Moody’s Ratings upgraded Argentina’s credit ratings and upped its outlook, citing stabilizing and disinflationary macroeconomic reforms, the Wall Street Journal reported. The ratings agency upped the country’s long-term foreign currency sovereign credit ratings and local currency issuer ratings to Caa1 from Caa3 and changed Argentina’s outlook to stable from positive. Moody’s said that the government’s release of distortive exchange controls and reduction in government spending have attracted investment and resulted in real wage increases and greater availability of credit.
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The New York federal judge who gave Argentina until yesterday to cede its controlling stake in YPF SA to holders of a $16 billion judgment granted the South American nation a three-day extension to seek a longer delay from an appeals court, Bloomberg News reported. U.S.
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A U.S. judge ordered Argentina to give up its 51% stake in oil and gas company YPF to partially satisfy a $16.1 billion court judgment against the country, Investing.com reported. U.S. District Judge Loretta Preska in Manhattan ruled yesterday that Argentina must transfer its YPF shares within 14 days to a BNY Mellon custody account. The country must also instruct the bank to transfer the shares within one business day to the plaintiffs. The plaintiffs in the case are Petersen Energia Inversora and Eton Park Capital Management, which are represented by litigation funder Burford Capital.
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Gaucho Group Holdings announced its emergence from chapter 11 on June 16, having resolved litigation with 3i Parties and secured a settlement, TipRanks reported. The company is now poised to leverage Argentina’s improving economic conditions, including reduced inflation and renewed mortgage financing, to advance its business strategy and capitalize on new investment opportunities. Gaucho Group Holdings Inc. is a company focused on luxury real estate, fine wines, and leather goods, primarily operating in Argentina.
Gaucho Group Holdings has successfully emerged from chapter 11 bankruptcy after a seven-month restructuring period, maintaining its core assets focused on fine wines, luxury real estate, and leather goods in Argentina, Stock Titan reported. The company's emergence coincides with significant improvements in Argentina's macroeconomic landscape, including the lowest inflation rates in five years and renewed access to long-term mortgage financing.
Argentina's central bank rolled out a broad package of economic measures on Monday to boost reserves, including a repurchase agreement, or repo, of up to $2 billion, Reuters reported. The move comes ahead of an expected review with the International Monetary Fund of the country's recently signed $20 billion loan agreement. Argentina agreed with the IMF to strengthen its net foreign exchange reserves by $4.4 billion by the first review of the program, and has said it will not purchase dollars locally to do so. By last December, those reserves were in the red.
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The World Bank is poised to announce a $12 billion financing package for Argentina on Friday, supplementing the International Monetary Fund's expected approval of a $20 billion Argentina loan deal, a source with knowledge of the plan said, Reuters reported. The Inter-American Development Bank also is expected to announce its own Argentina financing package, a second source said after Argentina's central bank announced on Friday that it will ease its foreign exchange market controls, allowing the peso to freely fluctuate within a moving band of between 1,000 and 1,400 pesos per dollar.
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Argentina's mortgage market, for years almost non-existent due to spiraling triple-digit inflation and high borrowing costs, is starting to show signs of coming back to life under the pro-market reforms of libertarian President Javier Milei, Reuters reported. Monthly new mortgages in Buenos Aires province, home to 40% of the country's population, hit the highest level since 2018 at the start of the year, data from the local college of notaries show. Numbers were up nearly 500% in February year-on-year.
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Argentina and the International Monetary Fund may be on the home stretch over a $20 billion new program, but the deal has so far failed to dispel traders' anxiety and a haze of uncertainty around the outlook for the country's peso currency, Reuters reported. The South American nation, under libertarian President Javier Milei, is trying to rebuild investor confidence and bolster depleted foreign currency reserves after years of overspending that left the grains producer locked out of global markets and battling to stabilize its finances.
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Nearly one-fifth of the population of San Pedro, Argentina about 16,000 people, would invest in RainbowEx, piling tens of millions of dollars into the cryptocurrency exchange. Joining RainbowEx was easy, even for crypto newbies. First, they downloaded the app from a website — it never appeared on Apple or Google’s app stores. Then, they visited one of the local private lending institutions called financieras. A clerk there would convert Argentine pesos into Tether, a cryptocurrency pegged to the U.S. dollar.
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