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Argentina Declared in Default by Standard & Poor's

by Joe Mobley
5 replies
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Just a small little post on the Bloomberg ticker...

"The full consequences of default are not predictable, but they certainly are not positive,"... "Default is not a mere 'technical' condition, but rather a real and painful event that will hurt real people."
Argentina Declared in Default by S&P as Talks Fail - Bloomberg

Joe Mobley
  • Profile picture of the author seasoned
    Originally Posted by Joe Mobley View Post

    Just a small little post on the Bloomberg ticker...

    Argentina Declared in Default by S&P as Talks Fail - Bloomberg

    Joe Mobley
    The implications of the headline are FALSE!!!!!!!!!! TheTRUTH is there was a phrase that followed that!

    after the government missed a deadline for paying interest on $13 billion of restructured bonds.
    In OTHER words, S&P didn't just DECLARE them to have defaulted. They DID default! Not only that, but it was on RESTRUCTURED bonds! This is supposedly 15% of their debt, BTW. ALSO, this is based on a ruling that is BAD for them! They restructured debt so they could pay it, but a judge said they were FORBIDDEN to pay that debt until they paid other debt off in full.

    Steve
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    • Profile picture of the author thunderbird
      Originally Posted by seasoned View Post

      The implications of the headline are FALSE!!!!!!!!!! TheTRUTH is there was a phrase that followed that!



      In OTHER words, S&P didn't just DECLARE them to have defaulted. They DID default! Not only that, but it was on RESTRUCTURED bonds! This is supposedly 15% of their debt, BTW. ALSO, this is based on a ruling that is BAD for them! They restructured debt so they could pay it, but a judge said they were FORBIDDEN to pay that debt until they paid other debt off in full.

      Steve
      It'll be interesting to see how this unfolds. It might be a good time to buy property at cheaper prices in Argentina, if it triggers the panic I suspect it will.
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      Project HERE.

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      • Profile picture of the author Joe Mobley
        # Thursday morning, July 31, 2014.

        Stock futures fall after Argentina default

        NEW YORK (Reuters) - U.S. stock index futures were sharply lower on Thursday, after Argentina defaulted for the second time in 12 years, raising concerns the country's weakness could spread to the region.
        * The drop in futures indicated one of the biggest daily declines for Wall Street since July 17, when the S&P 500 fell more than 1 percent after a Malaysian passenger jet was shot down in Ukraine, stoking concerns that that crisis would have a wider global reach. A big market decline would mean that all three major U.S. indexes may lose their gains for July, which had been set to be the sixth positive month for both the Dow and S&P 500.
        Stock futures fall after Argentina default, data awaited: Thomson Reuters Business News - MSN Money

        Joe Mobley
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  • Profile picture of the author travlinguy
    Well, it's not like Central and South American countries have ever been known for their high standards of fiscal responsibility. I'm far more concerned with the big guys in the continent to the north.
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  • Profile picture of the author TLTheLiberator
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    "It's easier to fool people than to convince them that they have been fooled. -- Mark Twain

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