Argentina hours away from bond default

[TomandJerry]

"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.

Mr Kicillof's talks with "hold-out" investors ended late on Tuesday night in New York without agreement.

They are demanding a full pay-out of $1.3bn (£766m) on the bonds they hold.

A US judge has ruled that the "hold-outs" must be paid by Wednesday night if no deal is agreed.

But thousands of miles away in Buenos Aires, many are sceptical that there can be any agreement."

 

[Triggaaar]

Let's hope they don't look for a war to turn attention from their economy.

 

[seagullsovergrimsby]

Bob Taylor [MENTION=11930]bob[/MENTION]Taylor19 · 5h
Argentina on brink of second debt default in 12 years http://gu.com/p/4vbeb/tw via @guardian

Bob Taylor [MENTION=11930]bob[/MENTION]Taylor19 · 5h
Argentina could become the Crystal Palace of South America tomorrow #seconddefault #tinpotregime #cpfctinpotclub

 

[El Presidente]

Argentina are concerned that if they pay up things will snowball into many more claims from other creditors.

 

[Tricky Dicky]

Perhaps they'll try and sell La Malvinas

 

[Stat Brother]

Can't they just print up a 106,431000 Argentine Peso note (ARS as it's known in currency circles), and hand that over.

Bish bosh job done, debt cleared.

 

[vegster]

If they ask me nicely I will buy another can of their corned beef, surely that will sort it all out ?

 

[Frutos]

Bob Taylor [MENTION=11930]bob[/MENTION]Taylor19 · 5h
Argentina on brink of second debt default in 12 years http://gu.com/p/4vbeb/tw via @guardian

Bob Taylor [MENTION=11930]bob[/MENTION]Taylor19 · 5h
Argentina could become the Crystal Palace of South America tomorrow #seconddefault #tinpotregime #cpfctinpotclub

Your obsession with Palace is utterly tedious soggy.

 

[Simster]

Your obsession with Palace is utterly tedious soggy.

Correct. I think he's in search of that holy grail of a Palace-related quip that is actually quite FUNNY.

No luck as yet, obviously.

 

[Stoo82]

Can't they just print up a 106,431000 Argentine Peso note (ARS as it's known in currency circles), and hand that over.

Bish bosh job done, debt cleared.

[yt]hiCilTzhXrA[/yt]

 

[MarioOrlandi]

They could sell Maradona's boots

 

[Eggmundo]

They could just **** off for all i care.

 

[Kevlar]

it is a very good example of the nature of state monetary power.
these bonds are denominated in dollars
since Argentina changed to accounting for deficits in their own currency
they have had no problem selling bonds and have increased
their peoples prosperity.
The troubles in the eurozone are another example of the stupidity of countries
borrowing in other countries currency

 

[Czechmate]

it is a very good example of the nature of state monetary power.
these bonds are denominated in dollars
since Argentina changed to accounting for deficits in their own currency
they have had no problem selling bonds and have increased
their peoples prosperity.
The troubles in the eurozone are another example of the stupidity of countries
borrowing in other countries currency

Quite right , in Ukraine because of the conflict the dollar has massively increased which is not helping anyone . The French Foreign minister (I think it was him ) is going to put the idea forward that the dollar shouldn't be the world currency .

 

[Leighgull]

Quite right , in Ukraine because of the conflict the dollar has massively increased which is not helping anyone . The French Foreign minister (I think it was him ) is going to put the idea forward that the dollar shouldn't be the world currency .

Good idea. A currency that is massively overvalued and issued by a nation who carries a national debt many times over its GDP. Smart move France.

 

[JamesAndTheGiantHead]

it is a very good example of the nature of state monetary power.
these bonds are denominated in dollars
since Argentina changed to accounting for deficits in their own currency
they have had no problem selling bonds and have increased
their peoples prosperity.
The troubles in the eurozone are another example of the stupidity of countries
borrowing in other countries currency

Was I supposed to read that in poetic verse? Because I did, and it was nice.

 

[Badger]

Good idea. A currency that is massively overvalued and issued by a nation who carries a national debt many times over its GDP. Smart move France.

I read an article recently which said that there are more dollar bills OUTSIDE the US than there are in the country itself, and if everyone took their dollars back into the US it would completely destroy their economy.

 

[Triggaaar]

I read an article recently which said that there are more dollar bills OUTSIDE the US than there are in the country itself, and if everyone took their dollars back into the US it would completely destroy their economy.

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

 

[Badger]

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

Yes, well obviously it's theoretical but it shows just how valuable the dollar is outside the US.

I wish they would change their bills though and get rid of those manky green things which all look the same. As far as I can tell, the one dollar bill is still in existence because of their ridiculous tipping culture.

 

[Buzzer]

I read an article recently which said that there are more dollar bills OUTSIDE the US than there are in the country itself, and if everyone took their dollars back into the US it would completely destroy their economy.

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.