So Much For The Sanctity Of Institutions

[Bajo_cero2]

This is not how exchanges work. If liquidity dries up, you are going to get the next available price. Read up on what happened when the Swiss National Bank stopped defending its EURCHF peg several months ago. Many traders and brokers lost their shirts. FXCM, a publicly traded company and FX broker in the US, almost had to declare bankreuptcy. Other brokers, such as Alpari, did go under, and none of the resulting lawsuits have been dismissed because the client traded an asset (in this case a national currency just like the ARS) that was mispriced or manipulated (as indeed the CHF was).

Well, in other country perhaps.
Here the situation is different because they want to change the controlled value of the usd currency by decree instead to change the whole system by a law.

 

[Bajo_cero2]

unless the contract was illegal.

Easy to say.
Administrative procedure law, art. 12 stablished the presumption of legallity of the acts made by public authorities.
They barely won an election, not a coup.

 

[sesamosinsal]

It seems they are now closer to a solution: http://www.lanacion.com.ar/1854021-dolar-futuro-el-gobierno-mas-cerca-de-la-salida

A clause in the ROFEX contracts allows the prices to be modified. They will not use the prices in NY as a reference, which I am guessing would be legally questionable.

For the MAE contracts, the BCRA will pay, but the major players will invest the pesos into bonds.

If all goes according to plan, this is a major fail for Vanoli.