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

  • Wednesday, July 19 2017

    -The National Assembly (AN in Spanish) approved the final reports on the popular consultation of 16 July and the candidates for magistrates of the Supreme Court (TSJ in Spanish). The latter is part of the process of one of the main items of the current agenda of “zero hour” established by the opposition party Democratic Unity Roundtable (MUD in Spanish), as the legislators expect to exercise their constitutional ability to name – on Friday 21 July – new magistrates and thus actively repudiate the current Supreme Court and i

  • Tuesday, July 18 2017

    - Following the results of the public consultation election on Sunday, the Democratic Unity Roundtable (MUD in Spanish) called for a 24-hour national strike on Thursday in protest against the National Constituent Assembly (ANC in Spanish) proposed by the administration of Nicolas Maduro. Furthermore, Freddy Guevara, deputy President of the Congress, said they expect to name the new magistrates of the Supreme Court on Friday. We can anticipate this move will not be acknowledge by both the government and the Supreme Court, but will u

  • Thursday, July 13 2017

    - S&P Global Ratings, following its Tuesday action of downgrading Venezuela’s rating, yesterday decided also to downgrade the corporate credit of Corporacion Electrica Nacional, better known as CORPOELEC (former ELECAR). The action resulted in a downgrade from “CCC” to “CCC -“while also maintaining the negative outlook. In detail, the rating agency argued that they are taking this action against the corporate as a result of the sovereign’s downgrade, as it reflects that this is a “government-related entity” (GRE

  • Wednesday, July 12 2017

    - A US appeals court blocked Exxon Mobil Corp from enforcing a USD1.6bn award against Venezuela for an asset seizure back in 2007. The court ruled that the judge made a mistake in excusing Exxon from complying with procedural requirements to enforce the October 2014 ruling. In this way, the court supported Venezuela’s point that Exxon should have tried to enforce the award under the federal Foreign Sovereign Immunities Act (FSIA), instead of streamlined procedures. All-in, Exxon's petition was dismissed without prejudice, meaning


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