The debt holders remain organized into three groups of creditors, the same ones that were formed during the tough period of negotiations during 2020, and that pressed to improve the conditions of the swap. After the process, the Argentina Exchange Bondholders and the Ad Hoc Bondholders Group (along with the Creditors Committee, the three 2020 groups) remained grouped, to exert pressure on the Fund and guard the price of the restructured public securities.
Periodically, especially at the rate of the drop in prices towards the current levels of default, they were presenting press releases and public statements criticizing the progress of the management of the Argentine economy and demanding that the IMF speed up the pressure for an Extended Facility. The last public presence of the bondholders had been on December 1, when the Ad Hoc had demanded from the Fund through a statement broadcast on social networks to press for the agreement to be accelerated and for a tough adjustment plan to be applied for the bondholders. next 10 years. And that this guarantees them that the country will obtain by 2025 onwards enough dollars to meet the payment commitment signed at the time of the exchange. Only in this way, they consider, will their bonds regain some competitiveness in the coming months that will make them cut losses. And, eventually, to be able to place them in the markets losing the least amount of dollars possible.
The message stated that “the Argentine Government is entering its third year without articulating an economic plan. We analyzed the problems in February and nothing has changed. Running an economy should not be a political or academic exercise. It requires real solutions, not procrastination and endless fantasies.” Practically the same position that many of the bondholders who were present claim today, and criticize the IMF. In fact, yesterday there was an exchange of communications between the debt holders who yesterday participated in Goldfjan’s presentation and strengthened their critical spirit.
The position of the bondholders is actually shared by Wall Street and the largest international financial operators. This was made clear yesterday in the publication of the Financial Times, which referred to the agreement reached between Argentina and the IMF, questioning the conditions under which the organization closed the understanding. In an article titled “the IMF agreement with Argentina needs tougher conditions”, the media outlet left its position on the negotiation marked.
“To say that Argentina has a troubled history with the IMF is an understatement. A relatively wealthy nation, the South American grain exporter has negotiated no fewer than 21 deals with the IMF since joining in 1956. Most have failed. There is little reason to think that the twenty-second agreement now being negotiated will be more successful.
Source: Ambito
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