Lead Articles:

Lead Articles:

 

La Nacion: “Tough hearing for the country in U.S. court over default”

 

La Nacion: “The risk of default as a backdrop”

 

La Nacion: “Attorneys believe that the ruling will be rapid and adverse”

 

Clarin: “Debt: negative signals toward Argentina in New York court”

 

Clarin: ““The possibility is closed that the vultures collect”, says Boudou”

 

Clarin: ““The impact on the economy will be marginal”

 

El Cronista: “New York court rejects review of ruling and government says it will not pay the vultures”

 

El Cronista: “Judges more hostile than expected and unreceptive”

 

El Cronista: “The ‘trial of the century’ didn’t go unnoticed in New York: long lines and demonstrations”

 

El Cronista: “The next play by the vulture funds: claims at ICSID” (Mentions ATFA)

 

Ambito Financiero: “The message was ‘more will not be paid than is currently being paid’”

 

Ambito Financiero: “Boudou: “We are not going to break the law””

 

Ambito Financiero: “Recital or ruling?  Following through the filters” 

Ambito Financiero: “The strategy: to get Judge Parker’s vote”

 

Telam: “Argentina upholds principle of equality and the unbreakability of its law in paying the vulture funds”

 

Telam: “Economists agree on rejecting total payment to the vulture funds”  

 

Pagina/12: ““It was within the expected””

 

Tiempo Argentino: “Vultures: Argentina upheld its will to pay and respect for equality”

 

Infobae: “Boudou said that the negotiation with the holdouts ‘has no time limits’”

 

 

DEBT DIGEST:

 

EL CRONISTA:

·         “Argentina appealed to the impact of the sentence on the financial system” (no byline)  Brief excerpts from the hearing transcript and afterwards with quotes from Jonathan Blackman, Amado Boudou, Ted Olson, Hernan Lorenzino.

·         “Reaction to holdout hearing: investors seek protection from default” (no byline) l   In an “eloquent reaction” Argentine CDS at five years immediately rose close to 2200 basis points and bonds fell after the hearing ended.

 

AMBITO FINANCIERO:

·         “After hearing, insurance against default rises” by Ignacio Olivera Doll    One year CDS rose to 5200 as investors had a consensus that the hearing was negative.

·         “Made in NY bonds: US$260 million coming due this quarter” by Pablo Wende   Interest payments on the Global 17, Discount and Par are coming due in the first quarter of this year, far from the US$3.5 billion GDP coupon payment last December. 

·         “Express ruling coming: markets get ready” by Guillermo Laborda   A short analysis that the perception is negative from the hearing, and the markets are getting ready for what is now expected to be a quick ruling.  “Paradoxically, today in the market there is a certain hope that in case the ruling goes against it, the government will opt to pay the US$1.4 billion demanded.  This could be called science fiction based on the statements already made and the political cost of the move.  Little served is the analysis that such payment would be recovered in a few days with the inflow of dollars that a measure of that nature would generate.  It’s worth recalling that US$800 million in deposits have already been lost in American currency in the banks.”

 

 

OTHER NEWS ITEMS:

·         The government used its pumped up quorum in the House of Deputies to ram through the Iran MOU, after a very raucous debate where it was clear the opposition was intense and unified on the losing side.  Jewish community groups immediately said they would go to court to block the policy from taking effect.

·         Clarin reports that the Frigate Libertad will sail into the military port in Buenos Aires this afternoon, back at its home base.

 

 

TRENDING TOPICS/ARGENTINA on Twitter:

·         “Iran” is trending in the top ten this morning, as well as “Nueva York”, of which some of the use is related to the hearing, but more is related to Dominican musician Luis Vargas suffering an accident in the city.