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Argentina bonds fall on split between government and IMF

Friday, January 7, 2022
Argentina bonds fall on split between government and IMF © Reuters. FILE PHOTO: Argentine Economy Minister Martin Guzman gestures during an interview with Reuters, in Buenos Aires, Argentina March 11, 2020. REUTERS/Agustin Marcarian/File Photo

By Jorge Otaola

BUENOS AIRES (Reuters) - Argentina's sovereign bonds fell on Thursday after its economy minister said it would be difficult to reach agreement with the International Monetary Fund on refinancing the nation's $45 billion debt due to differences over its deficit.

The South American government and the multilateral organization are struggling to reach an agreement, Martín Guzmán told provincial governors on Wednesday, at the closing of the domestic financial market.

U.S. dollar-denominated Argentine bonds fell about 1 cent across the curve, with all issues trading between 30 cents and 36 cents on the dollar and yielding from 16.7% to 23.7%.

Analysts pointed to several reasons for the drop.

"Argentina does not agree with the IMF about the path to reducing its budget deficit. The government doesn't plan to reach fiscal balance until 2027," said professor and economist Santiago Bulat.

"In view of the important differences that remain to be bridged with the organization, and the search for internal political support to reinforce this position, the chances are growing of not reaching an agreement on a comprehensive economic plan in time given the large maturities," added economist Gustavo Ber.

Argentina faces $4 billion in debt payments to the IMF in the first quarter and $19 billion for the whole year, with a similar figure due in 2023, apart from planned repayments with private creditors and before the Paris Club.

A spokeswoman for Argentine President Alberto Fernandez said the IMF was calling for an adjustment policy that "compromises the Argentine people."

"We hope that it can be resolved as soon as possible," said spokeswoman Gabriela Cerruti. "Argentina is not going to default ."

Argentina recorded a primary deficit of 6.5% of GDP in 2020 due to a sharp increase in spending during the COVID-19 pandemic, and plans to lower it to 3.3% this year, after the economy began a process of recovery with growth of around 10% in 2021.

(Report by Jorge Otaola; Additional reporting by Hernán Nessi and Rodrigo Campos; Edited by Eliana Raszewski and David Gregorio)

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21-01-2022 04:22:35 (UTC+7)

EUR/USD

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EUR/USD

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 EUR/USD1.1340Buy
 GBP/USD1.3569Neutral
 USD/JPY113.92↑ Sell
 AUD/USD0.7186↑ Sell
 USD/CAD1.2530↑ Buy
 EUR/JPY129.18Neutral
 EUR/CHF1.0351↑ Sell
 Gold1,832.00Neutral
 Silver24.387Neutral
 Copper4.5285Neutral
 Crude Oil WTI83.70↑ Sell
 Brent Oil86.61↑ Sell
 Natural Gas3.928↑ Buy
 US Coffee C240.63↑ Sell
 Euro Stoxx 504,240.65↑ Buy
 S&P 5004,482.73↑ Sell
 DAX15,679.48Neutral
 FTSE 1007,511.01↑ Sell
 Hang Seng24,965.55↑ Buy
 Small Cap 20002,024.04↑ Sell
 IBEX 358,675.62↑ Sell
 BASF66.360↑ Sell
 Bayer51.85↑ Sell
 Allianz221.78Buy
 Adidas254.47↑ Sell
 Lufthansa6.917↑ Sell
 Siemens AG145.49↑ Sell
 Deutsche Bank AG11.538Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,120/ 6,160
(5/ 5) # 1,138
SJC HCM6,115/ 6,175
(5/ 5) # 1,152
SJC Hanoi6,115/ 6,177
(5/ 5) # 1,154
SJC Danang6,115/ 6,177
(5/ 5) # 1,154
SJC Nhatrang6,115/ 6,177
(5/ 5) # 1,154
SJC Cantho6,115/ 6,177
(5/ 5) # 1,154
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KRW16,3919,97
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