Cuando se analiza el palabrerío del anuncio de MECON de hoy, la conclusión es que el sector público venderá una cantidad poco clara, pero muy grande (tal vez > USD 10.000 mm) de bonos del gobierno en dólares a rendimientos astronómicos. Esto sale directo del manual de Venezuela.

🇦🇷tiene credibilidad cero. No hay tasa de interés ni política de intervención, control de precios o estímulo al consumo que funcione en estas circunstancias. De hecho, empeoran las cosas. La solución es un plan de estabilización: déficit cero, devaluación y tipo de cambio libre.

🇦🇷 has zero credibility. No level of interest rates or madcap policies to intervene, control prices or stimulate consumption can work under these conditions. In fact, they make matters worse. Stabilization plan is only solution: zero deficit, devaluation and free exchange rate.

Our friend Martín Guzmán is back. Here’s our evaluation of his comments: Selling bonds at 25 cents is crazy (correct); Inflation is caused by high interest rates (hmm..only in Turkey). Does no one in FdT understand relationship btwn deficits and inflation? lanacion.com.ar/economia/reapa…

Bondholders have already done their part in Argentina. It’s time now for Argentina to help itself with rational policies. infobae.com/economia/2023/…

Los bonistas ya hicieron su parte en Argentina. Ahora Argentina con políticas racionales, debe ocuparse de sí misma. infobae.com/economia/2023/…

Argentina's problem is not the IMF, 'fondos buitre' or even the drought. It is 20 years of nearly uninterrupted disastrous policy choices made for political expedience that have left alost half its population immisserated. Argentina's worst enemy has been itself.

El fallo YPF por USD 16000 mm es el duro fin de 20 años de gobiernos desastrosos en 🇦🇷. Por astronómico que parezca, no es nada vs. el costo de políticas que impidieron su crecimiento. Esperamos que 🇦🇷 deje atrás modelos que solo trajeron inflación, pobreza, devaluación y default

The $16bn YPF verdict is a harsh coda to two decades of disastrous governance in 🇦🇷. Though astronomical, it pales in comparison to the cost of policies that robbed citizens of untold billions in foregone economic growth, creating only inflation, poverty, devaluation and default.

China está ayudando a la Argentina a mantener su claramente insostenible tipo de cambio, lo que llevará sus reservas netas aún más hacia territorio negativo. ¿Aceptará un futuro gobierno honrar este imprudente acuerdo? lanacion.com.ar/politica/ferna…

Harsh reply from La Rioja bondholders. Pre-meditated default is “disgraceful and dishonest”. LR built wind park with borrowed funds, sold asset for US$171mm and now refuses to repay debt. Ricardo Quintela a “recalcitrant and recidivist defaulter” Javier Milei prnewswire.com/news-releases/…

Our group have been🇦🇷’s most cooperative creditors. We accepted a haircut in 2005 for new bonds and warrants. In 2014, Axel Kicillof swindled us on the warrants. In 2020, we cooperated on a new bond restructuring. We call on 🇦🇷 to honor the UK court judgment.tinyurl.com/4unw5h3v

Holders of EUR GDP warrants (issued together with Exchange Bonds) have executed on 310mm. Argentina still owes 1.5bn. Argentina must resolve this default before returning to the market.  lanacion.com.ar/economia/reves…

The first payment has gone out to Euro GDP warrant holders. It’s been a long battle for justice against the CFK/Kiciloff sham GDP print in 2014. But 1.5bn is still due under the UK judgment. Enforcement now funded with Argentina's money. Time to come clean and turn the page!

We support Argentina’s new IMF agreement. Continuation of fiscal anchor and structural reforms plus fx policy adjustment create clear path for return to public markets. But 🇦🇷 must also turn the page and settle the UK judgment on GDP warrants to merit a fresh look by the markets.

Comment from EUR GDP warrant holders prnewswire.com/news-releases/…

MECON doing the rounds in London with bond funds. The game to get investors to open their wallets is beginning. Only one problem—🇦🇷continues to defy EUR1.5bn UK court judgment on GDP warrants. 🇦🇷, respect UK courts if you plan to raise money in London. Pablo Quirno, @totocaputo

Holders of EUR GDP warrants have filed an action against Argentina in the U.S. District Court in Washington, D.C. seeking recognition and enforcement of the UK judgment. Argentina has not paid the EUR 1.5b billion award.

EUR warrant holders: Argentina misrepresented to IMF it was engaged in good-faith negotiation on warrant judgment. “No negotiations are ongoing, that representation was incorrect.” No market access possible until default is resolved. prnewswire.com/news-releases/…

Argentina assured the UK court it would honor its final ruling on EUR warrants. Untrue. 🇦🇷 continues to defy the UK judgment. Now the IMF is being misled that “good faith negotiations” are ongoing. They're not. This is a “return to capital markets” path? prnewswire.com/news-releases/…