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Sep 17, 2014

Argentina drafts energy bill to lure investors to shale deposits

BUENOS AIRES, Sept 17 (Reuters) – Argentina’s federal
government said on Wednesday it had reached a preliminary
agreement with provinces on reforms to overhaul energy
regulations and improve incentives to lure the foreign investors
needed to develop its vast shale oil and gas reserves.

The cash-strapped South American country needs investment in
its southern Patagonian Vaca Muerta fields to reverse a costly
energy deficit that is pressuring low foreign reserves.

Sep 17, 2014

Argentina agrees draft energy law to boost foreign investment

BUENOS AIRES, Sept 17 (Reuters) – Argentina’s federal
government said on Wednesday it had reached a preliminary
agreement with provinces to reform energy regulations and
improve incentives to lure the foreign investors needed to
develop its vast shale oil and gas reserves.

The cash-strapped South American country needs investment in
its southern Patagonian Vaca Muerta fields to reverse a costly
energy deficit, meaning imports exceed exports, that is
pressuring low foreign reserves.

Sep 11, 2014

Argentina passes new debt bill with eye on next payment

BUENOS AIRES, Sept 11 (Reuters) – Argentina’s Congress on
Thursday passed a new debt bill designed to enable the
government to resume debt payments to bondholders in defiance of
a U.S. court ruling which tipped the country back into default.

President Cristina Fernandez’s leftist government is in a
race against the clock to make a $200 million coupon payment due
on Sept. 30 to prevent the default spreading across bond series,
which could raise the risk of investors calling for immediate
payment on the principal value of their bonds.

Sep 11, 2014

After default, Argentina economy falling into deeper hole

BUENOS AIRES (Reuters) – Argentina’s government is ramping up state intervention in the economy to try to prevent a new debt default from triggering a balance of payments crisis but its policies are also battering business confidence and may deepen a recession.

In the six weeks since Argentina failed to complete a debt coupon payment and defaulted for the second time in 12 years, the government has restricted the amount of dollars available to importers, boosted subsidies and drawn up proposals to interfere in private companies’ output plans.

Sep 11, 2014

Argentina’s Congress passes debt restructuring law

BUENOS AIRES (Reuters) – Argentina’s Congress gave final approval on Thursday to a law that would restructure the country’s debt to skirt a U.S. court ruling that forced it into its second default in 12 years, although its efficacy looked uncertain.

Under the debt restructuring plan, Argentina could make payments on its foreign-held bonds locally or elsewhere beyond the reaches of the U.S. court. It also encourages investors to move their Argentine debt from the United States or other foreign jurisdictions to either Argentina or France.

Aug 26, 2014

Argentina revokes Bank of New York Mellon’s authorization to operate

BUENOS AIRES (Reuters) – Argentina said on Tuesday it had stripped Bank of New York Mellon’s authorization to operate in the South American country, its latest move against the financial institution which obeyed a U.S. court ruling that tipped it into default.

Argentina’s Congress is due on Wednesday to discuss a law that would replace BONY as intermediary for payments on foreign law bonds with the state-controlled bank Banco Nacion, as part of a new debt restructuring plan.

Aug 22, 2014

Hurdles obstruct Argentina’s path to restructuring debt

BUENOS AIRES (Reuters) – Argentina’s proposed debt restructuring plan, designed to sidestep U.S. court rulings that led to the country’s default in July, faces massive legal and logistical hurdles that mean it may never get off the ground, lawyers said.

Left-leaning President Cristina Fernandez unveiled on Tuesday measures that would see the South American country make payments on debts held under foreign legislation in Argentina and push bondholders to bring their notes under Argentine law.

Aug 20, 2014

Argentina’s default strategy raises debt acceleration risk

BUENOS AIRES (Reuters) – Argentina’s plan to restructure its external debt to skirt a U.S. ruling that prevented it paying its creditors boosts the risk of investors demanding the accelerated payment of their bond holdings.

Its second default in little over a decade opened Latin America’s No. 3 economy to the possibility of creditors declaring the principal value of their bonds and interest due immediately – a process known as acceleration.

Aug 20, 2014

Argentina aims to skirt U.S. court, bring debt under national law

BUENOS AIRES (Reuters) – President Cristina Fernandez on Tuesday unveiled legislation that seeks to push bondholders to swap defaulted debt for new notes governed by Argentine law, a move aimed at skirting a U.S. ruling that prevented her government from paying its creditors.

Argentina slid into default last month after a New York court blocked an interest payment of $539 million owed to holders of debt issued under U.S. legislation that was restructured after the country’s record 2002 default.

Aug 4, 2014

Argentina launches investigation into holdouts’ investments

BUENOS AIRES, Aug 4 (Reuters) – Argentina’s markets watchdog
on Monday launched an investigation into what it believes may
have been unlawful speculation by holdout creditors whose
litigation against the country for repayment of their defaulted
bonds pushed it into a new default last week.

The government also reiterated its fierce criticism of the
mediator in debt talks with the holdout hedge funds for being
“biased” and a “spokesman of the vulture funds”.

    • About Sarah

      "Sarah covers economic and political news from Argentina as part of the Reuters Latin America reporting team. The focus this year is on a shift in policy ahead of key elections in late 2015 and signs of a slowdown in an economy marked by one of the world’s highest inflation rates. Sarah moved to Buenos Aires in 2014 from Berlin, where she reported on Europe’s largest economy for five years during the euro zone debt crisis. She joined Reuters as a graduate trainee in the London HQ in 2007 and has also done assignments in Frankfurt and Vienna. ..."
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