Hugh's Feed
Jul 22, 2015

Don’t Lie To Me Argentina: False inflation data to end next year?

BUENOS AIRES (Reuters) – The front-runner in Argentina’s presidential election campaign is unnerving investors with his silence over the country’s notoriously inaccurate inflation reporting, while the second place candidate says data transparency would be a top priority.

Official recognition that Argentina has one of the world’s highest inflation rates would help improve a business climate tattered by heavy government controls and repeated sovereign debt defaults.

Jul 6, 2015

Argentina’s Fernandez celebrates Greece’s “No” to creditors

BUENOS AIRES, July 5 (Reuters) – World markets may tremble
at Sunday’s decision by Greek voters to reject conditions of a
rescue deal from creditors, but the leader of Argentina, which
suffered a similar crisis more than a decade ago, boldly
welcomed the referendum result.

President Cristina Fernandez, known for combatively
defending her unorthodox policies, tweeted that Greece’s vote
marked “a resounding victory for democracy and dignity.”

Jun 29, 2015

Argentina’s ruling party candidate bursts ahead in new poll

BUENOS AIRES (Reuters) – The ruling party’s candidate for president of Argentina, who faced doubts about his loyalty to outgoing leader Cristina Fernandez, has won over the party faithful and surged ahead of the pro-business opposition, a poll released on Monday showed.

Buenos Aires Governor Daniel Scioli, of Fernandez’s Front for Victory party, has 35.1 percent of voter intentions compared with 26.9 percent held by the capital’s Mayor Mauricio Macri, his closest rival, according to the survey by pollster Ricardo Rouvier & Associates. The election is in October.

Jun 21, 2015

Argentina’s Fernandez may wield big influence after presidency

BUENOS AIRES (Reuters) – Argentina’s Cristina Fernandez will step down as president in December, but her influence may remain strong enough to impede investment-friendly reforms in Congress if her ruling party wins legislative elections in October.

Ending speculation she might run for Congress herself, the outgoing two-term president is letting her economy minister, the architect of her interventionist policies, lead the Front for Victory party’s fight to retain control of the House and Senate.

Jun 19, 2015

Center-right Argentine candidate names loyalist as running mate

BUENOS AIRES, June 19 (Reuters) – Argentine Senator Gabriela
Michetti will be the running mate of presidential candidate
Mauricio Macri, he said on Friday, defining the battle lines
ahead of an October election that will pit the business-friendly
duo against the current ruling party.

Macri, mayor of Buenos Aires, is second in the polls against
front-runner Daniel Scioli, the provincial governor who this
week picked a member of the inner circle of outgoing President
Cristina Fernandez as his vice presidential candidate.

Jun 17, 2015

Choice of running mate by Argentina’s Scioli scares investors, bonds fall

BUENOS AIRES, June 17 (Reuters) – Argentine bonds weakened
on Wednesday after presidential front-runner Daniel Scioli chose
a loyalist of the current government as his running mate for the
October election, a choice that may signal a continuation of
policies that have deterred investment.

Markets had hoped that Buenos Aires Governor Scioli would
use his choice of a running mate to distance himself from the
interventionist policies of outgoing President Cristina
Fernandez.

Jun 17, 2015

Argentine bond market weighed down by Scioli running mate choice

BUENOS AIRES, June 17 (Reuters) – Argentine bonds weakened
on Wednesday after presidential front-runner Daniel Scioli chose
a loyalist of the current government as his running mate for the
October election, a choice that may signal a continuation of
policies that have deterred investment.

Markets had hoped that Buenos Aires Governor Scioli would
use his choice of a running mate to distance himself from the
interventionist policies of outgoing President Cristina
Fernandez. Instead, he said late Tuesday that he chose Fernandez
loyalist and legal advisor Carlos Zaninni to run as his vice
presidential candidate.

Jun 10, 2015

Argentine opposition candidate Massa stays in presidential race

BUENOS AIRES (Reuters) – Argentine presidential candidate Sergio Massa will continue his campaign toward the October election, the congressman said on Wednesday, dismissing speculation that he might quit the race to join forces with a stronger opposition candidate.

Some reports had said Massa might form a coalition with presidential hopeful Mauricio Macri, the business-friendly mayor of Buenos Aires who is seen by many investors as the best bet for dismantling currency and trade controls that have weighed on the economy under outgoing President Cristina Fernandez.

May 7, 2015

Hedge funds freeze bank accounts in push for Argentina debt deal

BUENOS AIRES (Reuters) – Hedge funds suing Argentina over its defaulted debt have had two government bank accounts frozen in a bid to pressure the country to improve the terms offered in its previous bond restructurings, a source familiar with the situation said on Thursday.

The accounts are in Belgium and the freeze was imposed by that country’s court system, marking the latest twist in a legal feud going back to Argentina’s record-smashing default on about $100 billion in sovereign bonds in 2002.

May 5, 2015

Argentine soyoil exports slowed by strike as labor strife grows

BUENOS AIRES, May 5 (Reuters) – Argentina soyoil shipments
were slowed on Tuesday by the start of a wage strike by a union
representing 20 percent of the country’s crushing workers, while
the powerful CGT dock-workers union debated whether to join work
stoppage.

Argentina is being racked by wage negotiations driven by
inflation estimated by private economists at 25 to 30 percent.