The tweet was activated three hours ago and was from the Argentina Exchange Bondholders group.
After the resignation of Martín Guzmán, and more than a day later without the Minister of Economy – between Saturday after 5pm when the now former official slammed the door and the appointment of Silvina Batakis late in the evening – the repercussions began to rain for and against. Among the negative rumors, the message of a group of Argentine creditors attracted attention. “When the house catches fire, it is better to call the fire brigade than an arsonist “, they expressed.
The tweet came out three hours ago, and was part of the Argentina Exchange Bondholders group, which is made up of more than 20 investment institutions, composed of the bondholders of the foreign debt swap contracts of 2005 and 2010, and groups among others Monarch, VR, Cyrus and HBK and in August 2020 they had agreed to restructure the sovereign dollar bonds issued by Argentina.
It is clear that the Argentina Exchange Bondholders group is not the first time to express itself via Twitter. On January 25, in the midst of negotiations between the Argentine government and the International Monetary Fund (IMF), he achieved a harsh accusation against the Fronte di Tutti (FdT) and the Ministry of Economy.
“The FdT has been governing for 111 weeks and does not yet have a business plan,” said the group made up of, among others, the funds HBK, Monarch, Paloma Partners Management, Pharo Management, Redwood and VR Capital Group.
“Inflation, dollar and country risk are out of control”, they added at the time as if it were an exact replica of what happens this Monday. At that time, the target was not the recent arrival Silvina Batakis, but rather the recently deceased Martín Guzmán: “In Columbia it would imply a postponement.”
For holders of Argentine bonds, skyrocketing country risk means that the bonds they hold are worth less and less. Any increased risk is lost dollars.
Finally, the bondholders have ensured: “Let’s face it, these indicators show that Roma are burning. It’s time to stop playing the lira”. The metaphor points to the traditional image of Nero playing the lyre as he watches the city burn.
YN
Source: Clarin
