It is the Argentina Exchange Bondholders, one of the three largest committees that were formed during the negotiation of the debt with private holders.
“The Front of All has been governing for 111 weeks and still does not have an economic plan. Inflation, the dollar and country risk are out of control,” the bondholders warned on their Twitter account.
That situation, for them, “would imply a postponement in Columbia” and added: “Let’s be realistic, these indicators show that Rome is burning. It’s time to stop playing the lyre.”
This last sentence represented an elliptical criticism of the Minister of Economy, Martín Guzmán, who worked as a researcher at Columbia University, in the United States, before reaching his current position.
On its website, the Exchange Bondholder Group presents itself as an “organized group of investment institutions.”
It further states: “Many of our firms have been investors in Argentina for decades. Collectively, we have close to $4 billion in bonds issued by Argentina in connection with its debt swaps in 2005 and 2010, in which bondholders accepted voluntarily large reductions in net present value to help Argentina recover from its 2001 payment default.
The group has a steering committee made up of its largest exchange bondholders: HBK Investments, Monarch Alternative Capital LP, Paloma Partners Management Corp., Pharo Management (UK) LLP, Redwood Capital Management, LLC and VR Capital Group.
It is also closely aligned with other bondholder groups in Argentina.
This group supported the debt restructuring proposal announced by Argentina on August 4, 2020.
Recently, the bondholders questioned the IMF for charging a surcharge to countries like Argentina.
“The IMF is a senior lender and still receives the highest rate among Argentina’s creditors. Indefensible and counterproductive! Reducing surcharges in exchange for a serious economic plan is the way to go”, they pointed out.
Likewise, they ironized that the difficulties of the Government and the IMF to reach an agreement are like the movie “Groundhog Day, with a daily repetition of a game show. The host: at gate 1, there is an agreement with the IMF and stabilization of the economy and at gate 2, default, chaos and hyperinflation. Argentina: I want gate 3. Gate 3 does not exist.”
Source From: Ambito
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