a big fish or in the gov't since late 2011 when the big capital flight began. You can get them on the black market if you have the right contacts but unless you are wealthy you can't really take them out. Those wealthy enough to invest internationally do, but the average person just spends all spare income, either in assets or the occasional luxury.
Aug 01st, 2014 - 06:33 pm - Link - Report abuse 012 MM
Aug 01st, 2014 - 06:48 pm - Link - Report abuse 0Thanks, you, Yankeeboy and Alistair have taught me something.
Perhaps we should just build a 300 foot wall around her, and forget abt them,
Aug 01st, 2014 - 07:58 pm - Link - Report abuse 0then again, surely her friends will all come together and bale her out, chuckle lol
Jay Bee, Argentina is the only country in the world that uses cars, small appliances, white appliances as a means of savings.
Aug 01st, 2014 - 07:58 pm - Link - Report abuse 0It is the only country in the world where a car gets is worth more money in a year (at least in terms of pesos).
You'd be shocked at how much used cars, computers, phones etc are work. Absolutely shocked.
In the UK there is a satirical magazine called ‘Private Eye’, I had a subscription for many years.
Aug 01st, 2014 - 08:06 pm - Link - Report abuse 0It was a real source of what was ACTUALLY going on in the government (of any complexion) and in big business.
It had regular columns one of which was ‘It’s glum up North’ which investigated our northern ‘friends’ in the north of England, I cannot remember if Scotland ever featured in it though it must have done.
It was regularly SUED, mainly by the establishment and newspaper owners like Maxwell until the fat slob ‘slipped’ off the stern of his yacht. He did all his entertaining on the proceeds of plundering his own employees pension fund. These were the arseholes who ran the typesetting and the presses who were on fabulous wages and regularly held (together with other ‘chapters’ of their union) Fleet Street to ransom. They got shafted well and truly and sought sympathy from the public but without much support.
I can remember two times when PE was really in a fix having lost a case and needed funds to pay the award. They appealed to the buyers and subscribers to put in just one pound each (U$D 2.40 then) and both times were overfunded. It had the support of the public you see.
Why am I posting this? The Dark Country has Clarin which attempts what it can to show the corruption so redolent in the K clan. Just imagine what an ‘Ojo Privado’ could do for Argentina.
Too much to ask for it to survive without La Camping It Up not wrecking the place and assaulting the staff I suspect.
Christ! Now they are accusing Griesa of insider dealing and referring this to the US SUCURITIES AND EXCHANGE COMMISSION.
Aug 02nd, 2014 - 03:47 am - Link - Report abuse 0Are they totally insane or what?
They do not get their way, so they accuse the the judge of being bent!
I hope he hammers them.
17 RC
Aug 02nd, 2014 - 04:37 am - Link - Report abuse 0I'd love to see their evidence of this. As I am sure would Judge Griesa and the Securities Commission. Let the repossessions begin. These creeps need to be taught a lesson.
...and this is the same government that says if they can have the Falklands they will respect the interests of the islanders. Not a hope in hell!
5 Alistair Nigel (EUian)
Aug 02nd, 2014 - 09:34 am - Link - Report abuse 0If this frees Argentina and her people in some way why spend so much time, effort and money in the courts trying to stave it off? Why not just pay it and back out of the world market with a clean slate?
And don't forget either that default or no default, Argentina STILL owes the money.
Jay Bee
Aug 02nd, 2014 - 04:45 pm - Link - Report abuse 0Respect the right ineterests of islanders my ass!
That's their version of, the cheques in the post or more pertinently to them, I won't come in your mouth!
@3
Aug 02nd, 2014 - 04:59 pm - Link - Report abuse 0So why do they still have a stock market then? No customers = no market.
Your post doesn't make sense.
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