Argentina debt default threat.

L’Argentine menacée de cessation de paiement

par Antoine Krempf lundi 28 juillet 2014 14:33, mis à jour le lundi 28 juillet 2014 à 14h45
La bourse de Buenos Aires en 2012
La bourse de Buenos Aires en 2012 © Maxppp

Un juge américain a donné jusqu’à mercredi à l’Argentine pour commencer à rembourser les fonds spéculatifs qui ont refusé de renégocier la dette du pays après la crise financière de 2001. A trois jours de l’échéance, Buenos Aires espère encore trouver une solution négociée.

A USA judge has given Argentina until Wednesday to start repaying it’s funds suppiers, who have refused to renegotiate the debt, after the financial crisis of 2001. With time running out to settle, Buenos Aires still hopes to find a negotiated solution.

Le gouvernement argentin continue de tenter de négocier avec ses créanciers ce lundi alors que le pays se rapproche à grands pas d’une cessation de paiement. Vendredi, la justice américaine a en effet ordonné à Buenos Aires de rembourser 1,3 milliard de dollars à deux fonds spéculatifs, NML et Aurelius. Des fonds qui avaient refusé de participer à la restructuration de la dette du pays après la crise financière qui l’a secoué en 2001.

The Argentinian government continues to attempt to negotiate with its creditors that brings together the country’s efforts so not to stop repayments. On Friday, the American judge effectively ordered Buenos Aires to repay 1.3billion dollars to two speculative funds, NML and Aurelius. These funds have refused to accept the country’s debt restructuring secured after the financial crisis in 2001.

Cette “extorsion judiciaire”, comme l’a qualifiée le gouvernement argentin, tombe d’autant plus mal que Buenos Aires doit aussi rembourser une partie de sa dette restructurée le 30 juillet. Conséquence de cette double obligation, la troisième économie d’Amérique latine pourrait donc se retrouver en défaut de paiement, pour la deuxième fois en douze ans.

This “judicial extorsion”, as labelled by the Argentinian government, falls at a bad time when Buenos Aires must also repay a part of its restructured debt on 30 July. As a consequence of this double obligation, the third biggest latin American economy could find itself defaulting payment, for the second time in twelve years.

Un spectre qui inquiète évidemment Buenos Aires .. mais aussi le FMI. Olivier Blanchard, chef économiste du Fonds, estime que “cela pourrait avoir des coûts considérables pour le pays, le privant d’accès aux marchés financiers pendant un certain temps”. D’après l’économiste, cela créerait également “une incertitude” pour les autres pays en difficulté susceptibles de vouloir restructurer leur dette.

The spectre of default obviously worries Buenos Aires…but also the Intl Monetary Fund. Olivier Blanchard, chief IMF economist, estimates that “this could add considerable costs for the country, and prevent access to financial markets for a considerable amount of time”. The economist also added  “an uncertainty” for other countries in difficulty and susceptible to want to restructure their debt.

About bill

Worked in the technical / engineering area as a Science Laboratory Technician and as an Aeronautics Engineer. The artistic side involves writing under the nom de plume of Billy Olsenn, his recently written play 'A Case of Wine' was staged by the players group Straight Make-Up at the 2012 Birr one act drama festival. It's next staging was in the one act circuit is in Cavan, at Maudebawn on Sat 10 Nov 2012. Then it was performed in the Bray, Co.Wicklow at the very popular one act festival in January 2013. Next play is FEAR. A dark tale about revenge on the cruel death of two pensioners by young thugs. Neighbours hatch a devious and dangerous plan to exact old-style revenge. Bill is a member of the Drama League of Ireland and his plays have been critically vetted and certified as original pieces of work by the DLI. Another literary project is that of commemoration of an aircraft crash on Djouce mountain in Wicklow in 1946. Bill wrote articles for the 50th, 60th and most recently the 70th anniversary, (12 Aug 2016) all were published in the Wicklow Times and ensured the survivors of the crash, all French Girl Guides, were not forgotten. Articles reproduced on this website. But mostly this site gives a more general European and specific French slant on popular and not so popular articles of French news, translated to English by the author. Each article is translated on a paragraph by paragraph basis so easy to read in either language and even possible to improve either language by comparison of the short English and French paragraphs. Amusez vous bien. The author is currently writing an easy to read technical aviation book centered around the Fokker 50. Another interest is that dealt with in another of Bill's websites www.realnamara.net, a Statue of the mother of God, Mary. It was erected in 1972 in Dublin, at the end of the Bull Wall near Clontarf, and my grandfather William Nelson, was the main instigator of that project. I give talks on the history of the statue and my grandfather's adventurous and dangerous life at sea. Technical assistance with each website is by J O'N.
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