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Signing a decree to unblock the debt swap
Ambito Financiero
December 08, 2009

A high government source last night told this newspaper that this week, all of the steps connected to the debt swap will be complied with. Until today, there have been serious doubts in the local arena about the real intentions of the government to launch the offer. "This week, Cristina signs the decree," said a consulted official. It refers to the permission for the Economy Ministry to emit public bonds that will be delivered in exchange for the ones still in default. The rally on the local market has evaporated, and Argentine paper have already stopped being the most wanted among emerging markets. It's not the first time that the government has made a quick turn in its approach to investors. Remember it's been more than a year since its promised to pay the Paris Club. The international crisis is already falling aside, the Central Bank has recovered reserves, but the negotiations with creditor countries haven't shown progress. At the same time, the negotiations on a "light" agreement with the IMF continues on the same track. For that, there is a lack of confidence in the local arena and it's important that this week they comply with all the necessary requirements for the offer to the bondholders to be ready by February 2010. It's clear that the government has the intention to close the operation: it comes with US$1 billion in fresh cash. But the clock is generating a certain worry due to that it is never known when the international markets will be high and ready for risky investments like what Argentina offers.

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