MercoPress. South Atlantic News Agency
Argentine president said no plans to bail out Buenos Aires province, the richest of the country
Argentine President Alberto Fernandez on Monday night confirmed that the national government had no plan to bail out Buenos Aires province, which has a payment due later this month on hard-currency provincial debt. Read full article
Comments
Disclaimer & comment rulesNothing new then. Argentina seeking to restructure its debt.
Jan 14th, 2020 - 10:17 am - Link - Report abuse 0More like default on it as they have in the past.
One very financially sick Country that is desperate to steal another's homeland to extract that wealth to save their own declining economy.
The once mighty rich Country is now the most heavily in debt in the whole of Latin America.
kelperabout “The once mighty rich Country is now the most heavily in debt in the whole of Latin America.”
Jan 14th, 2020 - 01:08 pm - Link - Report abuse -1seems like you are forgetting Venezuela you egocentric Kelper.
President Alberto Fernandez has already stopped borrowing, which has given hope to Argentines.
Jan 14th, 2020 - 01:34 pm - Link - Report abuse -1Next, he will be seeking reasonable conditions to pay back the debt while taking measures to reactivate the economy.
Those who agreed to loan money to Macri's clearly incompetent administration must now take their part of responsibility and allow Argentina room for breathing.
To the worried and indeed egocentric kelper above, the Malvinas do not even move the needle on this topic.
Like Nestor Kirchner once famously said, “the dead can't pay back.”
Hay Enrique ... Enrique !!!
Jan 14th, 2020 - 02:24 pm - Link - Report abuse 0The debt that the Province of Buenos Airess will no honor are bonds issued by the provincial government in 2011. Are bonds issued during the governorship of the Peronist Daniel Scioli.
It's very simple, Peronism has theft in its DNA. In a month, the new President frozen the salaries of the retirees, applied a tremendous tax increase to the middle class (which will possibly make it disappear) and now this ...
Enrique...please...let us know your opinion about the bonds issued during year 2011...
pgerman
Jan 14th, 2020 - 10:34 pm - Link - Report abuse 0“Enrique...please...let us know your opinion about the bonds issued during year 2011...”
Don't get your hopes up, as Reekie already has...see his “Fernandez has already stopped borrowing, which has given hope to Argentines”...Oh boy ! I'm excited !
Reekie, the great economist - a graduate from...erhhh...where ? oops, sorry, nowhere ! - predicts that in no time, Argentina, led by the female Fernandez, will be the richest country in South America.....despite her lousy track record up to end 2015. Macri - obviously - didn't manage to fix the problems caused in the 12 years previous to his term, and probably even made some of them worse, but for Reekie to believe Fernandez & Fernandez have a magic wand, is hilarious.
When the facts go against his “peronista” champions, he jumps shi.p
At least our Country is in good financial shape from all those millions that is made from the succesful fishing industry.
Jan 15th, 2020 - 01:41 am - Link - Report abuse +1Bet Argentina would love to have some of that wealth no matter how small it may look
Argentina's now opposition media -- and opportunistic commentators such as pgerman -- jumped all over the place because 250 million US dollar bonds owned by the province of Buenos Aires can't be paid back by governor Axel Kicilloff, who has been in office for one month.
Jan 15th, 2020 - 02:20 pm - Link - Report abuse 0Of course they won't be talking anytime soon about another left by former governor Maria Eugenia Vidal that comes due on Jan. 26; another 277-million US dollar maturity coming due this Thursday, Jan. 16; and 250 more million US dollars that need to be paid this Friday, Jan. 17.
Perhaps keyboard warriors like pgerman and JBauer will care to comment -- they will tell us that the Vidal government “needed” to borrow that much because of the “heavy” inheritance left by the previous government...and so on and so on.
Sure. It must be because of their efficient management that Vidal lost the Buenos Aires province election by over 20 per cent.
Ha ha.
EM
Jan 15th, 2020 - 03:34 pm - Link - Report abuse 0The “bonds issued during year 2011” (by Daniel Scioli) was the question, raised by pgerman.....don't you know that answering one question with another is tantamount to admitting you are unable to answer ?
From previous experience with you, I know that giving direct answers to simple questions is not your strong point, but give it a try...won't kill you.
As for me, as I've mentioned previously, I don't follow Argy politics all that closely, and do not profess to be aware of all that goes on there, (such as the bonds issued under Scioli), simply thought that pgerman's question was relevant and became curious to see how you would defend your 'peronista'...
And, if not mistaken, pgerman lives in Argentina - contrary to me....and you - so it is likely that he is better informed than you.
@Jack, pgerman
Jan 15th, 2020 - 09:46 pm - Link - Report abuse 0You are right about Enrique not answering the question. However he's retorted with some information worth checking.
This debt, disregarding who took it or when, will be just the first in a list of other provincial defaults coming up.
He is also right about the president not borrowing anymore. The way it is, Argentina shouldn't need to borrow much to cover for its expenses *if* the country had been properly managed. Unfortunately proper management has been the rare exception for the last 100 years.
So despite the good intentions of the president, our finances are in shackles and further defaults and rampant inflation await us.
“Enrique...please...let us know your opinion about the bonds issued during year 2011...” wrote pgerman.
Jan 16th, 2020 - 04:50 am - Link - Report abuse -1And follows JB: “pgerman lives in Argentina...so it is likely that he is better informed than you.”
Are you guys thinking yourselves so damn smart asking about a “Peronist” debt -- when you have never said a word of the gargantuan debt contracted during the last four years by the Macri administration?
Newsflash. I am not here to follow anybody's agenda -- much less yours. I post my opinion and only engage with other posters when I it's worth my time.
So, Macri bragged at the beginning of his term in office that he had assembled “the best team of the last 50 years” and then proceeded to plunder the state to the benefit of a few, while plunging the country into recession -- and high inflation -- and huge foreign debt. So, he not only failed to pay any of the old debt (very manageable) -- he created another, all in US dollars, unmanageable debt with very close maturity dates.
And remember: Mauricio Macri's administration was so disastrous, he managed to be the first president since the 1983 return of democracy not to be elected for a second term.
@Jack Bauer
Jan 16th, 2020 - 02:03 pm - Link - Report abuse 0Argentina is a country so disastrously organized that it is economically unfeasible. Currently the Government has brutally increased taxes on the Middle Class and the Poor Class, has imposed “currency exchange” controls that allows it to keep 30% of the money that “enters” and “leaves” the country, has imposed taxes on exports, still printing money and, no matter this, it has to go to default because it does not want to pay debts legitimately incurred. Macri made some structural changes and at the end of his term the trade balance was positive and the fiscal deficit had been reduced from 7% (2015) to 1.5%. Clearly, he could not make all the changes that are needed.
@Enrique
In your previous post you mentioned that the debt lent to Macri should not be canceled. That is why I commented that the debt of Buenos Aires was issued during 2011 by a Peronist governor.
Regarding Macri, let me remind you he was the first “non-Peronist” president to finish his term since the appearance of Peronism. That speaks about the destabilizing nature of Peronism.
I can't avoid mention you that while in 2015 Mauricio Macri obtained 34% of the votes (First Round) in 2019 he obtained 41% of the votes. Simply, Peronism joined in a single list and a single candidate. But Macri got more votes in 2019 (despite the logical wear of four years in power than in 2015).
Countries do not cancel all its debt but renew part of the “old” and cancel only part. Brazil has the same debt/GDP ratio than Argentina but has 1/10 of the Risk Country. Italy has a 140% ratio but it is an “investment grade” country. It is the current Argentine government that does not generate confidence to renew “old debt” with “new debt”.
EM
Jan 16th, 2020 - 04:29 pm - Link - Report abuse 0“Are you guys thinking yourselves so damn smart asking about a “Peronist” debt -- when you have never said a word of the gargantuan debt contracted during the last four years by the Macri administration?”
By the look of it, you've confirmed you're unable to, or unwilling to answer pgerman's question honestly. As to the USD 57 Bi from the IMF, no one has forgotten it....and no doubt, part of it will benefit Fernandez & Cia.....at least personally, right ? (more to steal).
Also, by your above tantrum, my insistence must've hit a 'peronist' nerve. So sorry.
And fyi, my insistence came from a legitimate curiousity regarding 'the' question.
Regarding Tarquin Fin's observation, ”Unfortunately proper management (in ARG) has been the rare exception for the last 100 years”.....indeed, (at least) since Peron took over in 1946...74 years ago...is this not a clear indication to you that something is wrong with Peronism ? Presumably not, meaning that you, and millions of others, refuse to learn from past experience. Your fanaticism in defending your heroes, such as Peron, CFK (and let's not forget the Brazilian 9-fingered toad 'n Dumbass Dilma), is quite remarkable...too bad.
Funny, the Russians took only 72 years to realize communism was shitty.
“I am not here to follow anybody's agenda”....another little tantrum ? anyway, it's clear you have your own silly agenda, and will keep on repeating the same mistakes.
Your statement“....plunder the state to the benefit of a few, while plunging the country into recession -- and high inflation -- and huge foreign debt...” defines CFK perfectly....otherwise, if she had been such a damned good president - as you believe - why was she replaced in 2015 ? .......because even the idiots finally realized she'd screwed up, but being idiots, they brought her back...
pgerman
Yours noted....looks like the masochists who voted for Fernandez & Cia are getting screwed...by definition, they should enjoy it.
They won't be getting out of debt, ever. They have already started rehiring the political hacks and noquis booted after the last election...
Jan 17th, 2020 - 04:21 am - Link - Report abuse 0https://pbs.twimg.com/media/EMVmo9VWsAEweBk.jpg
Note the original of this was posted in Ambito, the K Media company that bought the BsAs Herald to remove that publication's archives from the internet...their coverage of the aftermath of Nisman's assassination was just too damning.
imoyaro
Jan 17th, 2020 - 02:52 pm - Link - Report abuse 0socialist tactic to give the impression they are downsizing government.....move people around, change the names of departments, but no one is sacked....so Fernandez and the ñoquis are happy.
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