MercoPress. South Atlantic News Agency
S&P declares that Argentina's extension of maturities implies a “selective default”
Credit risk agency Standard & Poors announced on Thursday that it was slashing Argentina’s long-term credit rating another three notches into the deepest area of junk debt, saying the government’s plan to “unilaterally” extend maturities had triggered a brief default. Read full article
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Disclaimer & comment rulesHere...like others in the past, Mauricio Macri did it again. In just four years, he succeeded to bankrupt Argentina with a combination of greed and ineptitude that will become a textbook case for future generations.
Aug 30th, 2019 - 11:40 am - Link - Report abuse -4Fortunately, Macri will soon be a bad memory - but will be remembered because of the huge debt he will leave behind to be paid by his country people.
“Here...like others in the past, Mauricio Macri did it again.”
Aug 30th, 2019 - 05:07 pm - Link - Report abuse +3But he hasn't done anything again! It is the prospect of the FF ticket that triggered the collapse in confidence in Argentina-fact. As I have mentioned before, Argentina's credit rating improved steadily under Macri from the technical default that CFK left for him-fact.
Oh, sure!
Aug 30th, 2019 - 08:25 pm - Link - Report abuse -3Zaphod could be blamed for many things, but not for lack of loyalty. He probably is one of the last ones repeating the government's attempts to blame others.
I knew it! In spite of being in charge of the Argentine government for the last four years, Macri has nothing to do with Argentina's precarious economic situation -- The fact that Alberto Fernandez is just a candidate until Oct. 27 has nothing to do.
That is the material of which a true loyal individual is made.
Sr. Massot...
Aug 30th, 2019 - 09:00 pm - Link - Report abuse -4There is loyalty...
And there is turnipidity...
Mr. Beeblebrox's is definitively turnipidity...
Zaphod, the “Torturer's Tango Duo” are incapable of truth...
Aug 31st, 2019 - 06:06 am - Link - Report abuse +3All politicians are the same, the UK included. They are only in it for what they can get out of it.A politician will not answer a direct answer, like so many of our institutions now days. But you have to admit some Latin American countries are the worse than civilized countries. You scratch my back and I will scratch yours.In Argentina if you have money anything goes, incidently where did Cristina get all her millions from, a presidential salary? Does she present Tax returns or not? Or is the President exempt from filing Tax returns? Does anyone know?Or even care, that is the problem in Argentina, no one really cares.
Aug 31st, 2019 - 11:35 am - Link - Report abuse +2Just a little reminder, Kamerad/Komrade Rique, your support for the Peronist pope when he refused to lift the ambassadorial immunity of an embassy official who was a pedophile and spirited him to safety, has made it clear you think the sexual abuse of US children is “Social Justice.” I look forward to true “ Social Justice” being applied to you and any other scum you have spawned. True Social Justice is coming, and I can't wait...
Aug 31st, 2019 - 02:01 pm - Link - Report abuse +1Article's title says...:
Aug 31st, 2019 - 04:30 pm - Link - Report abuse -1S&P declares that Argentina's extension of maturities implies a “selective default”...
Think says...:
Fitch Ratings Ltd. has also declared Argentina's extension of maturities “a limited default”...
The streets of Buenos Ayres..., yesterday evening... :-)))
“Macri yá fué”
https://m.youtube.com/watch?v=6gRRmNnWLL8
Funny how former cheerleaders are struggling to keep a presence by writing something -- anything -- but still having nothing to say about the catastrophic end of their initially admired, “business-friendly” and free-market white knight Mauricio Macri.
Sep 01st, 2019 - 02:04 am - Link - Report abuse -2From golfcronie parroting the tired old cliche 'all politicians are the same' to imoyaro very worried about the US children, we get a lot of philosophy but nothing about Macri's pitiful three-and-a-half years at the helm of the Argentina government.
C'mon, people. Here's another neocon government breaking its neck, in spite of having had a lot of cards in its sleeve when it took office.
Any thoughts about how 'populism' left a viable country with a lot of positives and a free-market president supported by friendly mainstream media, most of the judiciary and financed by the US via IMF managed to destroy it in just 3.7 years?
Enrique,
Sep 01st, 2019 - 05:42 pm - Link - Report abuse +1Populism never leaves a viable country. It wasn't more viable in 2015 than what it is today.
I know this will make you spit blood but Macri looks pretty populist to me. Just a bit of pro-market make up doesn't turn this guy into a neocon.
It is absurd to believe that FF will magically fill up people's fridges. He will soon grow a pair of sideburns (unless the Lady kicks him out first).
El Carlo reloaded.
Well..., well..., well...
Sep 01st, 2019 - 09:01 pm - Link - Report abuse -2I for one clearly remember that Nestor and Alberto filled millions of fridges starting in 2003...
And it was indeed no magic..., just some sensible redistribution...
And how exactly will they redistribute now when there is nothing to redistribute? In 2020 that sounds like magic to me.
Sep 01st, 2019 - 09:04 pm - Link - Report abuse +1Pebete...
Sep 01st, 2019 - 10:05 pm - Link - Report abuse -2Are you trying to imply that your friend Macri has left the Country with less resources than we had in 2001...?
Call it what you will. 2003, plenty of resources, soy beans were skyrocketing. 2015 nothing left but the ability to take debt. 2019, nobody lends us no more.
Sep 01st, 2019 - 10:13 pm - Link - Report abuse +1What is left for AF to redistribute?
A. Increase in taxes.
B. Full fledged default.
C. Quantitative easing.
D. A + C.
E. All of the above.
F. Other. Please describe: ________________________________________________
Pebete ....
Sep 01st, 2019 - 11:19 pm - Link - Report abuse -2If you want to discuss seriously with me..., you will have to wake up from your Cambiemos Zombie Apocalypse sopor and inform yourself...
1) You start with a strange..: ***“2003, plenty of resources”*** postulate...
Which of those undefined ***“2003 resources”*** are we lacking today...???
2) You continue with a Marcos Peña Brown type of falacy about ***“Soybeans skyrocketing”*** in 2003...
-During the Alberto Fernandez period as a Cabinet Chief..., soybean prices were as follows...:
(average yearly price in U$S per bushel)
2003 = 6,3
2004 = 7,4
2005 = 6,0
2006 = 5,9
2007 = 8,6
Todays average price in U$S per Bushel for 2019 is...: 8,8
https://www.macrotrends.net/2531/soybean-prices-historical-chart-data
Please inform yourself...
Call it what you will. 2003, plenty of resources, soy beans were skyrocketing. 2015 nothing left but the ability to take debt. 2019, nobody lends us no more.
Sep 01st, 2019 - 11:30 pm - Link - Report abuse +1What is left for AF to redistribute?
A. Increase in taxes.
B. Full fledged default.
C. Quantitative easing.
D. A + C.
E. All of the above.
F. Other. Please describe: ________________________________________________
Disco rayado...?
Sep 01st, 2019 - 11:36 pm - Link - Report abuse -2My previous post accidentally went off again.
Sep 02nd, 2019 - 12:34 am - Link - Report abuse +1Macri is not my friend.
You are right about the actual prices vs 2003. However if you compare 2002/3 with previous years, the jump in soy prices led to a boom effect that simply won't happen today.
An alternative is Vaca Muerta. However the cow will remain dead unless tons of investments are pumped into it. Even so, it will take a couple of years until we start feeling the effects in the economy and tax revenues recover to a level that leaves room for redistribution.
I'm afraid that the redistribution that FF voters are expecting will take much much longer. Even for that to happen you need to lure in investors by establishing a good solid financial and juridic framework.
A. AF won't be able to withhold more with taxes unlike in 2003 after retenciones were re established in 2002.
B. Default: AF could do that but it would be suicidal. Most of our economic outputs have a foreign economic input.
C. Powering up the printer again? That's a no go. No matter how many leliqs, lebac, le whatever are invented.
So, despite our totally different ideological points of view, I believe that an answer to this concerns us both.
Unless there is a surprisingly unforeseen new source of income/credit that AF knows about, he should be cautious and calculate his economic moves within nanometer range.
Pebete...
Sep 02nd, 2019 - 04:42 am - Link - Report abuse -2Te tragaste hasta las agallas el anzuelo con la tentadora carnada MarcoPeñaBraunista del ***Viento de Cola”*** de la soja..., que te permite el facilismo de auto-explicarte la evidente efectividad de la sensible redistribución económica efectuada por el presidente Kirchner a partir del 2003...., ehhhhh?
Usando la info de mi link anterior...:
1) El valor promedio de la soja durante los seis años de Alberto Fernandez como jefe de gabinere fué de 6,3 U$S x bushel...
2) El valor promedio de la soja durante los seis años ANTERIORES a la jefatura de gabinete de Alberto Fernandez fué de 5,5 U$S x bushel...
3) Esa exigua diferencia que ménos de un 15%..., de por sí..., no explica nada...
Encontrate otro mito Macrista para justificar lo injustificanle..., pebete neo-liberal...
Burgio no se INUNDA MAAAAAAAAAAAAAAAAS...
Pero Coghlan SIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII...
Capisce...?
@ Think
Sep 02nd, 2019 - 06:43 am - Link - Report abuse -2Neocons will never acknowledge or understand the effects of redistribution of wealth that incorporates the population to economic activity instead of marginalizing and writing them off.
The disarray among former Macri cheerleaders in this forum is clear, but their support for Macri was ideological and ill-informed. Now they are unable to make sense of what happened with their 'market friendly' president in just four years.
Unable to come up with arguments, they resort once more to criticize the opposition headed by Alberto Fernandez, who apparently launched the current crisis just by obtaining a clear endorsement from the electors.
They justify the unprecedented accomplishment of Nestor Kirchner with the high prices of soybeans. I mean, come on. It's not the money only--it's what you use it for. In comparison, Mauricio Macri received record amounts of money from private investors and then from the IMF and managed to squander most of it without a single achievement to show for all that money.
The silver lining? The short tolerance of the Argentine electors for stupidity and abuse. That is why even the cruelest dictatorships could not stay in power for too long -- at least when compared to some Latin American countries where dictators remained in power for decades.
Macri did accomplish the feat of bringing the first right-wing government to reach power in Argentina through the popular vote -- he also was bad enough to get a blatant rejection just after one term.
Looking from the outside, there was a big difference in growth between the '00s and the early teens. I always heard it was mostly due to external conditions, but if not it must have been CFK's bad policies, no?
Sep 02nd, 2019 - 11:56 am - Link - Report abuse 0As for 2019 vs 2003, sure things were worse then, but dumping the debt burden meant a lot more money to spend elsewhere. How is Alberto going to get back to growth with that millstone around his neck, plus the IMF dictating policy?
TWIMC...
Sep 02nd, 2019 - 02:14 pm - Link - Report abuse -2In me humble opinion..., Mr. Alberto Fernandez is already using the approach favoured by “My boy Kicillof” and yours truly against the IMF..., that is the...:
***“We are Too Big to Fail for you..., dear IMF..., because you lended 60%..., YES SIXTY PERCENT of your IMF working capital to favour an Argie political party..., not the Argie State”...
Combined with the...:
***“You..., IMF boys..., fckucked this one in a Olympic way..., by disregarding several of your own IMF statutes AND allowed the Macri administration to use the IMF monies for directly forbidden purpouses”***...
Just imagine..., me dear Engrish Anglos...
How different your very own belowed BREXIT would be if the EU had 60% of their working Capital invested in the UK...
You follow me drift...?
@Think
Sep 02nd, 2019 - 04:13 pm - Link - Report abuse -2I agree. Essentially, the IMF financed Macri's election campaign...with the results we all see.
Caught with its pants down, the successor of Christine Lagarde will need to sit down with Alberto Fernandez and find a realistic way of getting Argentina out of a crisis they helped create.
As Nestor Kirchner said, “los muertos no pagan.”
The EU does have a fair old stake in the UK. You may have noticed that 0 out of 27 other members support Brexit, and the only parties in Europe who share Think's view are the Fascistic ones who want to undermine the EU.
Sep 02nd, 2019 - 06:37 pm - Link - Report abuse +1What should we expect from an FF Presidency? Import and export tariffs, the return of the Blue Dollar? Renationalising companies? I can't even remember now if Macri privatised any.
Laddie...
Sep 02nd, 2019 - 07:26 pm - Link - Report abuse -1The UK does have about a 15% stake in EU's GDP... You may imagine how different things would be if the stake was 60%..., huhhhhh...?
By the way..., el Think's view 'bout auld Blighty leaving Europe is ONLY and INTIMATELY related to just two reasons...:Malvinas & Scotland...
What should we expect from an FF Presidency?...
Import tariffs,...???... OF COURSE..., Exactely as them Europeans & Yanks do..., but tell us not to do...
The return of the Blue Dollar...??? As a matter of fact..., boy..., it has already returned with Macri..., todays gap is ~ 18%...
Renationalising companies...???..., Not necessarily..., Macri didn't privatised any....,as a matter of fact.., THE ONE AND ONLY REAL ECONOMIC SUCCESS MACRI HAS BEEN SHOWING OFF DURING THE LAST (3) THREE YEARS IS VACA MUERTA..............., renationalised indeed by Mme. de Kirchner in 2012...
So you care more about two places you've never lived in and don't belong to than the good of those Scandi countries that gave you citizenship... And you call yourself a European.
Sep 02nd, 2019 - 08:24 pm - Link - Report abuse 0As for a 60% stake, I reckon Brazil has that in Mercosur. Are the rest of you gonna bend to the will of President Bozo?
The hardcore loony Brexiters want to get rid of all tariffs. But I'm pretty sure we don't have any export tariffs anyway. Why would you want to make your products uncompetitive? And currency controls does mean the return of the Blue Dollar, I was wondering. Shame I already visited, you could have sent me some pesos for cheap.
TF mentioned Vaca Muerta, but Macri was encouraging private investment. Would that continue under Alberto?
Boy...
Sep 02nd, 2019 - 09:14 pm - Link - Report abuse -1Export tariffs are ONLY applied to some few farm comodities as soybean..., wheat..., maize and fine meat cuts...
The production..., processing and export of those products has traditionally been on the hands of a “filthy rich” Elite..., the virtual owners of Argentina..., the same that have designed our executive..., legislative and judiciary system to..., between other things..., pay as less taxes as possible...
The Agro export tariffs or “Retenciones” as we call them are the most controllable..., direct and effective (and sometimes the only) way of taxing the elite accordingly to their real wealth.., income and production...
Need I say the Elite ain't happy about that...?
Kind of the same problem you are having in the North with the Gang of Five..., a.k.a. GAFAM...,
a.k.a. Big Tech...
Capisce...?
It is true that Alberto Fernandez has a tough job ahead.
Sep 03rd, 2019 - 03:07 am - Link - Report abuse -1On the bright side, it will be difficult to beat Mauricio Macri's negative performance. In less than four years, he has succeeded in bringing the country to its knees.
Like they say to minimize Nestor Kirchner's successful administration: “the country had sank so low, it could only go up.” (Of course, they also say it was all thanks to soybean prices -- not that Nestor knew how to energize the economy).
@golfcronie
Sep 03rd, 2019 - 02:19 pm - Link - Report abuse 0REF: “Does anyone know or even care, that is the problem”:
I think that you are being greatly prejudiced!
1º: Exclusively, Argentina is not the only one. There are many such countries - nearby & far away; in similar situations!
2º: Like everyone else, the politicians too are just trying to make two ends meet! That's a part of the DNA!
3º: Nobody cares simply because logically; everyone is happy!
So what's the problem? Just making a mountain of a molehill?
imoyaro,
Sep 03rd, 2019 - 06:11 pm - Link - Report abuse +1“Zaphod, the “Torturer's Tango Duo” are incapable of truth...”
Yes, Reekie's response to my facts was to claim coincidence (unlikely) and Think's was an ad hominem attack.
Ad Turnipem..., ya mean...
Sep 03rd, 2019 - 07:21 pm - Link - Report abuse -2Zaphod, a good Latin phrase to describe the “Torturer's Tango Duo” is “Falsus in uno, falsus in omnibus,” and I consider the loathsome extremist Kamerad/Komrade Rique in particular to be “Hostis humani generis”... ;)
Sep 04th, 2019 - 02:58 am - Link - Report abuse 0@ i
Sep 04th, 2019 - 03:56 am - Link - Report abuse -1“Aunque la mona se vista de seda, mona se queda.”
In the same way, no language citation, even Latin ones, can add varnish to your shortsighted, hateful and ignorant comments.
Kamerad, there is no varnishing the fact that you are a murderous, racist, genocidal, antisemitic piece of bipedal detritus. Your support for the sexual abuse of US children by the gang of a Peronist “pope” pretty much defines you, and you won't be escaping true “Social Justice.” :)
Sep 04th, 2019 - 04:25 am - Link - Report abuse 0Estimadoj Sr. Massot...
Sep 04th, 2019 - 11:58 am - Link - Report abuse -2Por si no lo vió ayer..., un tipo maduro..., congruente..., piola ( y con una linda gorrita :-)...
https://m.youtube.com/watch?v=_CVH_xcDjA0
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