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Investor's Can't Trust Argentina
The Huffington Post
June 25, 2010

"Tis deeds must win the prize" says the character in Taming of the Shrew. The global bond market has bestowed no prize upon Argentina, since its president Cristina Fernandez de Kirchner has performed no deeds worthy of any.

Last month, Argentina put forward its Global 2017 bond offering but the markets are not buying, forcing the government to extend its offer until June 22, a stunning vote of no confidence in the policies of President Kirchner. The international message to Argentina was loud and clear: No deeds, no prize. Investors don't trust you, or your policies. Looking over Argentina's record on financial responsibility, it's no wonder why.

Granted, President Kirchner inherited a fiscal mess. Foremost was the country's 2001 default on $81 billion of debt, which turned it into a financial pariah. Yet having been handed a bad situation, she only made it worse, much worse. She continued Argentina's willful default and creditor abuse, while promoting policies which pushed up inflation and pushed down investor confidence.

For full text of the article, visit: http://huff.to/d4SHe6

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