Argentina Flash Notes

Economic Cabinet Shake-up

December 26, 2016BancTrust & Co. Research Team

The government Cabinet Chief Marcos Peña announced in a press conference today the resignation of Alfonso Prat-Gay as Treasury & Finance Minister, alleging differences within the economic team and its functioning. Thus, early rumors were confirmed, pointing also to important

Argentina Flash Notes

Argentina Flash Note – Tariffs Face a Decisive Week

August 17, 2016Hernán Yellati & Guillermo Quiroga

Tariffs Face a Decisive Week The Court will likely issue a ruling regarding the tariff issue this Thursday as the rise was halted last month According to official estimates, the cost of reverting the rise in tariffs would reach an

Argentina Flash Notes

Final Steps

February 23, 2016Hernán Yellati & Guillermo Quiroga

Judge Griesa ruled in favor of Argentina as he agreed to lift the pari passu injunction order on Argentine Exchange bonds if two conditions are met This allows Argentina to finally pay exchange bondholders and get out of the default

Argentina Flash Notes

Not This Week, Not This Month

January 18, 2016Hernán Yellati & Guillermo Quiroga

Macri’s government will not present an offer to holdouts this week With the previous addition of me-too funds to the case, and the needed reform of pertinent legal framework via Congress (to resume activities in March), the final resolution of

Argentina Flash Notes

Market Perceptions on Macri and Scioli

November 12, 2015Hernán Yellati & Guillermo Quiroga

As polls stand right now, Macri should prevail on the 22 November run-off In terms of reforms, the market would give Macri the benefit of the doubt A political change in itself is positive news in our view. Yes, Macri

  • Thursday, May 25 2017

    - During a televised press conference, the top Public Prosecutor Luisa Ortega Diaz addressed several events regarding the wave of protests in Venezuela. In detail, the prosecutor denounced the possession of arms by the population despite the current ban by the Ministry of Interior, the performance of state security forces and military trials of civilians. One of the statements with greatest impact referred to the cause of death of a young opposition demonstrator product of a metal projectile fired by an official of the Bolivarian

  • Wednesday, May 24 2017

    - Finance Minister Ramon Lobo and the Executive Board of the Central Bank of Venezuela (BCV in Spanish) announced the start of operations of the new FX system DICOM. The system will work through two weekly auctions (the first one will take place tomorrow) and a bands’ system where the FX rate will fluctuate – the starting rate has not been announced yet. The official rate will be the lowest offered by those who are adjudicated, but a “contingent” auction will take place in case that such rate exceeds the upper band establis

  • Tuesday, May 23 2017

    - For today, the new FX scheme, DICOM, is set to begin operations, and yesterday the Minister of Foreign Trade and International Investment, Jesus Faria, assured that the main goal is to reduce the impact of the parallel dollar and to increase the assignment of currency for business. It is expected that today further details of the mechanism will be disclosed from the facilities of the Central Bank of Venezuela (BCV for its words in Spanish), so stay tuned for more.


    - The US Treasury Secretary, Steven Mnuchin, told the Senate yesterday that regulators would review Rosneft’s stake of Citgo Petroleum Corp., this as concerns have emerged over possible control from the Russian company in case that PDVSA fails to make payments on the bonds guaranteed by Citgo’s collateral. Senators raised their concerns – regarding Rosneft’s “control of a major US energy supplier” – on what they consider a national security matter to Mnuchin, who heads the Committee on Foreign Investment in the Unite


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