Argentina hours away from bond default

[Acker79]

Judging by the responses, I was the only one to think 'there's got to be a 007 joke I could make...'? Or did you all draw blanks, like me?

 

[SeeGoals]

Looks a bit Messi to me!

 

[Pavilionaire]

Judging by the responses, I was the only one to think 'there's got to be a 007 joke I could make...'? Or did you all draw blanks, like me?

1. Elect Blofeld as El Presidente.
2. Annihilate Bond.
3. Point giant laser at The Falklands, hold Great Britain to ransom for <sucks tip of finger> 1 millllion pounds?

 

[TomandJerry]

It's official:

Argentina defaults for second time

 

[SeagullinExile]

Not so I'm afraid. Since the OPEC agreements of 71 and 73, oil has always been traded in dollars. It means that if Germany want to buy oil from Norway then both have to do so in dollars. It creates a permanent market for the dollar and so, even if the US economy is in ruins, there will always be demand for its currency. Iraq and North Korea have broken this by buying and selling in Euros but it's still dollars that holds sway.

Although the BRIC group of countries are trying very hard to drop the petro $ and indeed the US$ as one of the worlds reserve currencies.

 

[seagullsovergrimsby]

It's official:

Argentina defaults for second time

Their S&P credit rating is now at "selective default". Argie stock index down 6.8%. Dow down 280 points wiping out any gains made this month.

 

[TomandJerry]

Their S&P credit rating is now at "selective default". Argie stock index down 6.8%. Dow down 280 points wiping out any gains made this month.

Continue to watch it fall

 

[Wozza]

"Argentina's economy minister Axel Kicillof has returned to the negotiating table in a last-ditch attempt to prevent the country defaulting on its bonds.

View attachment 56891

 

[Kevlar]

All they have to do is change their bills, and have a date for handing the old ones back.

if other countries want to sell something to USA
somebody has got to except dollars
the seller or a go between in the foreign exchange market

 

[Triggaaar]

if other countries want to sell something to USA
somebody has got to except dollars
the seller or a go between in the foreign exchange market

They'll still accept dollars. But some notes can get withdrawn, and normal banks etc no longer have to accept them.

What I didn't realise though, is that even decades after a bank note has been withdrawn, the issuing bank (BofE for us) still has to accept it. I presume the same is true in America.

 

[Acker79]

It's official:

Argentina defaults for second time

Ah well, you only live twice.

Continue to watch it fall

You mean, continue to watch it... Skyfall.

Yes! I knew I could get some James Bond jokes in here.