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Argentina agrees to pay Italian bond holders including “a reasonable interest”

Wednesday, February 3rd 2016 - 07:23 UTC
Full article 30 comments

Argentina announced Tuesday that it reached a $900 million preliminary accord to settle its pending debt with 50,000 Italian holders of defaulted Argentine government bonds. Finance minister Alfonso Prat-Gay said that the agreement with Italian bondholders includes the Argentine government's acknowledgement of the debt “and reasonable interest”. Read full article

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  • Skip

    It's a start.

    And a good one at that!

    Finally Argentina might start benefitting from moving on from CFK's idiocy.

    Feb 03rd, 2016 - 09:23 am - Link - Report abuse 0
  • ChrisR

    @ 1 Skip

    Perfect post!

    Feb 03rd, 2016 - 10:29 am - Link - Report abuse 0
  • Mendoza Canadian

    Finally? Its like a breath of fresh air. A president who doesn't scream and yell when he makes a speech and ministers who actually hold press conferences with the press in attendance. AND take questions from the press. Amazing!!!

    Feb 03rd, 2016 - 11:48 am - Link - Report abuse 0
  • Klingon

    Trouble is the snake Singer wants every last penny he can wring out of it and is happy to drag this out further while gaining interest.
    Hopefully Greisa gets sick of him and throws his case out for good.

    Feb 03rd, 2016 - 11:49 am - Link - Report abuse 0
  • Marti Llazo

    @4 “ Hopefully Greisa gets sick of him and throws his case out for good.”

    Actually, the judge got sick of Argentina's acting in contempt of court. But Argentina thinks that being in contempt of court, like being in default, is somehow a good thing.

    The court decision concerning Argentina's noncompliance with obligations, confirmed by the US Supreme Court, that favoured the principal holdouts, is not affected by preliminary agreements with other litigants. So long as they [the principals] don't receive the payment they find acceptable, the ruling stands. In that case, Argentina remains in default, interest accumulates, and Argentina continues to be locked out of conventional international financing. So has Argentina really accomplished anything?

    Feb 03rd, 2016 - 12:37 pm - Link - Report abuse 0
  • yankeeboy

    4. You mean he wants what he's owed? Silly Rg. Never understands the meanings of a contract. Griesa doesn't have the ability to “throw the case out”

    Feb 03rd, 2016 - 12:37 pm - Link - Report abuse 0
  • 313toBioBio

    @ 6 Yankeeboy, what is your take ln macri optimism? Biden and a lot of Argentines act like they are out of the woods.... But the chinese plummet began with this admin. Won't macri face a kicillof created collapse? How is brazil not going to have bankruns?

    Feb 03rd, 2016 - 11:21 pm - Link - Report abuse 0
  • Marti Llazo

    Biden? You would consider anything coming from Biden worthy of anything but the funny pages? He is more of a bad joke than even the hapless Noah Mamut fool that Obama selected as ambassador to Argentina -- silly man can't speak Spanish, had never been to Argentina, couldn't find the place on the map, thinks that hierba is something that you smoke. Sort of a shorter-haired Alicia Castro.

    Of course Argentina is acting as though....pretending as though they are out of the woods. They haven't even seen the woods yet. Their glorious Kirchnerist leaders could not quite admit that the country was once again in a new default, would not confess to astronomical poverty and inflation levels, can't figure out that they are in economic recession with no prospects for near-term improvement, and on top of all that, the silly fools think they own all the islands and pelicans in the South Atlantic. So it is completely in character to misconstrue their condition and ... pretend, pretend, pretend.

    Feb 04th, 2016 - 12:44 am - Link - Report abuse 0
  • ilsen

    Agree with Skip @1

    Time to start moving on. Good to see Argentina/Macri getting 'real'.

    Hopefully the start of an honest engagement with the rest of the world, for the benefit of all Argentines.
    I am hoping they have 'turned a corner', and the voices of the idiot peronista/malvinazis will diminish.
    I would love to see a happy, progressive and profitable Argentina. I have never hated them, just what certain politicos/caudillos have brought about.

    Feb 04th, 2016 - 01:08 am - Link - Report abuse 0
  • Vestige

    #9. Dont be mistaken, Malvinism itself wont ever be diminishing. It will only accompany any progressive and profitable Argentina you hope for.

    Yes, yes, I know. gurkhas on submarine lauched tomahawks fighting them in the streets.

    But all that aside, it is true isn't it.

    Feb 04th, 2016 - 12:44 pm - Link - Report abuse 0
  • Marti Llazo

    @10 So long as Argenzuela continues its fanciful Falklands claim, it will be viewed by the responsible and successful nations as the foolish and ridiculous populist backwater that it is and clearly wishes to be, forever considered among the irresponsible dregs and refuse of pariah nations. And the country will be treated accordingly.

    Feb 04th, 2016 - 01:00 pm - Link - Report abuse 0
  • Vestige

    Which responsible and successful nations would those be Marti ?

    From what I've seen most of the world sympathizes with Argentina on the issue.

    Even the US, with its 'special relationship', pretends to be sending a text when GB asks for allies to raise their hands.

    Feb 04th, 2016 - 04:51 pm - Link - Report abuse 0
  • Marti Llazo

    @12 “ From what I've seen most of the world sympathizes with Argentina on the issue.”

    From... what... you've..... seen. Which we are assured would be very little of substance. “Most of”.... maybe in your rose-tinted world, at least in your imagination. Such “sympathy” you perceive is cheap, as unreliable as an Argentine obligation note, and it buys you nothing except the sort of warm sensation you get from soiling your britches.

    You may not have noticed the value of the cheap sympathy that you imagine from the US, but when things get close to serious, it's US-supplied AIM-9L missiles that splash your fuerza aérea, and US-supplied targeting data that means big holes in your rustbucket ships. Try to remember that when you are looking for sympathy.

    Feb 04th, 2016 - 05:16 pm - Link - Report abuse 0
  • Zaphod102

    @12 “From what I've seen most of the world sympathizes with Argentina on the issue.”

    ...in same way anyone would sympathise with a poor, deluded idiot with a feeble grasp of reality?

    Feb 04th, 2016 - 06:25 pm - Link - Report abuse 0
  • Vestige

    13 - are you suggesting that the main motivation of the US in selling arms to GB is possible Argentine invasion ?

    14 - yeah yeah. poo-poo head. ne-nur-ne-nur-ne-nur. rotflmfao. etc etc.

    Feb 04th, 2016 - 10:31 pm - Link - Report abuse 0
  • Marti Llazo

    @ 15 It does not surprise anyone that you missed the point.

    Feb 04th, 2016 - 11:09 pm - Link - Report abuse 0
  • 313toBioBio

    @already invaded by mossad

    Feb 04th, 2016 - 11:37 pm - Link - Report abuse 0
  • ilsen

    replying to your post
    @10 Vestige

    If you have ever read my past posts, you will know I am not one of those “bomb them to hell” posters, nor am I of the the persuasion that you posit that I may be, ie: “ gurkhas on submarine lauched tomahawks fighting them in the streets. ” etc. blah blah.

    How would you suggest we move forward, peaceably, on the falklands issue?

    Feb 05th, 2016 - 02:20 am - Link - Report abuse 0
  • Moderator

    What was the topic again?

    Feb 05th, 2016 - 10:13 am - Link - Report abuse 0
  • chronic

    Gay Prat doesn't think that it is reasonable for his creditors to demand what their contract specifies is due them.

    Imagine that!

    Rgs are rgs - far left or near left.

    Kelpers: Never trust an rg to do what they say.

    Feb 05th, 2016 - 05:15 pm - Link - Report abuse 0
  • Klingon

    @20 only a senile old scrooge named Singer thinks he is due every last penny.
    He needs to be publically flogged for his business practices.
    That old prick is the worst of the worst loan sharks.

    Feb 05th, 2016 - 10:26 pm - Link - Report abuse 0
  • Marti Llazo

    Media here today are saying that the Singer bloc are not budging on their demand for full payment of what is owed to them, with no “quita” - at least in the informal talks. Word seems to be that Argentina was going to make an “official” offer today but the smart money says the bondholders will reject it.

    Some interesting numbers in one of those articles. Of 25 countries around the world involving creditor claims in sovereign debt cases, here is how Argentina stacks up for unresolved claims (typically failure to pay creditors):

    Argentina 41
    Peru 13
    Iraq 10

    This speaks volumes about Argentina's extensive recent practice of failure to pay its sovereign debt obligations.

    Feb 05th, 2016 - 10:40 pm - Link - Report abuse 0
  • ilsen

    Vestige

    So, you shy away from a perfectly reasonable request to to have a mature, peaceful discussion?

    Why would that be?

    Feb 06th, 2016 - 12:47 am - Link - Report abuse 0
  • Marti Llazo

    Meanwhile, on the topic of Argentina paying its debts: apparently today (Friday) Argentina made an offer to the main litigants involving a 25% cut. The news here is reporting that two of the minor players may have provisionally accepted that offer.

    But -- any one creditor covered under the court decision, who does not agree to an Argentine offer that is ultimately approved by the Argentine legislature, can prevent payment to the entire set of creditors who did accept some sort of haircut. So if Singer says he wants the whole humita - his entire due - and Argentina doesn't go for it, then the fat lady will not be able to sing just yet.

    Feb 06th, 2016 - 03:09 am - Link - Report abuse 0
  • ilsen

    @ 24 Marti Llazo (#)
    “Meanwhile, on the topic of Argentina paying its debts..”

    Who the fuck wants to talk about that dead horse? Why are you still flogging it?
    It's like, so, over! dem fools never gonna pay up!
    Hell, bitch got no time fo' dat! Bitch gotta make rent!
    -----------------------
    (sorry, get's coat, runs for the door...)
    :-)

    Feb 06th, 2016 - 04:33 am - Link - Report abuse 0
  • Marti Llazo

    @25 “ Who the fuck wants to talk about that dead horse?It's like, so, over!”

    1. It was the topic of the article.
    2. It isn't over yet.
    3. It's getting more interesting.

    Feb 06th, 2016 - 11:59 am - Link - Report abuse 0
  • VoiceOver

    @ 20 chronic:

    “Gay Prat doesn't think that it is reasonable for his creditors to demand what their contract specifies is due them.”

    Gay Prat is clearly a seasoned negiciator. He wouldn't be worth his salt, if he didn't try to get the best deal for Argentina. In negociations one starts by offering below what one's opponent expects, in the hope of saving some of one's money in the end. One is often sucessful.

    Feb 06th, 2016 - 08:53 pm - Link - Report abuse 0
  • yankeeboy

    27. A reasonable person would pay the court judgement as directed and be done with the mess.
    Since
    There's nothing to negotiate.

    Feb 10th, 2016 - 05:20 pm - Link - Report abuse 0
  • Marti Llazo

    @27 “Gay Prat is clearly a seasoned negiciator....”

    So far the seasoning hasn't helped. He's still at zero with the Big Dogs, the ones that count. And Pratfall is no match for the Big Dogs.

    Feb 10th, 2016 - 06:28 pm - Link - Report abuse 0
  • VoiceOver

    If you think there is nothing to negotiate, then you are an amateur in economics.

    “So far the seasoning hasn't helped.”

    Pleeeease! how many months have they been negociating?
    Let's discuss the subject in 6 to 8 weeks.

    Feb 10th, 2016 - 07:26 pm - Link - Report abuse 0

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