Tag: Martin Guzman

• Monday, February 24th 2020 - 06:30 UTC

  US Treasury Secretary welcomes Argentina's talks with IMF on Article IV

  

  U.S. Treasury Secretary Steven Mnuchin on Sunday welcomed Argentina's talks with the International Monetary Fund after the heavily indebted country said it would launch consultations, starting Monday, that could lead to a new funding program.

• Thursday, February 20th 2020 - 18:10 UTC

  IMF: Argentine debt is not sustainable, a meaningful contribution from private creditors is required

  

  An IMF team, led by Julie Kozack Deputy Director of the Western Hemisphere Department and Luis Cubeddu Mission chief for Argentina, visited Buenos Aires from February 12 to 19, 2020 to discuss the recent macroeconomic developments and learn more about the Argentine authorities’ economic plans and policies. At the conclusion of the staff visit, Ms Kozack and Mr Cubeddu issued the following statement:

• Tuesday, February 18th 2020 - 06:32 UTC

  FT: “Argentina needs a plan for investment-led growth”

  

  The Financial Times dedicated on Monday an editorial to Argentina and its current strategy to avoid again defaulting by pressing on the IMF, and later on sovereign bondholders, for a significant haircut in its national debt approaching 90% of GDP. However, FT points out that “debt talks are unlikely to succeed without a strategy for economic revival”

• Friday, February 14th 2020 - 08:28 UTC

  Argentina anticipates rough times for bondholders in any of three possible economic scenarios

  

  Argentina’s economy minister confirmed bondholders’ worst fears, telling them to brace for significant losses as the country restructures its debt amid an economic crisis. Martin Guzman warned that holders of Argentine debt will probably be disappointed by the restructuring, without providing specifics on how steep losses could be.

• Thursday, February 13th 2020 - 10:12 UTC

  IMF mission begins talks in Argentina; Government presented his fiscal plan to Congress

  

  Recession-hit Argentina opened talks on Wednesday with a team from the IMF, seeking relief from what President Alberto Fernandez says is an unsustainable foreign debt. The delegation, led by Julie Kozack and Luis Cubeddu, arrived in Buenos Aires for a week-long visit as left-wing groups staged public protests to demand a suspension of debt payments.

• Wednesday, February 12th 2020 - 09:29 UTC

  Argentina delays bond maturity date from 13 Feb to 30 Sept: “the country will not be held hostage by foreign investors”

  

  Argentina said it won’t make a local bond payment on time after failing to refinance the debt, declaring it won’t be “held hostage” by foreign investors demanding their money back. The maturity date for the note will be delayed to Sept. 30 from the original Feb. 13, the Economy Ministry said in a statement.

• Wednesday, February 12th 2020 - 09:28 UTC

  Challenging week for the Fernandez administration as the IMF mission arrives in Buenos Aires

  

  A challenging week for the administration of Argentine president Alberto Fernandez and his foreign debt strategy. IMF negotiators land in Buenos Aires this Wednesday for their first mission since Fernandez took office in December. Before agreeing to any changes in the terms, negotiators will want to see Fernandez’s blueprint for tackling more than US$ 320 billion in total debt and for rescuing an economy that’s forecast to shrink for a third straight year.

• Thursday, February 6th 2020 - 09:10 UTC

  Argentine Senate grants full power to the Fernandez administration to restructure foreign debt

  

  Argentina’s Senate voted in favor of a bill on Wednesday that grants power to the government of President Alberto Fernandez to handle a massive debt restructuring of bonds issued in foreign currency.

• Thursday, February 6th 2020 - 09:05 UTC

  Argentina tells IMF it can't continue servicing unsustainable debt

  

  Argentina on Wednesday told the International Monetary Fund that Buenos Aires cannot continue servicing unsustainable debt, as the IMF encouraged it to enact efficient restructuring policies.

• Thursday, February 6th 2020 - 08:58 UTC

  Pope Francis calls for debt sustainability to alleviate the suffering of people

  

  Pope Francis staged a surprise visit to admonish the International Monetary Fund chief and several finance ministers to help alleviate the debt burden of struggling countries, calling for “a new financial architecture” to ensure social justice.