Debt Coverage:
MercoPress: “ARA Libertad retained in Ghana has cost Argentina almost 3M dollars”
Bloomberg: “Argentine Bonds Post Biggest Two-Day Tumble Since October 2008”
Reuters: “In Argentine bond ruling, 2nd Circuit upholds power of U.S. courts”
Financial Times: “Argentina debt: turbulent times”
Reuters: “Breakingviews: Rule of law finally catches up to Argentina”
Frigate Libertad:
New York Post: “Singer takes victory lap in debt feud “
Argentine Economy:
Reuters: “REFILE- Argentina CDS prices near 4-year high in thin trade”
Fox Business: “Argentina Tax Agency Says it Will Withhold Rebates Until Exporters Pay Debts”
Global Relations:
JTA: “Iran, Argentina to meet over Jewish center bombing”
YPF:
Fuel Fix: “Landmark Court Ruling Raises Existential Question for Argentina’s YPF”
Cristina Kirchner:
MercoPress: “Cristina Fernandez ‘dollar-clamp’ is one year old and still going strong”
MercoPress
Tuesday, October 30, 2012
The Air France charter was not cheap: the contract started to click from the moment the aircraft took off for Accra from wherever she was, and then nine hours to Buenos Aires, and the return to origin.
Furthermore several containers with the crew and cadets’ belongings had to be contracted.
The daily cost of servicing ARA Libertad is in the range of 50.000 dollars, although since most of the 325 naval cadets and personnel left and only the captain and 44 sailors remain on board, the bill should have dropped considerably.
Bloomberg
Monday, October 29, 2012
By Katia Porsecanski
Argentine bonds posted their biggest two-day plunge in four years as JPMorgan Chase & Co., Bank of America Corp., and Barclays Plc cut their recommendations on the debt following a U.S. court decision favoring holders of defaulted securities.
The government’s bonds due 2033 sank 1.5 cents to 68.5 cents on the dollar today, pushing yields to 12.85 percent, after sinking a record 10 cents on Oct. 26, according to pricing provided by JPMorgan. The two-day tumble, the biggest since October 2008, followed a U.S. appeals court ruling that blocks Argentina from making payments on securities it restructured in 2005 and 2010 while refusing to pay holders of the bonds still in default.
Reuters
Monday, October 29, 2012
By Alison Frankel
Here’s a prediction: When historians look back at the legacy of U.S. Supreme Court Justice Antonin Scalia and his conservative colleagues, they will pay close attention to the justices’ reluctance to extend the dominion of U.S. courts beyond our country’s borders. Scalia made that sentiment clear in his 2010 opinion in Morrison v. National Australia Bank, and the court is right now considering the reach of a U.S. law that provides a cause of action for human rights victims in Kiobel v. Royal Dutch Petroleum (Shell). Scalia, who has spoken about the danger of applying rulings from international courts to cases in the United States, believes that the same holds true in reverse: The laws of the United States govern only the United States.
Reuters
Monday, October 29, 2012
By Daniel Bases
Oct 29 (Reuters) - The price to insure Argentina's sovereign credits soared to a near four-year high on Monday in thin market conditions following a crucial ruling by a U.S. court last week that said all bondholders must be treated equally.
The low trading volumes were caused by the shuttering of Wall Street as Hurricane Sandy, a massive storm battering the U.S. East Coast with fierce winds and driving rain, prompted officials in New York to close the major transportation systems.
Financial Times
Monday, October 29, 2012
By Jude Webber
Argentine bonds had a bad enough day last Friday, when a US appeals court dealt it a setback in its fight not to pay “holdouts” – the owners of debt on which it defaulted in 2001 who did not accept restructuring offers in 2005 and 2010.
Monday was worse – JP Morgan, Bank of America and Barclays cut their recommendations on Argentine debt, extending Friday’s sell-off into the worst two-day rout since 2008.
Reuters
Monday, October 29, 2012
By Reynolds Holding
NEW YORK, Oct 29 (Reuters Breakingviews) - The rule of law has finally caught up with Argentina. The nation exploited fuzzy contract language to stiff debt-swap holdouts. As Breakingviews predicted, a U.S. appeals court ordered it to pay up, saying a promise to treat creditors equally is plenty clear. Rather than spark market chaos, the ruling should encourage future lending by providing reassurance that contract terms have teeth.
For a decade, Argentina has thumbed its nose at an affiliate of hedge fund Elliott Associates and other creditors that spurned the nation's bond exchange. In fact, South America's second-largest economy passed laws prohibiting payments to the holdouts.
New York Post
Tuesday, October 30, 2012
By Michele Celarier
This ain’t no pleasure cruise.
Hedge fund billionaire Paul Singer wants investors to know that he’s all business when it comes to the recent seizure of an Argentinian naval vessel, the ARA Libertad.
Singer, whose Elliott Management has been racking up wins in a protracted legal battle with Argentina over its default in 2001, detained the three-masted frigate in Ghana in a bid to force the South American country to pay up.
Fox Business
Monday, October 29, 2012
Companies that have debts due to "any tax obligations" are excluded from those authorized to receive the V.A.T. refunds, tax agency Afip said in a resolution published in the official bulletin Monday.
In addition, Afip removed global grain trading firm Bunge Ltd. (BG) from a grain exporter registry, going a step further from the temporary suspension it imposed on Bunge earlier this year for alleged tax fraud, an Afip spokesman said.
JTA
Monday, October 29, 2012
BUENOS AIRES, Argentina (JTA) -- Iran and Argentina were set to open bilateral negotiations to discuss the 1994 bombing of the AMIA Jewish community center.
The Argentinian Foreign Ministry said that a “work session” would be held Monday between legal representatives of both countries at the United Nations offices in Geneva, Switzerland.
Argentina’s Foreign Minister Hector Timerman, who is Jewish, met Sept. 27 with his Iranian counterpart, Ali Akbar Salehi, at U.N. headquarters in New York to discuss the AMIA bombing case.
Fuel Fix
Monday, October 29, 2012
By Michael J. Economides
Last Thursday during an Argentine Institute for Petroleum and Gas (IPAG) Houston event, the director of unconventional resources of YPF proclaimed he was not primarily on a fundraising mission to develop the natural gas reserves in Argentina’s massive Vaca Merta. He claimed that 70 percent would come from internal to YPF sources and much of the rest was already spoken for. While I disagreed with that assessment, a watershed ruling in the U.S. 2nd Circuit Court of Appeals in New York throws into disarray Argentina’s plans to find foreign investors for its re-nationalized energy company, YPF. The court’s ruling makes clear the Argentine government can no longer pick and choose which creditors it will pay: it must honor obligations to all, or risk precipitating another cataclysmic default. For YPF, who must raise tens of billions of dollars in new investment from U.S. and European energy companies, the decision could signal an end game.
MercoPress
Tuesday, October 30, 2012
The so called ‘dollar-clamp’ was stared 28 October 2011 with the purpose of controlling the sale of US dollars in the domestic money market and to prevent the growing outflow of capital triggered by the Argentine government unorthodox policies.
The government is also trying to put an end to the long established Argentines’ caution of holding their savings in foreign currency, be it dollars, Euros or metal.
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