Editorial by Carlos Pagni re: A review of the negotiations with the holdouts

[gracielle]

Political columnist for the newspaper LA NACION. He is professor of History at the National University of Mar del Plata and was professor of the Chair of History of Political Ideas at the Faculty of Law of the National University of Mar del Plata, and researcher at the Emilio Ravignani Institute of the UBA Faculty of Philosophy and Letters. It provides political consulting services for institutions and companies in the country and abroad. In 2002 he was decorated by the government of the Republic of Brazil with the Order of Río Branco. He is the host of the prime time show "Odisea Argentina" on Channel LN+.

https://www.lanacion.com.ar/politic...s-le-salio-muy-mal-al-kirchnerismo-nid2373414

4 June 2020
The trick of the flight of dollars went very wrong for the Kirchneristas
If it weren't for the fact that society is going through a distressing moment, some verbal stunts with the economy by Kirchneristas would provoke laughter. Since it was installed, the canonical interpretation of the crisis in which the country is submerged is the following: "We are indebted to the International Monetary Fund so that the dollars could be walked off by Macri's friends." The increasing tension in debt negotiation and an exchange gap that almost reached 100% advised offering a practical demonstration of that perversity: publishing the list of those who "fled" currencies under the neoliberalism of Cambiemos.

Kissinger always recommended that, in politics, you should never ask a question if the answer is not known in advance. Official spokesmen ignored the advice. And the trick went wrong.....

 

[gracielle]

Update as of 2 August 2020:

Exclusivo: Alberto Fernández suspendió la extensión de la oferta a los bonistas y abrirá negociaciones con el FMI

El Presidente sólo iniciará otra ronda de diálogo con los acreedores privados si aceptan su oferta económica y además el sistema financiero avala ciertas reformas jurídicas destinadas a facilitar un acuerdo exitoso

www.infobae.com

Exclusive: Alberto Fernández suspended the extension of the offer to bondholders and will open negotiations with the IMF
The President will only initiate another round of dialogue with private creditors if they accept his economic offer and also the financial system supports certain legal reforms aimed at facilitating a successful agreement.
.... When Martín Guzmán had already drawn up until the press release announcing the extension of the official offer to Wall Street bondholders, Alberto Fernández gave the counter-order by cell phone: “Stop everything. We do not extend, ”said the President from the Olivos estate. Guzmán cut the meager communication, retraced his steps, and executed a political decision that puts Argentina on the brink of default.
....If there is no extension of the proposal to investment funds, there is no chance of a successful swap. An agreement that ranges between 66 and 85 percent bondholders' accession is required -according to the series of the issued titles-, and the economy minister until yesterday only had a figure close to 40 percent.
....So, if the President does not change his mind in the next few hours, the negotiation will have failed because an agreement was not reached with private creditors, who have the power to await a new round of dialogue with Guzmán or march on a rolling drum toward the Manhattan courts to initiate a default trial.
The difference in the official offer from the BlackRock and its allies counteroffer is $ 3 less . Alberto Fernández has already warned in public and private that he would not move from his initiative to private creditors, despite the lobby in Spanish and English that still devastates his office in the Olivos estate....

Google Translate

I hope the ineptness of Guzman (and his mentor/assessor Stieglitz) to negotiate the repayment of the debt over the past 5 months will be a black mark on their CV's. The time may have come for AF to replace Guzman as Minister. Rumors abound re: AF having offered the position to Roberto Lavagna, the Argentine economist and politician, who was Minister of Economy and Production from April 27, 2002 until November 28, 2005.