MercoPress. South Atlantic News Agency
Major asset managers reject Argentina's proposal to overhaul US$ 66bn foreign debt
A group of major asset managers who are creditors to Argentina have rejected the government’s proposal aimed at overhauling US$66.2 billion of its foreign-law debt, saying it inflicted an unjust amount of financial pain on international bondholders. Read full article
Comments
Disclaimer & comment rulesBasically they don't want to pay and don't intend to pay and want everyone to tell them it just gonna be wonderful..... won't happen.....
Apr 21st, 2020 - 10:33 am - Link - Report abuse +4Hardly a surprise. Another default on its way. I think a lot of Argentines must think ‘default’ is just one of many everyday-use financial negotiating terms. Like ‘pay’...or ‘reconcile’ ...or ‘honour.’
Apr 21st, 2020 - 11:14 am - Link - Report abuse +4allison46: “Basically they don't want to pay and don't intend to pay...”
Apr 21st, 2020 - 12:52 pm - Link - Report abuse +3That is correct. There was never an intention to pay. There is nothing being done in the country to make it capable of paying. What is being done is classic Peronist politicking, trying to give the appearance of negotiating, but most insincerely and preposterously -- in order to cry before the cameras that oh we tried and tried but those evil vultures to whom we owe so much were just unwilling to take peanuts and pennies, oh cry oh cry.....
Understand this: Fernández was always planning to default, in a very big way. Mendacity in speeches notwithstanding.
What perhaps more greatly annoys people here is that the FF have absolutely no plan or concept for how the country is ever going to make enough money to pay for anything, except for their latest penalise-producers-and-soak-the-rich taxation measure. And Argentina already has the highest taxation burden in the entire region. So basically Argentina is going to steal the money under monumental bad faith -- money that was loaned to it under good faith. Then there will be another Dark Ages of “vivir con lo nuestro” in which decent quality imported goods are banned under protectionist policies and absolute crap is substituted under the rah-rah “Industria Argentina” banner. And from years of experience with that shite, a lot of it is indeed utter Third Word rubbish.
@Marti
Apr 21st, 2020 - 06:07 pm - Link - Report abuse +6Spot on.
“classic Peronist politicking” --> Now available in the new albatross flavour ... hahaha
Kamerad/Komrade Rique thinks that current president Alberto Fernandez is doing a fantastic job. Once again, “Theft = Genius!”
Apr 21st, 2020 - 07:58 pm - Link - Report abuse +3https://hosting.photobucket.com/albums/b521/imoyaro/.highres/chantapufi3_zpsgzwcn4qh.gif
Here's again, the well-rehearsed chorus of Peronism critics.
Apr 22nd, 2020 - 04:30 am - Link - Report abuse -5Shout as you wish -- Argentina is now headed by a team that puts people first and vultures be damned.
All the above complainers never said a thing when Mauricio Macri was borrowing like a drunken sailor -- they remained silent when it was obvious that most of the borrowed money was disappearing in the big hole of capital flight -- and that not a single borrowed dollar was invested to increase the country's repayment capacity.
Those who are now in government did raise the alarm and demanded that Macri allowed congressional debate on the borrowing -- especially when, after alarmed private lenders stopped the massacre and the IMF made still another large contribution to the now monstrous debt.
I did criticize in this forum the reckless borrowing -- still, none of the Argentina-bashing commentators said a word here! No sir -- but now they are full of indignation against a government who did not borrow a penny, but has to deal with a debt mostly taken during the Macri -- happily over -- presidency.
And, of course, compañero imoyaro: Alberto Fernandez is doing a fantastic job.
More lies Kamerad/Komrade? The loans being defaulted on were taken out by the government under La Asesina, while the provincial ones were taken out by the One Armed Bandit. As for Fernandez, he is doing a fantastic job...as a thief!
Apr 22nd, 2020 - 06:38 am - Link - Report abuse +2https://hosting.photobucket.com/albums/b521/imoyaro/.highres/chantapufi3_zpsgzwcn4qh.gif?width=279&height=169&fit=bounds&crop=fill
They should have re elected Marci at least he tried... but the voters believe the BS and another nightmare is on the way... One day no one will loan them money and then watch what happens...
Apr 22nd, 2020 - 09:09 am - Link - Report abuse +2imoyaro
Apr 22nd, 2020 - 09:35 pm - Link - Report abuse -3You can keep exposing yourself to ridicule (that's what nicknames are for, right?) by calling Cristina Fernandez de Kirchner names -- up to you my boy!
No matter. Thirteen million Argentine voters last October did not believe accusations spread by people like you and voted to make Cristina their new vice-president.
As for the foreign debt, of the US$ 66 billion now being renegotiated, US$ 41.5 billion were borrowed in the last four years by the Macri administration.The remaining $ 24.5 billion is the restructured 2005 and 2010 bonds that were being paid normally until celebrity judge Griesa blocked it during the conflict with the vultures.
You are frozen in the past. Time to get up to date, dear.
Tallison46
“They should have re elected Marci... but the voters believe the BS...”
Says who? New Macri cheerleader Tallison46 of all people?
“One day no one will loan them money and then watch what happens.”
Well: Long before the October 2015 election, many of your friends in this forum were already ranting about Argentina's 2001 default, and how the country could not be trusted.
Along came Mauricio Macri, and investors flocked to buy Argentine bonds, forgetting the past. Why? 'Cuz greed is stronger. Macri would pay ridiculously high interest rates to make the yields attractive. That is how it happens every time.
In any event, many in Argentina are asking for a law forbidding future administrations from borrowing abroad. Why? Because it has never helped the Argentines. Every time the money gets spirited out of the country, and the population is left with the bill.
Kamerad/Komrade Rique, your country is incapable of producing honest politicians, and that is pretty clear from the early republic. I can only think of a couple, and they were invariably forced from office. You have now replaced crooks with Kriminals yet again. I understand your desire to crow about it, but if you recall what I have said, the return of La Asesina would ensure that “your country” will continue the downward trend, and that was okay with me, as Argentina will be unable to threaten her neighbors. So go ahead and celebrate, I will be laughing at you no matter what you say. You are murderous stooge for totalitarian regimes who believes the sexual abuse of US children by the minions of the Peronist pope, who continues to take actions to protect the criminals, is “Social Justice.” I will be working to assure that your next attempt at getting your filthy claws on public money will get the same result as the last two... :)
Apr 23rd, 2020 - 12:13 am - Link - Report abuse +2https://hosting.photobucket.com/albums/b521/imoyaro/.highres/kkrique_zpsirhmgbzl.png
“a law forbidding future (Argentinian) administrations from borrowing abroad”
Apr 23rd, 2020 - 03:58 pm - Link - Report abuse +3Or at least limiting/controlling it could be a med/long term solution.
“Every time the money gets spirited out of the country, and the population is left with the bill.”
A comment which all Argentinians, of whatever political colour, seem to agree with in some respects, you seem to disagree who the criminals are not what they are doing.
A law forcing the disclosure of all financial assets/monies of serving politicians might also help.
And checking for holdalls full of cash being stashed in convents.
So what reeky is supporting is essentially theft. In this case, stealing from many tens of thousands of people who have provided services needed by Argentina.
Apr 23rd, 2020 - 07:43 pm - Link - Report abuse +4Once again confusing, in that most argentine way, the providing of services with “greed.”
Batlle and Mujica were right. Los argentinos son una manga de ladrones, del primero al último.
ML
Apr 24th, 2020 - 04:48 am - Link - Report abuse -4ML will support governments catering to outside powers that do not hesitate to oppress their own people. He will scoff at the notion of “vivir con lo nuestro” (living within our own means) because he loves dependency -- something unfortunately our Latin American elites have been practicing since independence, keeping the sub-continent in the dark ages - unable to build at least some sort of capitalism.
This sort of preachers are cancer, traitors in every one of our chastised countries, as we can see today in Chile, Ecuador, Bolivia, Brazil and others.
Oh, and ML tearfully suggests that Argentina would be hurting the poor retirees of Italy -- which, if it happens, is not Argentina's fault but that of the fund managers who made the decision to buy Macri bonds, in the same way fund managers ran to buy bonds issued by the 1976-1983 civic-military dictatorship.
I am beginning to think Marti -- or perhaps his auntie -- may have bought some Macri bonds too -- that is why his posting becomes intensive each time the foreign debt issue comes to the MP pages.
Kamerad/Komrade Rique supports governments catering to outside powers that do not hesitate to oppress their own people, such as China, Russia, Venezuela, and Cuba because he loves dependency. But then, what would you expect? He's been pulling this act here for years...
Apr 24th, 2020 - 09:12 am - Link - Report abuse +2https://hosting.photobucket.com/albums/b521/imoyaro/.highres/kkrique4_zpsv642e38g.jpg
As I posted elsewhere, we've seen this sad horror movie before...
Apr 24th, 2020 - 10:48 pm - Link - Report abuse +1The wealthiest country in Latin America inhabited by a large percentage of well educated progressive people — that are mesmerized under almost a Grigori Rasputin type character and it results in their total national destruction...
Whether it's Juan Perón or Hugo Chavez, there will always be an idiotic ideologist cockroach like Enrique Massot enthusiastically cheering the lemmings as they go over a cliff...
¡Saludos de Chile!
Come to think of it.
Apr 25th, 2020 - 04:16 pm - Link - Report abuse -2Sixty-six billion, mostly borrowed by the Mauricio Macri administration in just four years, with a very short-term repayment dates that no administration could have possibly honoured.
However, the Alberto Fernandez administration has acknowledged the debt because it was contracted by an administration democratically elected.
Fernandez and his economy minister Martin Guzman, have made a realistic proposal to pay back the principal beginning in three years, with a haircut in interest rates.
This will allow Argentina's economy to get back on its feet and generate enough surplus to make its repayments, while allowing creditors to get back their funds. In the meantime, the Argentine government recognizes that creditors will negotiate tough in order to be in the best possible position.
All of which sounds highly reasonable as proposed by a highly reasonable administration.
“All of which sounds highly reasonable as proposed by a highly reasonable administration.”
Apr 27th, 2020 - 02:16 am - Link - Report abuse +1Sure,to a thief...
https://hosting.photobucket.com/albums/b521/imoyaro/.highres/chantapufi3_zpsgzwcn4qh.gif
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