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Thread: Argentina to default on loan repayments?

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    Politics.ie Member gerhard dengler's Avatar
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    Default Argentina to default on loan repayments?

    Lots of speculation that Argentina look to set to default on their loan repayments.

    Fitch has downgraded Argentina too.

    Fitch says Argentina default is 'probable' - RTÉ News

    Markets: Fitch says default by Argentina is probable; Glanbia?s co-op members to vote on PLC structure
    Politics.ie moderators should moderate instead.
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    That's what happens when you lose the trust of the markets once.

    Salutary lesson.

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    Will they default on pension payments?

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    Quote Originally Posted by Iphonista View Post
    That's what happens when you lose the trust of the markets once.

    Salutary lesson.
    Yeh, GDP growth 8.9% in 2011, 9.2% in 2010, 3.4% in 2012, estimated 4.8% 2013, what were the figures for Ireland again?

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    Politics.ie Member stopdoingstuff's Avatar
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    Why is this a problem? Investors get paid interest to compensate for the risk of default. If a default occurs then that's the investors' problem. If the investors don't like it, then too bad.

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    Quote Originally Posted by ffc View Post
    Yeh, GDP growth 8.9% in 2011, 9.2% in 2010, 3.4% in 2012, estimated 4.8% 2013, what were the figures for Ireland again?
    Argentina: massive default in early noughties and locked out of bond markets since then. What do GDP growth figures have to do with that?

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    Politics.ie Member Dan_Murphy's Avatar
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    Doesn't Argentina already have capital controls in place in some form?

    Paypal Users In Argentina Can No Longer Make Domestic Transactions - Slashdot

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    Quote Originally Posted by ffc View Post
    Yeh, GDP growth 8.9% in 2011, 9.2% in 2010, 3.4% in 2012, estimated 4.8% 2013, what were the figures for Ireland again?
    Did you read the following from one of the links?

    "Argentine politicians, even those opposed to President Cristina Fernandez, have nearly unanimously criticised the judge's ruling as threatening the success of the debt relief that enabled Argentina to grow again."

    If correct doesn't sound as if the default led to the figures you quoted.

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    Quote Originally Posted by Iphonista View Post
    Argentina: massive default in early noughties and locked out of bond markets since then. What do GDP growth figures have to do with that?
    Because the common consensus is that pleasing the bond markets or international money markets should be the priority of any government, even if that means huge resources are spent paying off speculators and financiers who loaded unsustainable debt on to goverments long since despatched (by the electorate). Argentina's experience since it's default would seem to disprove this, as growth and social spending have increased.

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    Politics.ie Member stopdoingstuff's Avatar
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    The story here is not that Argentina might default but that some judge got it into his head that he could go and push a sovereign nation around. Blame the judge and blame American arrogance. I wouldn't worry though, in the not too distant future, they Americans will have lost control of their Latin American backyard. They are already hated.

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