Center for Strategic & International Studies: “Recommendations for a New Administration” (PORZECANSKI)
Debt Coverage:
The New York Times DealB%K: “Hedge Funds Stride the Stage of World Affairs”
Reuters: “Analysis: Argentina debt case weakens incentives to settle”
Project Syndicate: “Argentina’s Debt Conundrum”
Press Freedom:
MercoPress: “Clarin/Cristina Fernandez legal battle rages on with a new appeal”
WTO Disputes:
The Wall Street Journal: “EU: Challenges Argentina over textile import restrictions”
Global Relations:
MercoPress: “Falklands’ dispute triggers concern among Argentine tourism operators after two cruises omit Ushuaia”
News.Az: “Azerbaijan, Argentina to create working group on trade and economic cooperation”
Argentine Economy:
The Wall Street Journal: “Argentina's Bonds, Stocks Track Gains in Offshore Markets”
Bloomberg: “Argentina’s Tucuman to Start Buyback of Dollar Bonds This Week”
YPF:
Financial Times: “YPF bond targets retail investors”
Center for Strategic & International Studies
Tuesday, December 11, 2012
By Arturo C. Porzecanski
Latin America and the Caribbean encompass a heterogeneous region. Gross domestic product per capita adjusted for purchasing power ranges from a rock-bottom $1,300 per annum in historically mismanaged Haiti to well over $20,000 in the stable and competently administered Caribbean islands of The Bahamas and Barbados. The weighted average for the region is $12,300, about one-fourth the level in the United States and 30 percent of that in Canada.
The New York Times DealB%k
Tuesday, December 11, 2012
By Peter Eavis
Argentina’s president, Cristina Fernández de Kirchner, was re-elected with a huge margin last year, leaving her political opponents fractured and demoralized. But in recent months, she has found herself locked in battle with a determined adversary who may outmaneuver her.
Her opponent is not a participant in Argentina’s domestic political scene. Rather, he is Paul Singer, a soft-spoken New York hedge fund manager. Through one of his funds, Mr. Singer is fighting in United States courts to press Argentina to pay up on some defaulted bonds. Mrs. Kirchner has refused.
Reuters
Tuesday, December 11, 2012
By Sujata Rao
(Reuters) - A legal clause as the key to smoothing future debt restructurings could be undermined by a U.S. court ruling that Argentina must pay creditors holding its defaulted debt.
The case has implications for emerging markets, source of protracted and painful past defaults, and for Europe, where the rules setting up the euro zone's bailout fund state that government bonds must carry Collective Action Clauses from 2013.
Project Syndicate
Tuesday, December 11, 2012
By Eduardo L. Yeyati
BUENOS AIRES – Argentina is in a quandary. Prior to its 2005 sovereign-debt exchange, its legislature enacted a “lock law,” which barred the way to any future offers to holders of bonds on which Argentina defaulted in 2002. While the lock law helped to boost the participation rate in the 2005 exchange, holdout creditors remained, and have pursued litigation to force repayment.
In late November, Thomas Griesa, a United States federal judge in New York, ordered Argentina to deposit the $1.33 billion owed to holdouts into an escrow account by December 15. Griesa lifted the stay on his order from February 2012, following indications from Argentina’s government that it intended to ignore the ruling – including public statements calling the holdouts “vulture funds” and a vow by President Cristina Fernández de Kirchner never to pay. The ruling, pending appeal, leaves Argentina with three options: violate its own law, violate US law, or default again.
The Wall Street Journal
Wednesday, December 12, 2012
The Argentine government has rejected a case brought by the European Union (EU) at the World Trade Organisation (WTO) claiming it is imposing unlawful import restrictions on all EU exports, including clothing, textiles and footwear.
Speaking to just-style, a diplomat at the Argentine embassy in Brussels said: "The EU action is unjustified". He supported his government's official response that the EU wants to "distract...public opinion instead of solving the trade barriers which affect the Argentine products"
MercoPress
Wednesday, December 12, 2012
The new appeal was submitted by the Cabinet Chief’s office in another attempt to skip court N°1 and make the Federal Civil and Commercial Court take the case directly to the Supreme Court, even though the latter unanimously dismissed the government’s recourse to the legal mechanism called “per saltum” on Monday.
Furthermore, the administration of Cristina Fernandez will seek to impeach the judges of the Federal Civil and Commercial Court for ruling on the injunction extension. Judicial sources told the Buenos Aires newspaper Ambito Financiero that Judge Susana Najurieta will be denounced before Thursday in the hope of her revoking.
MercoPress
Falklands’ dispute triggers concern among Argentine tourism operators after two cruises omit Ushuaia
Wednesday, December 12, 2012
After a letter sent with the guarantees request went unanswered, Seabourn Sojourn and Veendam with 450 and 1.300 visitors simply omitted calling and/or landing in Ushuaia and reports from the local media indicate that Holland America Line has decided to cancel future calls and the mother corporation Carnival Corporation is considering new itineraries for its cruise vessels in the rest of the season.
The two vessels apparently after omitting Ushuaia, called at Punta Arenas, Chile in the Magellan Strait, another important cruise terminal in the extreme south of the continent.
News.Az
Tuesday, December 11, 2012
The Azerbaijani-Argentine intergovernmental agreement 'On trade and economic cooperation' was ratified at the plenary session of Milli Majlis on Tuesday.
The agreement envisages creation of a joint work group on trade and economic cooperation.
The Wall Street Journal
Tuesday, December 11, 2012
By Ken Parks
BUENOS AIRES--Argentina's benchmark bonds and stocks closed higher Tuesday, tracking gains in overseas markets as investors bet U.S. lawmakers will reach a deal to avoid spending cuts and tax hikes that could push the world's largest economy into recession.
Turnover on the local fixed-income market was 1.06 billion pesos ($218 million), accounting for about 80% of the total volume of securities traded on the Buenos Aires Stock Exchange during the session.
Bloomberg
Tuesday, December 11, 2012
By Eliana Raszewski
Argentina’s province of Tucuman will offer to buy back all $35 million of its dollar-denominated bonds at a discount of as much as 56.7 percent, provincial Economy Minister Jorge Jimenez said today.
The province will offer to buy back bonds due in 2015 at a discount of 56.7 percent and bonds due in 2018 at a discount of 50 percent beginning this week, Jimenez said in an interview from Tucuman, the capital of the northwestern province. Jimenez said he expects the repurchase to be completed within 30 days.
Financial Times
Tuesday, December 11, 2012
By Jude Webber
Looking for a new way to save? Nationalised energy company YPF wants to sell Argentines more than petrol and diesel. Now it wants to sell them bonds, too.
The company, seized from Spain’s Repsol in April, has been tapping the local capital market heavily in recent months. The new peso bond will be the first to specifically target small, retail investors. (In past issues, YPF has targeted institutional investors in pesos or in bonds issued in pesos but linked to the dollar.)
With a juicy 19 per cent annual interest rate (interest will be paid monthly), YPF hopes to convince Argentines to “put their money to work” and “invest in production” instead of parking their pesos in fixed-income instruments.
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