Titoli di Stato area non Euro ARGENTINA obbligazioni e tango bond (6 lettori)

gionmorg

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Argentina's 2019 federal budget is credit negative for provinces
On 17 September, Argentina's (B2 stable) Treasury Ministry published its 2019 federal budget proposal, which includes austerity measures to support fiscal consolidation efforts amid domestic financial volatility, wavering investor confidence and a currency crisis. To mitigate the vulnerability to external shocks, the sovereign reviewed its fiscal targets to reach fiscal equilibrium faster than announced earlier this year, with the government now aiming to reach a primary result as percentage of GDP of negative 2.7% in 2018, versus a previous target of negative 3.2%; 0% in 2019, versus a previous target of negative 2.2%; and 1% in 2020, versus a previous target of negative 1.2%. To attain these goals, among other measures, the federal government will reduce discretionary transfers to provinces and transfer the responsibility of subsidies for public transportation and electricity for low-income consumers to the provinces, a credit negative for regional and local governments (RLGs).
 

m.m.f

Forumer storico
BUENOS AIRES, Sept 19 (Reuters) - Argentina’s gross domestic product contracted 4.2 percent in the second quarter of 2018 from the same period last year and 3.9 percent from the prior quarter, government statistics agency Indec said on Wednesday.

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Sky-high interest rates have shut off growth in the recession-hit country while failing to bolster its beleaguered peso currency, which has slumped more than 52 percent against the dollar so far this year. While fiscal austerity policies have substantially shrunk Argentina’s deficit, investors remain worried that the government still may not be able to meet its international debt obligations.

The peso closed 1.09 percent stronger at 39.37 to the U.S. dollar after the central bank sold $195 million on the foreign exchange market to support the currency. Argentina also allocated $2.73 billion in peso-denominated treasury notes, the economy ministry said.

Concerns over Argentina’s ability to service its debts have spurred the government to renew its deficit-fighting efforts. The primary deficit has contracted 31.7 percent in the first eight months of this year from the same period last year, the economy ministry said in a statement on Wednesday.

Argentina posted a primary fiscal deficit of 10.35 billion pesos ($408 million) in August, down 58 percent from the same month last year, the statement said.

The primary budget balance, which measures government spending relative to income and does not include debt payments, is followed by investors as an indicator of Argentina’s ability to meet its financial obligations.

In the 2019 budget released on Monday, Argentina’s government said it had a primary deficit target of 2.6 percent of gross domestic product for 2018, and was aiming for primary fiscal equilibrium next year.

“In terms of gross domestic product, the accumulated primary deficit through August was 0.9 percent, or half of that observed in the same 2017 period,” the statement said.

The economy ministry also said Argentina’s financial deficit was 14.5 billion pesos ($572 million) in August.


The central bank has spent more than $15.6 billion this year as it intervened to bolster the currency, according to official data. (Reporting by Walter Bianchi and Jorge Otaola; Additional reporting by Hernan Nessi; Writing by Scott Squires and Hugh Bronstein; Editing by David Gregorio and Tom Brown)

Our Standards:The Thomson Reuters Trust Principles.
 

Magician

Forumer attivo
BUENOS AIRES, Sept 20 (Reuters) - Argentina's peso
and benchmark equities index rose sharply on Thursday amid
optimism over negotiations between the country's government and
the International Monetary Fund, as well as central bank
measures to strengthen the currency.
Argentina is seeking support from the IMF to strengthen a
$50 billion financing line designed to shore up the struggling
peso. On Thursday, the two parties appeared to edge closer to a
deal, with an IMF spokesman saying the two sides have made
"important progress" in the past week.
The peso also firmed after the central bank
auctioned off some 107 billion pesos ($2.79 billion) worth of
its so-called Lecap securities late on Wednesday.
"Officially, they are succeeding in their goal of drying up
the pesos," one Buenos Aires-based trader said.
Argentina's MerVal equities index had climbed 3.43
percent in afternoon trade, while the peso was up 3.2
percent against the dollar.
In Mexico, the peso weakened 0.29 percent as
investors sought to book profits from the currency's recent
gains.
But across the region, most currencies climbed moderately
against the greenback. In Brazil, where the real currency
was up 1.26 percent, analysts cited a major poll released early
on Thursday that showed right-wing presidential candidate Jair
Bolsonaro tied against leftist Fernando Haddad in a likely
second-round vote.
The Chilean peso was also a big winner, climbing
2.89 percent. The currency was battered in August and the first
week of September, falling almost 10 percent during that period.

EMERGING MARKETS-Argentina peso, stocks rise on IMF talks | Reuters
 

impegnativo

Guest
Argentina; Fmi ha fretta, Buenos Aires arranca

Il Fondo Monetario Internazionale vuole concludere i colloqui con i funzionari argentini "il piú rapidamente possibile" per rinegoziare un accordo di standby sul piano di aiuti a Buenos Aires.
Lo ha affermato il portavoce dell'Fmi, Gerry Rice, puntualizzando che sono stati compiuti progressi a livello di staff ed è ora necessario trovare subito un'intesa. Nel frattempo il direttore generale del Fondo, Christine Lagarde, e il presidente argentino, Mauricio Macri, si sono incontrati a margine dell'Assemblea generale delle Nazioni Unite.
Buenos Aires ha fretta e ha bisogno di liquidità. Il prodotto interno lordo dell'Argentina si è infatti contratto in maniera netta nel 2* trimestre, anche a causa della siccitá che ha colpito duramente la produzione agricola del Paese. Nel dettaglio il Pil ha registrato una flessione del 4% a livello trimestrale e del 4,2% rispetto allo stesso periodo dello scorso anno.
L'amministrazione Macri ha affermato, all'inizio di questa settimana, di aspettarsi una contrazione del prodotto interno lordo del 2,4% nel 2018 per via della crisi fiscale che ha costretto il Governo a tagliare alcuni tipi di spesa.
Inoltre la siccitá di inizio anno ha creato gravi danni alla produzione di soia e mais, che rappresenta una parte importante delle esportazioni del Paese. "Nel secondo trimestre raccogliamo la soia e il mais e quindi c'è stato un forte calo della produzione agricola", afferma Fausto Spotorno, director del Center for Economic Studies di Buenos Aires. "Ha davvero danneggiato la crescita".
Dopo la siccitá ci ha pensato il crollo del peso, a maggio, ad aggravare la situazione tanto che Macri è stato costretto a bussare alla porta del Fondo Monetario Internazionale. Il presidente ha accettato di tagliare la spesa in cambio di 50 miliardi di dollari di aiuti dall'Fmi.
Intanto, però, un nuovo deprezzamento della valuta locale ha messo sotto pressione l'inflazione, spingendo al rialzo i prezzi e riducendo ulteriormente la domanda nell'economia argentina. A inizio settembre il Governo ha quindi dovuto chiedere al Fondo Monetario di accelerare le tempisitiche sulle erogazioni di denaro. Il ministro delle Finanze, Nicolas Dujovne, ha annunciato una serie di misure di austeritá finalizzate a ridurre il deficit di bilancio ancora piú velocemente.
Tornando ai dati macro del periodo tra aprile e giugno, il quadro è cupo. La spesa è scesa del 2,1% rispetto al primo trimestre, le esportazioni sono crollate del 14,2% t/t e del 7,5% a/a e la produzione agricola è sprofondata del 31,6% a/a.

Dow Jones Newswires
September 20, 2018 11:51 ET (15:51 GMT)
 

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