Debt Coverage:
Financial Times: “Risk of default adds to woes for Argentina’s Fernández”
The Volokh Conspiracy: “Don’t Cry for Argentina” (Mentions Sotomayor recusal)
Las Vegas Sun (AP): “Argentina approves new sovereign debt swap”
Buenos Aires Herald: “CFK's first interview in 4 years: vulture funds, country history and Perón”
MercoPress: “Argentina formally requests US Supreme Court to review Appeals court favoring holdout hedge funds”
BNAmericas: “US supreme court to consider Argentina's petition for a hearing on Sep 30”
Latinvex: “Argentina Debt Swap Won’t Avoid Default”
Global Relations:
Express: “'Argentina is disgraceful and should be kicked out of the G20', Tory MP tells Commons” (MP Henry Smith)
Gibraltar Chronicle: “REVOKE ARGENTINA G20 MEMBERSHIP: MP” (MP Henry Smith)
Wall Street Journal: “Argentina, Brazil Seek Greater Cyber Defense Cooperation”
Tasnim News Agency: “Argentina, Brazil Agree on Cyber-Defense Alliance against US Espionage”
Argentine Economy/Inflation:
MercoPress: “Argentine official inflation 0.8% and 6.6% in eight months despite price agreements”
Wall Street Journal: “Argentina's Stocks, Bonds End Week Higher; Peso Steady”
ABC News (AP): “Argentina: Economists 'Speculating' With Inflation”
The American Interest: “Argentina Taking Pages from KGB Playbook”
Wall Street Journal: “Argentina's 12-Month Inflation Up 10.5% in August – Government”
Domestic Issues/Politics:
Magic Valley: “Argentina Government Against Farmers”
BBC: “Argentina's Cristina Fernandez criticises 'elite'
Buenos Aires Herald: “Coupmongering in Argentine politics”
Buenos Aires Herald: “Cristina faces an uncertain future”
Energy:
MercoPress: “Energy deficit is Argentina has become dramatic, admits YPF CEO Galuccio”
Financial Times
Monday, September 16, 2013
By Benedict Mander
In the heart of downtown Buenos Aires, it is hard to walk more than 20 paces without being accosted by hawkers buying and selling dollars. Interested customers will be led into an inconspicuous office in a nearby building.
“They’re called ‘caves’, because they’re supposed to be secret. Of course everyone knows they’re there,” said a hawker who called himself Raúl. “Illegal? Of course they are! But don’t worry, the police are paid off, nothing will happen to you.”
The Volokh Conspiracy
Sunday, September 15, 2013
By Jonathan H. Adler
t’s not every day that a sovereign nation files a petition for certiorari in the Supreme Court. This year, however, Argentina has filed multiple petitions, and another could be on the way. The South American nation is particularly eager to get the Court to review adverse rulings from the U.S. Court of Appeals for the Second Circuit, even if Argentine officials and their lawyers proclaim the nation will refuse to comply with adverse judgments from U.S. courts.
The underlying case arises out of Argentina’s 2001 default on its debt obligations. Most of the outstanding debt was restructured, but a few creditors refused to go along. They filed suit, seeking to enforce the terms upon which Argentina had originally issued its bonds. The plaintiffs evaded the Foreign Sovereign Immunities Act (FSIA) and obtained an injunction that could effectively force Argentina to pay up by enjoining the payment of restructured debt without also making payments to holders of unrestructured debt.
Las Vegas Sun (AP)
Sunday, September 15, 2013
Argentina's Congress has overwhelmingly approved a plan to swap new bonds for defaulted debt rather than comply with U.S. court orders to pay investors cash in full plus interest.
Wednesday night's vote sets up a direct challenge of the U.S. judiciary only days before Supreme Court justices in Washington are to decide whether to hear an appeal from President Cristina Fernandez.
Buenos Aires Herald
Saturday, September 14, 2013
In her first interview in four years President Cristina Fernández de Kirchner blasted vulture funds, reaffirming “the financial world's business aims to generate more debts”. She went through the Argentine history related to the external debts and her youth connected with Perón return to the country in 1973.
The President chose the journalist Hernán Brienza for the interview that took place in the presidential residence in Olivos and was transmitted via TV Pública and Radio Nacional.
President Fernández explained: “I need US dollars to pay the debt that I haven’t generated”, giving a historic overview of the 1970s when “the national heritage was sold out” leading to the 2001 crisis.
At the same time Fernández reassured: “Argentina is growing 5.1 percent, while the world is falling apart”.
MercoPress
Friday, Seotember 13, 2013
The brief came a day after news that the Supreme Court will decide whether or not to take on the case on September 30. Likewise the Argentine congress Lower House voted late Wednesday 192-33 to approve a third debt swap. The bill had already passed the Senate is now considered law.
If the US Supreme Court decides against taking the case, the New York appeals court ruling would remain firm and Argentina would likely enter into technical default.
BNAmericas
Friday, September 13, 2013
By Natan Levy
The US supreme court has announced that it will consider Argentina's July 24 petition for a hearing (certiorari) on September 30. All eyes will now be watching to see whether the supreme court asks for the views of the solicitor general.
The filing by the supreme court follows Argentina's response to the briefs issued by bond holdouts led by NML Capital, a unit of Elliott Management, in opposition to Argentina's petition and comes only two weeks after the country was denied its latest appeal by the US courts.
Latinvex
Wednesday, September 11, 2013
Argentine President Cristina Fernández de Kirchner on Aug. 26 announced a new debt-swap plan in defiance of a U.S. appeals court that ruled just days before that the South American country must pay a small group of bondholders more than $1.3 billion. If approved by Argentina's Congress, the new plan would allow all its bondholders to exchange their bonds for new ones issued under Argentine law instead of U.S. law. Does Argentina's new plan mark a turning point in the government's dispute with its so-called 'holdout' bondholders? Will bondholders accept the deal? Is Argentina headed toward a technical default, and how would a default affect the country?
Express
Friday, September 13, 2013
By Owen Bennett
Henry Smith, who last week called Russian President Vladimir Putin a "t*****" on Twitter, labelled Argentina's leader Cristina Kirchner as "disgraceful" for how she has treated residents of the Falkland Island.
During his Commons rant, Mr Smith also claimed Ms Kirchner stopped an Argentinian investigator testifying to the US Congress about the 1994 Buenos Aires bombing of the Argentine Israelite Mutual Association in order to protect a growing alliance with Iran.
Gibraltar Chronicle
Monday, September 16, 2013
Argentina is an “international outlier” that should be kicked out of the G20, an MP has said.
Tory backbencher Henry Smith (Crawley) branded its president, Cristina Kirchner, “disgraceful” for the way she has treated the people of the Falkland Islands and listed a litany of complaints against the South American country.
Mr Smith, who was rebuked last week by David Cameron after calling Vladimir Putin a “tosser” on Twitter while the Prime Minister was visiting the G20 in Russia, accused Argentina of falsifying economic figures to avoid paying its debt and providing a safe haven for drug dealers.
He claimed that Ms Kirchner stopped an Argentinian investigator testifying to the US Congress about the 1994 Buenos Aires bombing of the Argentine Israelite Mutual Association in order to protect a growing alliance with Iran.
Wall Street Journal
Friday, September 13, 2013
By Ken Parks
BUENOS AIRES--Brazil and Argentina pledged Friday to work together to improve the cyber defense capabilities of their armed forces following reports of widespread U.S. espionage in Latin America.
"We need to reflect on how we cooperate to face these new forms of attack," Brazil's Defense Minister, Celso Amorim, said at a conference in Buenos Aires.
Brazil will host a bi-lateral cyber security meeting later this year and has offered to provide cyber warfare training to Argentine officers starting in 2014 under a broader military cooperation agreement signed by the defense ministers of both countries Friday.
Tasnim News Agency
Sunday, September 15, 2013
TEHRAN (Tasnim) - Defense ministers of Brazil and Argentina pledged to cooperate closely to improve cyber defense capabilities following revelations of the scale of US spying on Latin American countries.
“We need to reflect on how we cooperate to face these new forms of attack,” Brazil's defense minister, Celso Amorim, said at a conference in Buenos Aires.
MercoPress
Monday, September 16, 2013
However these figures contrast dramatically with the so called Congress index, an average of private consultants estimate, (threatened with fines and court if they make them public), which indicates that in August inflation was 2.11% and 25.2% in the last twelve months.
For Indec food and beverage was up 1.3% in August despite the prices agreement with supermarkets. Likewise household equipment and maintenance was up 1.5%, while clothing and other goods and services climbed 0.8%.
Wall Street Journal
Friday, September 13, 2013
By Taos Turner
BUENOS AIRES--Argentine stocks, bonds and GDP warrants ended the week in positive terrain while the peso was little changed against the U.S. dollar.
The Merval stock rose 2.27% to 4,494.93 in volume totaling ARS111 million ($19.3 million).
The steel producer Tenaris SA (TEN.MI, TS) was by far the most traded stock on Friday. Its volume traded was more than double that of any other stock and it rose 1.2% to ARS214.60.
ABC News (AP)
Friday, September 13, 2013
By Frederick Bernas
Argentina is trying again to criminally prosecute people who publish independent inflation data, just as Congress opens debate on a 2014 budget that assumes economic good times next year.
The government is predicting strong annual economic growth of 6.2 percent, inflation of just 10.4 percent and a peso dropping only 10 percent against the dollar.
The American Interest
Friday, September 13, 2013
Being an economist is dangerous work in Argentina; too much honesty and integrity can lead to a midnight phone call from the government threatening incarceration. Orlando Ferreres, a respected economist in Buenos Aires, was the latest economist to dare tell the people that the country’s inflation index is a fat pack of lies. Naturally, reports the FT, he received a call from Guillermo Moreno, the commerce secretary:
According to Ferreres, inflation is up 23.8 per cent in the last 12 month, against INDEC’s figure of 10.6 per cent for the same period.
Ferreres could now face a prison sentence of up to two years for – according to Moreno – publishing bogus figures which would trigger a rise or fall in Argentine debt, enabling his clients to execute timely trades and earn a tidy profit.
Wall Street Journal
Friday, September 13, 2013
By Ken Parks
BUENOS AIRES--Argentina's government said that annual inflation as measured by its consumer price index rose 10.5% in August, though private-sector estimates are still more than double official data.
The CPI increased 0.8% from July, the national statistics agency Indec said Friday.
The government's 2014 budget forecasts average inflation of 10.3% this year, and 10.4% next year.
Magic Valley
Sunday, September 16, 2013
By Cindy Snyder
ROSARIO, Argentina • U.S. farm policy may be frustrating — especially as farmers are wait to see whether lawmakers can finalize a comprehensive farm bill yet this fall — but it’s usually not seen as anti-farming.
Even though nearly 80 percent of the U.S. agricultural budget is earmarked for food and nutrition programs, farmers benefit from subsidy programs that help them purchase crop insurance or offset low commodity prices and also cost-share programs to adopt conservation practices.
BBC News
Saturday, September 14, 2013
Argentine President Cristina Fernandez de Kirchner has criticised her country's elite for trying to create a negative image of her government.
"These small sectors have done well through history, they have kept the lion's share," Ms Fernandez said in an interview with state television.
She added that most Argentines are better off now then when she came to power.
Buenos Aires Herald
Sunday, September 15, 2013
Trouble looms for president as end nears
Argentina’s version of the rigid political system that was devised in the late 18th century by the “founding fathers” of the US works after a fashion when whoever happens to be president is reasonably popular. When he or she loses what the Chinese call “the mandate of heaven,” it breaks down. Luckily for the country, Raúl Alfonsín’s definitive fall from grace in mid-1989 came when a replacement, Carlos Menem, had just won an election and was already waiting in the wings, so his decision to quit the stage, there and then, did not do much damage. Fernando de la Rúa was less fortunate; his foes were in no mood to let him hang around for two more years, so when the economy started collapsing they kicked him out.
With these disreputable precedents in mind, many politicians are feeling distinctly nervous. Apart from the few who would like to see Cristina and assorted members of her government impeached for allegedly looting the country and riding roughshod over the laws they are supposed to respect while in office, they all say they want her to finish her allotted two-year term in the Pink House even if her “Victory Front” gets badly mauled in the elections due to be held in October because otherwise Argentina would experience yet another institutional upheaval, but just by raising the matter they are telling us that they suspect trouble is fast approaching and hope nobody puts the blame on them.
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