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Deal Or No Deal? Argentina Declared In Selective Default, Holds Press Conference - Live Feed
After an exuberant day in Argentine bond and stock markets, we are nearing a decision. With a handful of hours left until it's all over, various 'deal's have been proposed today from Argentine bankers as a last-minute rescue package. S&P has already decided that it's a done deal:
- *ARGENTINA CUT TO SD FROM CCC- BY S&P
- *ARGENTINA DEFAULTED ON $13B IN FOREIGN DEBT, S&P SAYS
- *ARGENTINA MISSED $539M BOND PAYMENT, S&P SAYS
And now, Argentine Economy Minister Axel Kicillof will speak in a press conference at country’s consulate in Manhattan (ironically a block from the holdouts' office).
The hope:
"The idea is to get a stay (suspension of the court order) to reach January," said Ribeiro Mendonça. "Clearly there's a concern. There are no winners in a default scenario that brings lower levels of economic activity and a higher jobless rate. The banking sector is going to be the one that contributes the most because it is linked to the debt restructuring."
The reality from S&P,
"We are... lowering our long-and short-term foreign currency sovereign credit ratings on Argentina to selective default ('SD') from 'CCC-/C'," said the agency's release, "indicating that Argentina defaulted on some of its foreign currency obligations. At the same time, we are removing the 'CCC-/C' foreign currency ratings from CreditWatch, where they were placed with negative implications on July 1, 2014."
Things do not look good:
- ARGENTINA'S LEAD LAWYERS BLACKMAN AND BOCCUZZI LEAVE TALKS, SAY NO COMMENT ON STATUS OF DEBT TALKS - REUTERS WITNESS
Press conference due to start at 515ET 530ET: (click image for link to live feed)
And for posterity's sake... here's the MERVAL recently...
and long-term...
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Sucks when you aren't part of the in crowd.
How many times now has Argentina defaulted on it's debt - it's like every 10 years like clockwork. They sure know how to sucker people in don't they.
The world will default on USD. Checkmate to the NWO.
Argentina may try to invade again the Falklands in order to divert public attention and the subsequent social unrest.
That's a bold statement.
And the USA will wage a war with Russia.
That's not necessary, today a mayor soccer leader died. Everybody is talking about that and they don't care about the public debt.
It's been 75% returns on the 10 year for decades, but since people memory's are short, they reinvest time and time again not knowing where the money went.
If a default falls in Argentina, will it make a sound?
Yes.
RIPS
Come on man... They still have 40 minutes to come up with the money...
I trust them...
But go get Ivan... Just in case.... And tell him to bring his bat with him...
Blues Brothers trying to get to the Cook County Assessor's office comes to mind...
Well the USA is in selective default also but those scum at S&P would never dare call trillions of toilet paper a default
IMF to the rescue! Oh wait...
Two questions:
1. Will the ISDA declare this to be a default? http://dc.isda.org/
2. How many CDS are there on this? I wonder if anyone collects.
Two answers:
1. No, never.
2. # of CDS=None yo damn bidness
who collects=GS & JPM
Was it ever thus.
Did Bass get Corzined?
If he didn't get out of danger, prolly so, and now you know.
I'm sure there will be another "Sorry buy you got tricked fair and square" message issued to folks who bought CDS. It should be clear by now that these "derivative securities" are worthless.
Not for calculating bonuses they aren't.
Don't cry for me Argent...aw the hell with it
Matters can only improve when a stake is driven through the heart of EVERY POLITICIAN AND BANKSTER.
Mervalous!
I would like to see a hard default on everything with a refinancing package from the new BRICS bank.
Future ISDA statement: "After our board members loaded up on Argentine bonds, and sold copious ARG CDS baskets, we have decided that ARG did nothing wrong and is an incredible place to hunt birds and partaaaaaaaaaaaay!"
I understand Argentina has defaulted and taken a shit on bond holders. What I don't understand is why anyone would give a shit as to how they're rated by S&P.
Topologically speaking, the second chart shows for what's in for gold. Default, bitchezzzzz
in other news:
http://www.independent.co.uk/news/world/europe/land-for-gas-secret-germa...
Germany and Russia have been working on a secret plan to broker a peaceful solution to end international tensions over the Ukraine.
The Independent can reveal that the peace plan, being worked on by both Angela Merkel and Vladimir Putin, hinges on two main ambitions: stabilising the borders of Ukraine and providing the financially troubled country with a strong economic boost, particularly a new energy agreement ensuring security of gas supplies.
More controversially, if Ms Merkel’s deal were to be acceptable to the Russians, the international community would need to recognise Crimea’s independence and its annexation by Russia, a move that some members of the United Nations might find difficult to stomach.
Sources close to the secret negotiations claim that the first part of the stabilisation plan requires Russia to withdraw its financial and military support for the various pro-separatist groups operating in eastern Ukraine. As part of any such agreement, the region would be allowed some devolved powers.
At the same time, the Ukrainian President would agree not to apply to join Nato. In return, President Putin would not seek to block or interfere with the Ukraine’s new trade relations with the European Union under a pact signed a few weeks ago.
Second, the Ukraine would be offered a new long-term agreement with Russia’s Gazprom, the giant gas supplier, for future gas supplies and pricing. At present, there is no gas deal in place; Ukraine’s gas supplies are running low and are likely to run out before this winter, which would spell economic and social ruin for the country.
As part of the deal, Russia would compensate Ukraine with a billion-dollar financial package for the loss of the rent it used to pay for stationing its fleets in the Crimea and at the port of Sevastopol on the Black Sea until Crimea voted for independence in March.
However, these attempts by Ms Merkel to act as a broker between President Putin and the Ukraine’s President, Petro Poroshenko, were put on the back-burner following the shooting down of the MH17 plane in eastern Ukraine.
But insiders who are party to the discussions said yesterday that the “German peace plan is still on the table and the only deal around. Negotiations have stalled because of the MH17 disaster but they are expected to restart once the investigation has taken place.”
“It is in everyone’s interests to do a deal. Hopefully, talks will be revived if a satisfactory outcome can be reached to investigations now taking place as to the causes of the MH17 catastrophe.”
Sounds like a bullshit deal, created in committee: Something for everybody.
makes you wonder cui bono from a german-led peace deal that gets put on hold due to the downing of MH17.
NSA must still be tapping merkel's phone, or maybe putin's phone is hacked too.
or all random.
Doesn't sound so bad, does it?
So Merkel and Putin had a deal in the works so _ created a distraction by shooting down a commercial aircraft to divert the attention and hopefully start a war?
Nah!
Yeah?
(Argentina) derives its name from latin (argentum) which means silver.
The first use of the name Argentina can be traced back to the first voyages made by the Spanish and Portuguese conquerors to the Río de la Plata (meaning "River of Silver"), in the first years of the 16th century.
Default and send your children to Obama.
Seems that while Argentina's stocks go up, her stockings go down. Screwed!
And Juan is paying for the banksters' Happy Ending.
Its in fucking Spanish. WTF? No way I understand this unless I am eating a Burito
No deal. It's a default.
The US will eventually have a selective default too. Goldman and JPM will get paid - everyone else (including your 401K plans and mutual funds and ETFs will not). Sorry Bill Gross, you haven't been playing the political game correctly, so you won't get paid either!
Stocks soar -- why not? As the default shows, your pe$os and bonds are worth shit. Better convert them into some ownership of real productive corporations while you still can. At least you've got to get some stake in some real business and goods.