The Government urgently needs dollars and knows it. So much so that the economy minister, Axel Kicillof , left for a moment his criticism of the financial sector and called the bankers last week of ABA, the association that gathers foreign institutions, asking them to help the government to get Outside $ 10,000 million.
Witness the meeting assured the NATION that the meeting was held in strictest confidence, just in the days of major upheaval in the exchange market .When asked about it, the Economy Ministry spokesman did not confirm nor denied the information, in ABA did not respond to calls from this newspaper.
Argentina is imperative to get the dollars that can counter the flight of capital, which in January alone cost the Central Bank (BCRA) U.S. $ 2.499 billion of its reserves. It was the biggest drop since 2006, when the country canceled its entire debt of more than U.S. $ 9 billion to the International Monetary Fund (IMF).
The minister confided bankers requesting leave to look for dollars abroad, either by issuing new debt or through commercial credit lines that banks could get. Some entities, according to sources consulted by the NATION, and would have set to work to organize a tour to Kicillof investment to New York this month.
As a sign of goodwill between the bankers and also would raise the possibility of overseas about $ 1 billion in pre-export financing (which would help in moderating at least something falling reserves) talking.
It would be a first step, and banks would not be so difficult to carry out because of several could get that amount of their foreign correspondents then place locally between exporting enterprises, good credit profile, such as cereal.
Kicillof pointed to the international banking system, which is the one with better access to foreign markets. Moreover, while all banks have locally some dollars in their portfolios, the reality is that these currencies are already counted within BCRA reserves: as not borrowed, mostly, are deposited in current accounts at the central bank .
Since the government made them known to the foreign financial institutions to improve the business climate were ready to move forward in the negotiations for the debts with the Paris Club and Repsol group claiming compensation for the nationalization of YPF. But they admitted that they had no intention of negotiating with so-called "vulture funds", which are those who stayed out of debt swaps and today still claim an indemnity from the default of 2002 in international courts.
The order of Kicillof, noted the sources, was debated this week between ABA bankers. Although pledged to work in private also recognize that it will be difficult in the current context that Argentina access fresh funding to a reasonable rate of interest and, especially, in the amounts to which the Government aims, who spoke to U.S. $ 10,000 million.
After sharp declines in recent weeks, a sovereign dollar bond as Bonar 17 yielded 16.2% yesterday.Outside there for days a sell Argentine assets, both bonds as equity.
In addition, they assert, although the Government intends to solve their conflicts with the Paris Club and Repsol, the devaluation of 18.6% recorded in January, the highest in the last 12 years, quite complicated negotiations, and that sowed new doubts about the ability to repay debt Argentina.
However, several weeks ago and Kicillof comes sliding his intentions to return to the debt markets.The National Social Security Administration (Anses) began in early January to sell their bonds in the market Bonar 18 (of having all of the issue), to contain the escalation of the "dollar bag" on one hand, but also to begin to make a curve in the medium term rates. Until then, the market had available short-term bonds (up to 2017) and then the longest duration. But there were no references in the middle.
"In fact, the government was already ANSeS via issuing debt in the market," said Daniel Marx, an economist and director of consulting Quantum Finance. "He sold the Bonar ANSeS 18 and then told him to put them in the market," he described.
Beyond placements ANSeS, Argentina not issue debt in the markets since 2007. At that time, Marx explains, had placed bonds as Bonar 17, the Global 2017 and Boden 2015, which was then used to pay the funding was coming from Venezuela. Since, after 2007, for a period, the Kirchner administration opted financed by Hugo Chavez before returning to try their luck in international markets, even though, at some point, came to pay up to 15% annually in Bolivarian dollars to dollars..
Image: what it means. Kicillof The order of the banks, a sector long disputed by the Government, is an indicator of official desperation for dollars.