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Dec 13, 2014

Argentina bond top-up fails, reserves still under siege

BUENOS AIRES, Dec 12 (Reuters) – Argentina’s first
dollar-denominated bond issue since it defaulted on its debt in
July has flopped, dealing a blow to government efforts to shore
up its low foreign reserves.

Economy Minister Axel Kicillof said on Friday that Argentina
received offers worth just $286 million, far below the $3
billion of Bonar24 paper offered by the government. The economy
ministry later said all bids were accepted.

Dec 12, 2014

Argentina bond top-up disappoints, pressure still on reserves

BUENOS AIRES, Dec 12 (Reuters) – Argentina’s first
dollar-denominated bond issue since it defaulted on its debt in
July has flopped, dealing a blow to government efforts to shore
up its low foreign reserves.

Economy Minister Axel Kicillof said on Friday that Argentina
had received offers worth just $286 million, far below the $3
billion of Bonar24 paper offered by the government. He did not
say if the government had accepted those bids.

Dec 12, 2014

Argentina bond top-up disappoints, pressure still on reserves

BUENOS AIRES, Dec 12 (Reuters) – Argentina’s first
dollar-denominated bond issue since it defaulted on its debt in
July has flopped, dealing a blow to government efforts to shore
up its low foreign reserves.

Economy Minister Axel Kicillof said on Friday that Argentina
had received offers worth just $286 million, far below the $3
billion of Bonar24 paper offered by the government. He did not
say if the government had accepted those bids.

Dec 4, 2014

Argentina says will pay local dollar bond early to curb speculation

BUENOS AIRES, Dec 4 (Reuters) – Argentina offered on
Thursday to pay out early on a dollar-denominated bond due in
2015 to quell market speculation that it will struggle to
service its debt next year due to low foreign reserves and
fallout from a sovereign default four months ago.

Economy Minister Axel Kicillof said holders of the local-law
Boden15 bond can take cash or swap for another
bond due in 2024, an option that would ease the financial burden
on the South American country’s strained coffers.

Nov 4, 2014

Procter & Gamble will not lay off staff in Argentina due to tax probe – source

BUENOS AIRES (Reuters) – Procter & Gamble Co (PG.N: Quote, Profile, Research), the world’s No. 1 household products maker, has no plans to lay off staff in Argentina despite having to suspend commercial operations in the country while it grapples with a tax fraud probe, a source familiar with the matter said on Tuesday.

P&G employees are showing up for work and carrying out tasks not related to the sale and purchase of goods, while the company continues talks with the Argentine tax authority, AFIP, in an attempt to defuse the situation, the source told Reuters.

Nov 4, 2014

P&G will not lay off staff in Argentina due to tax probe -source

BUENOS AIRES, Nov 4 (Reuters) – Procter & Gamble Co,
the world’s No. 1 household products maker, has no plans to lay
off staff in Argentina despite having to suspend commercial
operations in the country while it grapples with a tax fraud
probe, a source familiar with the matter said on Tuesday.

P&G employees are showing up for work and carrying out tasks
not related to the sale and purchase of goods, while the company
continues talks with the Argentine tax authority, AFIP, in an
attempt to defuse the situation, the source told Reuters.

Oct 31, 2014

Argentina default spreads to Par bonds, risking payment demands

BUENOS AIRES/NEW YORK, Oct 31 (Reuters) – Argentina’s debt
default spread to its Par bonds on Friday after the country
failed to complete an interest payment, raising the risk that
creditors could demand that the country’s cash-strapped
government immediately repay all of its debt.

Argentina deposited a $161 million payment with a newly
appointed local trustee last month to try to circumvent U.S.
court orders for it to settle with “holdout” investors. The
holdouts are suing to get full repayment of bonds from a 2002
default before holders that accepted the terms of a debt
restructuring get paid by the government.

Oct 31, 2014

Argentina default spreads to Par bonds, raising acceleration risk

BUENOS AIRES/NEW YORK, Oct 31 (Reuters) – Argentina’s debt
default spread to its Par bonds on Friday after the country
failed to complete an interest payment, raising the risk that
creditors could demand that its cash-strapped government
immediately repay all of its debt.

The country last month deposited a $161 million payment with
a newly appointed local trustee to try to circumvent U.S. court
orders for it to settle with “holdout” investors suing for full
repayment of bonds from a 2002 default before paying debtholders
who accepted a restructuring.

Oct 8, 2014

Argentina’s president seeks to dispel fears of ‘peso-fication’

BUENOS AIRES, Oct 7 (Reuters) – Argentine President Cristina
Fernandez on Tuesday dismissed fears the country’s new civil
code would allow debtors to repay foreign currency obligations
in pesos, but confusion remained over the likely impact of a
disputed clause.

Fernandez signed into law a new civil and commercial code
that will go into effect in 2016 and contains thousands of
articles covering issues as diverse as same sex marriage and
bank transactions.

Oct 2, 2014

Argentina’s new central bank chief a loyal government ally

BUENOS AIRES, Oct 2 (Reuters) – Career civil servant
Alejandro Vanoli’s banking CV is thin and his staunch defense of
reforms to ramp up state controls in the Argentine economy
suggest he will be an unquestioning government ally in his new
job as central bank chief.

The former markets watchdog chief, 53, brands himself as a
“people’s economist” though he is far from a household name in
Argentina and barely known in financial circles outside.

    • 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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