MercoPress. South Atlantic News Agency
Fitch downgrades Argentina's long term debt, fearing the risk of default
Argentina's Peso ended a tumultuous week on Friday having shed 20% in its value against the dollar as Fitch cut the South American country's long-term debt by two notches, citing increased uncertainty and a rising risk of default. Read full article
Comments
Disclaimer & comment rulesSuddenly, Macri has discovered the virtues of populist measures he had ridiculed in the past.
Aug 17th, 2019 - 11:32 am - Link - Report abuse -2None of the last-minute, desperate attempts to win back electors will have an effect on the citizens, who patiently suffered the absolute lack of empathy of the current administration but went on to choose a different option a week ago.
Thus ends - in flames - the first-ever attempt of oligarchic restoration using (and abusing) democratic mechanisms in Argentina.
It’s everybody’s guess how the country will manage a suddenly long transition period until December.
In any event, the country has once more demonstrated its little tolerance for socially insensitive experiments - a warning to future leaders. “Fool me once...”
Well done, Argentina.
Enrique,
Aug 17th, 2019 - 11:02 pm - Link - Report abuse +1In a recent thread related to Argentina retaining its B rating https://en.mercopress.com/2019/08/03/s-p-retained-its-b-rating-for-argentine-debt/comments you said “During the last four years, Argentina has been getting closer and closer to Venezuela status”
I pointed out the fact that Argentina's credit rating had improved from SD to B while Venezuela's had decreased from B2 to C in the same time period but you didn't respond. Now that the threat of a FF government has caused Argentina's rating to slip back to CCC (NOT because of anything Macri has done, but simply the threat of his policies being reversed) you are applauding the Argentines “Well done, Argentina”.
So, in the earlier thread you seemed upset that Argentina was moving away from a default situation and now you seem happy that that situation has reversed. So, in spite of what you say, your responses consistently indicate that you seem to think that Argentina getting closer to default is good news. Can you explain your thinking on this one because you aren't making any sense to me on this one?
Your argument seems to be that Argentina became closer to Venezuela under Macri (even though the two country's credit ratings moved in opposite directions) and this why Argentines voted for the politicians who brought the country to a SD rating rather than the one who brought them a B rating and you are now applauding the CCC rating as somehow being an indicator that the Argentines have made a wise decision. In your world, good news under Macri = bad news while bad news at the renewed prospect of CFK = good news. How does your brain reconcile these two thoughts?
Sr. Enrique Massot...
Aug 18th, 2019 - 04:20 am - Link - Report abuse -2Tato Bores reencarnado 2019...;-)
https://m.youtube.com/watch?v=6fOdnb0y4wo
@Think
Aug 21st, 2019 - 09:43 pm - Link - Report abuse 0Ha ha muy bueno, buenísimo!
@ZB
Hey, Zaphod, I guess you are upset by what happened on Aug. 16, but I am not that kind of person to come and say “told you so.”
However, please do not put words in my mouth. I do not think I spoke of any potential Argentine default. It is true that the current foreign debt will be trying on the Argentines for quite some time, but I believe Alberto Fernandez has already said he does not support defaulting -- and I agree.
Oh, and I said “well done, Argentina” not because of the 'corrida' but because of the 49-33 that Alberto inflicted on Macrism.
Not the best times to be a Macri supporter.
EM,
Aug 22nd, 2019 - 06:06 pm - Link - Report abuse 0“... I am not that kind of person to come and say “told you so.””
Except you just did.
“However, please do not put words in my mouth. I do not think I spoke of any potential Argentine default.”
No, but you were critical of Argentina's improving credit rating under Macri.
“I believe Alberto Fernandez has already said he does not support defaulting”
Good to hear, but does he have the ability to prevent it? The sudden reversal of Argentina's credit rating after this election has made his job harder.
If FF gain power we will see how Argentina fares and we'll see if it heads in the direction of default...
Zaphod:
Aug 23rd, 2019 - 05:11 am - Link - Report abuse 0Again, you are in a bind and you try to fiddle on semantics. You know well what I think of Mauricio Macri and his disastrous government.
I also believe Alberto Fernandez appears as a solid, knowledgeable candidate.
You say, ”Good to hear, but does (Alberto Fernandez) have the ability to prevent (default)?
I do not know, but I do believe Fernandez has many more chances than Macri does. After all, the current situation is Macri and Macri's only creation.
“If FF gain power we will see how Argentina fares...”
I agree. It will be extremely interesting to watch them at work, especially after witnessing the demolition job perpetrated by Macri and his merry gang during the last four years.
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!