News of martin guzman

DEBT RESTRUCTURING

IMF hails 'productive' meeting with Guzmán, as minister faces creditors

Yesterday 08:54 Economy minister says Argentina is facing "a critical moment" ahead of meeting with private creditors and bondholders in Washington on Tuesday.

DEBT TALKS

Guzmán flies to United States after meeting US Treasury chief

24-02-2020 15:48 Economy Minister Martín Guzmán held a "productive" meeting with US Treasury Secretary Steve Mnuchin on the sidelines of the G20 summit of finance ministers in Saudi Arabia on Sunday.

BLOOMBERG

Argentina gets IMF’s seal of approval to hit bondholders hard

20-02-2020 13:07 The Fund just gave the government the backing it needed to hit its bondholders with a significant haircut.

RATE CUT

Central Bank lowers key rate to 40%, extending cuts

19-02-2020 18:15 Central Bank chief Miguel Pesce justifies the rate cuts as a tool to help turn around Argentina’s economy, which is expected to contract for the third straight year in 2020.

DEBT TALKS

IMF mission team keeps low profile during time in Argentina

18-02-2020 13:59 Officials from the International Monetary Fund depart Buenos Aires on Wednesday, after meeting with a host of ministers from the Argentine government.

BOND PAYMENT DELAY

Further 're-profiling' of maturities in pesos looms, analysts predict

18-02-2020 12:00 Next key date for government be March 6, with A2M2 payments worth about US$1 billion due that day. Government may have to resort to the issue as Martin Guzmán’s credibility is being tested by the markets.

by Mirta Fernandez, Perfil

DEBT RESTRUCTURING

Mission: impossible (to pay debt)

15-02-2020 11:09 The government’s biggest challenge is to buy time without defaulting on its humongous debt. Will the private bondholders get the message? Will the hedge funds oblige and yield?

by Martín Gambarotta

DEBT RESTRUCTURING

Cristina raises stakes for Argentina's crucial talks with IMF

15-02-2020 09:17 Vice-president lays into IMF, as government officials welcome mission team to Argentina.

Bloomberg

Bank of America pitches ‘mutually beneficial’ debt restructuring plan

14-02-2020 17:42 Bank of America Corp says it figured out a feasible way to solve Argentina’s debt crisis: Offer so-called pars and discount bonds for foreign-currency investors. For Argentina, it could make financing needs more manageable and reduce debt-to-GDP to 60% in the next decade.

Bloomberg - Long Read

Money manager expects crisis to worsen as Argentina's bonds blow up

14-02-2020 13:49 Investment fund Franklin Templeton’s star money manager, Michael Hasenstab, interprets government's move to delay a US$1.4-billion local bond payment as a sign that the economic slowdown is only going to worsen.

MARKETS

Argentine bonds fall in reaction to Guzmán’s address to Congress

13-02-2020 13:13 Bonds take a hit in wake of economy minister's comments that a "deep debt restructuring" is on the cards.

DEBT RESTRUCTURING

Debt talks with IMF begin in Buenos Aires

13-02-2020 10:11 About 6,000 people demonstrated in front of Congress in Buenos Aires on Wednesday, shouting "IMF get out!" as negotiations over debt restructuring begins in earnest.

DEBT RESTRUCTURING

Guzmán warns of ‘deep debt restructuring’ in address to Congress

13-02-2020 00:32 “It’s necessary to have a deep debt restructuring,” says minister during congressional hearing, where he provided his most detailed comments about debt strategy since taking office in December.

DEBT RESTRUCTURING

Protesters set to rally as IMF arrives for debt restructuring talks

12-02-2020 08:41 Demonstrators will take to the streets of the capital this afternoon, as IMF officials arrive in Buenos Aires and Economy Minister Martín Guzmán presents his fiscal plan before Congress.

RESTRUCTURING

Economy Ministry delays payment of AF20 bond principal

11-02-2020 17:07 Economy Ministry, headed by Martín Guzmán, slams "speculation" in fierce statement, saying it would not allow "Argentine society" to be "held hostage by international financial markets."

Bloomberg

IMF heads to BA for talks with poker-faced Fernández

11-02-2020 09:01 President Alberto Fernández has likened renegotiating the nation’s debt load to playing poker – but this week, he'll finally have to show some of his cards.

FUND CONFIRMS

IMF mission team extends Buenos Aires trip to full week

11-02-2020 08:39 Spokesperson for the International Monetary Fund confirms that mission team will stay full week in Argentina, longer than three days originally planned, with talks over nation's debt burden set to enter crucial stage.

by James Grainger

BLOOMBERG

Buenos Aires Province surrender sends Argentine bonds on a wild rally

10-02-2020 14:28 Province’s capitulation spurs betting on sovereign bonds, they have returned 8.7 percent since January 27. However, Argentina is still in dire need of the IMF’s approval to restructure the debt.

ETHICAL ECONOMICS

Pope Francis warns of 'unbearable sacrifices' caused by debt

05-02-2020 16:17 The Catholic leader spoke before IMF leaders and Economy Minister Martin Guzmán, expressing concern about the social costs of massive debt. In addition, he warned of the consequences of the separation of the financial and real economies.

Delaying Debt

Fidelity wins big on Buenos Aires bond payment

05-02-2020 12:25 Buenos Aires Province avoids immediate default by agreeing to use money from its coffers to make a principal debt payment, Kicillof says.

Alberto in Europe

Alberto meets with Merkel amid IMF negotiations

03-02-2020 18:01 The Peronist leader had a dinner with German Chancellor Angela Merkel, where the duo discussed debt and potential Argentine-German investments.

ECONOMIC CRISIS

Kulfas: there is no ‘magic way’ to recovery on a very short term

03-02-2020 13:52 The Minister of Productive Development and prolific author, Matías Kulfas, affirmed that there is no magic trick to reactivate the Argentine economy in the very short term. Thus, economic recovery should be expected over a much longer horizon as the government tries to curb the recession.

Bloomberg - Long read

Guzmán's ambitious plan to diffuse Argentina's debt bomb

03-02-2020 13:16 The government's proposed timeline to fix the US$311 billion debt problem was met with scepticism, but the plan offers a glimpse of how the Fernandez administration hopes to proceed.

DEBT TALKS

Government lays out timetable for debt talks and IMF visit

30-01-2020 08:25 The government laid out its agenda for debt negotiations with private creditors on Wednesday, publishing a timetable on the Economy Ministry's website.

BBC INTERVIEW

Stiglitz: 'Macri bet the house and lenders followed him blindly'

29-01-2020 12:19 Famed economist and mentor to Martín Guzmán offers his take on renegotiation of Argentina's debt, questioning creditors and criticising the Mauricio Macri government.

IMF TALKS

IMF team set for Argentina in February after 'positive' talks with Guzmán

28-01-2020 23:38 Economy Minister Martín Guzmán holds "very productive" talks with officials from International Monetary Fund in New York, as Argentina looks to stretch payment terms of its US$44-billion credit-line.

DEBT TALKS

Fernández: 'A country in debt loses its sovereignty'

27-01-2020 13:20 Argentina needs to define how it will deal with bulging US$335-billion debt pile, says president, as Economy Minister Martin Guzmán heads to the United States.

BLOOMBERG

Ex-Elliott lawyer builds creditor group for Argentine rematch

27-01-2020 12:14 Dennis Hranitzky, an attorney who helped hedge fund billionaire Paul Singer win a 15-year bond battle against Argentina, is gearing up for a potential rematch.

VACA MUERTA

Oil companies and unions agreed on a temporary no layoffs clause

23-01-2020 14:31 The unions representing oil workers and the sector's business chambers agreed to roll back 600 layoffs and 1,200 suspensions in the country's different basins while waiting for production to pick up and activity to resume.

IMF TALKS

Government to send debt bill to Congress ahead of crucial talks

21-01-2020 16:33 Fernández administration will send a bill to Congress on Tuesday outlining its plan to address nation's debt crisis and make payments “sustainable,” declares Economy Minister Martín Guzmán.

Bloomberg

Economist Stiglitz sees ‘significant haircuts’ for Argentina's debt

21-01-2020 12:03 “The reality is there will have to be significant haircuts,” says economist in interview at the World Economic Forum in Davos.

IMF TALKS

Argentina looks to IMF talks as thaw settles in on both sides

16-01-2020 16:52 Talks between the government and the International Monetary Fund quietly began to get into gear this week, with Argentina seeking a quick renegotiation of the conditions of its US$44-billion loan.

NEW ERA IN ARGENTINA

Around the crisis in 180 days

21-12-2019 10:49 With extra powers and an economic Cabinet that politically responds to his directives, the president would be able to claim the credit of success – but he would also have to pay the full price of failure.

by Marcelo J. Garcia

Economic Crisis

Unemployment reached 9.7% in third quarter of 2019

19-12-2019 15:04 Racked by economic crisis, Argentina's joblessness rate has actually shown slight improvement.

ECONOMIC MEASURES

Government announces new tax hikes, sends 'emergency bill' to Congress

18-12-2019 01:00 Economy Minister Martín Guzmán confirms trailed measures designed to boost growth, including higher export levies, 30% tax on foreign currency purchases, freeze on public utility prices, and bonus for pensioners

Bloomberg

New tax hike is nightmare come true for Argentina's farmers

17-12-2019 16:55 As the new government continues to roll out tax hikes, powerful agricultural producers are showing both concern and anger.

NEW ERA IN ARGENTINA

Fernández administration to send recovery package to Congress

16-12-2019 15:21 Legislative package includes, among other measures, a 30 percent surcharge on 'tourist dollar,' increased taxes on exports and plans to make healthcare more accessible and affordable, according to government.

Bloomberg

No date set for Argentine debt talks, IMF spokesman says

12-12-2019 17:05 Argentina’s record bailout from the fund has been on hold for months, and even after President Alberto Fernández took office on Tuesday, it’s unclear when it might move forward.

NEW PRESIDENT

Alberto Fernández’s five biggest economic challenges

12-12-2019 08:16 President-elect took power on December 10 facing a challenging economic and social crisis, with a deep recession and runaway inflation.

NEW ECONOMY MINISTER

Martín Guzmán: 'Argentina doesn’t want confrontation with creditors'

11-12-2019 23:14 New economy minister confirms Argentina is talking with IMF over new deal, but doesn't delve into specifics.

Bloomberg

Argentina local law bondholders brace for painful restructuring

11-12-2019 12:53 Holders of government bonds covered by domestic laws are bracing for particularly steep losses.

Bloomberg

Argentina can’t pay debt until economy grows, says Fernández

10-12-2019 17:36 In his first presidential address, Fernández read off a list of challenging economic indicators he’s inherited, including the biggest debt load as a percentage of gross domestic product since 2004, when the country was in default – and he was Cabinet chief.

New Cabinet

The chosen ones: Who's who in Alberto Fernández's Cabinet

10-12-2019 00:45 President-elect unveiled his team at press conference on Friday in Puerto Madero. Here's a guide to who's who in the incoming administration.

NEW CABINET

Meet Martín Guzmán, Argentina's next economy minister

09-12-2019 14:07 New economy minister, who is close to Nobel-Prize-winning economist Joseph Stiglitz, is seen as a critic of the International Monetary Fund.

Cabinet

Fernández appoints Martin Guzmán as economy minister

06-12-2019 19:57 "I have great confidence in him. He's a young man who is very prepared, and we have worked together for weeks," says Fernández.