MercoPress. South Atlantic News Agency
Pollack confirms Macri´s administration intention of negotiating with hedge funds
The court-appointed mediator in a long-running debt dispute pitting Argentina against holdout hedge funds said Wednesday that President-elect Mauricio Macri's incoming administration intended to negotiate a settlement. Read full article
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Disclaimer & comment rulesGood !!
Dec 10th, 2015 - 10:13 am - Link - Report abuse 0...now to arrest CFK for the Nisman hit...
And just how is Argentina going to propose paying the US$10 billion to the holdout creditors? It has no money. So it will offer what.... more debt? More bonds soon to be in default? Assuming there is a “settlement” paid with more debt instruments the first thing you do is unload them, sell them to the gullible. And the world is full of naive and gullible investor-wannabees who have been led to believe Argentine fantasy.
Dec 10th, 2015 - 12:37 pm - Link - Report abuse 0@2. A good start would be to sign over the “rights” to the Vaca Muerta, pay for the exploitation and get nothing until a minimum of US$10 billion has been paid. Then there's all the other judgments against argieland around the world. Has anybody got a list of all the plaintiffs and amounts owed? Might it be another US$10 billion? Or more? Plus penalties and interest. Isn't there a case for teaching argies to be honest? They could defraud each other if they want, but no-one else. No more bonds, because argieland isn't trustworthy. No-one should trust argieland, even under Macri. If another peronist crook got into power, there'd just be another crooked scam.
Dec 10th, 2015 - 02:13 pm - Link - Report abuse 0Ding donggggggggggggvvgg, Reeeeeeeeeeeeekie!
Dec 10th, 2015 - 02:19 pm - Link - Report abuse 0So the hedgers made their.investment back on the push/pull of the rr markets.
Now, it is time for them to start the carve up of the rr real property.
Griesa is alive.
Cretina is in the grass.
The game goes on.
Only the rr populous suffers.
@3 - amusing concept but remember that Argentina historically does not respect such agreements as you propose. Penalties? Interest? Do you really believe Argentina would honour such things when they have roundly shat on lesser agreements for the purchase of a dozen shoelaces? Argentine domestic law is fickle and worth naught, as capricious as the Patagonian weather, and anyway the congress is currently controlled by Peronisitas, so there is precious little hope in their cooperation in any of this. Remember that in Argie Argot there are 287 words for chicanery and not a single expression denoting either honesty, sincerity, or trustworthiness.
Dec 10th, 2015 - 04:07 pm - Link - Report abuse 0Until they come to an agreement with the holdouts etc they can't get any U$ from the USA.
Dec 10th, 2015 - 08:11 pm - Link - Report abuse 0The Arg govt has a stupid amount of owned property in the USA. They're too poor to have so much they need to sell it off and rent.
There are so many problems that need to be immediately addressed I feel forM Macri and his team. They are fighting an uphill battle in the middle of a hurricane.
He could always sell Patagonia to Britain for 500million,
Dec 10th, 2015 - 08:22 pm - Link - Report abuse 0not much, but a good star,
on the other hand forget it, they would only take the money and then renegade on the deal and claim Patagonia was theirs again...lol
Here we go again. We have seen the picture so many times before. A “business-friendly” government takes over, and western financial institutions rush to “help” with piles of cash.
Dec 11th, 2015 - 08:21 pm - Link - Report abuse 0When all is said and done, Argentina is up to its ears in debt--with nothing to show for all the money received. (Some not even reaching Argentina but going to directly to foreign companies to pay for dubious projects, and some lost in “commissions” to facilitators,
And all be the fault of the “Argentines” again!
Oh, not of course the well off and their allied--who got rich while facilitating the ruin of their own country--the blame will as always go to a sinking middle class and the working poor.
Most here will decry Macri is not like that. Unfortunately, he can't do otherwise because the parasitic Argentine oligarchy has it in its DNA.
Those characters despise their own people and nothing of value exists beside the “civilized” First World where they place all their bets.
Because printing endless pesos has worked so well.
Dec 11th, 2015 - 09:27 pm - Link - Report abuse 0Gads it is obvious you have little education.
@8 Yes, when the Argentine Peronist government leaders since 1983 signed up for billions in loans, someone was obviously holding a gun to their heads to make them do that. Could not possibly be the fault of the argentos.
Dec 11th, 2015 - 10:19 pm - Link - Report abuse 0Parasitic oligarchy? Or the parasitic and massively corrupt Partido Justicialista inevitably voted into power by those expecting another round of handouts, nearly-free electricity, market-killing price controls, Futbol Para Todos, and choripanes por votos.
Quique.....with businesses, where does government money come from? Oh yeah...the printing office. How tge hell did you end up in a market based country?
Dec 11th, 2015 - 10:39 pm - Link - Report abuse 0#11 Captain Poppy
Dec 12th, 2015 - 06:12 am - Link - Report abuse 0Nothing against business. Capitalism is a strong factor in developing a country's productive forces.
However, in many so-called “developing countries,” capitalism never grew as it did in today's developed countries.
Argentina went from being a Spaniard colony to becoming a neo-colony of Britain first, then a U.S. one.
The land was appropriated by the elites, creating too large economic units that prevented capitalism from thriving and keeping rather semi-feudal, backward forms of production.
In contrast, the U.S. and Canada distributed the land into smaller properties, forcing farmers and ranchers to modernize and diversify.
Our resulting oligarchy never had a vision to develop the country as an independent, capitalist entity.
An example? Former president Arturo Frondizi, elected in 1958. Frondizi was a “desarrollista” who wanted to develop the country's potential, increasing oil production and many other sectors to make the country more self-sufficient. In 1962 he was toppled by the military responding to the country's ultra-conservative oligarchy.
Argentine's ultra-wealthy never had at heart the best interests of the country. Their models are “first world” countries, where they educate their children, shop, and take their money. Their vision is, Argentina will never reach a status comparable to that of Europe or North America.
Unfortunately for Argentina, Macri is one of them.
12 Enrique
Dec 12th, 2015 - 10:50 am - Link - Report abuse 0Argentina was at its most profitable, before the War, while the British were still there - it was doing just fine with that model.
Something changed.
Oh yes,... Peron consolidated his power, “Nationalised” transportation and utilities and created a Populist state. State Capitalism replaced true, freer market Capitalism.
The new populist model did not work, and economy has been in decline ever since - all the while praising Peron-ism, and blaming others who were long gone, for Argentina's internal problems.
The latest Peronist “elites” are the CFK mob, “...educating their children, shopping, and taking their money” to the First World. New York and Miami spring to mind.
The K's, “Argentine's ultra-wealthy never had at heart the best interests of the country.” CFK has just proven that, by doing her best to clear out the Reserves and render the country ungovernable.
Macri is initiating changes, charting a course away from failed Peronism - and all you can say is it won't work because of the feudal system in Argentina.
Guess what - you've had 75 years to make correct changes since Peron took over production. Still blaming somebody else for 75 years...
Rickey's view of “ elites” in Argentina follows the usual neo-Marxist Letrine American excuse: any of the thousands with the tiniest amount of capital, or willing to take the risks associated with being am employer of others and providing a product or service of any value, was in this view an “ elite.” And when a pioneer (certainly not from effete Bs As) came to the Patagonia from the Falklands and started a sheep estancia from nothing, and brought productivity and employment and technology to the Sta Cruz desert, oh gawd, another “elite.”
Dec 12th, 2015 - 11:35 am - Link - Report abuse 0I really don't understand how people can be so blind to history? Argentina is the only country in the world that's been devolving in every measurable way since WW2.
Dec 12th, 2015 - 02:13 pm - Link - Report abuse 0@15 Actually Argentina has been falling apart economically since the 1930s, though Peronism, which grew out of Perón's fascination with Italian fascism, has been largely responsible for the inability to gain any lasting economic traction since the 1950s. For all practical purposes, the Argentines invented the practice of inveterate instability and habitual corruption in governance which, when coupled with extremely poor decision-making and an excess of extreme and self-destructive nationalism, have effectively kept the Argentine economy from any sort of enduring success.
Dec 12th, 2015 - 03:23 pm - Link - Report abuse 016. I know that, you know that, anyone who's ever read Argentina's history knows that but there are lots and lots of people on this board and in Argentina that seem to deny it.
Dec 12th, 2015 - 04:17 pm - Link - Report abuse 0That's' what i can not understand.
I find it ironic that Populist/Communist Enrique is arguing that collective farming and a state directed economy has killed initiative and innovation and is responsible for Argentina's decline.
Dec 12th, 2015 - 05:00 pm - Link - Report abuse 0What was Peron's “5 Year Plan”?
How did that work?
Teachers have been forced to teach revised history and Nationalist sayings “Malvinas son Argentina” to their very youngest pupils, and blaming the Foreign Devils for their problems, instead of teaching Criticsl Thinking.
How long would it have been until the Cultural Revolution.... La Campora thugs storming the campuses and beating and tossing no compliant teachers out of windows?
“Patriotic” children are enrolled in a political indoctrination group, La Campora Juvenil, a Victory Party instrument that organizes partisan political protests and rallies.
The Argentine Constitution now enshrines a mandate for state expansionism against a foreign 'enemy'.
How long before Argentina's golden age of “Blooming and Contending”, Enrique?
After a history of famine and oppression, the Soviet Union finally collapsed economically, China too faced massive political purging and successive famines costing over 60m lives.
The Peronists and the K's have been using the same system for 75 years of decline, and Enrique spouts forecasts of doom because Macri is trying to reform the economy.
Sounds like a product of the Argentine education system.
Macri has an enormously challenging task, what with half of the country essentially fifth-columnists aligned to some degree with the sort of Peronism that thrives on the furtherance of proven failure. The trick may be in convincing them to leave The Dark Side. They will not do so easily. It's only a matter of time before the riots and looting return.
Dec 12th, 2015 - 07:30 pm - Link - Report abuse 019
Dec 12th, 2015 - 09:26 pm - Link - Report abuse 0Inevitable, I'm afraid.
However, these looming cutbacks may help them find s way out of the hole.
It's precisely some of those cutbacks that Cristina is likely to use as an excuse to have her Orcs take to the streets.
Dec 13th, 2015 - 12:44 am - Link - Report abuse 0Commenting for this story is now closed.
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