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To: Ahda who wrote (79837)	12/8/2001 11:25:12 PM
From: long-gone	Read Replies (1) \| Respond to of 116756

re:Argentina (in part) "GFG shares are down 68 percent this year, underperforming a fall of roughly 40 percent on the MerVal. GFG's main unit, Banco Galicia , holds a relatively large amount of Argentine public debt, analysts said." biz.yahoo.com ..."The Peronists' legal action came on top of news Argentina's private pension funds were debating how to reverse the government's decision to turn their bank-held term deposits into bonds and loans at state-owned Banco de la Nacion. ``I can't say what kind of move or legal action we're going to take because it's being analyzed,'' Jorge Castorina, director of one of Argentina's two private pension fund chambers, told local radio. ``But without a doubt, the pension funds are going to take action because they have the right to manage their money at least as if it was their own,'' Castorina said. " biz.yahoo.com ...``The problem is in making sure that the losses that bond holders will suffer in the restructuring process will be shared fairly among us, the local investors, the Paris Club (of creditor nations) and the multilateral lending agencies,'' a spokesman for the committee said earlier this week.... biz.yahoo.com doesn't say how here, just "Domestic investors -- mainly comprised of banks and pension funds -- have been granted first offer, leading market observers to speculate that Argentina's foreign creditors would receive short-shrift once the debt swap was complete. ``Clearly the strategy (of the Argentine government) is to minimize the damage to the local bond holders,'' Paulo Leme, managing director of emerging markets research at Goldman Sachs. ``It suggests that external creditors will be forced to take less than favorable terms.'' biz.yahoo.com Pg 1 in pdf emta.org