MercoPress. South Atlantic News Agency
IMF: Negotiations with Argentina continue; “no letter from China urging IMF to a quick solution”
Julie Kozack, Director of the IMF Communication Department held her weekly media conference and made some announcements referred to the current IMF/|Argentine negotiations. Ms. Kozack revealed that IMF/Argentina negotiations are ongoing, did not advance more details on possible closing dates and denied the existence of a letter from Chinese officials urging a quick solution to the Argentine case. Such as information was leaked in Argentina by government sources. Finally Ms Kozack anticipated that IMF officials and staff will be on holidays beginning July 31st until 11 August. Read full article
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Disclaimer & comment rulesBasically a lot of “smoke clouds”. Argentina is totally and absolutely broke and haven't a chance in hell of paying off this debt, unless use the “friendly loan” granted by the Chinese which of course commands an interest rate of 8%annum against 4% charged by the IMF.
Jul 14th, 2023 - 04:42 pm - Link - Report abuse 0Meantime CFK and her thugs are trying to make everybody responsible, bar themselves of course, of the total and supreme chaos that reigns supreme.......basically as a result of all of their own ineptitude.
As a perfect example persons well known to me won a lawsuit against the State Pension Fund - ANSES - around November 2.019, give or take a month or two - due to “errors” in the liquidation of same. At the time around u$s7.000. Now with luck if ever collected, despite the Supreme Court having demanded that they settle forthwith to no avail, the amount eventually collected may be around u$s800/1.000 due to the constant devaluation of the Arg$Peso and the very reduced upgrading of the original figure agreed and accepted at the time of the completion of the trial. Provided of course that there are no further important devaluations, in which case the could well end up owing the ANSES!!!!.
It's truly sad that Argentines have allowed this neverending disaster to continue.
Jul 14th, 2023 - 05:17 pm - Link - Report abuse +1Using the Chinese as loansharks is stupidity.
When president Fernandez announced he would not seek re-election. He stated that he is content that he never did wrong by the Argentine people.
Jul 14th, 2023 - 09:17 pm - Link - Report abuse 0But by giving the Argentine people everything, successive governments ran Argentina into the ground. How is that doing right by the Argentine people?
Most western democracies are just like this, if not all. It's correct to blame it on a democracy's people.
The leader who practices fiscal discipline is an incompassionate tyrant, and is removed.
So, leaders who practice fiscal discipline do not exist.
The leader who practices fiscal irresponsibleness, screwing the future, is a hero and an all around great guy!
Until shit gets so bad, no one is approved, and things are so bad, you have to become an economic vassal to another country, or nationalize everything, or even confiscate all the Catholic church's property in the country.
What the heck do people expect if this is the way they allow their democracy to be run?
In the U.S. they raised the 33,000 billion dollar debt ceiling and the president lauds this as a great bi-partisan accomplishment. (not a disaster).
And the majority of people just let it go on.
If they vote with that much stupidity, makes one wonder about democracy.
In the future, hopefully democracy will figure out a way to make people pay for their own governments and pay for their own demands upon that government.
Instead of demanding that the government print more money or borrow more money for the sake of “everything and the kitchen sink too, right now!”.
Difficult to see any way out of this for Argentina.
Jul 15th, 2023 - 01:41 pm - Link - Report abuse +1None of the usual Argy posters around to explain how this is not a disaster, or is due to the machinations of the CIA and/or Cipayos.
Or even that the Peronistas have the answers and can solve it all at a stroke, whilst simultaneously recovering the S. Atlantic as well.
If they get several years of good harvests with favourable world prices, stop printing money and boost production of things like Lithium, there could be a way out, if the money isn’t squandered or siphoned off shore.
Otherwise the scale of spending cuts and tax rises required to just reduce the borrowing requirement, doesn’t bare thinking about.
Whatever they do or don’t do, they need to stop printing money.
Everything is being forwarded to solve the problem left by Macri's right-wing government:
Jul 15th, 2023 - 09:44 pm - Link - Report abuse 0- the IMF converts the Argentine debt that is in dollars into yuan, since the yuan is also the official currency of the IMF;
- Banco do Brics redeems the Argentine debt with the IMF, and Banco do Brics itself becomes a creditor.
The IMF chooses. IMF Just cannot postpone, make it difficult or arrogate.
IMF: We want you to pay back the money you borrowed.
Jul 15th, 2023 - 10:35 pm - Link - Report abuse 0Bras: You are making this difficult, you cannot do that.
Did Argentina borrow dollars? I thought they borrowed Yuan, 'cause that is also the official currency of the IMF. I mean, if they borrowed in Yuan, why shouldn't they pay it back in the currency they borrowed?
Doesn’t matter what currency is used as long as it’s a tradable one, no Rubles for example.
Jul 16th, 2023 - 02:55 pm - Link - Report abuse 0Question remains where does Argentina get the money from? As they simply do not generate enough hard currency themselves.
‘Banco do Brics’? Do they have enough money and is it wise to buy Argentinian debt?
No one else will and for good reason, it doesn’t get payed.
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