News of debt

DEBT RESTRUCTURING

'We can't do more than this,' Fernández tells Argentina's creditors

Yesterdat 23:54 President says in a radio interview that Argentina has made its "maximum effort" to reach an agreement with bondholders, reiterating that what's on the table is the country's "final offer."

THE WEEK

What we learned this week: July 4 to July 11

11-07-2020 08:39 Stories that caught our eye over the past seven days in Argentina.

EDITORIAL

Apocalypse now

11-07-2020 08:27 Quarantine saves thousands of lives but lockdown spells meltdown – both these truths are irrefutable and yet completely in conflict despite the efforts to present this as a false dilemma.

POLITICS & THE PANDEMIC

The arguing never stops

11-07-2020 08:13 The arguing will never go away. At times it pauses briefly when the public is hit by unsettling news on the coronavirus front, but then, in no time at all, the bickering begins once more.

by Martín Gambarotta

BLOOMBERG

Ecuador’s speedy debt deal underscores Argentina’s hang-ups

10-07-2020 17:31 President Lenín Moreno’s administration struck an agreement with some of its top bondholders this week ahead of a mid-August deadline, when a moratorium on payments ends. By contrast, Argentina has presented a second binding offer to creditors after pushing back its deadline five times.

DEBT RESTRUCTURING

Guzmán rules out changes to offer, but creditors say proposal 'falls short'

09-07-2020 02:37 Economy Minister Martín Guzmán rules out further changes to government's debt restructuring offer as offer wins support from IMF and some G20 finance ministers. Large creditors, however, aren't impressed.

BLOOMBERG

Malbec bonds beat defaulted Argentine peers on investor hope

09-07-2020 02:26 A glimmer of hope is lurking within Argentina’s default-ravaged debt landscape: Bonds sold by Mendoza, the Andean-bordering province famed for exports of full-bodied Malbec wine.

DEBT RESTRUCTURING

This is Argentina's final debt offer, Guzmán tells creditors

08-07-2020 17:33 Economy minister describes talks as "a cold shower of reality for creditors," as they've come to realise Argentina's limitations.

DEBT RESTRUCTURING

Favourable initial reaction to Argentina's new debt swap offer

08-07-2020 16:58 Two investment funds, Gramercy and Fintech Advisory, express approval for Argentina's new debt restructuring offer. Creditors entering the swap stand to obtain 53.5 cents for every dollar loaned as against 39 cents in the first offer rejected by most creditors.

DEBT RESTRUCTURING

Government files new debt restructuring offer with SEC

07-07-2020 14:04 Argentina formally presents its new proposal to the US Securities and Exchange Commission, extending deadline for acceptance to August 4.

BLOOMBERG

Ecuador reaches debt deal in principal with major creditors

07-07-2020 02:15 President Lenín Moreno's government reaches preliminary agreement with bondholders to restructure US$17.4 billion in outstanding debt.

BLOOMBERG - OPINION

Mohamed A. El-Erian: Argentina's debt proposal deserves support

07-07-2020 01:35 It would be in neither side's long-term interest to allow the theoretical best to be the enemy of the attainable good – what is now on the table warrants support by both Argentina and its creditors.

DEBT RESTRUCTURING

Fernández: New offer to creditors on way, deadline moved to August 4

05-07-2020 22:10 Argentina to present new offer to bondholders on Monday, with deadline extended until August 4.

DEBT RESTRUCTURING

Casa Rosada dismisses rumours of Guzman’s departure

04-07-2020 09:06 BlackRock, other creditors, big businessmen and ministers are questioning the economy minister’s approach to debt restructuring talks, but Guzmán retains the confidence of Alberto Fernández and Cristina Fernández de Kirchner.

DEBT RESTRUCTURING

Two creditor groups mull 'lock-up' to oppose government's offer

03-07-2020 03:47 The Ad Hoc and Exchange Bondholder groups are closely watching to see if the government submits an offer that it has discussed with a third creditor group – the Argentina Creditor Committee – and would reject it.

DEBT RESTRUCTURING TALKS

Government weighs earlier coupon payments as debt talks stall

30-06-2020 19:09 Argentina is considering paying coupons sooner than previously announced, as it aims to close a gap with creditors in debt restructuring talks, according to people with knowledge of the matter.

DEBT RESTRUCTURING

Argentina's creditors urge officials to move ahead on debt talks

30-06-2020 15:10 Creditors groups call for progress on talks, saying the "lack of serious engagement from the Argentine authorities is deeply concerning."

DEBT RESTRUCTURING

What’s the hold-up? Four sticking points in Argentina’s debt talks

27-06-2020 08:59 Four issues are keeping the government and its creditors apart ahead of the July 24 deadline for an accord.

PERIODISMO PURO / INTERVIEW

Jeffrey Sachs: ‘This is not a game for BlackRock to get an extra percentage point – that's absurd’

27-06-2020 08:29 US economist and public policy analyst Jeffrey Sachs on Argentina’s debt restructuring talks, the Macri administration’s missteps and the fall-out from the coronavirus pandemic.

by Jorge Fontevecchia

100 DAYS OF QUARANTINE

Hibernation time

27-06-2020 08:09 The pandemic is a tremendous challenge for the metropolitan area. Only history will explain the true extent of economic devastation in the region.

by Martín Gambarotta

BLOOMBERG

Argentina reached ‘an understanding’ with one creditor group, says Guzmán

25-06-2020 16:30 Argentina reached an understanding – but not an agreement – with one group of creditors, but major differences remain with another key faction, says Economy Minister Martín Guzmán said Thursday.

DEBT RESTRUCTURING

Guzmán says Argentina cannot commit to demand from creditors group

23-06-2020 21:31 Guzmán says Argentina cannot commit to legal terms proposed by one of the leading creditor groups, the Ad Hoc Bondholder Group, but remains open to discussion.

BEEF INDUSTRY

Beef industry surmounts coronavirus-led disruption of trade

20-06-2020 11:01 Exports overall dropped in the first third of 2020, but overseas beef sales rose more than 10% in the same period, when compared to the previous year.

CONGRESS

Cafiero faces flurry of questions in Congress début

20-06-2020 10:44 Cabinet chief defends move to nationalise Vicentin, says pensions have improved in real terms.

EXPROPRIATION OF VICENTIN

Setback for government as Vicentin executives reinstated by judge

20-06-2020 10:37 Judge in Santa Fe Province reinstates ousted executives and says government officials should only perform a supervisory role in bid to leave bankruptcy behind.

Coronavirus pandemic

CIPPEC: Central Bank main source of Treasury financing during pandemic

20-06-2020 10:27 The Central Bank has become the main source of Treasury funding during the pandemic crisis, passing from 3% to 40% of the total in the past year, the CIPPEC think-tank has revealed.

THE LAST SEVEN DAYS

What we learned this week: June 13 to June 20

20-06-2020 09:55 Some of the most important stories in Argentina from the last seven days.

EDITORIAL

Flag-waving nationalism or a smart state?

20-06-2020 09:37 Arguing for and against the state has been overtaken by events – the debate can only be over how to better the state.

EXPROPRIATION OF VICENTIN

Vicentin’s expropriation and how to break bad news

20-06-2020 09:26 A Peronist expropriation, and maybe even nationalisation, sounds like the best way to burn a lot of money straight into inefficient bureaucracy and corruption.

by Agustino Fontevecchia

POLITICS & THE PANDEMIC

Fernández TV

20-06-2020 09:02 Time will tell if the delays with the Vicentin and wealth tax bills are a deliberate strategy by the president to buffer the complaints by the lobbies who have historically clashed with Kirchnerismo.

by Martín Gambarotta

DEBT RESTRUCTURING

Government puts on brave face as it extends debt deadline by five weeks

20-06-2020 08:53 After a troubling week for debt talks, President Fernández now says there’s no rush to seal a deal, saying that “negotiations are progressing in fits and starts.”

DEBT RESTRUCTURING

Creditors accuse Argentina of 'terminating dialogue' in order to 'provoke division'

20-06-2020 08:46 Ad Hoc and Exchange Bondholder groups says they’re “united in disappointment” about the decision to “terminate dialogue” with creditors and extend talks at a critical juncture of negotiations.

DEBT RESTRUCTURING

Debt restructuring 'progressing,' deadline extended for five weeks

20-06-2020 08:25 Deadline now set for July 24 "to continue discussions and allow the investors to contribute to a successful restructure," the government said in a statement.

DEBT RESTRUCTURING

Creditors' group issues court threat as debt talks hit a wall

18-06-2020 02:19 Talks seemed to have hit a wall, with one government source saying it was "highly unlikely" a deal will be agreed before Friday's deadline.

DEBT RESTRUCTURING

Debt talks with creditors stall amid growing animosity

18-06-2020 01:21 Ad Hoc Bondholder Group, one of several that have been most active in the talks, slammed Argentina for rejecting what it called a “sustainable and sensible solution.”

BLOOMBERG – ANALYSIS

Argentine corporates are bright spot after nation's debt default

18-06-2020 00:28 You might think Argentine companies will struggle to make bond payments due this year amid the government’s ninth default, a long recession and ever-stricter capital controls. You’d be wrong.

DEBT RESTRUCTURING

Argentina extends confidentiality agreements with creditors as talks continue

16-06-2020 23:12 Government likely to present its new offer on Friday, with deadline set for another extension until Monday.

Bloomberg

Farmers shun government's solution to debt conundrum

16-06-2020 22:28 Agriculture sector lobbying against the government’s proposal to sweeten an offer on its overseas debt restructuring with payments tied to sector's exports.

BLOOMBERG

Creditors present new debt swap offer, but differences remain

15-06-2020 23:58 Two groups submitted offer to government over weekend, in which they agreed to accept losses on a net-present value basis of about 44% to 46%, according to reports.

DEBT RESTRUCTURING

Fernández: Argentina working on improved offer to creditors

15-06-2020 09:00 "We all want to avoid default, but we are acting with economic rationality," declares Peronist leader, confirming a new improved offer is on the way.

EXTENDED INTERVIEW

Martín Guzmán: ‘The reality facing Argentina was not understood by creditors’

13-06-2020 09:06 Economy Minister Martín Guzmán on debt talks, sustainability, the IMF, the coronavirus pandemic, printing money and inflation.

by Jorge Fontevecchia

ANALYSIS

Vicentin’s forerunners: Probing Argentina’s recent history of nationalisations

13-06-2020 08:43 Expropriation of Vicentin agri-business firm would be the eight major nationalisation since Néstor Kirchner took office.

POLITICS IN THE PANDEMIC

Nationalise this

13-06-2020 08:08 A raw nerve has been touched that is at the centre of Argentina's perpetual political rift – to the nation’s business community the Peronist administration has crossed a line, trying to grab a private-sector company which has never been under state control.

by Martín Gambarotta

EXPROPRIATION OF VICENTIN?

Government leaves door ajar for Vicentin U-turn

13-06-2020 08:00 After fierce pushback from agro industry and opposition, President Alberto Fernández meets with Vicentin executives and says Argentina will consider other options. Nationalisation remains on the cards for now, however.

ECONOMY DEBT RESTRUCTURING

Debt deadline extended as deal ‘draws closer’

13-06-2020 07:54 Economy Ministry extends window for talks yet again, but only for a week, until June 19.

DEBT RESTRUCTURING

Argentina extends debt offer deadline as talks start wrapping up

12-06-2020 17:39 The country will push back the deadline by a further week to June 19, according to a statement from the Economy Ministry.

DEBT RESTRUCTURING

Stiglitz again calls for debt deal: 'Argentina's creditors have no shame'

12-06-2020 14:52 "Short-termism is being reflected in the debt negotiations with Argentina, with some creditors demanding money that exceeds what is sustainable," says Nobel economics laureate.

Another debt deadline day

Government prepares new proposal for creditors, extension likely

12-06-2020 02:58 Government expected to deliver new proposal to bondholders on Friday, with likely deadline extension to follow.

DEBT RESTRUCTURING

Fernández says Argentina will improve its debt offer to creditors

11-06-2020 01:51 "The offer that we are going to make is not going to put at risk the sustainability of the debt and the Argentine economy," president declares in interview.

BLOOMBERG

Government mulls export sweetener to bridge gap with creditors

09-06-2020 18:13 Officials may offer warrants linked to agricultural exports to close the gap with top creditors in debt restructuring talks and the idea is gathering support among bondholders, Bloomberg reports.