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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (42299)	12/2/2003 3:22:16 AM
From: elmatador	Read Replies (4) of 74559

Jay I also need your objective observatory skills, if you please: Kirchner Argentinean president has a rate of approval of 90%!! This is an anomaly. Creditors are demanding <<that Argentina repay about $18bn of past due interest (PDI) on the defaulted debt.>> <<Specifically, ACAG says the government should pay creditors 5 per cent of PDI upfront, and cover the remainder with a 14-year bond with a 7.25 per cent coupon. So far, Argentina has said it will not pay any PDI.>> <<institutional investors holding $7bn (€5.9bn, £4.1bn) in defaulted Argentine bonds - will demand that Argentina writes off just 35 per cent of the nominal value of more than $80bn currently in default. Argentina has said it must write off 75 per cent to make the restructuring sustainable.>> But think again -politicians being who they are- would those 90% approval rate would not prompt some other countries to defualt too?

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