Wednesday, February 19, 2020
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Cristina Kirchner negociaría con Hollande la deuda con el Club de París

El presidente de Francia invitó a la mandataria argentina a asistir el miércoles 19 de este mes a un encuentro en Francia y posterior almuerzo oficial en el Palacio del Elíseo.

By Inversor Global , in Argentina , at 6 marzo, 2014 Etiquetas: , , ,

La canción dice “el viajar es un placer” y justamente eso es lo que espera Cristina Kirchner: que su viaje a Francia sea placentero. No sólo porque irá a disfrutar de la Feria del Libro sino porque su objetivo es, entre otros, dejar una puerta abierta para las negociaciones con el Club de París.

En esta dirección, el jefe de Gabinete, Jorge Capitanich, afirmó que Cristina Kirchner viajará a Francia por una invitación del presidente de ese país, Francois Hollande, al Salón del Libro y si bien la visita no incluye formalmente una reunión con el Club de París, todo es posible. Y es que el Presidente francés es un hombre influyente dentro del grupo de acreedores.

Según se informó desde Presidencia, en la reunión se tratarán temas de la agenda que marca las relaciones entre la Argentina y Francia, así como las cuestiones más importantes de la situación internacional.

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Es por esto que, al ser consultado, Capitanich no desmintió la Presidenta aprovecharía la visita a la capital francesa para reunirse con ejecutivos del Club de París en medio de las negociaciones por los reclamos de la deuda impaga, aunque aclaró que “la agenda presidencial es la que se comunicó públicamente”.

Por eso, pese a que no está previsto el encuentro entre la mandataria y ejecutivos del Club de París, en la reunión con Hollande podría tratarse las negociaciones por la deuda ya que el presidente francés es un hombre influyente dentro del grupo de acreedores.

Dos días antes el directorio a pleno del Club de París se reunirá para volver a analizar la propuesta argentina de cancelación de la deuda con ese organismo por más de u$s 10.000 millones que se mantiene en default desde diciembre de 2001. 

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Según publicó el diario El Cronista, fuentes del Gobierno argentino aseguraban ayer que sería una oportunidad única para darle un final a las negociaciones con los estados acreedores, y solucionar los dos capítulos que hoy por hoy traban el avance del acuerdo: la poca voluntad de los países a los que se les debe el dinero de aceptar un bono a cambio de inversiones en la Argentina, y la firme posición de Alemania y Japón de exigir la intervención del Fondo Monetario Internacional (FMI) para cerrar las discusiones. 

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  • Also the Holdouts invite Argentina to negotiations to settle its
    outstanding debt!

    Argentina should solve not only the Repsol and Paris Club but also the
    Holdout Problem!

    We are in contrast to Repsol and Paris Club human beings!

    To reach an agreement with the holdouts would probably take only few hours…

    We, the holdouts, have been suffering for more than a decade!!

    Since 2002, Argentina has not paid a cent to the holdouts!

    President Obama should help and talk to President Kirchner to end
    Argentina’s Horror-Default.

    President Kirchner (by the way a beautiful women) should end this since
    2002 ongoing HORROR-Default and solve the holdout Problem NOW!

    In the “Pari Passu” issue the Holdouts are 100% right! There is nothing to
    discuss. In the bond contracts “Pari Passu” is clear defined. Also, in the bond
    contracts Argentina has explicitly waived its sovereign immunity.

    It would be helpful, if the US Supreme Court promptly rejected Argentina’s
    unjustified appeal.

    The argument:->

    “If the U.S. courts uphold the Holdout’s position, as negative consequences
    , Sovereign debt restructurings will be virtually impossible in the future.”

    is NOT TRUE because, after Argentina’s 2001 Default all bonds imply the
    Collective Action Clause (CAC) A collective Action clause (CAC) allows a
    supermajority of bondholders (75%) to agree to a debt restructuring that is
    legally binding on all holders of the bond, including those who vote against
    the restructuring.

    BUT, This CAC is NOT implied in Argentina’s repudiated old bonds!

    Accordingly, Argentina MUST fulfill the bond contracts and repay the debt
    to the holdouts!

    Also the Argument-> “The country has said that forcing it to pay
    the defaulted bondholders immediately would expose it to $43 billion in
    additional claims it can’t pay and trigger a new default. ”

    is NOT TRUE, because the clause “Rights Upon Future Offers (RUFO)” ends in
    December 2014. That means, that from 01/01/2015 Argentina can make a better
    offer to the Holdouts, than it made in 2005 and 2010. Hence, additional claims
    from Exchange bondholders is completely ruled out.

    Argentina should rather sit down and negotiate an acceptable solution with
    the Holdouts!

    The cause of Argentina’s decline is the largest financial crime in world
    history, this since 2002 ongoing HORROR-Default.

    U.S. Senators Rubio and Menendez meant under undemocratic Argentina, that
    Argentina does not pay its debt.

    Non-payment of debt since 2002 to the Holdouts, breaching of bond-contracts
    are criminal and are highly undemocratic!

    Argentina as a great country must reenter the world!

    For reentering the world, Argentina must end this HORROR-Default!

    Argentina’s nightmare default, this since 2002 ongoing HORROR must finally
    have an end!!!

    Beyond the U.S. Hedge Funds there are still tens of thousands retail
    Holdouts worldwide, most of them from Italy and Germany.

    Most of the Holdouts are “before default buyer”, who have bought their
    bonds at an average of 100% or even higher.

    Argentina clearly has the capacity to repay the debt to the holdouts after
    more than a decade! The outstanding debt is only approximately 12 Billion.
    (incl. accrued interest) It is not much for the 3. largest economy in South
    America.

    The “Lock Law” ends as of 12/31/2014. (End of the “Rights Upon Future
    Offers (RUFO) clause in December 2014.) That means, that from 01/01/2015
    Argentina can make a better offer to the Holdouts, than it made in 2005 and
    2010.

    If Argentina and the holdouts made NOW A BINDING AGREEMENT with respect to
    the “time after” (end of the “Rights Upon Future Offers (RUFO) clause in
    December 2014), seizure risks and a technical Default would be immediately
    averted. Argentina could immediately return to the capital market and thus
    Argentina could refinance the payments to the holdouts, without using reserves.

    Holdouts want a simple, clear, secure and an ACCEPTABLE solution.

    Holdouts DO NOT want such exotic financial constructs, as they were the
    swap conditions in 2005 and 2010, with an exorbitant Haircut, with many new
    bonds, with only Discount bonds above $50000, GDP Warrants etc., and with
    maturities in the eternity. Such “shares like” financial constructs are
    inacceptable.

    A swap from the defaulted old bonds to new bonds is unacceptable also for
    tax reasons. In Germany, for example, if you accepted a swap, then you would
    have to pay for the new bonds 30% extra tax…

    Following simple conditions might be acceptable for the Holdouts on the
    basis of the old bonds.(Without swapping from old to new bonds, also because of
    tax reason)

    – at the latest, on 01/01/2015 (end of RUFO clause) Argentina should repay
    in CASH 100% of the nominal value of the defaulted bonds, which became due
    before 2015.

    – For the accrued interest between 2002-2015 Argentina should emit new
    bonds with 50% discount, and with a maturity of 5 years.

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