MercoPress. South Atlantic News Agency
Argentina lowers interest rates for businesses as inflation tends to subside
Argentina's main state-run bank said it lowered its headline interest rates for loans to businesses on Monday amid expectations that inflation will begin to slow in Latin America's third-largest economy, a move that will help put credit back within firms' reach. Banco Nacion, the country's largest financial institution and which also acts as a development bank, set its annual nominal reference rate for business loans at 27%, down from 32%. Read full article
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Disclaimer & comment rulesShe is trying you know,
Oct 18th, 2016 - 02:22 pm - Link - Report abuse -1the more she makes the richer and wealthier she will get,
then perhaps she will be able to pay her debts,
Worth a try.
Article: “In related news the Argentine Central bank reported on Monday that reserves climbed US$ 3.792 million, the highest in three years and almost US$ 40bn. ..”
Oct 18th, 2016 - 05:03 pm - Link - Report abuse +1Of course, this is shortly after some serious borrowing: a US$5 billion high-interest loan in January this year, and right after than another for US$16.5 billion (bond sale also at high interest rate) . That is how Argentina appears to have growing “reserves” in the central bank -- more than half of those dollars are the result of very recent high-interest loans while diminished real revenues are generating a large deficit.
Inflation down under Macaroni . . . . . who would have thunk it?
Oct 18th, 2016 - 07:13 pm - Link - Report abuse -3Reeeeeeeeeeeeeeeeekie!
Why do we need Enrique? Marti is starting to sound just like him!
Oct 18th, 2016 - 07:30 pm - Link - Report abuse 0Right.
Oct 19th, 2016 - 07:23 pm - Link - Report abuse -3And you Monkey sound a lot like another commie sock puppet.
Another small movement in the right direction for Argentina.
Oct 20th, 2016 - 05:32 pm - Link - Report abuse +2I was in Buenos Aires last week for the first time in a while and I was impressed with the visible investment in new buses, new trains and infrastructure. The metrobus system is taking shape and improving traffic flows and making bus travel more attractive. The people were as warm and friendly as always and seemed relatively happy. Several people said they'd had plans to emigrate if the Ks had got in again. We were cautioned about using our phones in public but realised that nobody else seemed to have any concerns about this and everyone was using their phones on the street and the Subte etc. as they would anywhere else so I actually felt safe.
However, from what I saw outside BsAs, the rest of the country may well not have fared so well so it looks like Macri has been doing a good job in BsAs.
And in today's news, yet another old debt to be paid, this time to the tune of more than US$3 billion to El Paso Energy International, et alia. A significant part of that payment is interest (the Kirchner governments fought the case for some 9 years, at considerable litigation and interest expense). In the filings, the arbitration agency noted the historical underpinnings of the case, expressed as “ Argentina’s Drive to Attract Foreign Investment.... by emphasising three principles – credibility, certainty and legal stability – the core requirement for attracting foreign investment being foreseeability, to be obtained especially through legal stability..... ” -- (sound familiar? it happens every few months, and is then undermined by Peronist actions a few months later)
Oct 23rd, 2016 - 12:06 am - Link - Report abuse 0Reports here that the Macri government is selling new debt (to pay off old debts) at the rate of about one bond issue each week. Makes it look like there is hard currency reserves in the Central Bank, even though it's mostly from high-interest new debt. Apparently bond buyers are unaware of Argentina's less than stellar record in paying bond debt, and the number of years (or decades) needed to get Argentina to pay even a substantial portion of overdue debt. Macri government is already trying to get debt relief on some issues.
Default, coming right up.
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