View Full Version : Argentinian external debt

09-18-07, 16:31
Hi guys,

I have been looking for this for some time but I couldn't find a good answer so far.

I would like to know what the external debt of Argentina is and what they need to pay in interest in 2008 and 2009

It would also be nice if there is some kind of analyse of this debt and if Argentina will have a problem repaying

09-18-07, 18:00
They don't owe anything according to their politicians.

09-19-07, 02:55
They don't owe anything according to their politicians.Still they do pay what they own, want to settle the dept the have with the Paris club and I think they will try to find a solution for the hold-outs.

09-24-07, 04:21
This source talks about 7 billion in 2008, 9 billion in 2009 and 7 billion in 2010

04-18-08, 19:32
Argentine Notes Frozen by U. S. Judge in Class-Action Lawsuit.

By David Glovin.

April 18 (Bloomberg) -- The Republic of Argentina was temporarily blocked by a U. S. Judge from transferring or selling bonds held in the Depository Trust Co. In New York because of a dispute with noteholders.

The ruling today by U. S. District Judge Thomas Griesa in New York came in a class-action, or group, lawsuit brought by noteholders against Argentina. The suit, filed in 2004, claims Argentina broke its contract by failing to pay interest or principal on the republic's 11 percent global notes due Oct. 9, 2006.

Howard Sirota, a lawyer for the plaintiffs, said the investors who sued had been searching for the notes, which he said may be worth as much as $16 billion. Griesa is scheduled to hold a hearing April 30 on whether the notes must be surrendered to the clerk of the federal court in Manhattan.

'This is the big break that we've been waiting for,'' Sirota said in an interview. 'Argentina just found out that the U. S. Courts rule, not Cristina Kirchner,'' Sirota said, referring to Argentina's president.

Jonathan Blackman, a lawyer for the Argentine government, said the republic may not own the bonds if they are being held by the Depository Trust Co. 'As far as I know, if the bonds are in fact at DTC, the republic does not own them or has no interest in them,'' he said.

In an order signed today, Griesa temporarily blocked the republic from transferring, selling, pledging, loaning or otherwise encumbering any bonds held by an entity called Caya de Valores Sociedad Anonima in the Depository Trust Co.

The case is Seijas v. Argentina 04-cv-400, U. S. District Court, Southern District of New York (Manhattan)

To contact the reporters on this story: David Glovin in New York federal court at dglovin@bloomberg. Net

Last Updated: April 18, 2008 15:55 EDT

01-13-09, 01:31
Argentina Bond Holdouts 'Tighten Noose,' Lawyer Says (Update1)

By Bill Faries and Lester Pimentel.

Jan. 12 (Bloomberg) -- Lawyers for a group suing Argentina to collect on defaulted debt said they're closer to seizing Argentine assets in the U. S. After winning eight judgments totaling $2.2 billion.

The judgments, issued by U. S. District Judge Thomas Griesa on Jan. 9, will let the bondholders in the class action try to get Argentine government property, including funds frozen under court order. Argentina has 30 days to appeal the decisions, which range from $95 million to $543 million, plus interest. Griesa has issued similar judgments to plaintiffs suing on their own.

"The noose is tightening on Argentina," Howard Sirota, a lawyer representing all eight bondholders in the class, said in a telephone interview. "We're getting stronger and they're getting weaker."

Argentina's 2001 default on $95 billion of bonds was the biggest ever. Holders of $20 billion rejected the government's 2005 offer of about 30 cents on the dollar, the harshest terms in a sovereign default since World War II. Lawsuits by those so- called bond holdouts prevents the government of South America's second-biggest economy from borrowing money on international markets.


These judgments, like the earlier ones, put the holdouts in position to go after the bonds, said Mark Cymrot of Baker Hostetler LLP in Washington, the lead lawyer defending Peru between 1991 and 2001 from bondholders who didn't accept the government's debt restructuring.

An appeal of Griesa's Jan. 9 ruling would probably require Argentina to post an appeal bond of as much as $220 million in the U. S. An asset that could also be seized if the country loses its case, Sirota said.

Press officials at Argentina's economy ministry declined to comment. Jonathan Blackman, a lawyer in New York for the Argentine government, wasn't immediately available when contacted by Bloomberg News.

Argentina's defaulted dollar-denominated securities held in a range of 11 cents to 13 cents on the dollar today, according to Exotix Ltd. A London-based brokerage that specializes in distressed securities.

Judgments were previously issued against Argentina to NML Capital Ltd. For $300 million and EM Ltd. For $725 million.

Holdout Accord.

President Cristina Fernandez de Kirchner said last year that she wants to reach an accord with the holdouts. Cabinet Chief Sergio Massa said Sept. 29 that the government is working with Barclays Plc, Citigroup Inc. And Deutsche Bank AG on a possible restructuring plan. No timetable for an agreement has been announced.

Last April Griesa froze as much as $16 billion in bonds held by Caja de Valores SA at the Depository Trust Co. In New York at the request of the class action plaintiffs. In December, he ruled that about $200 million in assets owned by Argentina's recently nationalized pension funds must remain "attached" to lawsuits filed by dozens of hedge funds trying to stop the money from leaving the U. S.

Griesa froze the assets in October after Fernandez announced plans to nationalize about $26 billion held by 10 private pension plans. Argentine lawmakers approved Fernandez's plan in November. Argentina's social-security administrator appealed the earlier ruling.

Sirota said assets such as aircraft belonging to government- owned Aerolineas Argentinas SA, the country's national airline, could be subject to seizure if they land in the U. S.

The case is Seijas v. Argentina 04-cv-00400, U. S. District Court for the Southern District of New York (Manhattan)

To contact the reporters on this story: Bill Faries in Buenos Aires at wfaries@bloomberg. Net; Lester Pimentel in New York at lpimentel1@bloomberg. Net

Last Updated: January 12, 2009 16:53 EST

01-13-09, 01:38
Looks like Aerolineas Argentinas cannot fly to the US, or there plane might get taken.

Rock Harders
01-13-09, 02:24

I do not think that the aircraft used by Aerolineas Argentinas can be seized upon entry to the USA because Aerolineas Argentinas does not OWN any of the aircraft they operate. They are all on lease, and are thus property of the leasing company. Before the privatization of 1989, Aerolineas Argentinas actually had considerable assets and was a profitable state owned enterprise. In a despicably corrupt deal only possible in Argentina, the new owners (Spanish, connected to Iberia I believe) sold off the titles to almost all of their aircraft at discount prices and leased all those aircraft back to the company. They also sold all worldwide real estate owned by the company (a significant number of valuable properties) and it is anybody's guess where all the money went (we know where it didn't go, which is back into the company) All part of great time in Argentine history known as the Menem era.


Rock Harders

Sham Bo
01-15-09, 05:50
Wow, that would be a coup.

I'm not so sure that they couldn't seize the AA planes. Possession is nine-tenths of the law and all that.

I imagine that AA might eventually get the planes back on appeal after some weeks of legal wrangling.

But the company would surely be wiped out by losing a bunch of planes and cancelling hundreds flights.

Daddy Rulz
01-15-09, 11:46
Deny landing rights. I go with Rock, if they are leased I doubt they can be siezed, however the ground equipment is rarely leased, with no tugs or loaders, planes (like pilots) are mostly useless.