News of credit

BLOOMBERG

Default prompts a Paul Singer sequel in credit default swap decision

Yesterdat 16:30 Paul Singer's investment firm Elliott Management Corp is one of 14 companies that will decide whether credit-default swaps were triggered by last week’s failure to meet a payment deadline.

DEBTORS & CREDITORS

IMF ‘stands ready to help Argentina’ through ‘difficult times’ ahead

09-05-2020 07:57 Fund spokesperson Gerry Rice ‘hopeful’ deal can be reached with creditors to avoid default.

Coronavirus pandemic

Argentina secures US$4-billion loan from Development Bank of Latin America

06-05-2020 17:58 The government has confirmed that it has secured a US$4-million loan from the Development Bank of Latin America (CAF) to assist its efforts to tackle the coronavirus pandemic.

Bloomberg

Without access to credit, Argentina turns to its Central Bank

21-04-2020 14:27 Money supply is increasing as Argentina grapples with the economic consequences of the coronavirus pandemic, stoking inflation fears and increasing the likelihood of a default next month.

Argentina & the IMF

IMF to hold remote consultations with Argentina amid coronavirus pandemic

03-04-2020 11:21 The government announced this week that it intends to seek a new IMF programme that will allow the existing one to be refinanced until the country can tap debt markets again. The IMF’s normal yearly check-up, an Article IV review, will now likely take place remotely.

Fight against virus

Crisis lending surges as government obliges banks to assist

02-04-2020 16:47 Credit lending is making a comeback in Argentina as the country seeks to flood its streets with pesos to mitigate the effects of the coronavirus.

Coronavirus pandemic

IMF rejects Maduro's bid for emergency US$5-billion loan to fight virus

18-03-2020 10:18 Fund says request can't be considered because there was no clarity among its 189 member states on who it recognises as Venezuela's rightful leader: Nicolás Maduro or Juan Guaidó.

DEBT RESTRUCTURING

Government proposes US$69-billion debt restructuring plan

10-03-2020 08:15 With Decree 250/2020, government confirms proposal to restructure US$69 billion of public debt.

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.

DEBT RESTRUCTURING

IMF says Argentina's debt burden is 'unsustainable'

19-02-2020 18:27 Review by International Monetary Fund mission team paves the way for the government to ask private bondholders to take on losses, as it prepares to renegotiate its obligations.

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

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.

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

PRESIDENTIAL HANDOVER

IMF chief says Fund remains committed to Argentina

10-12-2019 23:27 Kristalina Georgieva says International Monetary Fund remains committed to Argentina as President Alberto Fernández is sworn in as new leader.

IMF CREDIT-LINE

Fernández says he won't seek remaining US$11 billion from IMF

26-11-2019 19:29 President-elect says he will not seek disbursement of the remaining US$11 billion of Argentina's record US$57-billion credit-line with the International Monetary Fund.

BLOOMBERG

Fernández planning simultaneous debt talk with IMF and private bondholders

26-11-2019 13:24 President-elect's team believes holding simultaneous debt negotiations with private bondholders and the IMF will smooth the way for a better deal.

TRANSITION 2019

IMF says it's 'ready to engage' with Alberto Fernández

07-11-2019 20:06 IMF spokesman says Fund is ready to talk to president-elect and his team, but says no meeting is planned.

BLOOMBERG

Why Venezuela will influence Argentina’s IMF talks

04-11-2019 17:07 An imposing debt load and uncertainty about his economic policies already limit Alberto Fernández’s room for a renegotiation of the record IMF credit line, but his views on the Venezuelan regime of Nicolás Maduro are also softer than those of outgoing Mauricio Macri.

BLOOMBERG

Markets: Here’s what to watch after Argentines vote on Sunday

24-10-2019 13:34 With frontrunner Alberto Fernández in pole position, the question is how much support the new government will get in Congress and how conciliatory he may prove to market-friendly incumbent Mauricio Macri.

ELECTION 2019

CFK slams Macri after he makes shocking sexist remark in interview

15-10-2019 17:58 President sparks outrage online after comparing economic inheritance from Fernández de Kirchner administration to the actions of a wife gone crazy with a husband's credit card.

ECONOMIC INDICATORS

Inflation at 57.3%, economy to shrink 3.1% – IMF revises 2019 forecasts

15-10-2019 13:40 Fund confirms Argentina's economy shrank by 2.5% in 2018 and predicts inflation will hit 39.2% in 2020.

Bloomberg

Government says it has met targets to receive more IMF money

30-09-2019 17:58 “Argentina, as I’ve said many times, has complied with all targets required for this disbursement to happen,” says Central Bank chief Guido Sandleris.

PAYMENTS

Difficult to find 'quick path forward' for Argentina, says IMF

26-09-2019 15:21 IMF officials refused to say Thursday when it will disburse last US$5.4 billion of loan to Argentina that was originally planned for mid-September, as reports suggest World Bank and Inter-American Development Bank may also delay payments.

ARGENTINA & THE IMF

New IMF chief meets briefly with Finance Minister Lacunza

26-09-2019 09:29 "I look forward to working with the authorities when I assume my duties on October 1. Argentina is an important member of the IMF and we want it to do well," Kristalina Georgieva posts on Twitter after meeting Finance Minister Hernán Lacunza.

BLOOMBERG

IMF’s Lipton says relationship with Argentina ‘may have to wait’

25-09-2019 15:27 "Argentina’s situation right now is extremely complex," Acting IMF head tells Bloomberg.

BLOOMBERG

Lagarde: IMF did 'best we could' given Argentina's 'difficult situation'

25-09-2019 12:55 Former IMF managing director and soon-to-be European Central Bank chief says the IMF is often unfairly blamed when things go awry.

IMF CREDIT-LINE

IMF: We will continue to support Argentina in its 'difficult situation'

24-09-2019 20:31 IMF acting chief David Lipton said he had "a constructive meeting" with President Mauricio Macri, Finance Minister Hernán Lacunza and Central Bank Governor Guido Sandleris in New York on the sidelines of the United Nations General Assembly.

ECONOMIC TEAM IN NYC

Lacunza, Sandleris look to charm investors, IMF in New York

24-09-2019 10:34 With President Mauricio Macri mixing with world leaders at the UN General Assembly, finance minister and Central Bank chief are looking to persuade key stakeholders that Argentina deserves their backing.

BLOOMBERG

Hernán Lacunza: Government's debt plan needs approval from opposition

20-09-2019 16:49 Government sent a bill to Congress late Thursday to kick start talks around extending maturities on local law bonds to alleviate fears of a looming default.

IMF BAIL-OUT

Lagarde: Argentina crisis would have been much worse without IMF

20-09-2019 16:08 Crisis would have been much worse had the International Monetary Fund not stepped in with a massive rescue programme, outgoing IMF chief declares in interview.

CREDIT-LINE

IMF likely to withhold loan tranche for Argentina until policy fog lifts

15-09-2019 08:31 Next US$5.4 billion disbursement is scheduled for on or after Sunday, but IMF will postpone until greater clarity appears over likely policy landscape moving forward.

IMF CREDIT-LINE

Reports: IMF to delay Argentina's next loan tranche until after election

13-09-2019 13:39 Local and international outlets says officials evaluating how to push the next US$5.4-billion tranche back, with IMF prepared to adopt "all possible bureaucratic measures" to "stretch deadlines as much as possible."

CREDIT-LINE

Finance Minister Lacunza to meet with IMF in Washington next month

12-09-2019 15:38 An IMF spokesman on Thursday said the institution was still in negotiations with Argentina, but noted that market conditions and political uncertainty had cast a cloud over the talks.

economy

Debt all around as middle class feels the squeeze

07-09-2019 01:30 Facing mounting piles of credit card debt, unpaid medical bills and private school fees, Argentina’s cash-strapped middle class, much like the State itself, is facing its own debt default.

IMF LOAN

'We've complied with everything' – Macri confident over next IMF loan tranche

05-09-2019 13:55 The IMF is currently assessing whether to pay out a further US$5.4 billion to the government, the latest phase of its record US$56-billion loan to Argentina.

INTERNATIONAL MONETARY FUND

Will the crisis in Argentina hurt the IMF's reputation?

05-09-2019 09:47 Experts say a fundamental mistake by the IMF was to push for too-strict cuts even when the Argentine economy entered recession.

BUENOS AIRES CITY

Bank queues return to BA as currency controls kick in

03-09-2019 08:03 Queues outside banks seen once again outside branches, as Argentines get used to new capital controls.

BLOOMBERG

Government and IMF in talks over September monetary policy target

03-09-2019 07:32 Gustavo Sandleris said the Central Bank had failed to meet its monetary base goals for July and August, allowing the total amount of cash in circulation to rise above its target of 1.34 trillion pesos.

LEGISLATION

Government to seek support before submitting bill to 'reprofile' local debt

02-09-2019 16:46 After talks with the legislative branches of the Cambiemos coalition, Executive decides to seek consensus with opposition lawmakers beforehand submitting project.

BLOOMBERG

Argentina returns to capital controls as Macri fights to survive

02-09-2019 09:16 Decision to impose currency controls represents a bitter irony for the pro-market President Macri, who set about dismantling them as soon as he took office in 2015.

CURRENCY CONTROLS

Lacunza: Currency controls 'necessary to avoid greater evils'

02-09-2019 08:52 "It is an uncomfortable measure for us that Argentina has already had," declares finance minister, who describes new restrictions as "transitory."

BLOOMBERG

'Selective Default': Standard & Poor's cuts Argentina’s debt rating

29-08-2019 20:40 “The Argentine government unilaterally extended the maturity of all short-term paper on August 28. This constitutes default under our criteria,” says ratings agencies.

BLOOMBERG

Carmen Reinhart: Full Argentine default is just a matter of time

29-08-2019 13:58 Harvard University economist Carmen Reinhart – who was also deputy director of the IMF’s research department during Argentina’s 2001 crisis – says the government’s re-profiling plan is already a default on domestic debt, which rating companies will likely promptly respond to.

ECONOMIC INDICATORS

Peso continues to fall, despite plan to delay debt payment

29-08-2019 12:50 National currency traded at the opening at 62.33 per US dollar, which marks a depreciation of almost 3.5 percent compared to Wednesday.

Bloomberg

To stave off default, Argentina asks bondholders for more time

29-08-2019 12:31 Argentina’s overseas bonds careened toward 40 cents on the dollar after President Mauricio Macri asked creditors for more time to repay them amid a growing economic crisis.

BLOOMBERG

Investors bank on IMF support as bets on a default grow

29-08-2019 09:19 IMF officials' decision to release more funding could determine whether Argentina enters a chaotic default in the next few months – or if the government gets more breathing room to shore up its finances and potentially seek a negotiated restructuring.

RESTRUCTURING

IMF says it will 'stand with Argentina' amid restructuring request

28-08-2019 22:50 "The Fund will continue to stand with Argentina during these challenging times," IMF spokesman Gerry Rice said in a statement.

Bloomberg

Government seeks to extend maturity of US$101 billion of debt

28-08-2019 22:38 Macri administration to postpone US$7 billion of payments on short-term local notes held by institutional investors this year and will seek the “voluntary reprofiling‘’ of US$50 billion of longer-term debt. It will also start talks over the repayment of US$44 billion it has received from the IMF.

ELECTION 2019

Alberto Fernández renews criticism of deal after meeting with IMF team

27-08-2019 09:04 Peronist candidate reiterates criticism of Fund, saying that "those who have generated this crisis have the responsibility of putting an end to and reversing it."