Argentina

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 »

  • 09 Oct 2014 at 2:33 PM

Take Cristina Kirchner’s Word For It

She may be running out of dollars, and the new civil code her party just rammed through may technically allow it to pay its debts in its increasingly worthless currency. But she promises you that Argentina would never do something so underhanded as that. 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 »

  • 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 »

Whatever else you may say of him—and Argentina has said a lot: for instance, that he’s incompetent and hopelessly biased against it—you must admire Daniel Pollack’s persistence. Ever since being handed the thankless and hopeless job of trying to sort out in a few weeks what 13 years of litigation just made worse, the court-appointed mediator has suffered the slings and arrows, listened to what one imagines are endlessly repetitive speeches by Argentine politicians and issued many press releases pretending that there is the remotest chance of a settlement. And, God bless him, even after Argentina basically said it wasn’t interested in negotiating anymore, he’s still at.

Alas, the results are the same. Read more »

So Richard Perry and 49 or so friends have been dropping in on Argentina’s finance minister—who’s on another vacation in New York—for a little chat about, you know, the non-default default. Because, as holders of Argentina’s restructured debt, they’d really like to get paid, preferably on time next time.

Unfortunately for them, they are under an interdict from Judge Thomas Griesa not to do anything that might be construed as helping the excommunicated Argentines from ignoring or skirting his rulings some more. And Argentina is under a self-imposed interdict which keeps it from talking about waiving a clause for fear of triggering that clause. Or because it’s a handy excuse to not talk to Paul Singer. Whatever. Either way, the meetings must have sounded like an FBI wiretap of John Gotti ordering a hit. Read more »