Category: Argentina

Argentina’s Double Default

Argentina’s economy contracted more than was forecast in the third quarter of 2014, as the South-American nation defaulted on its debt for the second time in thirteen years. As a result, the government was pushed to reduce imports, amid an already worrisome shortage of US dollars.

Gross domestic product shrunk by 0.8% that quarter, according to the agency for national statistics, and the median estimate of nine economists surveyed by Bloomberg was for a decline of 0.6%.

Argentina’s Economy could be going Off the Rails Soon

Argentina’s government has begun to increase their intervention in an attempt to bolster the economy. They are hoping to prevent new debt defaults which could initiate a crisis. The policies, however bright and sunny their intentions may be, are also destroying business confidence, potentially leading to a deeper recession.

It is amazing how many governments cannot figure out that lower taxes and regulations will lead to brighter horizons for all.

Argentina May See Currency Fall, Analysts Warn

After defaulting on its bonds for the second time in thirteen years last week, Argentina is in danger of seeing the value of its currency fall even further, which will only make it harder for the nation to honor its outstanding debts.

Argentine Scientists Hope To Turn Cow ‘Burps’ Into Energy Source

Argentine scientists have found a way to convert gas produced by bovine digestive systems into a fuel source, reported Reuters on Monday, though they do not expect the method to be practical for at least another 30 years.

Argentina Makes Final Stand Against “Vulture Funds” As Default Looms

The Argentinean government has submitted its final proposal to settle nearly $1.3 billion in sovereign debt to holdout creditors, offering a fresh bond swap at nearly one-sixth of the original value, reported Bloomberg on Sunday.

Argentina Vows To Resist Debt Demands Despite Risk Of Default

In the latest salvo of a bitter high-stake legal fight, attorneys for the Argentinean government on Wednesday told a U.S. appeals court that the nation would rather default on nearly $1.3 billion in sovereign debt than pay off a group of minority bondholders – mostly hedge funds – who had ignored two previous debt exchange offers in favour of pursuing full repayment.

Argentina Vows To Take Action Over Falklands Oil

Argentina’s foreign minister Hector Timerman on Wednesday said that his country would take legal action against oil companies exploring off the disputed Falkland Islands, ending a three-day visit to London with a swipe at the U.K.’s colonial history – by thanking God for the decline the British Empire.

Argentina On Brink Of Default After Rejecting US Court Ruling On Debt

Argentina could less than a month away from defaulting on approximately $24 billion worth of debt, reported the Associated Press on Thursday, after a US court barred the government from paying off investors who had agreed to swap their holdings of defaulted sovereign bonds for new securities, unless it also paid other bondholders suing for full repayment.