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Jun 17, 2014

Argentina vows to service debt despite new legal blow

WASHINGTON/BUENOS AIRES (Reuters) – President Cristina Fernandez vowed on Monday to find a way to service Argentina’s restructured debt despite suffering a major setback in a long legal battle against “holdout” investors that pushed the country closer to a new default.

Hours after the U.S. Supreme Court refused to hear an Argentine appeal aimed at staving off a default, a defiant Fernandez slammed U.S. courts for repeatedly ruling against her government.

Jun 17, 2014

Supreme Court rejects Argentina appeal in bond fight

WASHINGTON/BUENOS AIRES (Reuters) – The U.S. Supreme Court declined on Monday to hear Argentina’s appeal over its battle with hedge funds that refused to take part in its debt restructurings, an unexpected move that risks toppling Latin America’s No 3 economy into a new default.

The high court left intact lower court rulings that ordered Argentina to pay $1.33 billion to the so-called holdouts who refused 2005 and 2010 debt swaps in the wake of its catastrophic 2001-02 default on $100 billion.

Jun 16, 2014

What’s next for Argentina’s debt battle after latest court defeat?

NEW YORK/BUENOS AIRES (Reuters) – The U.S. Supreme Court on Monday declined to hear Argentina’s appeal seeking to overturn an order to pay holdout sovereign creditors $1.33 billion, setting off a scramble in Buenos Aires on what it can do now given its legal options are exhausted.

If Argentina cannot come to an agreement with the holdouts and pay them at the same time it pays the bondholders who participated in two prior sovereign restructurings, the South American nation will enter a technical default. Exchange bondholders hold roughly $24 billion worth of restructured debt.

Jun 16, 2014

U.S. top court rejects Argentina appeal in bond fight

WASHINGTON/BUENOS AIRES (Reuters) – The U.S. Supreme Court declined on Monday to hear Argentina’s appeal over its battle with hedge funds that refused to take part in its debt restructurings, a move that risks send Latin America’s No 3 economy into a fresh sovereign default.

The high court left intact lower court rulings that ordered Argentina to pay $1.33 billion to the so-called holdouts who refused 2005 and 2010 debt swaps in the wake of its catastrophic 2001-02 default on $100 billion.

Jun 13, 2014

Argentina’s economy minister: from ‘flaming Red’ to pragmatic negotiator

BUENOS AIRES (Reuters) – When he became Argentina’s economy minister late last year, many in the business community feared Axel Kicillof, who was once described by a critic as a “flaming Red Marxist,” might plunge Latin America’s No. 3 economy deeper into isolation in the name of ideology.

Instead, the enigmatic scholar who previously lambasted foreign firms for “looting” the country, has in a few months resolved some of Argentina’s long-running disputes with companies and creditors, in a bid to attract investment back into the country.

Jun 13, 2014

Insight – Argentina’s economy minister: from ‘flaming Red’ to pragmatic negotiator

BUENOS AIRES (Reuters) – When he became Argentina’s economy minister late last year, many in the business community feared Axel Kicillof, who was once described by a critic as a “flaming Red Marxist,” might plunge Latin America’s No. 3 economy deeper into isolation in the name of ideology.

Instead, the enigmatic scholar who previously lambasted foreign firms for “looting” the country, has in a few months resolved some of Argentina’s long-running disputes with companies and creditors, in a bid to attract investment back into the country.

May 29, 2014

Argentina clinches landmark debt repayment deal with Paris Club

PARIS/BUENOS AIRES (Reuters) – Argentina reached an agreement on Thursday with the Paris Club of creditor nations on repaying overdue debts in a landmark deal that helps the country put its record default behind it and should open up much-needed sources of international financing.

The Club said the deal, reached in the early hours of the day in Paris, would allow Argentina to clear around $9.7 billion of arrears over the next five years.

May 23, 2014

Argentine economy faces first slump since end of debt crisis

BUENOS AIRES (Reuters) – After a decade of growth, Argentina faces a sharp decline this year as industrial output falls and one of the world’s highest inflation rates hits consumer spending and new investment.

The economy had grown steadily since recovering from a 2001-2003 debt crisis and it expanded 3 percent last year but it stumbled in the fourth quarter and likely slid into a recession at the start of this year.

Apr 4, 2014

German industry orders rise in February, point to strong first-quarter

BERLIN (Reuters) – Domestic demand drove a stronger-than-expected 0.6 percent rise in German industrial orders in February, Economy Ministry data showed on Friday, marking the fourth consecutive monthly gain and underscoring the pickup in Germany’s mighty industry.

The increase in seasonally-adjusted orders beat the consensus forecast in a Reuters poll of 32 economists for a rise of 0.1 percent. The gain in January orders was revised downwards to 0.1 percent from an originally reported 1.2 percent.

Apr 4, 2014

German industry orders rise in Feb, point to strong Q1

BERLIN, April 4 (Reuters) – Domestic demand drove a
stronger-than-expected 0.6 percent rise in German industrial
orders in February, Economy Ministry data showed on Friday,
marking the fourth consecutive monthly gain and underscoring the
pickup in Germany’s mighty industry.

The increase in seasonally-adjusted orders beat the
consensus forecast in a Reuters poll of 32 economists for a rise
of 0.1 percent. The gain in January orders was revised downwards
to 0.1 percent from an originally reported 1.2 percent.

    • 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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