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Argentina returns to money market for US$ 15bn to pay bondholders

Monday, April 18th 2016 - 08:49 UTC
Full article 20 comments

Once Argentina pays the holdout funds, US District Judge Thomas Griesa will lift the injunctions against the country, court-appointed mediator Daniel Pollack said, following the appeals court ruling that cleared the way for Argentina to pay its debts. Read full article

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  • chronic

    And the cycle of fraud once again regenerates itself.

    Apr 18th, 2016 - 09:13 am - Link - Report abuse 0
  • Skip

    Argentina is doing better at solving this problem than you are at predicting things Chronic.

    Better luck with you next 'cause'

    Apr 18th, 2016 - 09:39 am - Link - Report abuse 0
  • chronic

    Predictions?

    Confused much?

    Apr 18th, 2016 - 09:52 am - Link - Report abuse 0
  • Skip

    Aah so no predictions. Thanks for that.

    Indeed your posts boil down to nothing much except for incessant whinging and whining.

    Pretty useless after being continually repeated.

    Apr 18th, 2016 - 11:21 am - Link - Report abuse 0
  • Mendoza Canadian

    Something la cretina couldn't do in 8 years buy Macri could in 4 months.

    Apr 18th, 2016 - 11:55 am - Link - Report abuse 0
  • Marti Llazo

    There seem to be two kinds of governments in Argenzuela. Those that won't pay their debts, and those that can't pay their debts. The current government is in the second category.

    Apr 18th, 2016 - 01:05 pm - Link - Report abuse 0
  • chronic

    Rg default is an inevitability.

    Apr 18th, 2016 - 01:43 pm - Link - Report abuse 0
  • Marti Llazo

    @7 Although they might not call it a default, but some other major nonpayment event instead. Then they can try to force another huge haircut in a restructuring with those fancy new collective action clauses. But yes, the equivalent of a default is inevitable and the only real question is how soon. I am guessing within six years.

    Apr 18th, 2016 - 03:59 pm - Link - Report abuse 0
  • Captain Poppy

    Seems I misplaced this.

    What's more amazing is not so much of another probability of a default is that there is no shortage of the kind of idiots who bought there bonds in the first place. You can put shit in the most prettiest of boxes with all the beautiful trim that you want. But at the end of the day when you open the box, it's still shit. Buyers beware, but no one ever reads the fine print. It's like asking to be slapped and when you are, you're surprised! WTF?

    Apr 18th, 2016 - 09:52 pm - Link - Report abuse 0
  • Skip

    And yet all the above will be factored into the bond and someone will take the risk and purchase them.

    You can't continually complain that a country won't change and reform without giving it the chance to do it.

    It seems that sometimes Argentina can do nothing right simply because it is Argentina. Hardly seems fair but to many on here that is exactly what they think it is.

    The bonds will sell.

    There's my prediction.

    Apr 18th, 2016 - 11:11 pm - Link - Report abuse 0
  • Marti Llazo

    “The bonds will sell.”

    Of course they will, Mister Barnum. Just like they did in the 1990s. And in years before that. We all know how it always works out. Argentina hasn't really changed in any meaningful way. But you can keep banging your head against the wall over and over and fooking over again if you like.

    There are lots of people with money they need to get rid of.

    Apr 19th, 2016 - 12:24 am - Link - Report abuse 0
  • Skip

    Whatever Marti. Another typical vacuous post from you.

    If you can't predict the future with such certainty then please give me this week's Tattslotto numbers so I can buy a ticket.

    You all want radical change instantly. Hate to break it to you but it ain't gunna happen. So once you get over that disappointment you might start to see the world differently.

    Otherwise continue to bang on about the past and ignore anything that doesn't fit your mindset.

    Apr 19th, 2016 - 07:58 am - Link - Report abuse 0
  • Captain Poppy

    Marti if you're claiming that the show remains the same and you all know how it works out, the buyers must be assholes or idiots rights? Is it greed or stupidity in the market that leads them to Argentina?

    Apr 19th, 2016 - 10:52 am - Link - Report abuse 0
  • Marti Llazo

    What has changed that is going to promote reliability in Argentina? Very little. The present government won by a hair, and if elections were re-held today would lose by a large margin. Argentina continues its offensive foreign relations towards neighbours while begging abroad for money that it can't raise from the US$ billions in local mattresses. No one here trusts the government and there is a long history of why. Those most affected in the past remember all too well and the foreigners never touched by it won't. It's called experience, and most auslanders here don't have it and can't feel it. The honeymoon with the Macri government was over very quickly. So just what has changed, besides the names on the stationery? All the hype of Argentina finally joining the civilised world is just that, hype and the sort of vacuous boosterism that fills media columns and the pockets of those selling something. Has Argentina made any sort of significant move that suggests meaningful improvement in its economy, markets, and institutions? No. Any tangible indication that there might be any such change? No. Is there on the horizon some sort of bumper crop or other product that will fill the coffers? No. Quite the opposite. We are looking at significant crop failure this season and poor competitiveness for the country in many markets. And Argentina is even going to start importing beef. So what is going to pay the bills here, as revenues fall and inflation is headed for 40 percent this year and there is nothing but a trust-me that such a trend is not the usual trend?

    The prospective buyers of the new bonds are seeing the possibility of 7% or so and of course there will be many who have plenty of money to risk. The feel-good bubble might last for a while but it won't be long before reality returns and everyone understands that Argentina has no sustainable model for the combination of willingness and ability to keep paying in dollars.

    Apr 19th, 2016 - 01:42 pm - Link - Report abuse 0
  • 313toBioBio

    @14...and Finally on C5N they start raising the alarm about the paralysis in the Brazilian economy, specifically in Sao Paulo manufacturing. Why just before Brazilmageddon is there this breeze of insane optimism in Argentina for Macri? I just don't get it...Chile is in a steady depression. Uruguay will deal with the consequences of Chavez diplomacy for a while. The despidos in Argentina keeps getting worse as it's realized that it was a government run, subsidized economy. Designed to keep a middle class with just enough to eat and keep the lights on. And now you hear their complaints. Wtf my bills are up 1000% and I have no job. What should I d0? Kommon Komplaint for anyone who is not in Macri's inner circle. Navarro on C5N admits that Brazil's new middle class is being wiped out..as Carrio said like 2 years ago. Where they differ is on who is at fault. Kirchnerites see Brazil's depression now the fault of the neoliberal return of latin america.

    Apr 19th, 2016 - 02:03 pm - Link - Report abuse 0
  • Don Alberto

    @ 13 Captain Poppy who writes “the buyers must be assholes or idiots rights? Is it greed or stupidity in the market that leads them to Argentina?”

    Who? EXACTLY who are the buyers?

    At Kicillof's bond sale it looked as if BCRA was the actual buyer of its own bonds.

    Apr 20th, 2016 - 03:19 am - Link - Report abuse 0
  • Captain Poppy

    Most likely institutional buyers and my point about buyers was not meant literally. 15 billion in bonds and 65 billions in pre-issue pledges.....someone wants them. Certainly not Singer, he only buys bankrupt countries bonds and then exploits them, legal though. See how that works going forward.

    Apr 20th, 2016 - 10:30 am - Link - Report abuse 0
  • Marti Llazo

    That's right - institutional bond buyers, to be re-selling snake oil. And now fund managers are going to crow to their clients and their own bosses about the 7 percent or so that these bonds will [supposedly pay for a while]. The same guys that bought similar argie bonds in the early 1990s that defaulted in 2002, but of course have no memory of that. The same guys who bought the very same debt after the 2005 and 2010 haircut restructurings which defaulted in 2014 and is still in default. But of course they have no memory of that. The same guys whose analysts were trying to find some illegal way to violate the US court's orders to get around the default and were silly enough to publish it. Now, there is a reason that these bonds are called “junk.” Mostly because of the high probability of becoming mostly worthless or indistinguishable from worthless. But those same fund managers are going to oh so excitedly push this junk in bond mixes to their clients and even to their clients who are in the conservative and low-risk range of clients because, well, we all know about fund managers. They are selling junk. And “ this time will be different” exactly why? Because a new manga of incompetents is attempting to run a massively corrupt country with crumbling infrastructure and an intransigent choripanero quasi-workforce, half of whose children don't even graduate from secondary school, where the poverty levels have shot up above already insanely bad rates, where the national coffers are nearly empty from prior debts and the future looks a lot like a failing economy with continuing 40 percent inflation, fewer markets, decaying competitiveness, and declining revenues whose shortfall is going to be covered with high-interest debt? And a new-business environment rated as one of the worst in the world. So just what is going to be “ different this time” ?

    Apr 20th, 2016 - 01:14 pm - Link - Report abuse 0
  • Captain Poppy

    Mmmmm, I just wonder if it's the same institutions who sold Enron stock, World Com, Tyco, HealthSouth, AIG, Aldelphia. Maybe the same Institutions who helped Madoff makes his millions, or maybe the old Arthur Andersen companies who cooked the books to help sell that snake oil. Could it be any of those institutions?

    At the end of the day, I don;t pay Argentine taxes, nor was I an brainless moron to invest in Argentina when socialists were running, so.....I really could care less. I am not could to spend my time spitting at some other nation. Are you? Did you invest......or pay their taxes? Maybe verbally beating Argentina is your idea of nation building. Keep spitting......let's see what changes.

    Apr 20th, 2016 - 05:02 pm - Link - Report abuse 0
  • Don Alberto

    Q: “EXACTLY who are the buyers?”
    A: “Probably somebody or some others”

    Q2: “***EXACTLY*** who are the buyers?”
    A:

    Apr 20th, 2016 - 08:08 pm - Link - Report abuse 0

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