MercoPress. South Atlantic News Agency
Argentina ready to begin restructuring of US$ 70bn in foreign law bonds
Argentina will revamp as much as US$ 68.8 billion in foreign law bonds as it restructures its debt, the government said in a decree on Tuesday, paving the way for tense negotiations as the country looks to strike a deal with creditors this month. Read full article
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Disclaimer & comment rulesI seem to recall that about 4 years ago I predicted, with unsurprising accuracy, a new set of Argentine defaults taking place right about now. Mirá vos.
Mar 10th, 2020 - 09:29 pm - Link - Report abuse +2Like some four years ago..., you are still full of horse manure..., MartiLlazo...
Mar 10th, 2020 - 11:30 pm - Link - Report abuse -21) You didn't predict nothing of sorts...
2) Argentina has been in technical default since the 01/10/2019...
3) I dare to predict that ttis Coronavirus histeria will show to be a blessing for Argentina...
The LAST thing the IMF needs right now is forcing a mayor default ...
The same goes for those auld friends of yours..., the vulture funds...
The LAST thing they want is to show the World what a huge disease vector thet are...
Capisce...?
Still the arsehole, I see.
Mar 11th, 2020 - 12:32 am - Link - Report abuse +2He didn't predict 'right about now', but lil' old Martillazo certainly was full of doom and gloom four years ago:
Mar 11th, 2020 - 10:41 am - Link - Report abuse 0https://en.mercopress.com/2016/01/23/macri-s-support-in-his-first-two-months-in-office-soars-to-65/comments#comment428113
”You don't need to read much Spanish to see how these 1990s themes [below] have been mindlessly recycled today ( “return to the international financial community” ... “restore credibility”.... “attract foreign investment” ....and bla bla bla). Nor much common sense to know that the outcomes this time are not going to be any better. The inability of the human race to learn from the chronic and recurring failure of Argentina is simply startling.”
It is true that Argentina, named a “serial defaulter” in the above story, has periodically been governed by irresponsible people who borrowed more than reasonable and for the wrong reasons.
Mar 14th, 2020 - 08:55 pm - Link - Report abuse -1However, the current government's position is to take ownership of what Argentina owes.
Creditors know the country cannot face an unrealistic payback schedule established by the previous government.
Alberto Fernandez is unwilling to squeeze the money through forcing austerity on the Argentines. He, like Nestor Kirchner did, says the dead can't pay.
As a result, both the private lenders and the IMF, who were willing to lend Mauricio Macri money against high tax interest rates and in spite of many bad signs, must now take their share in responsibility and give Argentina a reasonable time to pay back.
Pushing Argentina to a default would benefit no one -- not Argentina but not the creditors either.
Tinkle: ” 2) Argentina has been in technical default since the 01/10/2019...”
Mar 14th, 2020 - 09:07 pm - Link - Report abuse +1----
Technically, Argentina has been in continuous uninterrupted default since January of 2002, and quite possibly prior to that date as well. Just because they don't admit it doesn't mean it's not the case.
Marti appears to present an image in which all is the same as long as it is Argentina.
Mar 15th, 2020 - 05:04 am - Link - Report abuse 0So let's see Argentina's foreign debt-to-GDP ratio evolution:
2003: Nestor Kirchner assumes the presidency. Debt-GDP Ratio: 140 per cent.
2007: Nestor Kirchner ends his mandate--CFK assumes. Debt-GDP Ratio: 62 per cent.
2015: CFK's term ends -- Macri assumes. Debt-GDP Ratio: 53 per cent
2019: Fourth year Macri in office -- Debt-GDP Ratio: 93 per cent.
Let's add that Argentina paid its foreign debt in full in 1952, under Juan Peron's government and that Nestor Kirchner entirely cancelled its debt with the IMF in 2006.
So everything is not the same as ML want us to believe. Generally, Peronist governments tended to pay down the debt as much as other governments including military dictatorships tended to increase it.
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