Здравствуйте. Вся информация этого сайта бесплатна без рекламы. Вы можете сделать пожертвование и поддержать развитие этого сайта. Спасибо.

Hello. This site is free without ads. You can make a donation and support the development of this site. Thank you.

2014-09-08 17:55:00

ARGENTINA NEED MONEY

ARGENTINA NEED MONEY

Many investors are interested in swapping global Argentine bonds for paper governed by local law, the government said on Friday, a day after the Senate approved the proposed debt exchange as a way to circumvent U.S. court rulings.

Argentina defaulted in July after the New York court that governs some of its original bond contracts blocked a coupon payment. The proposed swap into local law bonds is Argentina's way of trying to get around the U.S. court orders.

If the swap fails and Argentina stays in default, it would be another blow to Latin America's No. 3 economy as it contends with high inflation and recession.

"There is obviously willingness among many creditors, or bondholders, to participate in the sovereign debt payment law, in order to get the money that is owed to them," cabinet chief Jorge Capitanich told reporters.

Argentina's debt saga started with its 2002 default on about $100 billion in bonds. Most holders got less than 30 cents on the dollar in two subsequent restructurings, while a small group of hedge funds went to court for full repayment.

The debt swap bill, passed by the Senate on Thursday and expected to become law later this month, would allow holders of $29 billion in bonds under foreign law to swap them for paper governed by Argentine law.

This would defy the court ruling that says Argentina is prohibited from paying holders of its restructured bonds without also paying the hedge funds $1.3 billion plus interest.

A mediator appointed by the U.S. court said "unresolved" issues still separated the two sides and were preventing a settlement.

Daniel Pollack, a New York lawyer accused by the Argentine government of being "prejudicial" toward the Republic, said he would continue seeking to mediate a solution.

Argentina steadfastly refuses to pay the holdouts in full, saying that to do so would open the country to a raft of new lawsuits.

In need of financing to develop its vast Patagonian shale oil and gas fields, Argentina will be unable to issue fresh international debt until the lawsuits are settled.

Capitanich's optimistic take on the debt swap differed from that of investors familiar with talks held in New York this week between Finance Secretary Pablo Lopez and fund managers.

"They probably wanted to know whether we would participate in a swap with local law (bonds), but they didn't ask the question directly. I pre-empted it by saying we wouldn't," one fund manager who met with Lopez told Thomson Reuters' IFR.

Implementation of the sovereign payment law faces a number of hurdles, as any third party assisting the country in carrying out the exchange risks being held in contempt of court.

The proposal would offer creditors a choice of bonds under Argentine or French law. France waded in on Argentina's side during its legal battle.

reuters.com

Tags: ARGENTINA, OIL, GAS

Chronicle:

ARGENTINA NEED MONEY
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

ARGENTINA NEED MONEY
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

ARGENTINA NEED MONEY
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

ARGENTINA NEED MONEY
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

All Publications »
Exchange Rates
Date: 00:00 00:00
USD 0.00 0.00
EUR 0.00 0.00
GBP 0.00 0.00
UAH 0.00 0.00
ADR bid ask
GAZPROM 0.000.00
LUKOIL 0.00 0.00
ROSNEFT 0.00 0.00
SURGUTNEFTEGAZ 0.000.00
TATNEFT0.00 0.00