ARGENTINA: The Week at a Glance

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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 achieving a 93% acceptance rate, which means over 99% of the bonds will be restructured once the collective action clauses are triggered. Some bondholders did not participate in the debt restructuring, but the number is small (they hold approximately USD 600 million from the 2010 Par Bonds), so we could say that the cost is almost exclusively reputational for being such a frequent
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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 ) Press play to listen 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

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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 ) Press play to listen 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

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Argentina: The Week at a Glance

( 10 mins read ) Press play to listen 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

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Argentina Economy: The Week at a Glance

( 16 mins read ) Press play to listen Editorial: Is the Fourth Time the Charm? Argentina submitted its fourth sovereign debt restructuring proposal under foreign law. This time it smells like a goal, but the ball still has to

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Argentina: The Week at a Glance

( 14 mins read ) Press play to listen Editorial: The Financial Health of the Provinces Argentina’s provinces finished 2019 with a primary fiscal surplus for the second year in a row. But, despite this improvement in fiscal behavior, three

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Argentina Economy: The Week at a Glance

( 29 mins read ) Press play to listen Editorial: Emission, the Great Danger for the Second Semester Argentina is heading towards a primary deficit which, being conservative, will reach 5.5% of GDP but could be higher, depending on factors

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Argentina Economy: The Week at a Glance

( 12 mins read ) Press play to listen Editorial: Unnecessary Noise The announcement that Vicentín was being expropriated made a lot of unnecessary noise in the economy. This could complicate both the short-term and medium-term outlook, the former because

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Argentina: Econviews Monthly Report

( 37 mins read ) Press play to listen Recent Developments COVID-19: 85% of the country has normalized activities with social distancing recommendations (with the exception of tourism, massive events and inter-jurisdictional transport, which are not allowed). In the case

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The second quarter of 2020 is the first quarter in a long time where the combined increase in the net foreign assets of the PBOC and the state banks came close to $100b -- a typical sum back in the days when China was actively resisting appreciation pressure

I, for one, find China’s current policies in Xinjiang deplorable, but this thread gets straight to the heart of how the discourse on Xinjiang is getting derailed and why many Chinese people who would otherwise support criticism on XJ feel alienated and even attacked on the topic. https://twitter.com/chengxinpan/status/1310336009624719360

Chengxin Pan@ChengxinPan

them, using all sorts of techniques and name-calling. Again there is nothing good faith about those kinds of behaviours. Research in good faith also entails comparing China's policy to similar policies in other countries: if these are concentration camps, then do please compare

[ACTIVIDAD ECONÓMICA]

- En julio continuó recuperándose (1.1% m/m), aunque a menor ritmo que en mayo y junio, y todavía se encuentra 11.6% debajo de febrero

- En términos interanuales, el indicador oficial se contrajo 13.2%

- En el acumulado la caída fue de 12.6%

@kiguel

Speaks to breakdowns of civic-mindedness, lack of central authority, subversion of institutions, and a whole bunch of other not-great things. Tax evasion is a wonderful proxy marker.

El Director de la consultora @Poliarquia_, Eduardo Fidanza explica los problemas que atraviesa la Argentina y dónde podría estar la recuperación de la iniciativa del gobierno.
@CanalNetAr @perfilcom

https://www.perfil.com/noticias/reperfilar/columna-fidanza-24092020.phtml

Para el turno mañana, va el link a La Economía en 3 minutos. Esta semana "La cuarentena desigual". El mercado de trabajo derretido y suba de desigualdad pasaron casi desaparcibidos en una semana caótica.

https://anchor.fm/andres109/episodes/La-cuarentena-desigual-ek8dss

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