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
POLITICS AND THE PANDEMIC The vaccine conversation 19-12-2020 08:42 These glitches and delays add up to negative headlines. Opposition leaders accused the government of deliberately keeping the public in the dark about the pending approval of the vaccine for those over 60. by Martín Gambarotta
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
IMF DEBT TALKS Guzmán expects new program with IMF in March or April 2021 10-12-2020 02:11 Economy Minister Martín Guzmán says talks with the IMF will still "take a while," hinting a deal would be likely in March or April next year.
POLITICAL BREAKDOWN A growing sense of incompetence 05-12-2020 09:58 Public perception has worsened from one where Cristina was calling the shots from the background, to one where no-one is even in control. by Agustino Fontevecchia
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 %.
Bloomberg Guzmán plays down prospects of an early IMF deal 29-11-2020 23:08 In an interview with the Financial Times, Economy Minister Martín Guzmán plays down the chances of an early agreement with the International Monetary Fund over repayment of US$44-billion loan.
IMF DEBT TALKS IMF and Argentina making 'good progress' on new financing plan 22-11-2020 15:13 IMF mission team ends visit to Buenos Aires, saying that talks over a new financing plan are progressing well, with the two sides beginning to “delineate the contours” of a new deal.
IMF DEBT TALKS Peronist senators amp up rhetoric with scathing letter to IMF chief 16-11-2020 18:05 With government in talks over new financing programme, senators from ruling Frente de Todos coalition fire off letter to IMF chief Kristialina Georgieva demanding organisation “refrain from conditioning economic policy.”
Coronavirus pandemic Guzmán, Pesce, Massa in isolation after IMF officials gets Covid-19 15-11-2020 20:55 A number of government officials – including Martín Guzmán, Miguel Pesce and Sergio Massa – went into preventative isolation on Sunday, after a member of a visiting IMF mission tested positive for Covid-19.
POLITICS & THE PANDEMIC You better shape up (the Cabinet) 14-11-2020 10:33 President Alberto Fernández is facing questions about the executive performance of his Cabinet and not only from the opposition. by Martín Gambarotta
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
IMF DEBT TALKS Argentina will ask IMF for Extended Fund Facility programme, says Guzmán 09-11-2020 21:55 Government will ask IMF for an Extended Fund Facility (EFF) programme as part of the government's efforts to delay repayments on the US$44 billion it owes, Economy Minister Martin Guzman confirms.
THE WEEK IN REVIEW The week: All eyes on America, with Argentina no exception 06-11-2020 00:01 The world is watching aghast at the wild way in which the US presidential elections are unfolding. Argentina, part of a pandemic-stricken world waiting to see what will happen, is no different. by Martín Gambarotta
CFK'S OPEN LETTER Unity, in whatever form 31-10-2020 09:24 Both former presidents have given their blessing to an initial conversation that could work towards a broader social consensus. by Agustino Fontevecchia
BLOOMBERG Argentina can avoid a devaluation, says Domingo Cavallo 30-10-2020 14:35 Former economy minister Domingo Cavallo tells Bloomberg in an interview that it’s still possible to avoid a one-off devaluation of the peso.
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
ANALYSIS When nobody wants pesos: currency meltdown upends business 24-10-2020 05:51 Argentina’s battle to control its currency is upending its economy, wreaking havoc on everything from household finances to the production and sale of common goods.
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 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.
IN FOCUS Economy Ministry takes steps to relieve pressure on currency markets 21-10-2020 18:59 Economy Ministry unveils new measures designed to reduce the pressures on volatile currency markets and ward off devaluation.
BLOOMBERG Argentina bond rout blows up the template for debt restructuring 19-10-2020 20:40 Investors are giving up on Argentina, just six weeks after the government pulled off a US$65-billion restructuring.
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.”
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
PERIODISMO PURO | INTERVIEW Sergio Chodos: ‘The intention is to ask the IMF for financing in order to leave it’ 17-10-2020 08:57 The visit of a mission team from the International Monetary Fund has begun a new chapter for Argentina and its deteriorating economy. Sergio Chodos, Executive Director for the Southern Cone at the IMF and the official perhaps closest to Economy Minister Martín Guzmán, says the government is seeking an agreement with the Fund, in order not to depend on it any longer. by Jorge Fontevecchia
FINANCIAL TURBULENCE Blue dollar soars again to close week at 178 pesos 17-10-2020 08:30 Dolár blue has risen by 11 pesos in past week alone, closing week at record high amid continued financial uncertainty.
FINANCE Analysts keep eye on reserves as uncertainty pushes blue dollar to 160 10-10-2020 10:05 Central Bank buys dollars for first time since mid-September, as uncertainty pushes blue dollar sky-high.
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."
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
POLITICS & THE PANDEMIC Dollar blues 19-09-2020 09:51 Argentina’s exasperating affair with the dollar is a recurring issue. by Martín Gambarotta
CAPITAL CONTROLS Pesce and Guzmán split over curbs on dollar purchases 19-09-2020 09:26 Government’s economic team split on latest crackdown, as well as how long new rules should remain in place.
CAPITAL CONTROLS Fernandez defends new currency controls as blue dollar soars 19-09-2020 08:25 Economists question wisdom of new Central Bank measures, which hit small savers as well as companies. Blue dollar closes week at more than 140 per greenback.
Bloomberg Pesce, Guzmán split over curbs on dollar purchases 17-09-2020 16:19 Argentina's economic team split on latest crackdown, as well as how long new rules should remain in place.
Bloomberg Argentina bonds fall with tighter foreign-exchange controls 16-09-2020 23:23 Argentine bonds fell Wednesday after the government expanded restrictions on foreign exchange in an attempt to hold onto US dollars as reserves dwindle.
CURRENCY CONTROLS Central Bank tightens currency controls as peso weakens 16-09-2020 10:29 Central Bank tightens conditions for the purchase of foreign currency, to prevent hoarding, preserve reserves and discourage demand for US dollars.
Budget proposal Fernández's first Budget projects 5.5% growth in 2021 16-09-2020 01:17 Government's budget bill forecast for 2021: economic growth of 5.5%, primary fiscal deficit of 4.5%, inflation at 29% and 102 pesos per dollar.
Bloomberg Argentines are abandoning a trade that hedged currency risk 14-09-2020 16:02 Dollar-linked instruments in the local market are being abandoned amid speculation government will create a weaker parallel exchange rate while giving investors less favourable terms.
IMF DEBT TALKS Guzmán: Argentina wants IMF deal with no payments until 2024 13-09-2020 22:50 Economy minister says Argentina wants to delay all IMF loan repayments until 2024 at the earliest in interview with La Nación.
DEBT DEAL DONE Debt deal done – now Argentina must rebuild confidence in its economy 05-09-2020 10:29 Analysts praise government's debt restructuring deal, but say rebuilding the economy and generating confidence with markets will be a tougher task.
DEBT DEAL DONE Creditors overwhelmingly back government’s debt restructuring offer 05-09-2020 10:24 Argentina wins "massive" bondholder support to restructure overseas debt, exchanging 99% of debt held under international law.
BLOOMBERG Guzmán says Argentina must work to cut bond yields 04-09-2020 17:53 Country must reduce its bond yields before returning to international capital markets in a process that will likely take some time, says Economy Minister Martín Guzmán in interview.
BLOOMBERG Investors welcome debt deal amid grim economic outlook 31-08-2020 22:54 Investors are caught between relief over Argentina’s debt deal and concern over the grim economic reality facing the country.
DEBT RESTRUCTURING Guzmán confirms 99% of overseas debt restructured in swap 31-08-2020 17:52 Argentina wins "massive" bondholder support to restructure overseas debt, exchanging 99% of debt held under international law.
Wealth tax Congress set to debate government's 'wealth tax' bill 30-08-2020 16:55 Government’s proposed ‘wealth tax’ bill heads to Congress. President Fernández seeks to bring in 300 billion pesos in tax revenue through one-time levy on wealthiest citizens.
IMF DEBT TALKS Government formally opens debt rescheduling talks with IMF 27-08-2020 02:30 Government formally opens talks with IMF over new terms for repayment of record US$57-billion bailout agreed in 2018 by Macri administration.
DEBT RESTRUCTURING Creditors reiterate support for debt swap 22-08-2020 10:05 Ad Hoc Group of Argentina Exchange Bondholders says members will be entering Argentina’s debt swap proposal to the tune of almost US$5 billion on Monday.
POLITICS & THE PANDEMIC Vaccine ventures 15-08-2020 09:44 It's difficult to gain any kind of momentum during a pandemic. Yet there are some signs the government is regaining the initiative. by Martín Gambarotta
IMF DEBT RESTRUCTURING Argentina will not accept any conditions from IMF, warns Fernández 11-08-2020 22:06 President Alberto Fernández says he will not allow the IMF to impose austerity measures on Argentina as part of a new financing programme.
TIMELINE How Argentina and its creditors reached a deal 08-08-2020 09:43 Agreement with bondholders brings months of negotiations to an end. Here’s how we got here.