The Argentine government wants to stop the devaluation of the Peso and a further flight of capital from the highly indebted country to prevent it.
credit institutions must allow the use of larger shifts of their assets in the future by the Central Bank to approve, as the Central Bank announced on Friday. According to a report in the newspaper “La Nación” wants to intervene in the Central Bank starting next week also massively on the foreign exchange market to support the currency.
“to give, We can all help with a sense of responsibility and reason, and the Argentines alone. Each in his place,” wrote the head of state, Mauricio Macri on Twitter. “As President, that’s my only priority. All of my Action points in this direction.”
Previously, had lowered the credit rating agencies Fitch and Moody’s in their assessments of the credit rating of Argentina again. Fitch revised the Rating from “CCC” to “RD”. The rating means “Restricted Default”, so much as impaired credit, and is only removed a stage from the Rating for payment default.
Argentina had unilaterally decided to overdue debt until later to pay back, the credit rating Agency. That’s why Fitch have found a payment default in the country. The rating Agency had lowered the mid-August evaluation. Moody’s downgraded the debt of Argentina from “B2” to “Caa2” down. Thus, the loans of the country in which the credit rating Agency is now considered a “highly speculative”.
in addition to the maturity of government bonds the Argentine government wants to postpone the repayment date for the billions in loans from the International monetary Fund (IMF). He had taken up with the Fund, negotiations on the maturity of the loans, said Finance Minister Hernán Lacunza.
“We understand that the government has taken this step in order to ensure liquidity and to protect the reserves. We are in these challenging times on the side of Argentina,” said IMF spokesman Gerry Rice.
devalued As the Argentine Peso in the past year, had granted to the IMF Argentina stand-by credit in the amount of 57 billion US dollars. Finally, the local currency was, however, again came under pressure, after the obligatory primaries of the liberal President Mauricio Macri, a bitter defeat against the left opposition candidates, Alberto Fernández had to accept.
Many investors feared, apparently, a victory by Fernández and his Vice-candidate, Ex-President Cristina Kirchner, at the presidential election in October. The former head of state stands for a protectionist economic policy and a conflict-rich relationship with the IMF.
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