Gabriel Torres News
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Argentine President Cristina Fernandez de Kirchner is starting to run low on dollars to pay the nation’s bondholders.
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Moody’s Investors Service downgraded Argentina’s foreign bonds to seven levels below investment grade, as a U.S. court case with holdout creditors increases the chances the country will default.
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Argentina’s sovereign debt rating is unlikely to be raised in the “short term,” said Gabriel Torres , an analyst at Moody’s Investors Service.
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Moody’s Investors Service may cut Argentina’s debt rating because of the government’s unpredictable policies, newspaper Clarin reported, citing Moody’s analyst Gabriel Torres.
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The man known as Miguelito has provided soda and coffee to 41 Argentine economy ministers since 1965. He waited on three-time President Juan Peron and Domingo Cavallo , who as minister oversaw a 2001 default on $95 billion in bonds, the biggest ever.
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Retiree Teresa Teffer searched branches of Argentina’s leading appliance retailers for a fridge and oven she’d seen on display less than two months earlier. She gave up after finding neither.
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Argentina’s currency is headed to its smallest decline against the dollar in three years, cutting central bank profits and pushing the government to use reserves at a faster pace to meet financing needs.
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Moody’s Investors Services holds a seminar today in Buenos Aires to discuss Argentina’s economic and rating outlook.
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Argentine government bonds are yielding less than notes issued by higher-rated Buenos Aires, a sign that investors expect Moody’s Investors Service to give the country its first upgrade in five years.
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Speculation that Argentina is inflating economic growth above the rate of the biggest emerging-market countries is driving the value of securities linked to the nation’s expansion to the highest in 2 1/2 years.
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