On Wednesday, August 29, the U.S., Germany and Spain voted against another IADB loan for Argentina.

'TIME TO CHANGE COURSE, PRESIDENT KIRCHNER'

Kirchner's scheduled U.S. appearances spark protests in New York, Washington, D.C. and Boston

ATFA Urges President Kirchner to Address Escalating Criticisms from the World Community

WASHINGTON, D.C. (September 26, 2012) - As President Kirchner travels the United States this week to speak at the United Nations and deliver public addresses at Georgetown and Harvard Universities, American Task Force Argentina issued the following statement:

"President Kirchner's visit to the United States to promote her agenda comes at a time of growing unrest in her country over that agenda, and it is clear that relations between Argentina and key allies are at a tipping point," said ATFA co-chairs Robert Shapiro and Nancy Soderberg.

"The international community is increasingly concerned about the irresponsible policies of the Kirchner regime. The World Trade Organization (WTO) has admonished Argentina for its protectionist policies; further censure is pending from the International Monetary Fund (IMF) and the Financial Action Task Force (FATF); the United States, Canada and European allies have opposed loans to Argentina by the Inter-American Development Bank (IADB), and the Obama Administration has revoked Argentina's preferred trade status.  The Argentine economy needs infusions of foreign investment, and its government must now find new partners to develop untapped energy resources, just months after nationalizing the Spanish-owned oil company, YPF.

"We urge President Kirchner to address the many concerns raised by the international community, including: her government's refusal to participate in the periodic economic reviews required by the International Monetary Fund (IMF); the ongoing use of false official statistics on inflation and economic growth; growing constraints on freedom of the press; and the continued unwillingness to address outstanding debts owed to U.S. and other foreign creditors. These actions are critical to restoring prosperity for the people of Argentina."   
The co-chairs also expressed concern about the mounting injustices against Argentina's free and independent media:
"The evidence is everywhere that the government will use whatever means necessary to shut down media perceived as critical of the administration.  In addition to its attacks on Clarín, President Kirchner is also targeting individual journalists who remain committed to independent reporting.  This is unacceptable practice for a democracy and a G20-member nation.   We encourage colleagues in the U.S. to speak out against abuses against free media." 
At home, the Argentine government has provoked outrage among its citizens, resulting in mass protests across the nation in response new restrictions and infringements, including the tracking of citizens' credit cards and harassment of its critics in the media. Protest demonstrations called "cacerolazos" recently broke out against Kirchner and her government, protesting her tightening controls of the economy, corruption scandals and increasing violent crime. 
Argentina has also been widely criticized for its heavy-handed tactics to muzzle independent media.  Just last weekend, the government ran a threatening TV commercial which calls Clarín Group "a truly illegal national network" and promises to force Clarín to divest its cable networks on December 7.   La Nación reported that the Inter American Press Association (IAPA) issued a "strong rejection" of the government's TV commercial. "We deplore the government using a commercial spot to put out political propaganda on television with the intent to threaten a media outlet that doesn't follow its point of view and to pressure judges to issue a decision that favors it," chairman of the IAPA committee on freedom of the press, Gustavo Mohme, was quoted as saying.
Last week, the IMF reprimanded Argentina for under-reporting inflation statistics and exaggerating economic growth. There have been six recent complaints filed with the WTO against Argentina over trade barriers which "do not appear to be related to the implementation of any measure justified under the WTO Agreement," as stated in the European Union's formal complaint to the WTO.  Additionally, Argentina recently nationalized the previously Spanish-owned Repsol YPF oil company.  And the Argentine government has persistently refused to pay its debts to the Paris Club and U.S. creditors for many years, even ignoring more than 100 U.S. court order to do so.
Traditional allies of Argentina in multilateral forums have recently moved to oppose further multilateral development assistance.   According to news reports, Canada, the United States, Spain, France, Denmark, Austria and Finland all voted against a $500 million loan at the IADB this month, while Germany, Belgium, Holland and Israel abstained.  On Wednesday, August 29, the U.S., Germany and Spain voted against another IADB loan for Argentina. 

 -30-

About the American Task Force Argentina
The American Task Force Argentina (ATFA) is an alliance of organizations united for a just and fair reconciliation of the Argentine government's 2001 debt default and subsequent restructuring. Our members work with lawmakers, the media, and other interested parties to encourage the United States government to vigorously pursue a negotiated settlement with the Argentine government in the interests of American stakeholders.  To contact us, email media@atfa.org or call 888-662-2382.

American Task Force Argentina PO Box 3197 Arlington VA 22203-0197

Argentina Bonds Fall on Profit-Taking; Stock Index Edges Higher

The Wall Street Journal

Argentina Bonds Fall on Profit-Taking; Stock Index Edges Higher

Tuesday, September 25, 2012

By Shane Romig

BUENOS AIRES--Argentine bonds slumped Tuesday after investors chose to bank some of the profits made recently and amid jitters in overseas markets.

The country's growth-linked warrants came under heavy selling pressure for the second day running as a host of analysts warned that a payment in 2013 was unlikely.

The peso-denominated GDP warrants, which pay out each December if growth during the previous year tops 3.26%, tumbled 4.7% to close at 14.50 pesos ($3.01). That followed a 3.9% loss posted Friday. Markets were closed Monday for a national holiday.

Paul Singer to host fundraiser with Ryan // Singer mit Elliott NML u.a. haben über 2 Mrd USD Forderungen vs Argy

Paul Singer to host fundraiser with Ryan

• Comments (3)

By MAGGIE HABERMAN |

9/24/12 12:38 PM EDT

Paul Ryan is expected to help the presidential ticket raise money in New York next month, at a dinner hosted by Elliott Management executive Paul Singer and reception at the Hilton hotel in Midtown, according to invitations that are being circulated.
The date is still being worked out, the sources said, but Singer has been among the Republican party's most prolific fundraisers and donors over the last four years.
Ryan has been a draw for some of the party's biggest donors for awhile. But this represents one of the last times the congressman, who is seen as having a potentially bright future in national politics even if the ticket doesn't succeed, will be interacting with some major Republican givers on his own.
UPDATE: The date, I'm told, is now Oct. 15, the night before one of the presidential debates in New York, and in the middle of a "victory retreat" the campaign is holding." It's unclear if the event will fold into that larger three-day affair.

 http://www.politico.com/blogs/burns-haberman/2012/09/paul-singer-to-host-fundraiser-with-ryan-136504.html

Lies, damned lies, and Argentina's inflation statistics

Wednesday, September 19, 2012

Lies, damned lies, and Argentina's inflation statistics

Argentina's authorities continue to blatantly lie about the nation's inflation rate. The official numbers coming out of Cristina Fernández de Kirchner's government have been constantly printed at around 10% per year - with vary little variation. It's quite ridiculous actually.

Argentina's official inflation numbers

Stories persist about independent economists being threatened by the government not to publish the real numbers domestically. But the government can't do much about foreign economists. JPMorgan's latest estimate is 25.5% 3m/3m saar (seasonally adjusted) and rising (similar to other non-government estimates). It is one thing to cook the numbers "gently", the way China does for example, but being off by some 15% makes the government lose all credibility. Even the IMF decided enough is enough. Its latest action could lead to Argentina losing its IMF membership.

Bloomberg: - Argentina is on track to be the first country ever censured by the International Monetary Fund for not sharing accurate data about inflation and the economy.

The IMF’s board of directors, meeting yesterday in Washington, gave the country until Dec. 17 to respond to concerns about the quality of its official data, it said today in an e-mailed statement. If the deadline is missed, the board can issue a declaration of censure, a warning that has never been used and which means sanctions may be applied if the concerns aren’t addressed.

“The Executive Board regretted the lack of sufficient progress in implementing the remedial measures since its Feb. 1, 2012, meeting and expressed to the authorities its concern that Argentina has not brought itself into compliance with its obligations,” according to the statement. The board “took note of the ongoing dialogue between the IMF and the authorities regarding the measures, and called on Argentina to implement the measures without delay.”

The IMF’s decision puts Argentina, a member of the Group of 20 nations, closer to sanctions that could eventually force President Cristina Fernandez de Kirchner’s government into a “compulsory withdrawal” from the 188-country institution. Officials at Argentina’s Economy Ministry, who aren’t authorized to speak publicly, declined to comment.

In the mean time elevated food prices and weakening currency are pushing the actual inflation to new highs. Argentina is definitely on the list of countries who are (or at least should be) dealing with inflation surprises this year (discussed here).

JPMorgan: - In August, food prices added upward pressures to the headline; they were up 2.4%m/m, the highest monthly increase since April, bringing annual food price inflation to 28.1%oya. We expect food inflation to gain further momentum in the coming months as the pass-through from higher global agricultural prices should become more evident, even if the government attempts to contain generalized price adjustments via discretionary controls. 

Welcome to Kirchner's Argentina.

http://soberlook.com/2012/09/lies-damned-lies-and-argentinas.html

SoberLook.com

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Cracks forming in Argentina's economic miracle

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The extra yield investors demand to own Argentine debt instead of U.S. Treasuries rose 24 basis points, or 0.24 percentage point, to 871 basis points at 4:37 p.m. in New York

Bloomberg

Argentina’s Dollar Bonds Tumble After IMF Threatens Censure

 

Tuesday, September 18, 2012

 

By Katia Porzecanski and Camila Russo

 

Argentine government bonds tumbled the most in three months after the International Monetary Fund said the country is on track to becoming the first nation ever censured for reporting inaccurate economic data.

 

The extra yield investors demand to own Argentine debt instead of U.S. Treasuries rose 24 basis points, or 0.24 percentage point, to 871 basis points at 4:37 p.m. in New York, according to JPMorgan Chase & Co.’s EMBI Global index. Dollar- denominated bonds due in 2017 plunged 1.76 cents to 97.93 cents on the dollar for the biggest loss since June 11.

 

The IMF’s board of directors, meeting yesterday in Washington, decided to give the country until Dec. 17 to respond to concern about the quality of its official data, according to a statement today. If the deadline is missed, the board can issue a declaration of censure, which means sanctions may be applied if the concerns aren’t addressed.

Schlichtungsverhandlung in Zürich vs PBA (545.000 CHF + 5 Jahre Zinsen)

Eingangsanzeige / Vorladung
in Sachen
xy K o c h ,
zur Eisernen Hand 25, D-64367 Mühltal, Deutschland,

Kläger

vertreten durch: xy

gegen

P r o v i n c e of B u e n o s Ai r e s , Beklagte
c/o Credit Suisse, Paradeplatz 8, 8001 Zürich,

betreffend Forderung

ist mit Poststempel 28. August 2012 ein Schlichtungsgesuch eingegangen und damit
rechtshängig. Das Gesuch wird der beklagten Partei zugestellt.
Die Schiichtungsverhandlung ist angesetzt auf




 Donnerstag, 1. November 2012, 16:00 Uhr,
Ulmbergstrasse 1, ö.Stock (Lift bis 4. Stock)
8002 Zürich

Sie werden hiermit aufgefordert, zur bezeichneten Zeit persönlich vor der Schlichtungsbehörde
zu erscheinen. Juristische Personen haben eine leitende Person zu entsenden, welche über
die Streitsache orientiert und zu Prozesshandlungen (Rückzug, Anerkennung, Vergleich)
schriftlich ermächtigt ist.
Nicht persönlich erscheinen muss und sich vertreten lassen kann, wer:
a. ausserkantonalen oder ausländischen Wohnsitz hat;
b. wegen Krankheit, Alter oder anderen wichtigen Gründen verhindert ist;
c. in Streitigkeiten nach Art. 243 ZPO als Arbeitgeber beziehungsweise als Versicherer eine
angestellte Person oder als Vermieter die Liegenschaftsverwaltung delegiert, sofern diese
zum Abschluss eines Vergleichs schriftlich ermächtigt sind.
Die Partei, welche sich vertreten lässt, hat dies dem Friedensrichter so frühzeitig mitzuteilen,
dass er die Gegenpartei noch vor der Verhandlung benachrichtigen kann.
Bleibt die klagende Partei der Verhandlung unentschuldigt fern, gilt das Schlichtungsgesuch als
zurückgezogen und das Verfahren wird als gegenstandslos abgeschrieben
(Art. 206 Abs. 1 ZPO).
Bleibt die beklagte Partei der Verhandlung unentschuldigt fern, wird entweder die
Klagebewilligung erteilt (Art. 206 Abs. 2 ZPO) oder es kann ein Urteilsvorschlag unterbreitet
oder bei Antrag ein Entscheid gefällt werden.
12.09.2012 Seite 1 vn 2

Bleiben beide Parteien der Verhandlung unentschuldigt fern, wird das Verfahren als
gegenstandslos abgeschrieben (Art. 206 Abs. 3 ZPO).
Wichtige Hinweise
1. Die Parteien können sich von einer Rechtsbeistandin, einem Rechtsbeistand oder einer
Vertrauensperson begleiten lassen. Friedensrichter und Gegenpartei sind über die Begleitung zu
informieren.
2. Die Verschiebung einer Verhandlung wird nur aus zureichenden Gründen auf schriftliches Gesu ch hin
bewilligt. Verschiebungsgesuche können abgelehnt werden, wenn sie nicht sofort nach Kenntnis der
Verhinderung gestellt und genügend durch Urkunden wie Bestätigungen o.a. belegt werden (Art. 135
ZPO).
3. Verhinderung wegen Krankheit, Alter oder aus ähnlichen zwingenden Gründen (beispielsweise
Militärdienst) ist der Schlichtungsbehörde sofort mitzuteilen. Im Krankheitsfall ist unverzüglich ein
ärztliches Zeugnis einzureichen, das eine Verhandlungsunfähigkeit bescheinigt. In allen übrigen Fä len
sind Belege einzureichen, die den wichtigen Grund ausweisen (Art 135 ZPO). In diesen Fällen ist der
betreffenden Partei das persönliche Erscheinen erlassen und sie kann sich vertreten lassen (Art
204 Abs. 3 lit. b ZPO).
4. Adressänderungen sind der Schlichtungsbehörde unverzüglich mitzuteilen. Andernfalls sind
Zustellungen an die letztbekannte Adresse rechtswirksam (Art. 138 Abs 3 lit. a ZPO).
5. Fremdsprachige Parteien haben der Schlichtungsbehörde unverzüglich mitzuteilen, wenn sie ei
dolmetschende Person benötigen.
ne
6. In der Verhandlung sind sämtliche Akten, wie Bestellscheine, Fakturakopien, Korrespondenzen
Mahnungen, allfällige Betreibungsakten, Arbeitsvertrag, Lohnabrechnungen, Arbeitszeugnis vorzulegen.
7. Diese Vorladung ist zur Verhandlung mitzubringen.
8. Eingaben an die Schlichtungsbehörde müssen die Geschäftsnummer enthalten (die Nummer
dieses Geschäfts lautet: GV.2012.00476).
Zürich, 12.09.2012 / df
Freunq liehe Grjtisse
i.A.

Beilagen
- Doppel der Klageschrift (mit Beilagen) an die Beklagte

Klage vs PBU aus etwas über 500.000 CHF + Zinsen (BUA96)

Sehr geehrter Herr Koch

In der Anlage überlasse ich Ihnen die Vorladung zur Schlichtungsverhandlung.

Auf Grund Ihres ausländischen Wohnsitzes, müssen Sie bei der Verhandlung
nicht persönlich anwesend sein. Ich kann den Termin für Sie wahrnehmen.

Mit freundlichen Grüssen

-----------------

 Stadt Zürich
Friedensrichteramt

Stadt Zürich
FriedensrichteramKrte ise'1+ 2
Ulmbergstrass1e
Postfach 17Q0, 8027 Zürich
Tel.044 283 18 80
Fax044 283 18 88
wwrv.stadt-zuerich.


in Sachen
xy Koch,
zur EisernenHand 25,D -64367Mühltal Deutschland,
vertretendurch  xy
gegen
P r o v i n c e of Buenos A i r e s , B e l
c/o Credit Suisse,Paradeplattz, 8001Z ürich,

betreffend Forderung

ist mit Poststemp2e8l .A ugust 2012ein Schlichtungsgesuecinhg egangeunn dd amit
rechtshängiDg asG _esucwhi rdd erb eklagtePn artezi ugestellt.
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Ulmbergstrass{e, S.Stock( Lift bis 4. Stock)
8002 Zürich

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dass er die Gegenparteni ochv or der Verhandlungb enachrichtigekna nn.
Bleibdt iek lagendeP artedi erV erhandlunugn entschuldifgetr n,g iltd asS chlich
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Klagebewilliguenrgte il(t Art.2 06A bs.2 ZPO)o dere s kanne in Urteilsvorschlag
oderb eiA ntrage inE ntscheigde fällwt erden.
12.09.2012
GV.2012

JPMorgan Chase & Co. (JPM) raised Argentine bonds to overweight from marketweight,

Autor: esteban Datum: Heute, 11:41

JPMorgan Chase & Co. (JPM) raised Argentine bonds to overweight from marketweight, saying debt prices already reflect investor concern about capital controls and nationalizations and that economic growth could quicken. “Argentina’s economy has touched bottom and is in the process of benefiting from both a cyclical lift and a more comfortable balance of payments position that should extend into 2013,” Vladimir Werning, a JPMorgan economist in New York, wrote in a report. While government intervention “will continue to generate headline risk,” it is already reflected in asset prices, Werning said. The government is scheduled to release second-quarter growth figures on Sept. 21. The economy probably expanded 0.5 percent in the quarter from the year-earlier period, according to the median forecast from 10 analysts surveyed by Bloomberg. While raising Argentine debt to overweight, JPMorgan cut Venezuela to marketweight after a four-month rally in the securities. The extra yield investors demand to own Argentine government dollar debt over U.S. Treasuries fell 24 basis points to 846 basis points at 6:20 p.m. in Buenos Aires while Venezuela’s bond spread rose 10 basis points to 956 basis points, according to JPMorgan’s EMBIG index.  [Bloomberg]

Wertpapierabrechnungen einer provinziellen mittelgrossen südhessischen Sparkasse --- voller Fehler ---- kurzum provinziell.........

Wertpapierabrechnungen einer provinziellen mittelgrossen südhessischen Sparkasse --- voller Fehler ---- kurzum provinziell.........

Anstößiges zur Verkaufsabrechnung und Steuerabrechnung (bei entgeltlichem Depotübertrag mit Gläubigerwechsel) beim argentinischen Peso Discountbond (inflationsindexiert) mit Laufzeit 2033

Von Rolf Koch[1] im September 2012 (15.09.2012 15:59:54  letzte Aktualisierung)

Es handelt sich um 2 Vorgänge[2]:

1.     Wertpapier Abrechnung Verkauf[3] Auftrag vom 23 07.2012 10 44 01 Uhr

2.     entgeltlicher Depotübertrag, Gläubigerwechsel[4] vom 06.09.2012

Folgendes ist stößig:

1.     Bei beiden Vorgängen wird der Bond fehlerhaft bezeichnet.  6,9852% ARGENTINIEN, REPUBLIK ARARGE03E121 (A0DUDH) AP-INFL.LKD BNS 05(24-33)DISC. Der Bond hat eine Nominalverzinsung von 5,82 % und nicht 6,9852 %. Hier wird umgehende Klärung und Richtig- bzw. Neuerstellung der Abrechnungen verlangt.

2.     Als Verkaufszeit wird Schlusstag/-Zeit 23 07 2012 14 31.47 angegeben. Was leider fehlt und dringend nachgefordert wird ist die Trade-ID zur eindeutigen Identifizierung des Abschlusses.

3.     Am Anfang und Ende der Verkaufsabrechnung wird Börse Luxemburg (gemäß Weisung) und AUSSERBOERSLICH als Handelsort/Platz/Art angegeben. Das ist widersprüchlich und schließt sich gegenseitig aus. Hier wird dringend Aufklärung und Richtigstellung der Abrechnung gefordert.

4.     Bei vermuteter Handelsausführung ICMA (z. B. zwischen 2 beteiligten Banken, z.B. Helaba und dwp Bank) im Inland (?) fallen natürlich auch die wesentlich geringeren[5] Gebühren der SPK DA nach Inlandstarifen an. Insofern liegt in der Abrechnung gegebenenfalls eine Täuschungshandlung vor, die zu einem Vermögensnachteil des Veräußerers führt.

5.     Als Kostenblock bei dem angeblichen Auslandsverkauf wird eine Provision von 50,- € verlangt, Fremde Auslagen von 33,22 € (hier ist überhaupt nicht erkennbar, um was es sich handelt – genaue Abrechnung wird verlangt – und eigenen Spesen von 2 € (was ist das bitte – also genaue Rechnungslegung gefordert).

6.     Die Abschlussart ist auch wichtig zur Überprüfung des von unten nach oben gerechneten Minderergebnisses (Verkaufserlös brutto von 247,79€) von 68% gegenüber der Wertermittlung aus der Steuerabrechnung des Depotübertrages (adjustiert auf 2.000 ARS) von 117,5% * 2.000 ARS geteilt durch 5,6423 = 416,50€).

7.     Der Kommissionär wird aufgefordert dem Kommittenten die beteiligten Parteien dieses Verkaufsgeschäftes, insbesondere die Gegenpartei bzw. die Clearingsstelle zu benennen und die Abrechnungsunterlagen offen zu legen und das Stückeverzeichnis zu übermitteln.

8.     Zur steuerlichen Abrechnung beider Vorgänge ist zu sagen, dass hier fälschlich nach der Ersatzbemessungsgrundlage berechnet wird. Der zu Grunde liegende Bond stammt aus einem Umtausch 2005 der Republik Argentinien der durch/über die SPK DA abgewickelt wurde. Somit liegen die steuerlichen Einstandsdaten der SPK DA vor, insbesondere weil es sich bei diesem Bond um eine Finanzinnovation handelt, die auch vor dem Abgeltungssteuerregimes nach einjähriger Haltefrist im Kapitalgewinn/Verlust zu versteuern war, so dass die SPK DA verpflichtet war die Einstandspreise vorzuhalten. Es hat schon etwas von Chuzpe an sich bei den Anschaffungskosten „nicht relevant“ einzutragen. Es ist also die Differenzmethode anzuwenden. Hier wird umgehende Neuabrechnung verlangt.

9.     Bei beiden Abrechnungen wird Wertpapierrechnung Lagerland USA bzw. Luxemburg angegeben. Beide Angaben sind falsch. Lagerland ist Argentinien, Verwahrstelle ist CRYL. Sind hier verfälschte Urkunden in den Geschäftsverkehr gelangt (Urkundenfälschung) ?. Hier ist dringende Neuabrechnung geboten. Ferner wird dringend angefordert die Benennung der Lagerstellen. Da es sich um verbriefte Globalurkunden handelt, die (kollisionsrechtlich) dem Sachenrecht unterliegen ist die örtliche Belegenheit von großer Wichtigkeit und juristischer Tragweite. Das Wertpapierstatut ergibt sich u. a. aus dem Belegenheitsort (lex cartae sitae).

10.                       Die Kursangaben 117,50% in Buenos Aires (beim Depotübertrag) und 68,40% beim Verkauf liegen um Welten auseinander. Hier ist dringende Klärung geboten. Ferner ist die Angabe nachzuholen nach welcher Konvention (ICMA Rule Book ?) hier gehandelt wurde. Wurde flat/flat/flat (dirty/dirty/dirty) gehandelt bzw. wo bleiben Poolfaktor, Inflationsfaktor und Stückzinsen?.

11.                       mm

Rolf Koch

---

[1] Copyright by Rolf Koch, Zur Eisernen Hand 25, 64367 Mühltal, Tel 06151 14 77 94 rolfjkoch@web.de

[2]  Die relativ aufwändige und formale Darstellung liegt darin begründet, dass dieses Papier zur Vorbereitung einer einschlägigen Klage dienen wird, wenn die Korrekturen, Auskünfte und Erläuterungen der Sparkasse Darmstadt nicht zufriedenstellend ausfallen.

[3]  Depotnummer xx/ Datum 26.07.2012

[4]  Depotnummer xx / Datum 06.09.2012

[5]  Etwa die Hälfte, ohne die Tarife jetzt genau geprüft zu haben.

Argentina’s declining debt obligations will allow the government to tap fewer central bank reserves in 2013 than the $5.7 billion planned this yea

Autor: esteban Datum: Gestern, 21:35

Argentina’s declining debt obligations will allow the government to tap fewer central bank reserves in 2013 than the $5.7 billion planned this year, said Fernando Yarade, deputy chairman of the Finance Committee in the lower house. South America’s second-biggest economy faces about $9 billion in debt payments next year, compared with about $11 billion in 2012, Yarade, a member of the ruling Victory Front coalition, said in a telephone interview today. Yarade said he had access to an advanced report of the 2013 budget bill, which must be sent to Congress by tomorrow night. “The policy to keep cutting the country’s debt will continue,” Yarade said. “It’s very probable that there will be an additional inflow of about $10 billion in export revenue this year that will boost central bank reserves.” President Cristina Fernandez de Kirchner has tapped central bank reserves to pay debt since 2010 as Argentina remains blocked from international credit markets following its default on $95 billion of bonds in late 2001. Reserves fell to $45.3 billion yesterday, down from $47.8 billion on April 27 and a record $52.6 billion in January last year. Officials at the central bank’s and the Economy Ministry’s press offices declined to comment on the budget proposal. The central bank transfered about $6.6 billion from its savings to the treasury to make payments in 2010, $7.5 billion in 2011 and is scheduled to send $5.7 billion in 2012. Economy Minister Hernan Lorenzino will discuss the budget with lawmakers on Sept. 20, Yarade said. Growth Forecast The 2013 budget proposal forecasts economic expansion of 4.6 percent, more than double the 2.2 percent growth that the World Bank predicted for Argentina in 2012. A rebound of the Brazilian economy, the country’s main trade partner, and rising activity in China, Europe and the U.S. will help improve demand for Argentine goods, Yarade said. “The economy will have better international conditions than this year and that will have a positive impact,” Yarade said. “The outlook is good taking in mind that the price of soybeans, wheat and corn are higher and that a better harvest is expected.” Argentina is the world’s biggest exporter of soybean oil and the second biggest of corn. It ranks third in shipments of soybeans and fifth in wheat.  [Bloomberg]

Summit of bondholders in Paris Club over Argentina

Summit of bondholders in Paris Club over Argentina

Ambito Financiero

Wednesday, September 12, 2012

Yesterday in the French capital there was a conclave among bankers, bondholders and representatives of the Paris Club, which was also attended by officials of the IMF and the World Bank, where they analyzed debt restructurings. The Argentina case was not absent and according to one of the organizers of the meeting, the Institute of International Finance (IIF), “the creditors exchanged views about the status of the restructuring of Argentina’s foreign debt and in particular the treatment of the ‘holdouts’ (bondholders that didn’t enter the debt swap). The sense of the discussion was that, after focusing on restructuring its debt, Argentina has not been able to return to accessing the international capital markets,” according to an official statement from the IIF.

Today, at the headquarters of the French Ministry of Economy and Finance, they will resume looking at the renegotiation between the Paris Club and Argentina. For that they convened not only academics like Anna Gelpern and Mitu Gulati, from American and Duke universities respectively, but also the inevitable Nicola Stock, head of Task Force Argentina, and Hans Humes, of Greylock Capital, both from the side of the bondholders.

In yesterday’s meeting there was also a discussion “about the methodology of setting a value for the contingent balances that defined the importance of a correct evaluation of these amounts because they could have a strong impact on the sustainability of public debt, above all during the financial crisis.” The international creditors also discussed the more recent restructurings of the Paris Club, among them Guinea and St. Kitts and Nevis, and with emphasis on the issue of comparing the treatment of Ivory Coast.

A presentation from the IMF explained the current process of modernization and clarification of the framework of fiscal policy and the analysis of the sustainability of public debt by the organization. “The recent global crisis has put into relief the need for greater attention to the sustainability of public debt of countries with access to the market.”

The creditors also exchanged views about the forms and methods of strengthening the framework for preventing sovereign debt crises and resolving them, in the context of applying the “principles for stable capital flows” and the fair restructuring of debt. The participants stressed the importance of a close dialogue between the private and public sector, especially in times of economic difficulties. They emphasized the usefulness of the principles for the stability of capital developed under the aegis of the main borrowers among emerging markets and the private creditors: transparency, dialogue, negotiating in good faith and equal treatment of creditors.

According to what Cristina de Kirchner put forth to Minister Hernan Lorenzino, the goal was to get an agreement with the Paris Club before the end of the year. The negotiation remains frozen over the period of payment and whether the IMF will participate in the agreement. The debt is more than US$9 billion, including interest.

The Paris Club will lay claim to Argentina's debt today

La Nacion

Wednesday, September 12, 2012
By Martin Kanenguiser

The Paris Club will analyze the status of Argentina’s debt today, which has been unpaid since the end of 2001 and which comes to around US$9 billion.

Diplomatic sources told LA NACION yesterday that the creditor countries are waiting “anxiously and with concern” over the possibility that the government will present a payment plan, after having sent a letter last April in which they called for some kind of formal response from Argentina after more than ten years of default.

The last time that the governments discussed this issue was in June, before the summer in the northern hemisphere, but “there was no proposal from Argentina since then,” said the source, with a tone of resignation.

Informally, the last contact was when the government sounded out with some embassies if there was a chance of financing YPF after the exit of Repsol in exchange for normalizing this balance, but they got total refusals.

The context for the meeting today is not the best: in addition to the extensive annoyance that grips the creditors, yesterday came added criticism in a meeting that the Club held with the Institute of International Finance (IIF), the think tank for the banks from around the world. The IIF holds a very critical position against Argentina and has so since 2002, especially since the negotiation of the first swap to exit the default (2005), because they wanted a more friendly offer to the bondholders then what Kirchnerism launched.

In the meeting, in which bankers, analysts and officials of other governments attended, “the attendees exchanges opinions about the restructuring of Argentina’s debt,” said the IIF in a statement. “The direction of the discussion was that, after focusing on its restructuring, Argentina could resume access to the capital markets,” the Club said in a statement. Curiously, it took up Argentina as one of three case studies, with the Ivory Coast and St. Kitts and Nevis (a small island nation in the Antilles).

Speaking about Argentina were the representatives of the French Treasury (which acts as Club secretary), of the bondholders in Italy, Nicola Stock, and from the U.S., Hans Humes and two American academics, Anna Gelpern and Mitty Gulati. Also present were Club president Ramón Fernández and IIF executive director Charles Dallara. "The debate was not amiable,” the source said, adding that the comments were used as a basis for the discussion among the governments scheduled for today in the French capital.

At the end of 2008, President Cristina Kirchner announced the payment of the debt with the Paris Club with Central Bank reserves through a decree, but it was never applied.

The IMF’s bad mood

An executive with good connections with the government believes that the resolution of this issue “is quite far off” from the agenda of the economic team. “They’re concerned with getting dollars, not spending them,” he said.

However, it isn’t ruled out that some signal could be sent to address the annoyance that also prevails within the board of the International Monetary Fund (IMF), before next Monday when it will debate the status of Argentina’s public statistics. After granting six months last February to improve the transparency of the statistics on inflation and GDP, the board could opt on Monday for a simple statements to take into account that the government has not moved ahead on dispelling doubts that have existed since 2007 on the figures of the INDEC, or begin a process of sanctions.

Article 8 establishes that a motion of “censure” could be applied by other countries and then a process could be activated in which the country would subsequently lose the right to resources from the IMF (in 2010 it received US$2.5 billion from the organization, which helped cover over the fiscal deficit) and then its right to vote.

Without significant progress in the credibility of its statistics, the government opted for doubling up on the tug of war and designated Sergio Chodos, who until now has been a director at the BCRA, as its representative to the IMF.

Chodos, who will go from collecting a salary of 90,000 pesos to only 20,000, will replace Alfredo Mac Laughlin, an ex-banker that, after the death of Nestor Kirchner, lost contact with Buenos Aires. In the government, they are anticipating a “more strong and coherent strategy” equal to that of the World Bank, in which Guido Forcieri, another official linked to Vice President Amado Boudou, will replace Alberto Camarassa, in carrying out the difficult task of getting a plan of credits for US$3 billion passed in November with the opposition of the United States.

“Officials getting too comfortable in Washington will have to be avoided,” said an official source

Mulford gilt als einer der Hauptarchitekten des sogenannten Mega-Swaps, // Haftbefehl gegen Bank-Manager Ein Gericht in Argentinien hat Haftbefehl gegen einen Manager der Schweizer Bank Credit Suisse erlassen.

Haftbefehl gegen Bank-Manager
Ein Gericht in Argentinien hat Haftbefehl
gegen einen Manager der
Schweizer Bank Credit Suisse erlassen.
Der Amerikaner David Mulford, derzeit
Vize-Chairman der Credit Suisse für das
internationale Geschäft, soll in Buenos
Aires zu möglichen Unregelmäßigkeiten
bei einer 2001 erfolgten Umschuldung
von Staatsanleihen im Wert von
30 Milliarden Dollar vernommen werden.
Der argentinische Bundesrichter
Marcelo Martinez de Giorgi beantragte
die Festnahme Mulfords durch Interpol
und dessen Auslieferung nach Argentinien,
da der Amerikaner trotz wiederholter
Aufforderung nicht vor dem Gericht
in Buenos Aires erschienen sei. Dies berichtete
die staatliche argentinische
Nachrichtenagentur Telam. Das Verfahren
läuft seit zehn Jahren. Mulford sei
schon 2002 zum ersten Mal vorgeladen
worden.
Mulford gilt als einer der Hauptarchitekten
des sogenannten Mega-Swaps,
mit dem die argentinische Regierung
zur Jahresmitte 2001 noch versucht hatte,
den wenig später erklärten Staatsbankrott
zu verhindern. Als die Risikoaufschläge
für argentinische Staatsanleihen
schon deutlich eine drohende Zahlungsunfähigkeit
signalisierten, erreichte
die argentinische Regierung durch
den Schuldentausch eine Streckung der
Fälligkeiten um durchschnittlich drei
Jahre. Im Gegenzug nahm sie bei den
neu emittierten Anleihen mittlere Zinssätze
von 15 Prozent in Kauf. Ein halbes
Jahr später erklärte Argentinien seine
Zahlungsunfähigkeit. Credit Suisse und
ein halbes Dutzend anderer Banken hatten
derweil für das Geschäft Kommissionen
von 160 Millionen Dollar kassiert.
In dem argentinischen Prozess, in dem
es um mögliche Bestechungszahlungen
bei dem Mega-Swap geht, hat das Gericht
Anklage gegen den ehemaligen argentinischen
Wirtschaftsminister Domingo
Cavallo und den früheren Finanzstaatssekretär
Daniel Marx erhoben.
Mulford war unter den Regierungen
von Ronald Reagan und George H. W.
Bush von 1984 bis 1992 als Staatssekretär
im amerikanischen Finanzministerium
für internationale Beziehungen tätig.
Später arbeitete Mulford für die amerikanische
Credit-Suisse-Tochter First
Boston, bevor er im Mutterhaus als Vizepräsident
für internationale Kontakte
eingestellt wurde. In dieser Funktion
hatte Mulford mit Cavallo den umstrittenen
Mega-Swap vorbereitet. Credit Suisse
hat zu dem Haftbefehl bisher nicht
Stellung genommen. mos.

FAZ Print Fr 7.9.2012 S 20

Argentina Bonds Rise on Brighter Growth Prospects; Stocks Up

The Wall Street Journal

Argentina Bonds Rise on Brighter Growth Prospects; Stocks Up

Wednesday, September 5, 2012

By Shane Romig

BUENOS AIRES--Argentine bonds posted solid gains Wednesday as better economic prospects through the second half of the year stoked buying.

Leading the charge were GDP warrants, which pay out based on economic performance.

The peso-denominated warrants shot up 3.4% to 14.34 pesos ($3.08) as investors bet that the economy would get back on track after stalling during the first half of the year.

Record-high soybean prices and expectations for a bumper crop next year also provided support, said brokerage Banco Piano analyst Alejandro Barros.

The vulture funds, Argentina and the U.S. elections

Noticias Argentina

The vulture funds, Argentina and the U.S. elections

Wednesday, September 05, 2012

 

By Nicolas Tereschuk

The information arrived in the American press together with the coverage of the convention that anointed Mitt Romney as the Republican candidate: the owner of one of the vulture funds that is confronting Argentina in the American courts already has given US$3.7 million to Barack Obama’s opposition in the face of the elections this year.

Paul Singer, number one at Elliott Management, a hedge fund that administers US$19.8 billion, donated a million dollars only to Romney’s campaign committee, according to a report hours ago in the New York Post.  Among the Republican candidates benefitting from Singer’s funds are Chris Christie, governor of New Jersey, who offered one of the keynote speeches at the convention and the new Republican star, the ultra-conservative vice presidential candidate, Paul Ryan.

The New York Post newspaper revealed that the vulture fund commanded by Singer also turned into the main financier of Congressman Connie Mack of Florida.  Mack is now running for the Senate and already has received more than US$38,000 from Singer, who also supports 23 Republican candidates running for Congress.  The opposition legislator has been introducing a bill to pressure Argentina to pay the totality of the money demanded by Elliott Management, some US$2 billion.

As reported in the New York daily, in the United States it is “highly unusual” for a bill to refer explicitly to a particular country and a dispute it has with private creditors.  The Wall Street Journal revealed that his current bet on Romney wasn’t the first he’s made: in fact he first approached the young Ryan and proposed to support his launching a presidential candidacy.  That support “helped Ryan emerge” finally as Romney’s running mate, the specialized newspaper said.

Also, the media pointed out that his business has given more this year to Republicans than any other company on Wall Street.  Hours ago the Argentine government again attacked Elliott before American courts, and accused the company of undertaking a “campaign of harassment” against the country.  This time before a district court in Dallas, Argentina complained that Elliott is engaging in a “fishing expedition” over different assets to try to harm the country.

Represented by attorney Debra McComas, the country warned that after staying out of the 2005 debt swap, the vulture fund wanted to end up with the Argentine embassy building in Washington, social security funds, detain the launching of a scientific space satellite and other measures that were rejected.  In that context, as strong ties are being seen between these kinds of funds and the Republican Party, Shannon K. O’Neil, an expert at the think tank, Council on Foreign Relations, wrote in an article published this week by that center that in Romney’s platform there is no constructive vision on Latin America.

"The Republican Party generally seems to see the region (when it considers it at all) as a threat more than an opportunity,” O’Neil wrote.  The expert warned that in that platform, “about the two biggest economies of the region there is practically nothing” and that the greatest concerns of the Republicans center on the political situation in Cuba and Venezuela.  It remains to be seen if these issues are taken up by President Cristina Kirchner when she travels next month to the United States, with the electoral campaign of that country already underway.