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Related: About this forumArgentina Agrees to Borrow $5 Billion From Wall Street Banks
Argentina Agrees to Borrow $5 Billion From Wall Street Banks
by Carolina Millan
Katia Porzecanski
January 29, 2016 2:45 PM CST
Updated on January 29, 2016 4:02 PM CST
Argentinas central bank reached terms with seven Wall Street banks for $5 billion of loans as the government looks to bolster reserves ahead of talks with holdout creditors next week.
The one-year loan, finalized Friday, will be backed by sovereign bonds, according to an e-mailed statement from the central bank.
Argentina has been seeking to shore up its central bank reserves after years of currency controls and policies that discouraged investment and depleted the countrys supply of dollars. Unable to tap international bond markets because of a decade-long feud with creditors left over from the nations 2001 default, the countrys cash hoard dropped to a nine-year low last month. Next week, officials will begin settlement talks with holders of some defaulted bonds who won a U.S. court order requiring they be paid in full.
HSBC Holdings Plc, JPMorgan Chase & Co. and Banco Santander SA are each providing $1 billion in loans, according to three people familiar with the matter who asked not to be identified because the information is private. Deutsche Bank AG, Banco Bilbao Vizcaya Argentaria SA, Citigroup Inc. and UBS Group AG will each provide $500 million, the people said. The interest rate is Libor plus 6.15 percentage points, the people said.
More:
http://www.bloomberg.com/news/articles/2016-01-29/argentina-agrees-to-5-billion-of-loans-from-wall-street-banks
ChairmanAgnostic
(28,017 posts)Just say no!
Use Iceland as a model, not Greece.
forest444
(5,902 posts)To make sure Argentina would.
Macri even installed the same minion that arranged the last such deal in 2001 - http://www.democraticunderground.com/110846640 - (and we all know how that turned out).
bemildred
(90,061 posts)sorrudeternalpa
(1 post)I have seen on two DU articles:
http://www.democraticunderground.com/?com=journals&uid=319894&page=5
https://t.co/4iVqrzGAwg
a piece of info according to which Mr. Pedro Lacoste, current Vice Minister of Finance and -yes- a member of the old gang of financial killers that is destroying my country since 1976 (with the exception of the years 2001-2016) is the son of an also old (and late) genocide expert & financial highwayman, the former Head of the EAM78 outfit (the state controlled organization which set up the Arg World Soccer Cup 1978), Admiral Lacoste (also a close relative to then "President" Jorge Rafael Videla)
Since this is not available anywhere in Argentinean websites today (most confirmatory, but not enough) I would ask you to please give me full source for this. Thank you, whoever you are.