[R-P] Financial Times: "La Argentina sigue desafiante"

[Nestor Gorojovsky]

Cuando no sé bien cómo viene la mano, suelo escuchar lo que dice el 
enemigo.  Lo que se dicen para ellos mismos, no para nosotros.  He 
aquí un ejemplo (lamento no tener tiempo de traducir).  El Financial 
Times comenta que Lavagna demostró no temer al aislamiento de la 
Argentina. Coincide en esto con la Senadora Cristina F. de K., quien 
dijo más o menos lo mismo en Nueva York: "Cuando peor nos fue es 
cuando menos aislados estuvimos".

Según el FT, "mientras [Lavagna] les hacía que no con el dedo a los 
inversores que ayudaron a hundir el país en deudas mientras se 
enriquecían durante los que denominó "maravillosos años '90", afirmó 
que la Argentina solamente pagaría lo que pudiera pagar.  Hay gente 
en Wall Street que espera que alguien encubra sus errores del pasado, 
pero no seremos nosotros".

Según el periódico de los especuladores y ladrones internacionales, 
esta semana se esperaba que después de la reunión (cinco horas) entre 
Lavagna y Köhler, la Argentina ofreciera una rama de olivo a los 
"acreedores". Pero, continúa, "la esperanza se diluyó después de las 
duras afirmaciones de Néstor Kirchner, presidente argentino, ante una 
movilización esta misma semana:  pagarle más a los acreedores 
equivaldría a "otro genocidio sobre las espaldas del pueblo"  
(preparando el terreno para la futura acusación / satanización de K. 
como "populista", el FT no escribe "people", en inglés, sino 
"pueblo", en castellano).

Son de esas palabras de las que es muy difícil volverse atrás. Más 
signos alentadores...

Gentileza de la lista A-List.

Minister plays down fears over Argentina's isolation
By Joshua Goodman in Buenos Aires
Financial Times: February 14 2004

Roberto Lavagna, Argentina's economy minister, this week dismissed 
fears that his country risked international isolation for its defiant 
stance towards bondholders over the restructuring of nearly $100bn 
(?78bn, £53bn) in debt.

"Obviously a poor image abroad isn't helpful," Mr Lavagna told the 
Financial Times. "But we won't agree to any restructuring that 
sacrifices growth or precipitates another crisis down the road."

At their meeting in Florida last week, finance ministers from the 
Group of Seven largest industrialised democracies urged Argentina to 
modify its proposal to repay creditors 10 cents on the dollar in net 
present-value terms, which bondholders reject.

Argentina is also facing intense pressure from the International 
Monetary Fund. Last month eight of 24 board members abstained from 
voting when the Fund approved Argentina's compliance with its $13.3bn 
loan program. 

In spite of such reprimands, Mr Lavagna said Argentina had no plans 
to alter its proposal substantially or to recognise past due 
interest, a key creditor demand. Wagging his fingers at investors who 
helped sink the country in debt while getting rich in what he called 
the "marvellous '90s", he said Argentina would pay only what it 
could.

"Some people on Wall Street would like to cover up the errors of the 
past, but we won't," said the economy minister, who Argentines credit 
with stabilising their shaky economy when he was appointed by Eduardo 
Duhalde, the interim president, in April 2002.

As proof that Argentina was negotiating in good faith, Mr Lavagna 
cited this week's designation of three banks - Merrill Lynch, 
Barclays Capital and UBS - to help sell its restructuring to some 
450,000 bondholders worldwide.

With the banks in tow he Mr Lavagna said the government would fine-
tune its proposal and launch a final offer within 60 days.

Even while proceeding with the formalities of the restructuring, and
sounding more conciliatory, Mr Lavagna continues to avoid the 
creditors with whom he plans to strike a deal.

Against the IMF's advice, the government refuses to recognise the 
Global Committee of Argentine Bondholders, formed in January, and has 
yet to reply to their invitation for a February 24 meeting in New 
York.

Mr Lavagna said: "We told the Fund clearly that [the GCAB] can be
facilitators of this process, but not negotiators, until they 
demonstrate their legitimacy by having the bonds in their 
possession."

Argentine bond prices rallied briefly this week on speculation that
Argentina might extend an olive branch to creditors after Mr Lavagna 
met IMF managing director Horst Köhler for a five-hour meeting in 
Miami.

But those hopes were dashed by harsh comments from Néstor Kirchner,
Argentina's president, who told a rally this week that paying more to
creditors would be the equivalent of "another genocide on the backs 
of the pueblo".


Néstor Miguel Gorojovsky
nestorgoro en fibertel.com.ar

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"Sí, una sola debe ser la patria de los sudamericanos".
Simón Bolívar al gobierno secesionista y disgregador de 
Buenos Aires, 1822
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