US Treasury's strong support message for Argentina's litigation with holdout funds

Wednesday, February 10th 2016 - 07:16 UTC

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The United States gave another sign of support for Argentina’s economic policies as US Treasury Secretary Jacob Lew spoke on the phone with Finance Minister Alfonso Prat-Gay, striking an optimistic tone regarding the settlement offer made to the holdout funds in New York. Read full article

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yankeeboy
Spin spin spin...
What else are they going to publicly say?

All this baloney of trying to “negotiate” is a waste of time, the difference is less than CFK lost SO FAR on YPF.

Pay it and move on...
Feb 10th, 2016 - 12:10 pm - Link - Report abuse 0
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Conqueror
Why accept any sort of “haircut” from Gay-Prat? The offer is an admission. And don't accept any bonds!
Feb 10th, 2016 - 12:44 pm - Link - Report abuse 0
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Marti Llazo
Singer doesn't much care for Obama's government and less still for the incompetent Secretary Lew. So just what is his “support” worth?

“US Treasury's strong support ” plus 40 ARS might get you a cortado at the YPF Full. A small one, in a dirty cup.
Feb 10th, 2016 - 12:54 pm - Link - Report abuse 0
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chronic
Paper over bad paper with more bad paper?

And lose your leverage in the process?

Come on, this is too easy.
Feb 10th, 2016 - 02:40 pm - Link - Report abuse 0
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Marti Llazo
@4 Repsol took argento paper over the theft of their part of YPF, but arranged to immediately dump it to a third party and receive cash in its stead. Doesn't maximize their recovery but it was safer than holding argento debt instruments. Likely some of the current holdouts are considering something similar: get rid of unreliable argento paper even if it means flooding the market and driving prices down.

News from the Peronists, including the Kirchner bloc, controlling the argento senate today suggests that they might be willing to strike down the current legislation that forbids settling with the holdouts according to the current Prat-Gay offer. That is an interesting development and a potentially positive sign.
Feb 10th, 2016 - 03:21 pm - Link - Report abuse 0
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chronic
The rgs may have to feel a little actual pain instead of just discomfort before they get serious.
Feb 10th, 2016 - 05:55 pm - Link - Report abuse 0
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yankeeboy
6. I've said that for years.

So they remember just like when a child touches a hot stove...
Feb 10th, 2016 - 09:57 pm - Link - Report abuse 0
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Marti Llazo
The argentos scream bloody murder from their perception of discomfort just as much as they do when mortally wounded. Likewise their ability to learn from mistakes is indistinguishable from that of an ordinary amoeba.
Feb 10th, 2016 - 11:47 pm - Link - Report abuse 0
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Lord Lucan
I can tell you right now the holdouts are going to end up with chicken feed.
Feb 11th, 2016 - 05:20 pm - Link - Report abuse 0
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Marti Llazo
@9 We will hold you to your prediction, and counter with a differing prediction:

1. The Argentistan government will eventually sweeten their offer for the four majors who rejected the first offer

2. The Argentistan legislature will remove the two laws impeding payment of the present set of holdouts.

3. It will still take considerable time to sort this out, while interest accrues, the argento economy fades, inflation soars, and the ARS is further devalued. Investors who believed the hype and held onto new argento paper will lose their Rolexes, socks, shirts, and testicles in another default within five years.

4. Hepatia will returned to the asylum and proper medication within 25 days.

Of course, those are just wild speculation. I am most concerned about performance on the last point.
Feb 11th, 2016 - 06:35 pm - Link - Report abuse 0
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