News of debt

PROVINCIAL DEBT

Kicillof tells debtors Buenos Aires Province can’t pay up

18-01-2020 08:53 Regional debt was a mushrooming issue throughout the week, after Buenos Aires Province governor declares that he can’t repay a US$275-million debt. Patagonia’s Chubut announces it will try to ‘reprofile’ debt burden.

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.

Bloomberg

Kicillof shows restraint as he takes on creditors once again

16-01-2020 15:45 Governor delivers tough message to bondholders, as Buenos Aires Province asks creditors to accept delay onUS$250-million principal payment due January 26.

Bloomberg

Buenos Aires Province asks to delay debt payment

14-01-2020 08:06 Axel Kicillof's provincial government asks bondholders of its 2021 notes to delay a principal payment due later this month, as national government's talks with creditors gear up.

NEW ERA IN ARGENTINA

Kicillof in the land of overkill

11-01-2020 08:41 The next 180 days will not be a honeymoon. But they will not be the instant marital hell for the new government that the opposition is imagining either.

by Martín Gambarotta

BLOOMBERG

Buenos Aires Province debt talks slam one of world’s best bonds

09-01-2020 21:54 Buenos Aires Province’s plan to seek talks with creditors ahead of a debt payment due this month has torpedoed one of the world’s best bond rallies.

FERNÁNDEZ'S FIRST MONTH

Fernández walks tightrope as he celebrates first month in office

09-01-2020 20:00 A month into his presidency, Peronist leader has embarked on an ambitious and risky juggling act in a bid to drag Argentina out of its worst economic crisis in almost 20 years.

MIGUEL PESCE INTERVIEW

Miguel Pesce: Central Bank will try to cut rates, slow inflation

09-01-2020 12:46 New Central Bank chief refuses to make inflation forecasts, saying he wants to rebuild the institution’s credibility “with results.”

SPANISH POLITICS

Spanish PM Sánchez to stay on after aligning with Podemos

07-01-2020 12:51 Spain's Parliament on Tuesday narrowly confirmed Socialist leader Pedro Sánchez as prime minister for another term, paving the way for the country's first-ever coalition government since its return to democracy in the 1970s.

CAPITAL CONTROLS

‘Strict’ foreign-exchange controls to stay in place, says Kulfas

05-01-2020 08:26 “In the current context, strict exchange rate regulations are inevitable,” says production minister

2019 IN REVIEW

How the economic crisis came to define 2019

28-12-2019 08:52 As the year draws to a close, Argentina’s economy is in “virtual default,” according to President Alberto Fernández, who has compared the current crisis to the country’s worst-ever in 2001.

Ley de Solidaridad

Cafiero: Government will approve emergency economic measures today

23-12-2019 17:23 "The enactment will be today," says Cabinet Chief.

INTERVIEW

Argentina is in 'virtual default,' declares President Fernández

23-12-2019 08:53 "It is not the same as 2001, but it is similar," Fernández said in an interview with TV programme La Cornice. "Today we are in virtual default."

BLOOMBERG – ANALYSIS

Fernández secures sweeping powers to conduct debt talks

22-12-2019 22:29 President will now have more authority to negotiate with creditors, raise worker salaries and hike taxes. Government secured passage with concessions including lower export taxes on oil, gas and mining, and tax relief for small farmers.

Bloomberg

Argentina debt restructuring may be shaped by just two words

20-12-2019 16:25 A new rule within the collective action clauses (CAC) leaves potential for a dispute with investors, which could prompt the government to opt for a second-limb vote and extend the restructuring process

CENTRAL BANK CHIEF

Government will continue making payments during debt talks, says Pesce

19-12-2019 07:42 Speaking at event at the American Club, new Central Bank chief says government wants to continue making debt payments while it renegotiates with creditors in the coming months.

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.

NEW BUENOS AIRES GOVERNOR

Showdown looming as Kicillof says Buenos Aires Province faces cash crunch

14-12-2019 09:44 Kicillof, a left-wing economist who gained notoriety earlier this decade when he oversaw the federal government’s contentious negotiations over defaulted bonds, said there were just 25 billion pesos in provincial accounts, but that he needs 40 billion pesos to pay debt and salaries over the next 30 to 35 days.

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.

Buenos Aires Province

New Buenos Aires Province Governor Kicillof warns of 'emergency'

11-12-2019 14:47 In his first speech to lawmakers as chief of nation's most-populous province, former economy minister denounces failures of Mauricio Macri administration and says region faces an urgent emergency.

New government

Santiago Cafiero says government may declare state of emergency

11-12-2019 13:48 New Cabinet chief describes Mauricio Macri's government as the "worst in the history of democracy" in Argentina.

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

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.

BLOOMBERG

Blow for Fernández as crop windfall slips away

09-12-2019 13:42 President-elect needs all the help he can get to pull the country out of recession and make good on bond payments. But he faces a speed bump from the crop industry.

DEBT TALKS

Buenos Aires Province may be first test for debt talks

07-12-2019 10:37 Region owes investors US$571 million in January – and it’s unlikely to be able to come up with the cash.

TRANSITION 2019

What will Alberto Fernandez do in his first 100 days?

07-12-2019 10:21 Three days out from his inauguration and following the announcement of his Cabinet yesterday, Alberto Fernández can now look ahead to his first 100 days in office, which will have one main driver: averting a debt default.

by Marcelo J. Garcia

Bloomberg

Argentina bears fear more pain as Fernández de Kirchner returns

05-12-2019 07:05 The mood in Manhattan couldn’t be much gloomier toward Argentina just days before President-elect Alberto Fernandez takes office.

TRANSITION 2019

Alberto’s dilemma: Is this 2001 or 2003?

30-11-2019 09:37 The line is classic 2003. Néstor would tell anybody who would listen back then that “dead debtors don’t pay,” in what was a neat strategy to negotiate better terms for the country’s defaulted situation.

by Marcelo J. Garcia

RECORD CREDIT-LINE

Macri administration has used 83% of IMF loan to pay off external debt, data shows

25-11-2019 17:21 Data from Treasury says 83% went towards paying off debt accrued during the first three years of his presidency, with remainder used to service payments on national debt and fuel imports.

DEBT DEFAULT?

IMF waits for 'sustainable' plan as Fernández faces debt dilemma

19-11-2019 16:18 Director General Kristalina Georgieva continues to articulate optimism about working together with Argentina's incoming government, but she admits she'd "like to know more" about its plans.

PRESIDENT-ELECT

Alberto Fernández says he won't rush debt deal

18-11-2019 16:12 Frente de Todos leader says he won’t rush the debt agreement process to ensure he gets a good deal for the country.

TRANSITION 2019

The risks of fragmented polarisation

16-11-2019 09:33 Depending on how the economy features in the coming months and how the coalitions manage to sustain complex internal balances, polarisation could soon crack into fragmentation, with unpredictable political consequences.

by Marcelo J. Garcia

Neighbouring country

Fernández lends support to Martínez in Uruguay ahead of run-off

14-11-2019 19:17 The president-elect met with Uruguayan president, Tabaré Vázquez, in Montevideo. The two spoke about bilateral relations and recent events in Latin America.

bloomberg

Argentine bonds sink to 36 cents as Fernández stays mum

13-11-2019 17:43 Investors are seeking definition and signs Argentina will do everything to avoid default. But president-elect Alberto Fernández still hasn't detailed his plans.

BLOOMBERG

Argentina running dangerously low on dollars to pay back debt

12-11-2019 17:18 Argentina must repay US$5 billion by the end of 2019. It doesn’t have much to work with.

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.

FOREIGN POLICY

Alberto Fernández discusses IMF debt with Trump adviser

07-11-2019 12:02 President-elect reportedly tells US official he will honour IMF debt and wants to work together with Trump, despite differences on other issues.

WASHINGTON CALLING

Trump phones Fernández: 'Your victory has been talked of around the world'

01-11-2019 18:11 After five days of silence, the United States president congratulates his new Argentine counterpart. The IMF deal and future cooperation were discussed. “We need to do things together,” Fernandez tells Trump.

BLOOMBERG - OPINION

Eduardo Levy-Yeyati: Argentina's narrow path to common ground

01-11-2019 07:30 Economist and author Eduardo Levy-Yeyati says Alberto Fernández has a chance to fix Argentina's deep-seated economic problems — if he acts quickly.

DEMONSTRATION

Protesters march against IMF in downtown Buenos Aires

31-10-2019 19:44 First social protest since the election of Alberto Fernandez sees hundreds march through downtown Buenos Aires.

signs from Washington

US tells Fernández it expects him to 'uphold commitments' in IMF deal

31-10-2019 09:56 US Treasury Secretary Steven Mnuchin tells incoming government that Washington expects Argentina to uphold its commitments laid out in IMF loan package.

ALBERTO IN OFFICE

Debt relief, social pact key aspects of Alberto Fernández’s economic plans

26-10-2019 09:10 As much as we know about the Frente de Todos hopeful’s approach, should he win election on Sunday.

BLOOMBERG

Alberto Fernández hints at bond haircut of about 20%

25-10-2019 09:17 Presidential hopeful has repeatedly referred to the default – or the reprofiling, as he likes to call it – in neighbouring Uruguay in 2003 as a model for what he’d like to do to make Argentina’s US$100-billion debt load more manageable. But is that really possible?

BLOOMBERG - OPINION

Chris Bryant: Norwegian Air is flying again

24-10-2019 12:44 As with WeWork, Norwegian’s once giddy valuation imploded last year when investors started to doubt that the balance sheet was robust enough to support Kjos’s huge ambitions.

AS I SEE IT

Crunch time is about to arrive

19-10-2019 13:36 For most of the country’s political leaders, trade unionists, businessmen and other influential personalities, the traditional way of doing things is perfectly natural and the ideas they cling to are only common sense.

by James Neilson

CHUBUT DEBT CRISIS

No end in sight to Chubut’s debt crisis as workers pay price

12-10-2019 11:23 Driven by crushing provincial debt and economic mismanagement, public workers in Chubut are on strike as they face the second so-called “staggered pay” situation in two years.

by Lucas Robinson

SPECIAL FEATURE

Students take over schools in Chubut amid crippling debt crisis

12-10-2019 09:56 Three months into a teachers strike over unpaid salaries and the shocking condition of public schools in the oil-rich province, students have had enough.

by Lucas Robinson

Bloomberg

Investors stuck in Argentina rush to local corporate bond market

11-10-2019 10:34 Foreign investors are starting to flock to Argentina’s usually sleepy local corporate-bond market, desperate to reinvest cash stuck in the country due to recently imposed capital controls.