Tag Archives: Argentina

Speculators Betting Against Argentinian Bonds

As much of the world witnessed, Argentina suffered a major setback on the soccer pitch.  Now, as investors are watching, Argentina looks poised to experience economic calamity in the global financial markets.

Argentina’s dollar bonds slipped as comments by officials fueled concern the country won’t be able to reach an accord with holdout creditors that would keep it from defaulting.

Notes due in 2017 fell 0.59 cent to 95.61 cents on the dollar in New York last week, the lowest level since July 8, after Cabinet Chief Jorge Capitanich said the onus was on bondholders to collect interest after Argentina was prevented from paying. President Cristina Fernandez de Kirchner said she invites holdouts to swap bonds under the same conditions the country offered in its 2005 and 2010 debt restructurings.  In other words, give up your junk for more junk.  Pobrecito La Argentina, pobrecito.

Read Camila Russo’s Bloomberg News article here:

http://bloom.bg/1sy4cqv

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Argentina debt fight

Argentina Debt Fight, Complex, But Important

It has made international news, and involves citizens from around the world.  Finally, it seems like we may be close to some resolution.  Argentina’s 13-year fight with creditors erupted in U.S. courts last week, and the results were messy.

Argentina had asked the U.S. Supreme Court to overturn a lower court’s ruling that it must pay $1.5 billion to hedge funds for bonds Argentina had defaulted on in 2001. The Supreme Court refused to hear its appeal — a victory for the hedge fund investors whom Argentina’s president, Cristina Fernandez, had called “vultures.”

Fernandez had said Argentina couldn’t afford to fully pay the hedge funds while also making payments to other lenders. But late last week, signs of a possible resolution emerged. Fernandez said she would seek a U.S. judge’s support for resolving all of Argentina’s unpaid debts in one grand bargain.

Read Matthew Craft’s Miami Herald article here: http://hrld.us/UJyXLd

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Argentina Says ‘Hell No, We Won’t Pay!’

Argentina may not be an island, but it sure acts like it sometimes.  Argentina’s president, Cristina Fernández de Kirchner, is refusing to go along with a U.S. judge’s ruling requiring a $1.5 billion repayment of defaulted bonds, even though the U.S. Supreme Court rejected her government’s appeals and left the order in place.

Read Michael Warren’s Associated Press article here:

http://hrld.us/1yekS7V

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Argentina: Debt Deadline Reached in Argentina But Not Yet Default

Debt is one of those things that just follows you around.  Just ask Argentina.

Argentina owes an interest payment to the majority of its creditors, but the government has a 30-day grace period to avoid going into its second default in 13 years.

The U.S. Supreme Court recently turned down Argentina’s attempt to block a lower court ruling that it must pay hedge funds that own bonds left over from its record $100 billion default in 2001.

Read the Associated Press article here:

http://apne.ws/1vsoFu3

 

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