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Editorial: Local Debt Restructuring Underway, Foreign Debt Still Gridlocked Last Friday the executive submitted the bill to restructure the dollar debt under local law. This is a step in the right direction because it also fulfills the promise of matching the conditions of the proposal made to investors with foreign law bonds. The bond menu is identical, but logically the new securities will be issued under local law. Past due interest until the date of issuance will also be credited to those who accept the proposal in the first round. There is a carrot and stick approach to maximize acceptan
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Argentina: Urgent Need for a Stabilization Plan

( 17 mins read ) Editorial: Urgent Need for a Stabilization Plan The parallel dollar hitting 167 pesos set off all the alarms once again. The rumor mill prior to a long weekend anticipated new measures. They have not happened

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Argentina: Too Little, Too Late

( 15 mins read ) Editorial The Central Bank has changed the game. For the first time in a long time, it decided to devalue faster and timidly change the interest rate structure. It left the monetary policy rate at

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ARGENTINA: The Week at a Glance

( 24 mins read ) The Fragility of the Labor Market and Its Social Consequences Unemployment data showed the fragility of Argentina’s social scheme very clearly. Unemployment climbed to 13.1% a lower figure than expected by the market. But this

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Argentina Economy: The Week at a Glance

( 12 mins read ) The Super Cepo outshined the Budget In another country this weekly editorial would inevitably be about the Budget. The Bill was presented last week. It has a realistic activity expectation, a too-high deficit, and a

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ARGENTINA: The Week at a Glance

( 9 mins read ) No Magic without Credibility for Argentine Bonds The debt restructuring has become a reality. Argentina will have almost no financial pressure for the next 5 years, well into the following administration. The deal with the

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ARGENTINA: The Week at a Glance

( 18 mins read ) With a Little Help from My Friends The economic scenario is challenging for Argentina. International reserves are scarce, there is an excess of pesos, and an activity level that will fall by 11.6% according to

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ARGENTINA: The Week at a Glance

( 14 mins read ) Good Closure for the Debt: Now Comes the IMF Argentina successfully closed a very important chapter in its prolific economic history. It is solving its ninth default, practically with no skeletons in the closet after

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ARGENTINA: The Week at a Glance

( 18 mins read ) In Argentina, the feeling is that we hit rock bottom in April. Cement production, CAME’s sales, new vehicle registrations, Debits and Credits Tax revenue, and the recent PMI made by UADE all show better results in May than in April. The ongoing quarantine poses some limitations on activity improving during the coming weeks, but anyhow we expect the trend to stay positive.

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ARGENTINA: The Week at a Glance

( 18 mins read ) The Implications of the Debt Restructuring Deal It took its time, but it happened. The government finally struck a deal with their main creditors and everything points to the fact that, when figures are disclosed

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Argentina: The Week at a Glance

( 11 mins read ) The Spread Hops Back on Stage By the end of last week, the dollar exchange rate in its MEP and Blue Chip Swap versions surpassed the 120-peso barrier again and closed with a spread over

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My conversation from yesterday with @GPS_UCSD's @UlrikeSchaede
about THE ICONOCLAST is now online!

https://youtu.be/Z3e2aY2yKXc

The Kishi-Abe dynasty continues: Kishi Nobuo's son Nobuchiyo, a reporter at Fuji TV, is leaving his job to become his father's secretary at MOD.

https://news.yahoo.co.jp/articles/576f547f3024b2b7a86b66dafa33bf12f77db0db

China's move to tweak its exchange rate is less about weakening the yuan, and more about the gradual liberalization of the currency, say some market strategists.
@keping https://on.wsj.com/3jyuJ48

Here I discuss the international role of the euro with @Aligarciaherrer https://asiatimes.com/2020/10/politics-not-economics-demands-stronger-role-for-euro/

¿Fue buena la licitación de hoy? Si, fue buena. Pero era totalmente esperable con las expectativas de devaluación por las nubes. ¿Resolvió algún problema de fondo? Ninguno. Se ganó algo de tiempo. Restan ver 2 cosas importantes: % sector público y % que viene del desarme leliqs

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