MercoPress, en Español

Montevideo, August 18th 2022 - 08:38 UTC

 

 

Argentina open to proposals from bondholders: default deadline stands at 22 May

Saturday, May 9th 2020 - 08:57 UTC
Full article 6 comments

Argentina will keep pushing for talks with creditors even as a deadline for its US$ 65 billion debt restructuring proposal passed on Friday with little sign it had the support needed from international bondholders to unlock a comprehensive deal. Apparently on averaged less than 20% of bondholders accepted Argentina's conditions Read full article

Comments

Disclaimer & comment rules
  • Jo Bloggs

    I wonder if Alberto and Martin enjoyed their breakfast this morning. Nothing more than tostadas I hope boys; Argentina can't afford you to eat more extravagantly than that on the public purse. Looks like you deadbeats have managed to arrange another default. Not only that, this one looks like it will be a world record.

    How long before State-owned/ leased assets start being repossessed again? Where's that navy sailing ship? Hopefully welded to the docks in BA somewhere. Have people started buying up flour and toilet paper like last time yet?

    Make sure you keep up your efforts trying to steal my home though. The more money you waste the better.

    Chuckle, chuckle, chuckle.

    May 09th, 2020 - 04:50 pm - Link - Report abuse +2
  • Enrique Massot

    Argentina bondholders were lured by extra high interest rates irresponsibly offered by former president Macri. The investors knew or ought to know about Argentina's financial high risk. They still invested. Now, they are logically intent on getting all their money back -- the principal and the interest.

    All Martin Guzman is telling them is, let's become reasonable. Forfeit some of those irrealistic interest rates and give us some breath room to kick start the economy so that we can generate the dollars to payback.

    It is in the bondholders' interest to renounce to some of the extra benefits in order to keep their credits in the black. They'll probably go that way--but in the meantime they are bluffing tough, as per the rules of any negotiation.

    Only this time the guy they're dealing with appears to excel at the game.

    May 09th, 2020 - 11:32 pm - Link - Report abuse -1
  • Jo Bloggs

    “All Martin Guzman is telling them is, let's become reasonable.”
    No Enrique, all Martin Guzman is telling them is, “go fuck yourselves.”

    So Argentina's only leverage to avoid falling into the abyss, again, is that others will hurt also if it happens. Where is Argentina's big pal, China? Are they going to bail Argentina out? At a cost?

    Chuckle, chuckle, chuckle.

    May 09th, 2020 - 11:59 pm - Link - Report abuse +2
  • Enrique Massot

    Oh come on Jo! You have a strong bias against Argentina and fail to see the big picture here.

    The new government has been in place five months, three of which under the coronavirus crisis. The country was ailing when Alberto Fernandez took office, and now it is much worse.

    The bondholders have an offer that will not make them lose money -- just earn a bit less.

    In any event, don't delude yourself. Argentina is not falling into abyss. We've been i n this situation before, Fernandez has been there too, and we know we'll emerge from it.

    What makes you chuckle so much? The fact Argentina faces difficulties? Now, if you had some bonds and you are mad I will understand your bitterness towards my home country.

    Otherwise you may have other reasons to chuckle in the near future.

    May 11th, 2020 - 06:30 am - Link - Report abuse -1
  • Jo Bloggs

    Oh come on, Enrique! You have the strongest bias against any Argentine government except a Peronist one and you fail to see the big picture.

    The new government has been in place five months, three of which under the coronavirus crisis, and they've already managed to reverse the the Macri policies that were making such big inroads into Argentina's international reputation with the likes of the IMF.

    The bondholders have an offer that enough of them will not accept.

    In any event, don't delude yourself. Argentina has been in an abyss for years. Macri was getting it into a position whereby, with some hard work, it may have managed to get itself out eventually.

    What makes me chuckle so much is that Argentina, that is blatantly breaking international law after international law in order to hurt my country and its people, is heading for another period of financial hard times.

    I doubt you'll have reasons to chuckle in the near future.

    Chuckle, chuckle, chuckle, chuckle.

    May 11th, 2020 - 09:39 pm - Link - Report abuse 0
  • Enrique Massot

    JB

    ”The new government (has) managed to reverse the the Macri policies that were making such big inroads into Argentina's international reputation.“

    Now, that's the best you have produced so far, Joe. Mauricio Macri managed the country in such a disastrous fashion, he succeeded in getting the boot after a single term in office -- something no other elected president had done since the return of democracy in 1983 -- all were given two terms.

    Which made a lot of sense for Argentine voters. In just four years, Macri managed to put the country in default situation after reckless borrowing at high interest rates without achieving a single success. In fact, in spite of massive borrowing, first from private lenders and when that source dried up, getting again big dollars from the IMF.

    Meanwhile, Argentina opened its doors wide open to imports that crashed the domestic productive sector -- at time when most countries were restricting it. That, of course, facilitated evaporation of much-needed dollars, while capital flight was rampant due to the relaxing of most protection rules.

    ”What makes me chuckle so much is that Argentina, that is blatantly breaking international law after international law in order to hurt my country and its people...”

    Well. If that were true -- which isn't -- I do not think it would be appropriate to chuckle, my dear Joe.

    Instead of chuckling so much, you would do well to do some research so that you would learn what most Argentines have already learned -- that they need a government that looks after them instead of just seeking benefits for predatory, domestic and foreign, corporate interests.

    May 14th, 2020 - 02:33 pm - Link - Report abuse 0

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!