Argentina

Not holding his breath.Argentina’s economy minister has bad news for those of us enjoying every minute of the country’s ridiculous default: It’ll probably be over next year, when “the instruments that the vulture funds have used for extortion,” a.k.a. the bludgeon Argentina gave them with which to hit it, a.k.a. the rights against future offers clause whose violation might or might not lead to Argentina’s disappearance from the map or something, expires. Read more »

This is the face she made when she found out.Forget about tomorrow’s likely electoral thrashing; President Obama has a much more serious problem on his hands. Argentina has done some Googling and learned that the part-time head of a minor U.S. government advisory board is also the part-time head of a group that thinks Argentina should maybe pay its bills. The discovery made Argentine President Cristina Kirchner so angry that she went straight to the hospital with a fever after tweeting about it. Read more »

The saintly Daniel Pollack will try to parse just how everyone wants to proceed once the rights against future offers clause Argentina’s been hiding behind is no more. For now, however, everyone wants to proceed exactly as they have been proceeding. Read more »

It may not seem like Argentina needs another enemy right now, but it’s gone ahead and found one. The latest to be at fault for Argentina’s refusal to pay its bills? Germany. Surprising, I know, what with the Germans’ own long history of fiscal recklessness and inability to find traction in the international debt markets. Oh yea, and the fact that Argentina was kind enough to take in all of those troublesome Teutons back in the ‘40s and ‘50s; a little gratitude maybe would be in order? But it’s true: Germany has a “hostile attitude” towards Argentina’s plan to do whatever the hell it wants while still borrowing money on its terms. Read more »

Paul Singer doesn’t want to hear the bank’s bellyaching. Neither does the U.S. Second Circuit Court of Appeals. But not wanting to go the way of BNY Mellon, Citi will try its hand once more with the not-always-sympathetic Thomas Griesa. Read more »

  • 18 Sep 2014 at 3:12 PM

Argentina Ready To Declare War Over Semantics

There’s been a major diplomatic incident in Buenos Aires: It seems the U.S. chargé d’affaires in Argentina has committed the unpardonable sin of telling the truth by saying that it might be a good idea for the country to “get out of default.”

Well, this did not sit well with Foreign Minister Hector Timerman, for, as you may have heard, the Argentine government is of the magical realist persuasion in which if you don’t pay your bills you’re not in default if you say you tried really hard to pay them, like by putting the onus on the Bank of New York Mellon and then firing them and throwing them out of the country, regardless of what all the ratings agencies and ISDA and everyone else says. To say otherwise would be an impermissible intrusion into the internal affairs of a sovereign country, unlike, say, suggesting that a president make a troublesome judge disappear. Read more »

Sure, its plan to offer investors the chance to exchange their New York-law debt for Argentine- or French-law debt is dead in the water. But when it comes to wholly symbolic acts in the name of the principle of not having to pay your debts, Argentina simply can’t help itself. Read more »