Alberto Fernandez: Argentina's Economy Will Grow Again

If all parties show a willingness to agree, we will be able to grow again, Fernandez said.

Argentina's President Alberto Fernandez said Wednesday that the country's economy will be able to grow after the International Monetary Fund declared that the Latin American nation's debt is unsustainable and must be restructured.

RELATED: Argentinian Debt 'Unsustainable', Economic Crisis Deepens

"If all parties show a willingness to agree, we will be able to grow again. We will honor our commitments and we will have an Argentina back on its feet," the president said through his Twitter account.

At the end of the IMF's technical mission with the country, led by Julie Kozack, Deputy Director of the Western Hemisphere Department, and Luis Cubeddu, Mission Chief for Argentina, the new government expressed its satisfaction with the IMF conclusions after a week of negotiations. 

"I am pleased that the IMF recognizes Argentina's position on the debt process," Fernandez wrote on Twitter last night after the circulation of the international organization's document, which echoed the lack of sustainability of public debt and the need for a reduction in the present value of bonds in the hands of private holders.

The document is the desired first step in the renegotiation process. Although "this is just the beginning," as Fernandez explained, "the measures taken so far are in the direction of restoring Argentina's macroeconomic stability and protecting the poor," IMF Managing Director Kristalina Georgieva said recently during a meeting in Rome, Italy, with Argentine Finance Minister Martin Guzman.​​​​​​​

Even though the Fund made clear that it does not accept any withdrawal or reprofiling of its loans, which forces the Argentine government to enter into a new financing program if it decides to pay the huge capital maturities scheduled for 2022 and 2023, Argentina is optimistic.

"The meetings we had with the IMF mission have brought great value to the dialogue. We found a point of agreement and we are confident that the country can once again grow with social inclusion," the Economy Minister said on his Twitter account after attending a meeting on the economy organized by Pope Francis in Rome with Georgieva.


  • Published in World

Argentine Senate greenlights law on external debt

Buenos Aires, Feb 6 (Prensa Latina) The Argentinian Senate green-lighted unanimously the law of sustainability of the external debt, which was backed by 65 parliamentarians, following a debate that extended for over 9 hours.

The initiative will serve as a legal framework for the talks with the external debt holders, and concretely deals with the bonds issued in 2005, 2010, and starting in 2016.

The senators gave their approval to allowing the executive power to manage assets, exchanges and/or restructuring of services of expiration of interests and capital amortizations of the public titles issued under foreign law.

The president of the bloc of 'Frente de Todos en el Senado' ('Front of All in the Senate'), Jose Mayans, pointed out that Argentina is not capable of paying off its debt, and the government must guarantee the sustainability.

He also said the total debt under foreign control, as contemplated by the Project, amounts to almost 142 billion dollars, of which 65 billion are in bonds, and the rest is attributed to international organizations.

The senator confirmed that the minister of Economy Martin Guzman has been summoned by the Bicameral Commission for Monitoring and Control of external debt next Wednesday.

Argentina is currently in the middle of a delicate economic situation with a debt of 56.3 billion dollars with the IMF, out of the 57 billion dollars loan the then-president Mauricio Macri took in 2018.

  • Published in World

Argentinean president-elect refuses money from IMF

Buenos Aires, November 27 (RHC)-- Argentina's elected President Alberto Fernández announced on Tuesday that he will not ask the International Monetary Fund (IMF) for the remaining amount of money not yet received from the $11 billion IMF's loan to the South American country.

Fernandez, who will assume the presidency of Argentina on December 10, said in an interview on Radio that "the solution to the problems" of his country "is not to take more debt.  "If you have a problem because you are very indebted, I believe that the solution is not to continue indebting yourself," emphasized the elected president.

He indicated that he does not want to "enlarge" Argentina's debt problem anymore, but that he will try to solve it.  He mentioned the only agreement he would like to sign with the IMF: "Don't lend me more money, but let me develop, to be able to pay you.  “Let's discuss the time I need to get the economy back on track, but don't give me more money.”

The IMF's agreement with the outgoing Argentinean government of Mauricio Macri reaches $56.3 billion dollars.  However, $44.3 billion dollars were expended, leaving 12 billion dollars to be liquidated.

Last September, a disbursement of $5.7 billion was planned, but it came to a standstill after Macri's defeat in the primary elections held in August.  According to an official report released on Monday by the Ministry of Finance, 83 % of the credit was used to pay off foreign debt. Of the money sent by the international organization, only a little more than 1.9 billion dollars remain in power of the government.

Edited by Ed Newman

  • Published in World

'My Worst Fears Came True': Cristina Fernandez Shows How Police Stole, Damaged Items in Her Home

In a video released on Sunday, Senator Cristina Fernandez shows how investigators damaged and stole items from her Calafate home in an August raid.

Former President Cristina Fernandez released a video Sunday from her Calafate country house condemning last month’s raids made on her three homes in connection to the ‘Bribery Notebooks’ corruption case against Fernandez.

RELATED: Argentine Teacher Tortured, Her Flesh Carved With Threat

"This house three weeks ago was more than raided. (It was) literally taken by the people that (Judge) Bonadio sent here," the current Senator said in the video in front of her Calafate home.

In late August Judge Claudio Bonadio ordered search warrants for the three Fernandez homes, one of which is located in Calafate and another in Buenos Aires, to look for information in connection to alleged payments Fernandez received in exchange for political favors and public works contracts during her presidencies (2007-2015).

In her video, Cristina Fernandez de Kirchner (CFK) denounced the raids saying they were not carried out to "gather information" but were actually "another chapter of humiliation and persecution" against the Citizens Unity coalition leader.

The former president went through her home detailing how for three days officials drilled dozens of holes in the walls of the home, removed stones and took an original painting.

In the video, Fernandez said she tried to mandate protections of her belongings in the house, but those were denied by her fellow Senators who narrowly voted on Aug. 22 to allow the searches to take place.

“My worst fears came true. … What I thought would happen really happened," Senator Fernandez said referring to the items stolen from her house she says have nothing to do with the investigation against her. “They came to find, God knows what, millions of dollars, I do not know," stressed the former president.

"They broke everything, took personal items in the house that have nothing to do with the investigation. In Buenos Aires they did not let my lawyer in, people who were then intoxicated,” added the former head of state referring to the cleaning staff of her Buenos Aires home suffering from “dizziness, itchy throats, and eyes, and difficulty breathing” immediately after the home was raided nearly a month ago.

Fernandez added that the current situation in Argentina "is very disturbing.”

RELATED: Argentina: New Supreme Court President 'Too Close to Executive'

She said the government (under President Mauricio Macri) is “violating rights and constitutional guarantees," and denounced the torture against the Buenos Aires teacher who last week was hooded and tattooed with ‘no more pots’ written in Spanish on her stomach.

"What happened to the teacher in Moreno (Buenos Aires) is very serious because it is a kind of harassment, persecution, and intimidation of against policies that question what is happening in Argentina."

Last Wednesday three male attackers scratched out the words ‘no more pots’ (olla no) on the stomach of teacher Corina De Bonis with a sharp object as she was walking home from work. De Bonis was a part of a group of Buenos Aires teachers who were feeding kids hot meals as the Cambiemos-lead government initiative to drastically cuts education funds, subsidies in social spending trying to plug its deficit.  

The case against Fernandez emerged after Argentine newspaper La Nacion published photocopies of eight notebooks belonging to Oscar Centeno, the driver of Julio de Vido, federal Planning and Public Investment Minister between 2003 and 2015 during the Kitchener and Fernandez administrations.

According to the newspaper, the driver kept records of alleged bags of money business executives gave to the Kirchner administration. CFK has repeatedly denied the claims of corruption.

In the video, Fernandez condemned Macri’s "borrowing policy."

In June the administration took on a US$50 billion International Monetary Fund (IMF) loan hoping it would stem the country’s down-spiraling economy as the peso devalued to 40 to the dollar and inflation rests at 35 percent, after hovering between 25 and 30 percent for a year.

Bloomberg analysts predict inflation to hit 40 percent by year’s end bringing Argentina into a full-blown recession.  The government "has gutted the state in the most sensitive areas and that must change," said Fernandez from Calafate.

  • Published in World

IMF Chief Lagarde Found Guilty in French Tycoon Payout Trial

Judges found Lagarde acted with negligence when she was French finance minister in 2008. Her attorney plans to appeal the ruling.

French judges on Monday found IMF chief Christine Lagarde guilty of negligence for failing to challenge a US$417 million state arbitration payout to a business tycoon in 2008 when she was French finance minister.

Despite the ruling the judges did not hand down any sentence in the case on her decision to allow the rare out-of-court arbitration payment. She has denied the negligence charges.

Her lawyer said immediately after the ruling that his team would look into appealing the decision.

The ruling risks triggering a new leadership crisis at the International Monetary Fund afterLagarde's predecessor Dominique Strauss Khan resigned in 2011 over a sex assault scandal.

  • Published in World
Subscribe to this RSS feed