Hugh's Feed
Sep 18, 2014

Argentina’s Congress approves supply bill; business frets

BUENOS AIRES (Reuters) – President Cristina Fernandez’s campaign to bolster the state’s role in Argentina’s economy took a big step forward on Thursday when Congress approved a bill allowing the government to intervene in the pricing and output levels of large companies.

The House of Deputies voted 130-105 early on Thursday for the so-called supply law. It enables the government to set profit margins and confiscate merchandise from private companies judged to have hiked prices unjustifiably.

Sep 16, 2014

Default? What default? Argentina slams U.S. for using “D” word

BUENOS AIRES, Sept 16 (Reuters) – Argentina called in the
United States’ top diplomat in the country on Tuesday to express
its “deep indignation” over a local newspaper interview in which
he made reference the South American country’s latest debt
default.

Argentina missed a coupon payment on its restructured
sovereign bonds in July after a U.S. judge ordered that $539
million deposited by Buenos Aires with an intermediary bank and
intended for bondholders not be paid out.

Sep 11, 2014

Argentina Congress passes debt law to skirt U.S. court ruling

BUENOS AIRES (Reuters) – Argentina’s Congress on Thursday overwhelmingly passed a debt bill aimed at defying a U.S. court ruling which tipped the country into default for the second time in 12 years.

After an overnight debate, the lower house of the legislature passed the bill which authorizes the government to circumvent the U.S. court and ensure bondholders receive upcoming interest payments on an estimated $29 billion in bonds, on which the country defaulted in July.

Sep 9, 2014

Argentina right to seek global debt restructuring: Stiglitz

BUENOS AIRES (Reuters) – Argentina is right to fight the U.S. court ruling that pushed it into default in July, Nobel prize-winning economist Joseph Stiglitz said on Tuesday as the country asked the United Nations to oversee sovereign debt restructurings.

Its economy shrinking and currency hitting record lows, Argentina is in a punishing legal feud with hedge funds that rejected the country’s 2005 and 2010 debt restructurings. But the case has implications far beyond the South American country.

Sep 5, 2014

Argentina says ‘many creditors’ want to swap into local law debt

BUENOS AIRES (Reuters) – Many investors are interested in swapping global Argentine bonds for paper governed by local law, cabinet chief Jorge Capitanich said on Friday, a day after the Senate approved the proposed debt exchange as a way to circumvent U.S. court rulings.

Argentina fell into default in July and is looking for a way to make its next global bond coupon payment due Sept. 30.

Sep 4, 2014

Argentine Senate passes bill to put debt outside U.S. reach

BUENOS AIRES (Reuters) – Argentina’s Senate on Thursday passed a bill aimed at circumventing U.S. court decisions regarding its defaulted debt by changing payment jurisdiction, sending the proposal to the lower house Chamber of Deputies for final approval.

The chamber, like the Senate, is controlled by government allies who are expected to vote the bill into law. Debate in the lower chamber is set to start next week. The Senate vote approving the measure was 39 to 27.

Sep 4, 2014

Argentine Senate approves debt jurisdiction bill, sends to House

BUENOS AIRES, Sept 4 (Reuters) – Argentina’s Senate on
Thursday passed a bill aimed at circumventing U.S. court
decisions regarding its defaulted debt by changing payment
jurisdiction, passing the proposal to the lower House of
Representatives for final approval.

The House, like the Senate, is controlled by government
allies who are expected to vote the bill into law. Debate in the
lower chamber is set to start next week. The Senate vote
approving the measure was 39 to 27.

Sep 3, 2014

Argentina proposes France as bond payment jurisdiction

BUENOS AIRES, Sept 3 (Reuters) – Argentina’s Senate on
Wednesday began debating a bill designed to sidestep U.S.
court-rulings that led to the South American country’s July debt
default, including an amendment to add France as a jurisdiction
for making bond payments.

President Cristina Fernandez wants to resume servicing
sovereign bonds that were restructured after Argentina’s
previous default in 2001. The bill is her attempt at putting the
country’s debt out of reach of U.S. courts that have
jurisdiction over some of Argentina’s original bond contracts.

Sep 2, 2014

Analysis – Argentine farmers see grains surge if next president opens market

BOLIVAR Argentina (Reuters) – Grains powerhouse Argentina could increase soy, corn and wheat output by as much as a fifth if the president elected next year scraps export quotas, eases taxes and reverses other policies that have slowed investment, farmers and commodity traders say.

Relations between Argentina’s growers and President Cristina Fernandez are riven by disagreements over interventionist policies that farmers say have sapped profits, hurt the currency and helped fuel one of the world’s highest inflation rates.

Sep 2, 2014

Argentine farmers see grains surge if next president opens market

BOLIVAR Argentina (Reuters) – Grains powerhouse Argentina could increase soy, corn and wheat output by as much as a fifth if the president elected next year scraps export quotas, eases taxes and reverses other policies that have slowed investment, farmers and commodity traders say.

Relations between Argentina’s growers and President Cristina Fernandez are riven by disagreements over interventionist policies that farmers say have sapped profits, hurt the currency and helped fuel one of the world’s highest inflation rates.