After creditors lead by Blackrock have refused to settle for increasingly elaborate Argentine proposals where any potential future payment is delayed still further, Argentina has once again "extended" the deadline for creditors to continue receiving disagreeable proposals. Argentina remains in default.
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Full Of Pretense, Argentina "Extends Deadline" To Creditors Again, BlackRock And Others Not Taking This ShitSaturday, June 20th, 2020
Argentine President Alberto Fernandez and his government are moving to nationalize bankrupt grain and seed oil exporter Vicentin as Kirchnerismo in Argentina pushes for a capture of that country's infirm enterprises.
While failing to make payment Argentina is claiming it "extended" the deadline to make it deal that it had been threatening creditors with. Rumors suggest competing offers between the Argentine government and creditors never got within twenty cents on the dollar of each other.
Argentina self imposed deadline to renegotiate nearly a fifth of its foreign debt is likely to pass this upcoming Friday with no deal while an interest payment of 500 million USD comes due. Argentine despot Fernandez has publicly proposed creditors discount the balance on 66 billion USD of debt by 62% of the outstanding interest and 5% of the principal with a three year grace period where Argentina makes no payments. According to Fernandez:
"No hay pagos de la deuda que se puedan sostener sin que el país crezca. No queremos que los acreedores no ganen, queremos que acepten ganar menos"
The creditors, represented by three different creditor's committees, have allegedly made counter offers which have not yet been made public.
As Governments around the world continue dialing up panic over the not-quite common cold, a young Argentine man who was being treated in the Hospital de Clínicas for symptoms of this season's viral fad left for home. (more...)