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Is Argentina Set For Another Debt Default?

Politics, Geopolitics & Conflict

- Will it or won’t it default? That’s the hedge on Argentina right now, and it’s of more concern to investors than whether Macri will be able to claw his way back after his loss to presidential contender Alberto Fernandez and his controversial populist running mate, Christina Kirchner. We’ve seen this happen before in Argentina, so it should come as no surprise to anyone. Macri has now imposed capital controls with foreign currency restrictions, but so far he really hasn’t stepped up to the plate to boost confidence in his administration, which faces elections in October. Last week, the Macri government said it would postpone payments on short-term local notes in order to reprofile over $100B in debt. This concerns some $15B in provincial bonds. This isn’t a default, per say, but left-wing Fernandez is making sure the public knows he views this as a “virtual default”. The IMF is now assessing Macri’s measures.

- The now infamous Adrian Darya 1, Iran’s oil tanker that has made its way from Iran, around Africa, to Gibraltar where it was held for quite some time, has delivered oil to Syria, to the chagrin of the US who has tried and failed to buy off the vessel’s captain with a financial reward in exchange for steering it into a port where the US could seize it. The US is now offering a $15 million reward for anyone who can disrupt the finances of Iran’s RGC…



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