Monthly

What can change after the Debt Exchange?

Junio 2010

There are mixed feelings about the outcomes of the debt exchange. On the one hand, the final figures indicate that with the completion of the second tranche 92% of the debt that was originally in default has been estructured. This could be considered as a great success. On the other hand, though, the transactio...

Competitiveness and the real exchange rate: are we back to the 90’s?

Mayo 2010

An update on Argentina The last month has provided mixed news for the Argentine economy. On the one hand, the economy continues to grow on the back of high soybean prices and good weather that are leading a new high soybean record crop that is likely to exceed 54 million tons, of a stable exchange rate and ove...

Good bye default, hello inflation: version 2.0

Abril 2010

The outlook for the debt swap, and inflation Good bye default, hello inflation! That was the title of our newsletter back in April 2005. The more things change, the more they stay the same. Despite the similarities, there are important differences between then and now, as in 2005 the economy was growing at almos...

The exchange rate dilemmas and the debt exchange opportunities

Marzo 2010

Recent economic developments. Economic developments have been recently overshadowed by political events, where there has been a fluid situation as the Government and the opposition have been struggling for power. Most of the action has been in Congress where the official party has managed to block the opposition...

International reserves: Now you see them. Now you don

Febrero 2010

In few words. There is never a quiet time in Argentina, and the recent months have reminded us that this is a country where surprises are the norm rather than the exception. The new chapter in the Bicentennial Fund, in which the President inaugurated the Congressional sessions announcing a new emergency decree w...

The Redrado saga is over, but the inflation and the fiscal sagas just begin

Enero 2010

Reflections on the new political scene. It seems that the worst of this institutional crisis is behind us, as Redrado is now out, there is a new president of the Central Bank that will stay in his position till September and there are negotiations with the opposition to set-up a new, smaller and more bounded &ld...

The Challenges on Debt Management and Monetary Policy

Diciembre 2009

The market likes the new Fund, but where is the catch? Once again the Argentine government took the market by surprise, as it decided to put aside 6.6 billion dollars of international reserves to make the payment of the debt services for 2010. This time, however, the news initially had some positive effect on bo...

Macro-financial outlook: too good to be true?

Octubre 2009

The debt swap is moving, the IMF still on hold. The Argentine financial markets continued to rally in the last month as the Government has made progress and sent positive signals on the external front. The most important piece of news was that the Government finally announced the reopening of the debt exchange f...

Myths and realities underlying the recent financial rally

Septiembre 2009

The Argentine financial markets in September continued to rally. The Argentine financial markets in September continued to rally and maintained the momentum that started in mid-August. This improvement to a large extent took place on the back of a much better external environment, where the compression in credit...

What’s behind the calm in the financial markets?

Agosto 2009

Calmer financial markets in spite of lack of political changes. The biggest surprise in August was that in spite of continuous turmoil on the political front and last minute Government efforts to increase its power before the new Congress is inaugurated in December, the financial conditions have improved dramati...

Informes Mensuales

What can change after the Debt Exchange?

What can change after the Debt Exchange?

Competitiveness and the real exchange rate: are we back to the 90’s?

Competitiveness and the real exchange rate: are we back to the 90’s?

Good bye default, hello inflation: version 2.0

Good bye default, hello inflation: version 2.0

The exchange rate dilemmas and the debt exchange opportunities

The exchange rate dilemmas and the debt exchange opportunities

International reserves: Now you see them. Now you don

International reserves: Now you see them. Now you don

The Redrado saga is over, but the inflation and the fiscal sagas just begin

The Redrado saga is over, but the inflation and the fiscal sagas just begin

The Challenges on Debt Management and Monetary Policy

The Challenges on Debt Management and Monetary Policy

Macro-financial outlook: too good to be true?

Macro-financial outlook: too good to be true?

Myths and realities underlying the recent financial rally

Myths and realities underlying the recent financial rally

What’s behind the calm in the financial markets?

What’s behind the calm in the financial markets?

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