Argentina’s attempts to repair its standing internationally show the nation wants to tap overseas bond markets for the first time since a $95 billion default in 2001, according to former central bank governor Mario Blejer.
President Cristina Fernandez de Kirchner failed to secure enough votes to seek a third term in yesterday’s mid-term election, ensuring the end of her rule in 2015 and validating investor optimism a more market-friendly government will emerge. Bonds rallied.
Argentine President Cristina Fernandez de Kirchner’s ruling coalition lost Buenos Aires province, the country’s largest, while keeping a majority in both houses of Congress in midterm elections yesterday.
Argentina’s Buenos Aires province needs 1.8 billion pesos ($400 million) to pay provincial government employees their mid-year bonuses, newspaper Cronista Comercial reported, without saying how it obtained the information.
Argentina’s Buenos Aires province will send a bill to Congress to allow the local government to sell part of its holdings of inflation-linked peso bonds, known as Bogars, as it seeks to pay employees their midyear bonuses, Governor Daniel Scioli said.