Report From The Battle Lines: We're Feeling Inhibited
argentina | by Marcelo | 12 Feb, 2004 at 04:05 AM | comments (8) | trackback (0)
Investment fund NML Capital Limited has secured inhibition orders on fifteen properties in the US owned by the Argentine government, in the latest development in thE Argentine Debt Wars.
With this move, Cayman Islands-based NML Capital Ltd has moved to the forepack of private creditors, while the G-7 has issued renewed calls to the Argentine Government to "speed up fair negotiations", which is G-7 code for "cough up more". A recent meeting between Argentine conomy minister Lavagna and the IMF leadership was also "constructive", which we all know means that it either didn't achieve anything, or that they don't want to talk about what they did achieve. In that aspect, high-level financial talks are a lot like shady dates. Maybe it would shock us to learn exactly how much alike.
Next month there is a coming IMF review of Argentine fiscal goals, and the approval (or not) of more credit to the country. Relations between the IMF and Argentina are at a relative low these days. Although the country has been paying its debts to the IMF to secure this relationship, it's clear than the controlling countries in the Fund's board are no longer happy with the status quo.
On the other side of the battle lines, the Argentine government is basing its strategy on calling those properties untouchable by virtue of treaties and conventions, and by discussing issues of jurisdiction between the different US judges involved. Overall, the legal strategy of the government is not to own anything that can be embargoed, at least until the success of its strategy of... I don't know exactly what strategy they are pursuing right now. It does look like they are going full speed with the 25 cts offer, having already signed a group of consulting banks: Merril Lynch, Barclays and UBS.
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