News of debt

Pandemic costs sent primary fiscal gap to 6.5% of GDP

Today 09:59 Fiscal deficit skyrocketed last year to highest since 1993, as the pandemic forced increase in social spending.

US-ARGENTINE RELATIONS

Argentina greets Biden’s inauguration with mixed messages

Today 08:46 President Alberto Fernández on Thursday sent his new United States colleague Joe Biden a congratulatory letter which contrasted in both cordiality and length with a terse Foreign Ministry statement the previous day.

UNITED STATES

Biden’s three priorities for South America

Today 08:39 Newly inaugurated US president’s foreign policy will have three main fronts in South America: environmental protection, the crisis in Venezuela and countering the growing influence of China. Negotiations with the International Monetary Fund will be the first bilateral test for Alberto Fernández.

by Leandro Dario

BILATERAL RELATIONS

Don’t expect ‘carnal relations’ between Alberto and Joe Biden

Today 08:31 One actor could tilt the scales, though: Pope Francis. Biden is the second Catholic president of the US, preceded by John F. Kennedy. How much will the Peronist leader of the Holy See nudge Biden our way?

by Agustino Fontevecchia

Bloomberg

Oaktree, BlackRock are among YPF creditors organising

18-01-2021 17:25 Investment firms including Oaktree Capital Management and BlackRock Inc are organising into two groups to negotiate with YPF SA after the state oil producer proposed a debt swap that would saddle them with losses.

TELECOMMUNICATIONS

Telefónica sells mobile masts in Europe, Latin America for 7.7 billion euros

13-01-2021 10:13 Spain’s Telefónica to sell its telephone masts in Europe and Latin America to US-based telecom infrastructure firm American Towers Corp for US$9.4 billion in cash.

THE WEEK

What we learned this week: January 2 to 9

09-01-2021 08:24 Our pick of the headlines from the last seven days in Argentina.

2020: THE YEAR IN REVIEW

2020: The year that was

02-01-2021 09:27 Economic crisis, rising poverty and unemployment, debt talks, creditors, the IMF, wealth tax, squatters, a police mutiny, the failed appropriation of Vicentin, alleged AFI espionage, ‘lawfare,’ corruption, legalised abortion, diplomacy, disappearances, the death of Diego Maradona… a lot happened in Argentina over the past 12 months, but it was all overshadowed by Covid-19.

by Michael Soltys

EDITORIAL

Good riddance to 2020… ...and hello to a happier 2021?

02-01-2021 08:34 At a stretch 2020 could almost be summarised by one single C-word – next year is a little more difficult, but the midterm elections will undoubtedly be a defining moment.

THE WEEK

What we learned this week: December 19 to 26

26-12-2020 10:49 A collection of the stories that caught our eye this week in Argentina.

by Michael Soltys

CORONA-CRISIS

Vaccines, ambassadors and cabinet shake-ups

26-12-2020 09:29 With a Cabinet that is already on shaky ground and a dangerous combo of pandemic and stagflation on the horizon, President Fernández faces a tough start to 2021.

by Agustino Fontevecchia

MARTÍN GUZMÁN

Should he stay or should he go?

19-12-2020 08:31 The series of reversals of Martín Guzmán’s 2021 policies sends a clear message: austerity will not be tolerated, much less so in an electoral year.

by Agustino Fontevecchia

BLOOMBERG

Lengthy Covid lay-off ban backfires, postponing job crisis

12-12-2020 08:53 Companies have been banned from firing workers since March, with the prohibition was recently extended into 2021. But many firms have resorted to suspensions, effectively postponing future job cuts.

POLITICS & THE PANDEMIC

There's only one Maradona - Argentina after the funeral

05-12-2020 10:22 For most of the year, Fernández and Rodríguez Larreta navigated the pandemic together, avoiding confrontation. But that initial congeniality is giving way to confrontation as next year's midterms draw ever closer.

by Martín Gambarotta

DEBT RESTRUCTURING

Adherence to domestic debt swap deal rises to 99.49%

29-11-2020 23:29 Government announces that adherence to its offer to restructure US$41.7 billion in bonds issued under local jurisdiction has risen to 99.49 %.

THE WEEK IN ARGENTINA

What we learned this week: November 21 to 28

28-11-2020 09:04 Our pick of the stories from the last seven days (with the exception of just a mention of Maradona).

by Michael Soltys

EDITORIAL

November’s sky is chill and drear

21-11-2020 10:51 With the government falling into line with the quarantine fatigue felt by much of the nation, a vacuum has opened up in the public agenda. There was already plenty of jostling last week to fill it – from both wings of the coalition government.

‘WEALTH TAX’ BILL

‘Wealth tax’ could hit as three times more people than anticipated

21-11-2020 10:06 Tax expert warns bill to impose one-off levy on assets of rich could eventually hit as many as 30,000 people, depending on exchange rate at time it becomes law.

by Fernando Nolé

RECKLESSNESS

Cristina, Macri and Alberto - all of them took on debt

21-11-2020 08:38 Everyone loves to play the blame game, but let’s get one thing straight for the record: former presidents Cristina Fernández de Kirchner and Mauricio Macri both took on debt – and so has Alberto Fernández.

by Agustino Fontevecchia

IMF TALKS

Government to request Extended Fund Facility programme from IMF

14-11-2020 10:26 Guzmán tells reporters Argentina will seek an Extended Fund Facility programme, a scheme that normally implies a commitment to significant economic reforms.

POLITICAL INSTABILITY

On the verge of another nervous breakdown?

14-11-2020 09:16 More of the usual will generate similar outcomes as we’ve seen in the past: stagflation, polarisation, and a growing bureaucracy. It’s time for our political class to take charge of the situation to avert another disaster.

by Agustino Fontevecchia

BLOOMBERG

Argentina gives Templeton, Pimco chance to trim peso holdings

09-11-2020 18:04 Argentina is giving some of its largest bondholders the chance to trim their holdings in one of the world’s worst-performing currencies, offering to swap their local peso securities for dollar-denominated assets.

BLOOMBERG

BlackRock's Fink says Argentina won't soon regain investor trust

06-11-2020 08:15 Blackrock Inc. CEO Larry Fink said Argentina has a long way to go before it can regain investor confidence.

FINANCIAL TURMOIL

Economy Ministry to halt Central Bank advances until end of 2020

03-11-2020 12:53 Economy Ministry says it will not ask the Central Bank for temporary advances of cash in November and December and would target local capital markets for financing instead.

BLOOMBERG

As devaluation talk swirls, Argentine traders rush into new bond

02-11-2020 19:18 Amid fears of a steep devaluation, traders in Argentina are falling over themselves to snap up local government notes that are linked to the US dollar.

THE WEEK IN ARGENTINA

What we learned this week: October 24 to 31

31-10-2020 10:45 The pick of the headlines from the last seven days in Argentina.

POLITICS & THE PANDEMIC

Peronism tries to strike back

24-10-2020 08:52 On October 17, the national government tried to regain the initiative. To some observers, Loyalty Day came and passed with some subtle but notable observations.

by Martín Gambarotta

EDITORIAL

Pandemic and post-globalisation

24-10-2020 08:22 Covid-19 poses a “problem without passports” to end all such problems, but the supreme paradox is that this first truly universal disaster finds globalisation in full retreat.

ARGENTINA ON THE RUN

The peso's got a fever and the only prescription is more dollars

24-10-2020 08:08 Whereas classical economic theory suggests that markets create efficient prices through a cumulative aggregation of information, thus allowing market players to accede to perfect information, the current situation in the City Porteña is one of absolute price opacity.

by Agustino Fontevecchia

FINANCIAL TURMOIL

Guzmán: 'There will be no devaluation'

24-10-2020 05:44 Economy minister says currency will depreciate ‘hand-in-hand with inflation,’ as blue dollar soars to close at record high of 195 pesos per greenback.

BLOOMBERG

Creditors blast Argentina for post-restructuring bond blow-up

22-10-2020 22:22 Argentina Exchange Bondholders group and the Argentina Creditor Committee rip government for mismanaging the economy, saying country is headed for disaster just seven weeks after restructuring US$65 billion in debt.

Bloomberg

Guzmán says Argentina mulling changes to tax, social security systems

22-10-2020 01:36 Argentina is considering changes to its tax and social security structures as part of a plan to address economic imbalances, Economy Minister Martín Guzmán reportedly told a group of investors last week.

IMF MISSION TEAM DEPARTS

IMF predicts 11.8% GDP slump, says talks will start in November

17-10-2020 10:18 IMF chief Kristalina Georgieva says Argentina needs “a credible and comprehensive economic agenda that balances supporting the economy and people in this difficult time.”

56th IDEA colloquium

Fernández rules out devaluation, bank-deposit freeze at IDEA

17-10-2020 10:13 Peronist leader sticks to his guns over government policies, telling business leaders that his government is “convinced that this is the path.”

A PRESIDENTIAL TETE Á TETE?

Enough with the bickering – Alberto and Mauricio should meet

17-10-2020 09:05 At an extremely troublesome moment for the world, Argentina is engaging in ridiculous self-inflicted shocks of uncertainty.

by Agustino Fontevecchia

BLOOMBERG

Oxfam says IMF loans force spending cuts that exacerbate poverty

12-10-2020 12:39 The vast majority of International Monetary Fund loans extended during the Covid-19 pandemic have suggested or demanded spending cuts that would worsen poverty and inequality, charity group Oxfam says.

BLOOMBERG - OPINION

El-Erian: Argentina and Ecuador diverge after bond restructurings

11-10-2020 09:18 A month after finalising historic “zoom” debt restructurings, Argentina and Ecuador find themselves on starkly different paths toward economic and financial improvements.

BUSINESS

Currency controls hit private companies in Argentina

10-10-2020 10:11 Capital controls were already a headache for private companies, but more drastic measures obliging firms to restructure their debts has delivered an even harder blow.

IMF TALKS

Fernández, Georgieva ‘confident’ Argentina will seal new IMF deal

10-10-2020 10:01 Officials on both sides say all the right things as first visit of IMF mission team passes off without incident. Kristalina Georgieva says Fund has "no intention of putting pressure on Argentina at this time."

EDITORIAL

Uncertainty amid the malaise

10-10-2020 09:41 Burning as all these problems are, literally so in the case of the fires and metaphorically in the case of the economic and monetary crisis and the coronavirus pandemic, none of them are really being faced by a government seeking or obsessed with another agenda.

BLOOMBERG

Argentina’s new obsession is watching foreign reserves evaporate

05-10-2020 16:14 At brokerages and banks, the calls come in every day with the same question: How many dollars does the Central Bank actually have?

THE WEEK

What we learned this week: September 26 to October 3

03-10-2020 09:40 The pick of stories that caught our eye over the last seven days.

BLOOMBERG

IMF sounds debt warning as it offers rethink on restructurings

01-10-2020 15:17 IMF sounds a warning over rising global debt levels and proposed reforms to the debt-restructuring process for countries that struggle to meet their obligations.

POLITICS & THE PANDEMIC

Unemployment, the other pandemic

26-09-2020 10:15 Will this relentless agitation unleash the kind of volatility that rattles the very standing of the government, less than a year after winning the elections?

by Martín Gambarotta

THE WEEK

What we learned this week: September 19 to 26

26-09-2020 09:29 Our pick of the stories from the last seven days in Argentina.

LA GRIETA

What we've got here is failure to communicate

26-09-2020 09:13 There are at least two major elements to conducting public policy: the construction and execution of successful strategic plans and their communication, in order to generate the correct expectations.

by Agustino Fontevecchia

AS I SEE IT

The incredible shrinking peso

26-09-2020 08:58 The desperate attempts that are being made to keep the dollar out of arm’s reach are bound to prove counterproductive; it is the government’s way of inadvertently warning people that, yet again, the economy is going under.

by James Neilson

PERIODISMO PURO | INTERVIEW

Miguel Pesce: ‘A dollar at 130 pesos would inflict unbearable levels of poverty’

26-09-2020 08:45 Following a week of difficult announcements, Central Bank chief Miguel Pesce sits down for a feature-length interview to explain the government’s logic in what he describes as “very arduous situation, aggravated by the action of speculators.” Nevertheless, Pesce remains optimistic over 2021 growth, lower inflation and export possibilities.

by Jorge Fontevecchia

Bloomberg

Mendoza Province said to win majority support for debt swap

22-09-2020 18:02 Mendoza set to become first provincial government to successfully reach a deal to restructure its own foreign debt, following in footsteps of national government.

BLOOMBERG

Argentina’s new bonds plunge deep into distressed territory

21-09-2020 17:11 Argentina’s new dollar bonds have plunged back into distressed territory just two weeks after the nation restructured almost US$65 billion in debt.

News of debt

Pandemic costs sent primary fiscal gap to 6.5% of GDP

Argentina greets Biden’s inauguration with mixed messages

Biden’s three priorities for South America

Don’t expect ‘carnal relations’ between Alberto and Joe Biden

Oaktree, BlackRock are among YPF creditors organising

Telefónica sells mobile masts in Europe, Latin America for 7.7 billion euros

What we learned this week: January 2 to 9

2020: The year that was

Good riddance to 2020… ...and hello to a happier 2021?

What we learned this week: December 19 to 26

Vaccines, ambassadors and cabinet shake-ups

Should he stay or should he go?

Lengthy Covid lay-off ban backfires, postponing job crisis

There's only one Maradona - Argentina after the funeral

Adherence to domestic debt swap deal rises to 99.49%

What we learned this week: November 21 to 28

November’s sky is chill and drear

‘Wealth tax’ could hit as three times more people than anticipated

Cristina, Macri and Alberto - all of them took on debt

Government to request Extended Fund Facility programme from IMF

On the verge of another nervous breakdown?

Argentina gives Templeton, Pimco chance to trim peso holdings

BlackRock's Fink says Argentina won't soon regain investor trust

Economy Ministry to halt Central Bank advances until end of 2020

As devaluation talk swirls, Argentine traders rush into new bond

What we learned this week: October 24 to 31

Peronism tries to strike back

Pandemic and post-globalisation

The peso's got a fever and the only prescription is more dollars

Guzmán: 'There will be no devaluation'

Creditors blast Argentina for post-restructuring bond blow-up

Guzmán says Argentina mulling changes to tax, social security systems

IMF predicts 11.8% GDP slump, says talks will start in November

Fernández rules out devaluation, bank-deposit freeze at IDEA

Enough with the bickering – Alberto and Mauricio should meet

Oxfam says IMF loans force spending cuts that exacerbate poverty

El-Erian: Argentina and Ecuador diverge after bond restructurings

Currency controls hit private companies in Argentina

Fernández, Georgieva ‘confident’ Argentina will seal new IMF deal

Uncertainty amid the malaise

Argentina’s new obsession is watching foreign reserves evaporate

What we learned this week: September 26 to October 3

IMF sounds debt warning as it offers rethink on restructurings

Unemployment, the other pandemic

What we learned this week: September 19 to 26

What we've got here is failure to communicate

The incredible shrinking peso

Miguel Pesce: ‘A dollar at 130 pesos would inflict unbearable levels of poverty’

Mendoza Province said to win majority support for debt swap

Argentina’s new bonds plunge deep into distressed territory

Life without Trump will not be easy

Biden to adopt ‘dramatically different’ approach to Latin America

Don’t expect ‘carnal relations’ between Alberto and Joe Biden

Pepe and Pepo head Lanús’ push for second Copa Sudamericana title

Argentina greets Biden’s inauguration with mixed messages

Quién es Gabriela Piovano, la infectóloga que acusó de “agitador” a Wiñazki en vivo

Carrió debería aprender de Cristina

Horacio Rodríguez Larreta sostuvo la vuelta a clases en la Ciudad como una bandera de Juntos por el Cambio

El enredo de palabras de Axel Kicillof al criticar al periodismo: "Los huevos no tienen pelo"

Ahorristas en pesos: Cuál es el instrumento que le gana a la inflación