Archive for the ‘Argentina Salvajizada’ Category

Origen de las palabras “Boludo” y “Pelotudo”…!

31 agosto, 2016

origen de lass palabras “Boludo” y “Pelotudo”…!
Gente
helena piran
Hoy a las 0:40

¡Sigamos aprendiendo hasta que no nos quede aliento…!!!
¡Como podrán leer, ambas palabras tildadas de groseras e insultantes, tuvieron un justificado origen bélico …!!!

Origen de: “Boludo” y “Pelotudo”

En las Guerras de la Independencia, los gauchos argentinos peleaban contra un ejército de lo que en aquella época era el Primer Mundo. Una maquinaria de guerra con disciplina de las mejores academias militares, armas de fuego, artillería, corazas, caballería, el mejor acero toledano, etc.

Esos gauchos de calzoncillo cribado y botas de potro con los dedos al aire, sólo tenían para oponerse, pelotas (piedras grandes con un surco por donde ataban un tiento, bolas -las boleadoras- y facones -que algunos amarraban a una caña tacuara y transformaban en una lanza precaria-. “Pocos” tenían armas de fuego: algún trabuco naranjero… o arma larga desactualizada)

¿Cuál era la técnica para oponerse a semejante maquinaria bélica, como la que traían los realistas?
Los gauchos formaban en tres filas:

La “1era”. era la de los PELOTUDOS, que portaban pelotas de piedra grande, amarradas con un tiento.
La “2da.” era la de los LANCEROS, con facón y tacuara.
La “3era” la integraban los “BOLUDOS” con boleadoras o bolas.

Cuando los españoles cargaban con su caballería… los “Pelotudos”, haciendo gala de admirable valentía, los esperaban a pie firme y les pegaban a los caballos en el pecho… de esta manera rodaban y desmontaban al jinete, provocando la caída de los que venían detrás.

Los Lanceros entonces aprovechaban esta circunstancia y lanceaban a los caídos.

Y ahí entonces aparecían los “Boludos” (que no eran tan boludos porque venían detrás) y los remataban en el piso.

Allá por la década del ’90 (1890) un Diputado de la Nación Argentina aludiendo a lo que hoy llamaríamos “perejiles”, dijo que “¡no hay que ser pelotudo!”
(en referencia a que no había que ir al frente y hacerse matar).

Fue algo así como decir ”no hay que ser estúpido”. y desde allí…
ésta fue ¡la segunda acepción que se le dio al término”:

– 1º aguerrido
– 2º estúpido o similar.

Con el tiempo se sumó a esta última clasificación la palabra boludo y el “imaginario popular”… la fue incorporando como al que los genitales grandes le impedían moverse con facilidad.

¡Nada que ver!…. ¡se habrán dado cuenta!.
Más tarde se transformó en un insulto…primero grave, de tal manera que íbamos a las manos si alguien nos la decía, hoy, simplemente “boludo”
Y nos fuimos olvidando del verdadero origen de la palabra.
Encuentren aquí la razón de lo que decimos.

Presidente de la Corte Suprema denunciado penalmente

18 junio, 2016

http://www.diariojornada.com.ar/114731/politica/Denuncian_penalmente_a_Lorenzetti_por_quitar_recursos_a_la_Magistratura

Cristina Kirchner imputada

18 junio, 2016

http://www.lanacion.com.ar/1887996-cristina-kirchner-quedo-imputada-en-la-causa-por-la-ruta-del-dinero-k

ARGENTINA SALVAJIZADA – Feb 16 & 17, 2016

19 febrero, 2016

Tuesday
1. ARGENTINA UNDER ATTACK FOR ITS EFFORT TO END FINANCE BLOCKADE; HOLDOUT CLAIMS (Financial Times)

2. BRAZIL STATE BANS PESTICIDE AFTER ZIKA CLAIM (The Wall Street Journal Online)

3. ARGENTINA ECONOMY: AN AUGEAN STABLE (Economist Intelligence Unit – ViewsWire)

4. ARGENTINA’S MACRI SCRAPS MINING EXPORT TAX (Business News Americas)

5. ARGENTINA EYES RAISING PUMP PRICES IN MARCH (Platts Commodity News)

6. ARGENTINA AWARDS OIL IMPORT RIGHTS TO SHELL (Platts Commodity News)

7. RENATIONALIZATION IN ARGENTINA, 2005-2013 (Latin American Politics and Society)

8. AN AMERICAN IN ARGENTINA: LEARNING TO MAKE TIME TO TAKE TIME: A DIFFERENT PACE OF LIFE IN BUENOS AIRES (The Post.com)

1. ARGENTINA UNDER ATTACK FOR ITS EFFORT TO END FINANCE BLOCKADE; HOLDOUT CLAIMS (Financial Times)
By Benedict Mander and Robin Wigglesworth
13 February 2016

One of Argentina’s hedge fund nemeses has criticised the country’s attempts to put an end to a financial blockade, which received a sympathetic hearing from a US judge this week.

Argentina requested on Thursday the removal of an injunction that prevents it from paying its creditors without also paying the “holdouts” who refused debt restructurings following its 2001 default, if its Congress overturns laws blocking payment of the funds, and pays those who settle by the end of the month.

New York judge Thomas Griesa subsequently signed an order requiring the holdouts to justify why the injunction should remain in place by next Thursday, in what was seen as a significant win for Argentina after a string of courtroom defeats over the past decade.

Argentina’s filing on Thursday follows its offer last week to pay about $6.5bn in cash to the holdouts, implying a haircut of roughly 25 per cent on claims of around $9bn. Argentina’s offer was accepted by two of the six biggest holdouts, Montreux Partners and Dart Management, which represent about 14 per cent of the holdout claims in New York.

“This is a baffling continuation of the failed strategy of the past,” said Mark Brodsky, chairman of Aurelius Capital Management. “Given the choice between accepting the substantial haircut we have offered, continuing negotiations, and litigating, Argentina chose to litigate.”

Mr Brodsky argued that Dart and Montreux would receive more than 100 per cent of what they were owed. “For most other claims, Argentina proposes to pay not even 70 per cent of the claim, but 70 per cent of a substantially reduced claim – a double haircut. Holders of less than 5 per cent of the claims have accepted that haircut,” added Mr Brodsky, a former senior trader at US billionaire Paul Singer’s Elliott Management, the leading holdout hedge fund.

Elliott declined to comment on the latest developments in the long-running legal dispute . The holdouts won a victory in 2012 when Judge Griesa ruled that Argentina could not pay the holders of its restructured debt before paying the holdouts in full. That prompted Argentina’s second debt default this century in 2014.

Observers agree that this is a significant turnround for Argentina, which has long been at loggerheads with Judge Griesa.

He was a target of withering criticism by the previous leftist government of Cristina Fernández, which refused to negotiate with what it lambasted as “vultures” and “financial terrorists”.

But the new government of Mauricio Macri, the centre-right former mayor of Buenos Aires, has made reaching an agreement with the holdouts a priority , as he seeks to put an end to Argentina’s status as an international financial pariah.

2. BRAZIL STATE BANS PESTICIDE AFTER ZIKA CLAIM (The Wall Street Journal Online)
By Reed Johnson and Rogerio Jelmayer
15 February 2016

Health officials suspend use of mosquito larvacide that an Argentine doctors’ group blamed for the surge in microcephaly cases among newborns

SÃO PAULO—Brazil’s southernmost state halted the use of a mosquito larvicide that an Argentine doctors’ group warns could be behind the recent surge of babies born with microcephaly.

The ban was imposed despite assertions by the federal government and U.S. health authorities that there is no scientific basis linking use of the chemical to the birth defect.

Health officials in Rio Grande do Sul over the weekend suspended the use of the larvicide Pyriproxyfen to destroy mosquito eggs and larvae in the state’s drinking water supplies, in what they called a “preventive measure.”

The decision came just days after the Argentine group Red Universitária de Ambiente y Salud (University Network of Environment and Health), released a report that links the pesticide to the huge increase in Brazil in recent months of suspected cases of microcephaly, in which infants are born with shrunken heads and underdeveloped brains.

Medardo Ávila Vazquez, a pediatrician and neonatal development specialist at the Universidad de Córdoba who belongs to the group, acknowledged that the group hasn’t done any lab studies or epidemiological research to support its assertions, but it argues that using larvicides may cause human deformities.

The Argentine group’s assertions were quickly rejected by Brazilian and U.S. health authorities, and run contrary to the beliefs of many health authorities in Brazil and internationally that the more likely cause of the rise in suspected microcephaly cases is the mosquito-borne Zika virus that is rapidly spreading across the Americas.

Mr. Ávila Vazquez said the group is calling on Brazil and other governments in the region to be extremely cautious about drawing fast conclusions about the relationship between Zika and microcephaly, and it warns that fumigating, especially by airplanes, is dangerous and won’t solve the mosquito problem. The group comprises about two dozen people in Argentina, mostly doctors, who are concerned about the use of insecticides and other agrochemicals and their impact on human health.

“We think it is likely that Pyriproxyfen is the problem,” Mr. Ávila Vazquez said.

The Argentine doctors’ report is the latest twist in the mounting global battle to decipher the Zika virus and its potential health effects and halt its spread. The World Health Organization earlier this month declared the Zika virus a global public-health emergency because of its possible links to microcephaly and Guillian-Barré, a rare disorder in which the body’s immune system attacks nerve cells. The agency called for more research to determine whether there is a causal link between microcephaly and Zika.

That uncertainty has allowed room for a slew of new theories on the cause of the outbreak, put forward with wildly varying degrees of evidence, to proliferate on social media.

Brazil’s Health Ministry issued a statement that there is no evidence linking larvicide to microcephaly. “Unlike the relationship between the Zika virus and microcephaly, which has had its confirmation attested in tests that indicated the presence of the virus in samples of blood, tissue and amniotic fluid, The association between the use of Pyriproxyfen and microcephaly has no scientific basis.” the ministry said.

Dr. Francis Collins, director of the U.S. National Institutes of Health, called the Argentine assertions “sketchy.”

“Let me advise caution in offering credence for this larvicide theory…unless and until there is more data to support it,” he said. “The situation in Brazil and elsewhere will not be assisted by attaching unwarranted credibility to this interesting but speculative theory.”

Dr. Anthony S. Fauci, director of the NIH’s National Institute of Allergy and Infectious Diseases, said that while no theory should be rejected out of hand at this stage, and a causal link between Zika and microcephaly hasn’t been proven, the discovery of Zika in the brains of miscarried fetuses and babies who died soon after birth “strongly suggests direct involvement of the virus.”

Another group, the Brazilian Association of Collective Health, which advocates against the widespread use of pesticides, and is cited in the Argentine physicians group’s report, also denounced the assertion of any link between microcephaly and pesticide use. It cautioned against “spreading untruths and content without any (or enough) scientific basis.”

Tokyo-based Sumitomo Chemical Co. Ltd., which manufactures Pyriproxyfen, issued a statement rejecting any connection between microcephaly and the use of the larvicide. The company said the product has been used in other countries including France, Denmark, Spain, Turkey, the Dominican Republic and Colombia. The company that Pyriproxyfen has been approved by the WHO to combat mosquitoes and that extensive testing has shown that it isn’t carcinogenic and doesn’t cause nervous system damage or affect reproductive ability.

Nationwide, Brazil has 41 confirmed cases of Zika-related microcephaly, plus an additional 421 confirmed cases of microcephaly whose cause hasn’t yet been determined, according to the most recent figures from the health ministry. Another 3,852 suspected cases still are under investigation.

Rio Grande do Sul, along the Argentine border, is among the Brazilian states least affected by the microcephaly outbreak, with just one confirmed case since the beginning of 2015, according to Brazil’s Health Ministry.

The state’s health secretary, João Gabbardo Dos Reis, said that Pyriproxyfen isn’t necessary because the state’s water supplies are clean.

“Although we have no indication that the larvicide has a link with microcephaly cases, it is also true that we do not have any strong evidence that it has no links,” he said.

But in one of the hardest hit regions, the northeastern state of Bahia, officials said they would continue to use larvicide.

“If we did not use [Pyriproxyfen] we would have more cases yet,” said Bahia Health Secretary Fábio Vilas-Boas.

3. ARGENTINA ECONOMY: AN AUGEAN STABLE (Economist Intelligence Unit – ViewsWire)
13 February 2016

Economic data in Argentina: An Augean stable

The government is rebuilding its discredited statistics institute

GOVERNMENT bean-counters do not, in most countries, have a reputation for derring-do. But in Argentina some have proved to be martyrs and heroes. Statisticians whose findings displeased Cristina Fernández de Kirchner, the country’s president from 2007 to 2015, were sacked and then prosecuted for their effrontery. “Teams were decimated,” says Jorge Todesca, who has been appointed by the new president, Mauricio Macri, to clean up and repair the government’s statistics institute (INDEC). If they were not fired, independent-minded statisticians “just resigned and left”, or were banished to back rooms without equipment. In 2011 Mr Todesca’s economic-consulting firm was fined 500,000 pesos ($123,000) for publishing an inflation index that contradicted the one put out by INDEC.

It is not the only Augean stable Mr Macri discovered when he succeeded Ms Fernández in December. In addition to an economy in disarray, she and her late husband, Néstor Kirchner, who governed before her, left a state apparatus bloated by patronage and weakened by fiscal incontinence. Some 5-7% of public-sector employees do not bother to show up to work but collect roughly 20 billion pesos ($1.4 billion) in wages, estimates KPMG, an auditing firm. Even Tango 01, a 23-year-old Boeing 757 that serves as the presidential jet, is in disrepair. To get to Davos for the World Economic Forum last month, Mr Macri flew Air France.

The mess at INDEC is one of the worst. That is because Ms Fernández took great pains to hide the consequences of her economic policies. The political appointees who oversaw INDEC leaned on statisticians to manipulate their results, especially the inflation rate. Graciela Bevacqua, a 24-year INDEC veteran, reckoned that consumer prices in January 2007 rose 2.1%. Her superiors demanded a number between 1.2% and 1.5%. They told her to take a holiday, and sacked her when she returned.

INDEC appeared to respond to criticism by devising a new index, the IPCNu, which monitored prices nationally rather than just in Buenos Aires and its suburbs, as the earlier index had done (see chart). But it, too, swerved from reality, reporting inflation rates 50% lower than independent estimates. The Economist stopped publishing INDEC’s data in 2012. A year later Argentina became the first country to be censured by the IMF for misreporting GDP and prices. With poverty rising, in part because of high inflation, INDEC simply stopped reporting the poverty rate in 2014.

Mr Todesca, who appealed successfully against his fine, arrived to find the institute denuded and demoralised. Just 25% of its staff hold university degrees, he says. The team that gathered data on inflation was “destroyed”. On December 30th Mr Macri declared a “national statistical emergency”, a decree that gives Mr Todesca a free hand to appoint new directors and allows INDEC to suspend publication of data on GDP, inflation, poverty and unemployment until the end of 2016. Mr Todesca has rehired boffins who were ousted by the old regime, including Cynthia Pok, who will resume responsibility for poverty and employment data, and Ms Bevacqua, who is overseeing the construction of a new consumer-price index.

By May Ms Pok intends to put together a “basic food basket” and publish its price, a step towards calculating the level of extreme poverty. She will also create a broader measure of poverty, using a bigger basket of goods and services, including transport. And she hopes to have a “multidimensional poverty index”, which is likely to include such things as access to health care and education, by early 2017.

Putting together a new consumer-price index is expected to take until September, even though it will probably be based on the widely-used methodology of the International Labour Organisation and, much like the series used until 2014, on prices just in Buenos Aires and its suburbs. The national samples used in the IPCNu may not be reliable enough. Ms Bevacqua says she needs the time to rebuild the teams that collect and analyse the data. Until a new consumer-price index comes out, INDEC advises Argentines to consult two in which it has some confidence: those published by the city of Buenos Aires and by the province of San Luis. Data on GDP and employment will take longer.

This will complicate the government’s efforts to steady the economy. Its early reforms, including a devaluation of the peso and a reduction in electricity subsidies, are pushing up inflation. To contain it, the government hopes to strike a deal on pay with trade unions. In the absence of reliable inflation data, it is “going into the negotiations blind”, says Juan Luis Bour, chief economist of FIEL, a think-tank. Union leaders want pay rises of at least 30%, their forecast of inflation this year. The government hopes to hold the rate to below 25% but may be forced to offer more.

In the medium term, the statistical overhaul will help to normalise the economy. On February 5th Argentina took a step towards normalisation when the government made an offer to pay foreign bondholders who rejected a debt restructuring proposed by Ms Fernández’s government, which prompted the country to default in 2014. The government plans to submit to economic monitoring by the IMF; that is normal for members of the fund, but Argentina has refused it since 2006. Mr Todesca hopes the IMF will soon lift its statistical censure. “Argentina was once a pioneer in Latin America” in publishing data, he points out. Now, just being one of the crowd would be an achievement.

4. ARGENTINA’S MACRI SCRAPS MINING EXPORT TAX (Business News Americas)
15 February 2016

Argentine President Mauricio Macri eliminated a 5% tax imposed by the previous administration on mining exports, as he continues to liberalize the country’s economy.

“We have an enormous opportunity and it is up to us for these resources to be reinvested and create quality jobs,” Macri said at an event Friday announcing the changes, a release said.

The measure is expected to result in US$220mn in lost tax revenue a year, the Buenos Aires Herald reported.

Analysts had expected that in a post-Kirchner Argentina the tax would be among the first levies to be axed. Between 2003 and 2015 the country was ruled by the late Néstor Kirchner, and subsequently, his wife Cristina Fernández de Kirchner.

Daniel Dasso, a partner with EY Argentina, told BNamericas last year that the tax was seen as something of an oddity in the region, and it had been left in place despite having been announced as a temporary measure.

Another decision made recently by the Macri administration was to lift FX controls, which had been affecting the local mining industry also.

In Argentina there is around US$14.5bn in mining projects pending and the changes Macri is implementing could see investment start to flow as the business environment improves for miners, according to BNamericas’ recent analysis of the local mining sector.

Macri said he will work with provincial governors to execute the projects and take into account their impact on the environment.

The mining industry has lauded the government’s recent moves to open up the economy. Rob McEwen, CEO of McEwen Mining told BNamericas last month that the Macri administration “appears to be very pro-business and has expressed support for the mining industry.”

5. ARGENTINA EYES RAISING PUMP PRICES IN MARCH (Platts Commodity News)
By Charles Newbery
15 February 2016

Buenos Aires (Platts)–15Feb2016/1126 am EST/1626 GMT Argentina is considering increasing diesel and gasoline pump prices for a second time this year in March, Energy Minister Juan Jose Aranguren said Monday.

The increase “is being evaluated in terms of the impact of rising oil prices and the dollar,” Aranguren said on Buenos Aires radio broadcaster La Red. “We are analyzing the impact of the devaluation.”

In January, the government authorized a 6% rise in pump prices to help refiners contend with the impact of a 40% currency devaluation in December. This cut revenue in dollar terms for refiners, hitting their profit margins as they pay for crude in dollars.

Since then, the peso has depreciated to 50% less than the December 16 devaluation, according to central bank data.

At the time of the first price hike in January, the government said another 6% increase could be made in March.

Aranguren said that there’s room to raise pump prices, saying they “are still cheap” compared with other raw materials in Argentina.

In another bid to help refiners, the government cut domestic crude prices 10% in January to $67.5/b for light crude and $54.9/b for heavier crude. By comparison, West Texas Intermediate, a global reference price followed in Argentina, is about $30/b.

The government also has begun authorizing imports of Nigerian Bonny Light this year to help refiners sustain profitability, given that the plunge in global oil prices has made importing a cheap alternative to make up for any shortfalls in domestic crude supplies. Argentina imported 1.8 million barrels of crude in 2015, down from 3.7 million in 2014, according to the Energy Ministry.

6. ARGENTINA AWARDS OIL IMPORT RIGHTS TO SHELL (Platts Commodity News)
By Charles Newbery
15 February 2016

Buenos Aires (Platts)–15Feb2016/1117 am EST/1617 GMT Argentina awarded the first of several rights to import crude supplies this year, turning to cheaper foreign product to try to keep a lid on pump prices, according to a news report Monday.

Shell won the first tender to import 1 million barrels of Bonny Light crude from Nigeria to arrive February 25, Buenos Aires newspaper Perfil reported.

Shell, which operates a 100,000 b/d refinery outside Buenos Aires, bid for the authorization against Oil Combustibles, a Buenos Aires-based refiner, the paper reported, without saying where it got the information.

A press manager at Shell Argentina declined immediate comment on the report, and the Energy Ministry could not immediately provide confirmation.

By importing crude supplies, the new conservative government of Mauricio Macri wants to take advantage of low global prices to keep a lid on pump prices, helping to stem inflation now running at nearly 30% annually.

The Macri government authorized a 6% increase in diesel and gasoline prices in January and plans to allow them to rise another 6% in March to help refiners sustain profit margins after a nearly 50% depreciation of the peso against the dollar since December 16. Refiners pay for crude in dollars.

Buying crude locally is more expensive than importing, given that the government is allowing producers to sell light crude at $67.5/b and heavier crude at $54.9/b as an incentive to sustain production. By comparison, West Texas Intermediate, a global reference price followed in Argentina, is about $30/b. Add in shipping costs, and the final price is $40, Perfil estimated.

The government plans to awarded more crude import contracts this year, the newspaper reported.

Argentina imported 1.8 million barrels of crude in 2015, down from 3.7 million in 2014, according to the Energy Ministry.

7. RENATIONALIZATION IN ARGENTINA, 2005-2013 (Latin American Politics and Society)
By Luigi Manzetti
1 April 2016

Since 2002, government nationalizations and contractual breaches in general around the world have surged. South America has witnessed a wave of nationalizations of private enterprises, mostly foreign. Some analysts contend that this trend is shaped by the left-wing ideological orientation of the governments, whereas others argue that a more robust explanation is the combination of economic pressure and constraint factors. This article contributes to the debate by using a nuanced institutional analytical framework based on the concept of company versus government opportunism, applied to the recent nationalization of previously privatized companies. It examines Argentina, a country that in the last two decades has seen radical policy reversals, from sweeping privatization of state-owned enterprises in the 1990s to a renationalization effort with some of the same companies in the early 2000s. [Request full text to the IRC]

8. AN AMERICAN IN ARGENTINA: LEARNING TO MAKE TIME TO TAKE TIME: A DIFFERENT PACE OF LIFE IN BUENOS AIRES (The Post.com)
By Melanie Umbaugh
February 15, 2016

Time moves differently in Buenos Aires, and I’m learning to adjust. The pace is more relaxed and more leisure-like. This is good for my frequent state of total stress, but bad for my perpetual lateness.

People here know how to enjoy their lives: They can move from one minute to the next with ease and they can take their time with it. I’m in the habit of rushing from one thing to the next in a haze of tardiness and confusion. Despite Buenos Aires being a city of three million people, when my other U.S friends and I hurry to leave a restaurant, people take notice. Such a go-go-go attitude stands out.

When it comes to my dual issues of stress and lateness, one exacerbates the other and the cycle continues, but I think embracing the “porteño” approach to daily life can help me. The people I pass on the street are rarely running about in a hurry to get somewhere. I haven’t seen any restaurants patrons demanding the check be delivered immediately. Nothing needs to be accomplished in the next second. Days are long and there’s so much to do, but there’s no rush to do everything.

I’ve never felt like there was enough time in the day to do all the things I need to get done, but I’m starting to learn that maybe there is. You can be purposeful and get things done without running around like a chicken with your head cut off — and it’s much more enjoyable, too. Even little things like taking a quiet walk through my neighborhood or slowly sipping a cup of coffee at a café are ways to keep me centered.

Days can be so casual and pleasant here. Stroll to meet friends at a café after school, take your time drinking espresso and chatting — there’s no rush to leave or move on to the next thing. In Buenos Aires, there is always a next thing and plenty of time to get there. As a life philosophy, the Argentine approach to time is a good one. Sure, people might be late to meet for dinner but they won’t hurry to leave either.

I’m learning to take it slow — to enjoy each moment before moving on to the next one. My routine still needs adjustments, my morning language class isn’t making the process as simple as it could be for a decided non-morning person like myself but, one step at a time, I’m learning. My time here is precious and I don’t want to waste it. Everything will happen at its time.

Melanie Umbaugh is a sophomore studying theater. Have you noticed a different pace of life in another country? Email her at mu495313@ohio.edu .

WEDNESDAY
1. A FIGHT OVER ARGENTINA’S DEBT PRODUCES NO WINNERS (The New York Times)

2. ARGENTINA ON THE CUSP OF PEACE WITH CREDITORS (FT.com)

3. ARGENTINA REACHES SETTLEMENT IN U.S. DEBT CLASS ACTION: MEDIATOR (Reuters.com)

4. IN BOND LITIGATION ENDGAME, ARGENTINA’S LEVERAGE-SHIFTING PLAY (Reuters.com)

5. ARGENTINA SEEKS TO WIN OVER JUDGE VIEWED AS LONG-TIME NEMESIS (Bloomberg Business)

6. STATEMENT OF DANIEL A. POLLACK, SPECIAL MASTER IN ARGENTINA DEBT LITIGATION (PR Newswire)

1. A FIGHT OVER ARGENTINA’S DEBT PRODUCES NO WINNERS (The New York Times)
By Steven Davidoff Solomon
Feb. 16, 2016

The battle over Argentina’s debt is at the end stage, as the hedge funds and the country enter into negotiations to resolve the dispute.

The hedge funds may claim victory, reaping billions of dollars on legal technicalities, but there are no real winners in this sorry affair.

The fight began after Argentina defaulted on about $92 billion worth of sovereign debt in December 2001.

In the past when countries defaulted, there was not much that the holders of the debt could do. Sovereigns are immune from suit in other countries and their home courts. A bondholder can’t just go into court and sue to collect his or her money, leaving the holder stuck unless the country decided at some later date to repay.

Still, hedge funds arose specializing in buying this debt at a discount and harassing governments into repaying. The funds would scour the globe trying to find a friendly jurisdiction to seize the country’s assets and sidestep the rule of sovereign immunity. Elliott Management, for example, seized a $39 million shipment of oil from the Republic of Congo to collect on debt the fund had bought for only about $2 million.

But this was small beer, and involved only tens of millions as debtor countries for the most remained safe to default.

This all changed with Argentina.

A number of hedge funds bought this debt, including Elliott and Aurelius Capital. At first the funds tried the old tricks, even briefly seizing an Argentine frigate in Ghana. Today, Argentina’s president flies in a rented plane in order to avoid the embarrassment of having a jet seized.

But Elliott has lawyers who specialize in leveraging legal rules. And with Argentina, Elliott again found a successful legal strategy.

After the default, Argentina restructured the old bonds, offering 30 cents on the dollar in new bonds. About 93 percent of holders took up this offer, thinking that this discount was better than nothing. But some hedge funds and a number of other holders refused to give in, hoping for a better offer.

The old bonds contained a legal clause that contained the seeds of the hedge funds’ victory. This pari passu clause, from the Latin meaning “on equal footing,” was historically intended to prevent a sovereign from subordinating the bonds in order of security

The hedge funds, however, argued in the United States District Court in Manhattan that this clause also prohibited the payment of the new bonds without paying the old. It was a novel claim and a clever way of getting around the legal obstacle of suing Argentina for payment.

Instead of asking for money, the funds were simply asking for the clause to be enforced so that no other Argentinian bonds could be paid unless they were as well.

This legal argument was a moonshot, but the funds got Judge Thomas P. Griesa to bite. In a series of rulings, he sided with the funds and issued an injunction stating that if Argentina paid the new bonds, it would have to pay the old ones.

The ruling was a shock to many because the clause had never been interpreted this way before. And it seemed odd to create a new precedent amid a battle between a sovereign and hedge funds.

But the judge highlighted the fact that Argentina was unusual – the country’s adamant refusal to pay on the bonds made it subject to special treatment for its inequitable conduct.

Indeed, Judge Griesa curiously phrased the battle in ethical terms, calling Argentina “immoral” for refusing to pay and even holding the country in contempt of court for refusing to repay the hedge funds and other debt holders. Why this would be a moral question was never really clear. Argentina was taking a legal position, just like the hedge funds.

This is where Argentina got stuck, however. The judge’s ruling effectively locked it out of the capital markets. And it pitted Argentina’s creditors against each other as the country could no longer pay its new bonds without fear of having the money seized by the hedge funds. Argentina now needs a settlement for the good of its people and economy.

With the election of Mauricio Macri as president last year, Argentina is trying to settle old debts. In the last few weeks it has agreed to pay $1.35 billion to individual Italian bondholders who were holdouts (Argentina and Italy have old ties, and many of the bonds were sold to Italian citizens). And Argentina has also settled with two hedge funds, Montreux Partners and Dart Management and offered $6.5 billion to settle the whole affair.

But there is still some way to go for a resolution. The negotiations are continuing before a court-appointed mediator and the remaining holdouts appear to be resisting Argentina’s offer, arguing that it favors other funds at their expense.

In part this is again because of yet another legal quirk. Some funds, instead of suing on the basis of the pari passu clause, instead sued to collect their debt directly. These funds won a judgment for the face value of their debt, hoping that they could then use it to seize assets of Argentina in other countries. Once the judgment was entered though, the bonds stopped accruing interest according to their terms and instead received court-ordered post-judgment interest at about 0.5 percent.

The other hedge funds never enforced their debt, instead suing on the pari passu issue and collecting interest on the face value of the bonds, which they claim exceeded 100 percent a year. The second set of bonds is now worth much more because they accrued more interest.

Argentina has responded with different offers. One set – those who did not sue on the pari passu clause – were offered 150 percent of their judgment.

The second set who have not sued to collect on their bonds but instead sued to enforce the pari passu clause, have been offered up to 72.5 percent of their claims.

Notice the “up to” here – we don’t know the exact amount. Still, the holdout hedge funds don’t like this offer because it doesn’t compensate them for the higher rate of interest they feel they were entitled to. But as Matt Levine of Bloomberg asked, is it fair for a hedge fund “to get paid interest at 101 percent a year on bonds issued in 1998, while Argentina has long since moved on and improved its credit profile?”

Let’s just stop here and highlight this absurdity. The hedge funds who sued on the pari passu clause but not to enforce their debt are getting more, but not enough. Merely because of the choice of legal strategy.

It all highlights how an entire country has been subject to the vicissitudes of luck and litigation strategy.

A representative of Elliott declined to comment on this matter.

With its new offer, Argentina also raised the ante. It has brought in new lawyers and made a motion in federal court before Judge Griesa arguing that now that it is willing to bargain with the hedge funds it is no longer a recalcitrant debtor and the court should lift the injunction prohibiting Argentina from paying the new bonds without paying the old bonds under the pari passu clause.

It’s hard to see a judge who so many times ruled against Argentina ruling in favor of them. But this is just part of the negotiating strategy – indeed using the hedge funds’ legal strategies against them. And the judge was once in favor of Argentina, not the hedge funds.

Indeed, it is going to be harder for these funds to say this is a moral matter when making claims of more than 100 percent interest. Nonetheless, according to a person close to the creditor hedge funds, the parties are not that far apart — possibly only as much $200 million — in their negotiations.

That’s a small sum in the scheme of things, and settlement seems so close. After over a decade of litigation, however, it appears as if the parties can’t kick their habit of going to court.

2. ARGENTINA ON THE CUSP OF PEACE WITH CREDITORS (FT.com)
By Robin Wigglesworth in New York and Benedict Mander in Buenos Aires
February 16, 2016

An elegant three-masted Argentine clipper became an unlikely flashpoint in one of the longest, most contentious sovereign debt sagas in history when it was detained in Ghana three years ago by a litigious hedge fund stalking the government in Buenos Aires for an unpaid debt.

The ARA Libertad was eventually released when a UN tribunal ruled that the ship was protected by sovereign immunity, but the episode showed the lengths to which Elliott Management, a hedge fund founded by Republican powerbroker Paul Singer, would go to extract payment for bonds Argentina defaulted on in 2001.

After more than a decade of legal warfare, Argentina could be on the cusp of peace with its creditors. However, even if Buenos Aires does reach an accord with Elliott, experts fear the saga will leave a toxic legacy for the wider sovereign debt restructuring world that could linger for years to come.

“In many ways this stopped being about Argentina a long time ago,” says Anna Gelpern, a law professor at Georgetown University. “The legal and institutional fallout will continue to be there long after this is resolved.”

The genesis for what has been called the “trial of the century” for sovereign debt dates back to 2001, when an economic crisis forced Argentina to default on more than $80bn of bonds. Subsequent governments let creditors stew and only offered to pay back about 30 cents on the dollar in 2005 (an offer reopened in 2010).

Many resignedly accepted the punitive terms, but a significant minority felt aggrieved enough at the take-it-or-leave-it offer that they decided to litigate instead.

Suing countries is difficult, as most of their overseas assets enjoy sovereign immunity and domestic judges tend to side with their governments. Yet Argentina’s “holdouts” including Elliott, which has a fearsome reputation for wringing money out of recalcitrant countries, has deployed a brilliant but controversial strategy against Argentina.

All bonds have clauses that stipulate what borrowers can or cannot do. One is called pari passu, Latin for on equal footing. When companies go bankrupt, pari passu creditors rank equally in the queue when their assets are sold and proceeds divvied up. The clause has also traditionally featured in government bonds even though lawyers consider it an irrelevance as countries cannot be liquidated.

However, Elliott and its co-plaintiff Aurelius Capital — founded by former senior Elliott trader Mark Brodsky — argued that the pari passu clause in Argentina’s debt should mean that the country could not continue to pay bondholders that accepted the 2005 and 2010 restructuring without paying them in full as well.

Sensationally, US District Court Judge Thomas Griesa not only agreed with Elliott’s interpretation but weaponised his ruling by slapping an injunction against anyone helping Argentina avoid his order to pay the “pari passu holdouts”.

In practice this prohibited banks from processing Argentina’s payments to its restructured bond markets and forced the government, at the time led by Cristina Fernández de Kirchner, to choose between paying the holdouts or defaulting again. Unwilling to strike an agreement with creditors she lambasted as “vultures” and “financial terrorists”, Argentina in 2014 defaulted for the eighth time in its history.

But a new reformist government led by Mauricio Macri took power last year, and Argentina struck a deal with the Italian retail bondholders and two hedge funds earlier this month. Judge Griesa last week ramped up pressure on the remaining four — including Elliott — to compromise by raising the prospect of lifting his injunction. Hurdles remain, but a solution is expected soon.

However, Elliott’s pari passu gambit is now legal precedent, potentially turning a sleepy Latin phrase into sovereign bond dynamite and showing that countries can be successfully sued, upsetting the dynamics of state bankruptcies.

All sovereign restructurings have some holdouts, but they are typically so minimal that they can be paid out in full without upsetting the overall deal. But if enough creditors think they can hold out for full repayment, knowing they could use the pari passu clause to sabotage a future deal, then it could upset this equilibrium and make government bond defaults even harder to resolve.

Some experts point out that Argentina’s clause was particularly problematically worded, and question whether other creditors have Elliott’s stomach for a decade-long, expensive legal crusade. Many bonds also have so-called “collective action clauses” embedded that bind all creditors to a restructuring deal agreed by a supermajority,

Nonetheless, the potential implications have rattled the sovereign debt restructuring industry into remedial action. Countries are beginning to issue bonds with tweaked pari passu clauses and strengthened CACs to neutralise the threat of holdouts.

This only affects new bonds issued, however. There are hundreds of billions of dollars worth of already-issued debt that could in theory be vulnerable to Argentina-style litigation. Venezuela, for example, is expected to default this year and lawyers say its bonds could lead to a similarly messy legal battle.

“We will eventually find out how big an impact this will have,” says professor Gelpern. “Let’s hope we don’t find out too soon.”

3. ARGENTINA REACHES SETTLEMENT IN U.S. DEBT CLASS ACTION: MEDIATOR (Reuters.com)
By Nate Raymond
Feb 16, 2016

Argentina has reached a deal with lawyers pursuing a U.S. class action lawsuit over defaulted debt to resolve the case, as part of the country’s efforts to settle long-running litigation over its 2002 default, a court-appointed mediator said Tuesday.

Daniel Pollack, a New York lawyer overseeing the settlement talks, said the agreement in principle “fit within the numerics” of Argentina’s proposed offer earlier this month to resolve various lawsuits by holders of defaulted bonds.

Exactly how many bondholders are covered by the class action settl
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ARGENTINE UPDATE – Jan 27, 2016

29 enero, 2016

WEDNESDAY
1. ARGENTINA AND ARAMCO ARE DEALS FOR DIFFICULT TIMES (The New York Times)

2. NEW HEAD OF ARGENTINA’S FINANCIAL-CRIMES AGENCY AIMS TO REPAIR TIES WITH U.S. (The Wall Street Journal Online)

3. BUENOS AIRES, ARGENTINA: SMALL MARKET, GLOBAL MINDSET (Financial Times)

4. ARGENTINA SUCCUMBS TO BOND TURMOIL AS MACRI EUPHORIA CAST ASIDE (Bloomberg News)

5. CHAVEZ’S DREAM OF UNITY STUMBLES AHEAD OF LATIN AMERICAN SUMMIT (Bloomberg News)

6. ARGENTINA ORDERS HALT TO LATAM AIRLINES WORKERS’ STRIKE (Reuters News)

7. ARGENTINA EYES RAISING NATURAL GAS PRICES TO BOOST OUTPUT: GOVERNOR (Platts)

8. MACRI’S ‘HONEYMOON’ TO END WITH UNION SALARY TALKS (Business News Americas)

9. PAE, TECPETROL FACE ARGENTINA OIL PRICE CONUNDRUM (Business News Americas)

10. ARGENTINA GAS PRODUCERS NEED MORE FEDERAL SUPPORT – GOVERNOR (Business News Americas)

11. PAMPA ENERGIA DEBT SHELF SPARKS M&A TALK (Reuters News)

12. ARGENTINE CORN CROP SUFFERS LOSSES DUE TO DROUGHT –EXPERT (Reuters News)

13. ARGENTINA: WILL OIL, GAS FRACKING BRING YPF 50% UPSIDE? (Barrons)

14. WHAT? ARGENTINA CONSIDERS IMPORTING BEEF (PRI org)

1. ARGENTINA AND ARAMCO ARE DEALS FOR DIFFICULT TIMES (The New York Times)
By Rob Cox
Jan. 26, 2016

Two big deals dominated the agenda in Davos, Switzerland, last week: Argentina’s negotiations with holdout creditors and Saudi Arabia’s potential sale of a piece of its national energy leviathan, Saudi Aramco.

One would open up a robust democracy to global markets after years of feckless governance and isolation. The other would help a repressive regime retain its grip. That both would arguably leave the world better off underlines its fragile state.

The plutocrats assembled in Davos at the World Economic Forum, which concluded on Saturday, spent most of their time reassuring each other that sliding stock markets represent no threat to their prosperity similar to the 2008 financial crisis. When their discussions ventured further afield – and beyond the surging poll numbers of Donald J. Trump’s presidential bid — Argentina and Saudi Arabia were front and center. They represent starkly divergent developments that, while not suggestive of crisis at the doorstep, showcase the tenuous nature of global stability.

Argentina’s return to the economic mainstream is the happier of the two. The newly elected president, Mauricio Macri, hopes to reach a settlement with creditors led by Elliott Management who went unpaid when his predecessors defaulted. Though Mr. Macri said he had not met with Elliott’s leader, Paul Singer, his delegation of cabinet members, including his finance minister and a former JPMorgan banker, Alfonso Prat-Gay, and even the leader of the opposition party, charmed the pants off the international bankers and world leaders in attendance.

In addition, the Argentines used their Swiss visit to meet with bank chief executives to lay the groundwork for expanding the country’s dollar reserves. By lending money to the central bank in return for as-yet-to-be-determined collateral – via a so-called repo operation – financial institutions can help bring Argentina back to the markets. That presumably entails support from the International Monetary Fund, with whom Mr. Macri and his entourage also tangoed in Davos.

As Mr. Macri made a point of noting, that will benefit everyone. In an interview with Reuters, he boasted that Argentina’s agricultural industry could feed 600 million people – but only if it could reach them.

“For that we need infrastructure. We need roads, ports — for that we need financing,” he said. “We are near,” he continued, to having “the worst logistics in Latin America. That’s a great opportunity also for companies and investors.”

Mr. Macri’s performance should increase external pressure on the hedge fund holdouts headed by Elliott to accept any offer that looks objectively reasonable. Mr. Singer has a strong track record of holding fast to his legal convictions, but does he really want to be known as the man who deprived the world’s hunger of prime Argentine beef?

Contrast Argentina with the other big deal floating around Davos: a stock offering from the national petroleum company of the kingdom of Saudi Arabia. Bankers on Wall Street and in the City of London were feverishly preparing underwriting proposals last week for the share sale, which would probably be limited to a downstream division of Aramco to avoid shining the full spotlight of transparency on the parent’s books and vast oil reserves.

Top executives from banks working on the pitches professed little alacrity about the deal, for reasons that are both selfish and moral. On the first point, though an initial public offering of Aramco could be the biggest equity deal in history, the fees will be negligible. The last big Saudi Arabian I.P.O., a $6 billion offering for National Commercial Bank in November 2014, paid underwriting commissions of below 0.1 percent. By contrast, the Chinese e-commerce group Alibaba paid 12 times as much to the banks that took it public in a $25 billion deal two years ago.

That might be tolerable to the banks if the deal were of a more philosophically palatable character, along the lines of, say, restoring Argentina’s access to credit. Saudi Arabia last year summarily executed more than 150 people, the most in two decades, according to Amnesty International. Notwithstanding Deputy Crown Prince Mohammad bin Salman’s talk of transparency, the offering has to be seen as part of the Al Saud dynasty’s coping mechanism for sliding oil prices and the damage this is doing to the finances of the kingdom.

Sustained low oil prices, partly the result of the kingdom’s hopes to squeeze out higher-cost producers from Iran to Calgary and from North Dakota to Brazil, threaten the social spending that is critical to keeping social unrest at bay. As my colleague Andy Critchlow estimates, Riyadh may need to sell half a trillion dollars of assets to cover budget shortfalls if oil hits $20 a barrel.

In an Aramco I.P.O., there’s no money to be made and no pathway to moral redemption. So why participate? Though the idea of financing a regime that kicked off this year with 47 beheadings is troubling, the alternative would be worse for global stability: a chaotic, Libya-style breakdown.

It’s naïve to think that financiers alone have the power to prevent Saudi Arabia from spreading geopolitical anxiety or to turn Argentina into a trustworthy, developed market. But given the delicate state of the global economy, World Economic Forum bankers should give it their best shot.

2. NEW HEAD OF ARGENTINA’S FINANCIAL-CRIMES AGENCY AIMS TO REPAIR TIES WITH U.S. (The Wall Street Journal Online)
By Taos Turner
27 January 2016

Mariano Federici charged with bolstering fight against money laundering, drug trafficking

BUENOS AIRES—President Mauricio Macri on Tuesday appointed a former International Monetary Fund official to head Argentina’s financial crimes agency, in a move that aims to bolster the country’s contribution to the global fight against money laundering and drug trafficking and to improve the agency’s relations with its counterpart in the U.S.

Mariano Federici, the agency’s new head, said a priority for the agency is to restore full ties with the U.S. Treasury Department, which has its own financial crimes agency, the Financial Crimes Enforcement Network, or FinCEN. The U.S. stopped providing Argentina with financial intelligence last year, Argentine officials said, amid concerns that authorities in the government of then President Cristina Kirchner had used confidential information from FinCEN for political purposes in a court case here.

In recent years, law-enforcement officials here say, Argentina has become a destination for narco-trafficking organizations that transport cocaine and other drugs into the country. Authorities say the groups are setting up drug-processing labs and fighting for control of the trade, leading to a spike in homicides in some cities.

“We are going to put a very strong emphasis on fighting drug trafficking, which is a priority for Macri,” Mr. Federici said in an interview last week. “We think this is one of the most serious threats facing the country.”

Mr. Federici said the agency will also focus heavily on working with local financial institutions, including banks and casinos, to combat international terrorism. “Our contribution to the global fight against terrorism is often underestimated, even though we suffered two terrorist attacks in Argentina,” Mr. Federici said, referring to car bombings that targeted the Israeli Embassy and a Jewish community center here in the 1990s.

Argentina’s financial crimes agency is one of about 150 financial intelligence units around the world, which are used to detect financial crimes, including money laundering and the financing of terror groups. FIUs, among them Treasury’s FinCEN, share confidential information to track the illegal use of financial institutions.

Mr. Federici was a top anti-money-laundering official at the IMF and worked with Latin American countries to combat it. That is a priority for Argentina, where officials here say drug-trafficking gangs from Mexico and Colombia have been moving money.

During Mrs. Kirchner’s tenure, the U.S. stopped sending information to Argentina from FinCEN in 2009 and again in 2015 amid concerns that confidential information was being used for political purposes, Argentine officials said. FinCEN and U.S. Treasury representatives declined to comment on the breakdown in relations.

Last year, the U.S. Justice Department rejected a request by Argentina to let it use information from FinCEN in a court case against the family of a prominent prosecutor. Alberto Nisman, the prosecutor, had accused Mrs. Kirchner of trying to sabotage his investigation into the 1994 terrorist attack on a Jewish community center in Buenos Aries that left 85 people dead.

In September, Argentina’s ambassador to the U.S., Cecilia Nahón, said in a letter to the State Department that Argentina was frustrated by U.S. delays in replying to requests by the judge for help in obtaining additional information that could be used as evidence in the case against Mr. Nisman’s family.

“All we see are unjustified delays and unnecessary bureaucratic delays, which do not allow for the judicial investigations to move forward,” said the letter, which was published on Argentina’s presidential news site.

Mr. Nisman was found dead with a bullet wound to his head, on January 18, 2015, a day before he was scheduled to testify about his allegations in Congress. A federal judge and an appellate court declined to investigate Mr. Nisman’s accusations, saying there was no evidence any crime had been committed relating to his investigation.

José Sbattella, who ran Argentina’s financial crimes agency until last month, said he was unable to prevent the federal judge from using classified intelligence material from FinCEN in the case against Mr. Nisman and his family. The judge’s actions, he said, violated Argentina’s agreement with the U.S. to keep information from FinCEN confidential. He said the judge acted on his own and that Argentina’s FIU had no legal authority to stop him. He denied that the agency mishandled any information last year.

An appellate court eventually removed the judge from the case, citing concerns about his impartiality. Mr. Nisman’s relatives are trying to get the case thrown out. The judge couldn’t be reached to comment.

Mr. Sbattella acknowledges that Argentina’s FIU leaked classified material from FinCEN to a pro-government newspaper here in 2009, a year before he was appointed to the agency. He says he spent much of his tenure trying to improve relations with FinCEN.

“All that time we kept sending information to FinCEN,” Mr. Sbattella said Tuesday.

Under Mr. Macri, Argentina has moved to repair relations with Washington, Europe and global financial institutions, among them the International Monetary Fund.

A U.S. Treasury Department spokesperson said Argentina “has an important role to play in the global fight against money laundering and terrorist financing,” adding that “Treasury is encouraged by recent efforts to strengthen Argentina’s FIU, and looks forward to positive collaboration with Argentina on these issues.”

3. BUENOS AIRES, ARGENTINA: SMALL MARKET, GLOBAL MINDSET (Financial Times)
By Benedict Mander
January 26, 2016

E7PY7K Overview of white homes in River Plata and Belgrano suburb with Stadium in Buenos Aires

Population 13m (Greater metropolitan area)
Corporation tax 35%
Setting up 3-6 months (urgent filings under 15 days)

Buenos Aires is home to a rich blend of peoples and cultures, whose origins range from Spain, Italy and eastern Europe to China, Africa and the US. Recently, it has become a magnet for people from many South American neighbours.

The case for: The diverse and creative population has benefited from an excellent public education system, as well as some 40 universities (mostly private) and more than 30 research centres.

Last year, the city’s efforts to foster a start-up cluster won the Cities Challenge of the Global Entrepreneurship Congress, organised by the Kauffman Foundation. The market-friendly government led by the centre-right President Mauricio Macri has grand plans to make Argentina a “normal” country again.

Buenos Aires also boasts bookshops and theatres to rival other cultural capitals of the world. With fine weather and pleasing architecture, this “Paris of the South” is a great place to live.

The case against: Plagued by periodic financial and political crises, Argentina could win the prize for the world’s worst-performing economy, having lost its status as one of the richest countries a century ago. It ranks as one of the region’s worst countries in the World Bank’s Doing Business report. Paradoxically, however, double and sometimes triple-digit inflation and all manner of economic controls such as the recently removed strict capital controls has bred a financially savvy population.

Support for start-ups: Venture capital is thin on the ground and many start-ups seek funding from overseas, although that is starting to change. Kaszek Ventures has raised more than $200m since it was founded in 2011, and investor optimism over economic reform is expected to create opportunities. More accelerators such as NXTP Labs, set up in 2011, and publicly backed schemes, such as an entrepreneurship academy with free live and online courses launched by the city of Buenos Aires, are emerging. Endeavor, an international non-profit organisation that supports entrepreneurs operates here.

Local heroes: Buenos Aires has fostered some of the region’s most successful tech start-ups. MercadoLibre, Latin America’s answer to eBay, is the region’s only internet company listed on Nasdaq. Globant, which develops software for clients such as Google and Coca-Cola, became the region’s first software company to float on the New York Stock Exchange in 2014. Despegar , the online travel company, may soon follow suit.

What the locals say: “The market size here may be relatively small, but entrepreneurs have a much more global mindset . . . In Argentina, from the get-go entrepreneurs are pushed to think beyond our borders and aspire to be part of the region,” says Gabriela Macagni, executive director of Endeavor.

Martín Migoya, Globant’s chief executive and co-founder, says being in the same timezone as the huge market in North America, where most of its clients are, is a huge plus.

4. ARGENTINA SUCCUMBS TO BOND TURMOIL AS MACRI EUPHORIA CAST ASIDE (Bloomberg News)
By Carolina Millan
January 26, 2016

* Country’s bonds sink 3.9%, twice emerging-market average
* Argentina’s benchmark notes hit nine-year high last month

Argentina managed to sidestep an emerging-market bond rout late last year on optimism newly elected President Mauricio Macri will end the nation’s isolation. But now, the deepening selloff roiling global markets is proving to be too much for investors to ignore.

The country’s dollar-denominated notes have lost 3.9 percent this month, more than three times the average in emerging markets, data compiled by JPMorgan Chase & Co. show. Its benchmark bonds due in 2033 have slid 4.1 percent from a nine-year high reached Dec. 30 and are now trading at the lowest price since Macri was elected Nov. 22.

While Macri has followed through on promises to dismantle currency controls and start negotiations with disgruntled creditors since taking office last month, the turmoil in global markets fueled by plunging commodity prices upended a plan to sell local notes and fueled the decline in overseas notes as investors dumped risky assets. Argentina’s foreign debt is rated Caa2 by Moody’s Investors Service, eight levels below investment grade. Standard & Poor’s has a SD, or selective default, grade on the debt.

“There’s been a strong risk-off in emerging markets, and even if Argentina has been separate from other global trends, it’s not immune,” said Joaquin Almeyra, a fixed-income trader at Bulltick LLC. “You’ve seen a lot of pain across Latin America and this was a question of contagion.”

5. CHAVEZ’S DREAM OF UNITY STUMBLES AHEAD OF LATIN AMERICAN SUMMIT (Bloomberg News)
By Nathan Gill
January 27, 2016

* Regional leaders meet in Quito to discuss integration agenda
* Spat between Venezuela, Argentina escalates as Macri cancels

Before he died, Venezuela’s late president, Hugo Chavez, had a dream to unite Latin America and the Caribbean against the dark forces of the U.S. empire. It’s not working out like he planned.

As presidents and prime ministers from the regional group CELAC meet Wednesday in an attempt to knit closer ties, President Nicolas Maduro, Chavez’s hand-picked successor, finds himself fending off attacks from the nation’s former ally, Argentina.

“Why does a country have to put up with the whole onslaught of right-wing governments,” Maduro said Saturday after Argentina’s newly-elected president, Mauricio Macri, criticized his government’s human-rights record. “I’m going to the summit of Latin America and the Caribbean nations in Quito with everything. No one is going to shut me up.”

While it’s unlikely anyone will shut Maduro up, his feud with Macri highlights political divisions across the region, where governments from Brazil’s President Dilma Rousseff to Ecuador’s Rafael Correa are struggling to fend off allegations of corruption and economic mismanagement after a collapse in global commodity prices plunged their economies into recession. The bickering can only weaken CELAC, said Cynthia Arnson, director of the Latin America program at the Woodrow Wilson International Center for Scholars in Washington.

“Venezuela historically has wanted to push confrontation with the U.S. and within Latin America,” Arnson said Tuesday in a telephone interview. “If CELAC is going to be merely a forum for ideological confrontation, it will quickly lose relevance.”

CELAC vs OAS

CELAC, the acronym for the Community of Latin American and Caribbean States, was formed in 2011 at a summit in Caracas to help integrate the region and provide a forum to resolve disputes without the intervention of the U.S. and Canada. At the time, Chavez predicted the group would replace the Organization of American States, which includes the North American countries.

For now, the OAS is holding its ground. Whereas 34 of 35 heads of state attended the last meeting of the OAS in Panama last year, 27 of 33 are confirmed for Wednesday’s meeting in Quito. Among those missing are the heads of state of Cuba, Uruguay, El Salvador and Argentina.

Macri, who defeated the official candidate of former President Cristina Fernandez de Kirchner’s political party in December, called for the release of prisoners in Venezuela who human rights groups say are being held for political reasons. His press office said Sunday that doctors had advised him not to travel to the summit because of a rib injury.

The other leaders from the member states will discuss poverty reduction and inequality, climate change, infrastructure financing and immigration, among other issues, according to Ecuador’s Foreign Ministry.

“The real question for CELAC is what kind of organization it proposes to be,” Arnson said. “It’s important that there be regional institutions, but as yet there does not seem to be a clear agenda.”

6. ARGENTINA ORDERS HALT TO LATAM AIRLINES WORKERS’ STRIKE (Reuters News)
By Richard Lough
Jan 26, 2016

Argentina’s labor ministry ordered striking aviation employees to resume wage talks with LATAM Airlines and return to work, a ministry official said on Tuesday, after their walkout grounded four flights out of Buenos Aires’ main airport.

The workers, who belong to Argentina’s Union of Commercial Airline Senior and Professional Personnel, went on strike at dawn at Ezeiza International Airport over stalled pay negotiations.

An online departure board on the website of airport operator Aeropuertos Argentina 2000 showed delays of four flights from Buenos Aires to Chile, Peru and Brazil.

Local TV showed snaking queues in the Ezeiza check-in hall, and passengers were advised to contact the company.
Labor relations are prickly in Argentina, where trade unions routinely butt heads with private companies and the government over the scale of pay increases.

A spokeswoman confirmed the mandatory negotiations but said she had no further details.
The strike is a sign of what is to come for President Mauricio Macri ahead of wage talks with the country’s most powerful unions in the coming weeks. Macri oversaw the lifting of capital controls that led to a sharp devaluation of the peso .

LATAM operates TAM in Brazil and LAN Airlines in Chile, Argentina, Ecuador, Peru and Colombia.
In a separate dispute with the Argentine Federation of Aeronautic Personnel, or FAPA, the government earlier this month ordered salary talks between pilots and LAN Argentina.

Union officials said both pay rows would fester if the company did not offer a bigger salary increase.

“At the end of the month the compulsory talks between LAN Argentina and the FAPA union will end, and we’re likely to have another conflict because the pay offer the company has made is very low,” Sergio Mercau, a spokesman for an affiliated pilots union, told TV channel C5N.

7. ARGENTINA EYES RAISING NATURAL GAS PRICES TO BOOST OUTPUT: GOVERNOR (Platts)
By Charles Newbery
26 Jan 2016

Argentina is considering raising natural gas prices to boost production so that producers can sustain employment levels even as low global oil prices raise the threat of layoffs, a provincial governor said Tuesday.

Omar Gutierrez, governor of the gas-rich Neuquen province, said he is working on the plan for higher prices with Guillermo Pereyra, a national senator who also runs the Union of Private Oil and Gas Workers in the southwestern provinces of La Pampa, Neuquen and Rio Negro.

Gutierrez said they have taken the proposal to national Energy Minister Juan Jose Aranguren, and will meet with him again.

“Neuquen has a very significant opportunity to provide the larger gas supplies that the country needs,” Gutierrez said in a statement. “We are working to achieve a higher average price.”

The price for gas supplies from new developments, mostly of shale and tight gas production, is now at $7.50/MMBtu, while it runs between $2.70/MMBtu and $3.00/MMBtu for supplies from older, conventional gas wells.

Gutierrez said the idea is to increase the price to an average $5.80/MMBtu for supplies from older wells.

This increase would come in response to a national plan gradually to eliminate subsidies on electricity and gas rates. The move will lead to higher rates and wellhead prices from February, reducing the strain on public finances and providing more incentives to companies to ramp up exploration and production.

The higher price “will make new investments possible,” the governor said.

Another benefit is that higher gas prices will help mitigate the impact of lower oil prices, he added.

At the start of the year, the national government reached an agreement with oil producers to cut domestic crude prices by 10% to $54.90/b for heavier crudes produced in the south and to $67.50/b for a light crude produced in Neuquen.

While domestic crude prices are still higher than the around $30/b international price, the 10% drop has put at risk investments in oil exploration and production, in particular for crude for export. 532,000 b/d crude production.

Neuquen, by comparison, produces 20% of Argentina’s 532,000 b/d crude production and 47% of its 120 million cu m/d of gas, according to the Argentine Oil and Gas Institute (IAPG) industry group.

There is room to increase gas production because Argentina is running a deficit of 8% in gas supplies that peaks at 50% in the colder months of May to September. This has brought seasonal shortages that are partially plugged by importing an average of 30 million cu m/d of supplies from Bolivia by pipeline and from the global market via two floating regasification terminals.

Neuquen holds huge potential to increase gas output from shale and tight plays, including Vaca Muerta, which is starting to be brought into production by YPF, Chevron, Shell, ExxonMobil, Total and other companies.

8. MACRI’S ‘HONEYMOON’ TO END WITH UNION SALARY TALKS (Business News Americas)
26 January 2016

The ‘honeymoon’ period of Argentina’s President Mauricio Macri will end when union salary negotiations begin in March, says former central bank president Martin Redrado.

Macri came to power in December and has moved quickly to change the previous economic model of heavy state intervention and strict controls, including doing away with FX controls, cutting export taxes and starting talks with holdout creditors.

The outcome of the salary negotiations could have an impact on several key issues for the government, including lowering inflation, reducing the fiscal deficit and maintaining a stable FX rate, Redrado told a Scotiabank seminar in the Chilean capital Santiago. These difficult negotiations with strong unions will also show how capable Marci and his team really are in governing a country such as Argentina, Redrado added.

All the important unions are expected to request salary increases of at least 30%, and such hikes would make it very difficult to reach this year’s inflation target, Redrado said.

Finance minister Alfonso Prat-Gay announced earlier this month an inflation-targeting plan, with the goal of gradually bringing down price increases to 5% in 2019, from 20-25% this year.

Meanwhile, the legislative period begins in March and Macri will have to negotiate reforms with congress, where he does not have a majority. The good news for Macri, said Redrado, is that the Peronist movement is fragmented, and this could open up bipartisan deal-making opportunities.

SO FAR SO GOOD

The Macri government is off to a very good start but the future challenges are “enormous” since the previous government left the country’s economic indicators in a state of despair, said Redrado.

A GDP contraction and an annual inflation rate of around 30% is the most likely scenario for this year, but 2017 could see 3-4% GDP growth and 20% annual inflation if the government is able to advance with its ambitious reform agenda, Redrado said.

The Harvard-trained economist believes Argentina will reach an agreement with the holdouts this year, which would allow the country to return to the international markets again and reap the benefits of lower-cost financing. The most important thing in this complex issue is that Argentina’s attitude towards the holdouts – referred to by former president Cristina Fernández de Kirchner as “vulture funds” – has completely changed under Macri, he said.

Redrado was head of Argentina’s monetary authority during 2004-10 and he is the founder of economic think tank Fundación Capital. Fernández de Kirchner dismissed Redrado from his post in early 2010 due to his opposition to the use of central bank reserves to help finance the a growing fiscal deficit.

9. PAE, TECPETROL FACE ARGENTINA OIL PRICE CONUNDRUM (Business News Americas)
26 January 2016

Although Argentina’s government-fixed domestic oil prices have sustained E&P investment through the current global downturn, producers in Chubut province have been unable to reap the full benefits.

That’s because up to 40% of output from the province is exported, according to a report from state news service Télam.

Prices for Argentina’s Medanito and Escalante benchmark crudes averaged US$77/b and US$63/b, respectively, during 2015, the report said, citing BP-controlled Pan American Energy (PAE) and Argentine firm Tecpetrol as Chubut’s main oil exporters.

By comparison, WTI crude averaged US$48.67/b, according to the US Energy Information Administration.

The Medanito light crude blend is produced in the Neuquén basin, while the medium Escalante blend comes from the Golfo San Jorge basin (pictured), which straddles provinces Chubut and Santa Cruz.

Due to a lack of refining capacity, there is less internal demand for the heavier Escalante, the report said, forcing Chubut producers to export it at global prices, which have hit their lowest point in over a decade.

Citing production costs of US$35/b, and with WTI futures trading at around US$30/b as of Tuesday, Chubut oil exporters have asked for support from the government of President Mauricio Macri to sustain production, the report said.

Meanwhile, Macri’s energy ministry has set the internal market prices for Medanito and Escalante at US$63.50/b and US$54.90/b as of January.

Analysts at Raymond James this week projected that Macri will probably keep prices stable for the rest of 2016, but that the medium-term goal is to bring local prices in line with global benchmarks.

10. ARGENTINA GAS PRODUCERS NEED MORE FEDERAL SUPPORT – GOVERNOR (Business News Americas)
26 January 2016

The governor of Argentina’s Neuquén province, Omar Gutiérrez, called on the national government to maintain and expand subsidies for natural gas producers.

Argentina guarantees a wellhead price of US$7.50/MMBtu for new natural gas production, under a measure implemented in 2012 to stimulate investment and reverse declining output.

By comparison, according to a report in state-run newspaper Neuquén Informa, the domestic market price for natural gas currently fluctuates between US$2.70 and US$3.00/MMBtu, with the federal government absorbing the difference.

The government also subsidizes end-use of natural gas for consumers, creating a situation widely cited by experts as unsustainable, and which energy secretary Juan José Aranguren has pledged to address through gradual subsidy reform.

But as subsidies to gas consumers are phased out, federal assistance to gas producers should be strengthened, Gutiérrez argued, according to the report.

The governor cited a desire, on the part of Argentina’s gas-producing provinces and labor unions, to maintain the US$7.50/MMBtu price for “new gas” and to fix an average price of US$5.80/MMBtu for “old gas.”

Gutiérrez pointed to the government’s artificially high domestic oil price as an essential tool that should be replicated for natural gas.

Argentina’s new President Mauricio Macri and minister Aranguren face a formidable challenge as they aim to return the local energy sector to a more market-based, international model while keeping the hydrocarbon-producing provinces – which largely voted against Macri in the November presidential election – happy.

The four important groups in Neuquén’s oil and gas sector, Gutiérrez said, are the private operators; the workers’ union; the provincial government, which awards and renews E&P concessions; and the national government, which sets pricing policy.

Neuquén province is home to the Vaca Muerta shale deposit, where firms including national oil company YPF, Chevron, Dow Chemical and ExxonMobil continue to ramp up investment in unconventional E&P.

11. PAMPA ENERGIA DEBT SHELF SPARKS M&A TALK (Reuters News)
26 January 2016

NEW YORK, Jan 26 (IFR) – Pampa Energia’s shareholders have approved a US$500m debt program, raising speculation that the Argentine utility is accumulating a war chest for an acquisition of Petrobras assets.

Pampa CEO Marcelo Mindlin has expressed an interest in buying the Brazilian oil company’s Argentine assets.

And local press reported the company had been analyzing an offer for a stake of slightly more than 60% for US$1bn-US$1.3bn.

“They were bidding for Petrobras assets, so you can assume there is an acquisition finance behind that (debt shelf) and possibly a bond take-out,” said a DCM banker focused on Argentina.

Analysts at Raymond James wrote last month that acquiring an up to 67% stake in Petrobras Argentina could be financed through debt and the sale of assets, given the credit’s low leverage.

As of the third quarter last year, the company had a net debt to Ebitda ratio of just 0.1 times, which would jump to around 1.3 times if it bought 67% of Petrobras in the US$1bn-US$1.3bn range, the analysts said.

Pampa is the country’s largest electricity company and is expected to benefit from the eventual lifting of utility tariffs as newly installed President Mauricio Macri looks to establish more market-friendly policies.

Changes to the existing tariff structure are expected to be announced as soon as February, as part of the government’s effort to cut the growing fiscal deficit.

“We favor Pampa as it offers exposure to the generation sector, which we believe will be the best-performing segment in the industry, while benefiting from the improvement in profitability in the other businesses (transmission and distribution),” said Raymond James.

The company’s early-stage backers cashed in on those prospects late last year through an all-secondary US$74.6m follow-on offering.

Bank of America Merrill Lynch was sole bookrunner.

Yet while market optimism about policy changes in Argentina is high, sliding crude prices and broader volatility is likely to up the cost of any bond take-out.

“It is still Argentina and it is still high-yield,” the DCM banker said.

“The US high-yield market is not healthy at the moment, and I don’t think the tariff issue alone will drive values.”

Possible comps for Pampa Energia include other Argentine utilities such as Transener, TGS and Edenor.

According to Thomson Reuters data, those companies have 9.75% 2021s, 9.625% 2020s and 9.75% 2022s trading at mid-market yields of around 11.20%, 9% and 9.8%, respectively.

12. ARGENTINE CORN CROP SUFFERS LOSSES DUE TO DROUGHT –EXPERT (Reuters News)
26 January 2016

BUENOS AIRES, Jan 26 (Reuters) – Drought has caused irrecoverable corn crop losses in some areas of Argentina despite the El Niño weather phenomenon which usually triggers heavy rains in South America, an analyst at the country’s main grains exchange said.

Argentina is the fourth largest exporter worldwide of the grain and farmers raced to plant more in recent weeks after the new, business-friendly government eliminated export taxes and quotas for corn.

However, a lack of rain and high temperatures in the north east of the province of Buenos Aires, the main agriculture district of the country, is threatening the corn harvest.

“This zone is burning up,” said Sofia Corina, an analyst at the Rosario exchange. “I’ve received reports of lost plots of corn and corn that has lost 50 percent of its yield.”

“This is completely unheard-of for a year of El Niño,” she added.

El Niño is a warming of ocean surface temperatures in the eastern and central Pacific that occurs every few years, triggering heavy rains and floods in South America and scorching weather in Asia and as far away as east Africa.

Two weeks ago, the Rosario exchange estimated the corn harvest for 2015/16 would be 23.8 million tonnes, up from 20.2 million tonnes in the previous season, due to a larger planting area and higher yields.

Corina said the area hit by drought represented 8 percent of the main agricultural area of the country, which is also a top global exporter of soy and wheat.

The expert said the lack of water also impacted soy but given the oilseed was not in its key period of growth, there was still time to avoid losses of the crop.

“If it rains, it can still be saved and manage to maintain its yields,” she said.

Argentina’s National Meteorological Office does not expect rain for that region in its weather forecast that predicts up to Friday. The temperature there is expected to reach up to 33 degrees Celsius (91.4 degrees Fahrenheit).

13. ARGENTINA: WILL OIL, GAS FRACKING BRING YPF 50% UPSIDE? (Barrons)
By Dimitra DeFotis
January 26, 2016

Tudor Pickering upgraded Argentina oil-and-gas exploration and production company YPF (YPF) and its price target implies U.S.-traded shares could have 50% upside.

Shares in the state-run energy company jumped nearly 5% Tuesday to a recent $14.94. Shares of YPF have tumbled 38% over the past 12 months, while shares of Petrobas Argentina (PZE) are up 20% and shares of Brazil’s state-run Petroleo Brasileiro or Petrobras (PBR) are down nearly 60%. The upgrade, to Buy from Hold, calls YPF a relatively defensive name in Latin America “with large resource potential to unlock.” From the upgrade report:

“We are upgrading YPF to Buy from Hold with an unchanged $23 price target based on … Argentine [oil] pricing of ~$65 per barrel, which implies 5x 2016 enterprise value/DACF. We see YPF as advantaged in this market given fixed pricing, the recent devaluation of the peso bringing down costs making the Vaca Muerta shale play (more than 50,000 barrels of oil equivalent per day of gross production) much more interesting. YPF’s balance sheet is not so much of a concern to us given we expect that YPF’s ability to attract capital to the Vaca Muerta will be enhanced with a more business friendly government, encouraging recent type curve data and lower costs improving economics.”

The Wall Street Journal reported earlier this month that YPF and American Energy Partners, headed by the founder and former CEO of Chesapeake Energy (CHK), Aubrey McClendon, agreed to jointly explore and develop unconventional oil-and-gas projects in Argentina. The U.S. company is expected to fund, or find private-equity backing, for most of the $500 million to be invested in Vaca Muerta, WSJ reported:

“The deal, the latest in a series of international joint ventures by the Argentine state-run firm, underscores growing interest in Argentina’s Vaca Muerta–or “dead cow”–shale formation, in the Patagonian Province of Neuquén, which has turned Argentina into the world’s top shale producer outside of North America. “

Chesapeake suspended preferred dividends last week, and Chesapeake’s debt was downgraded Tuesday. See our posts on Why Petrobras Argentina & YPF Zig When Oil Prices Zag and more on new Argentine President Mauricio Macri’s $500 Billion Shale Oil Investment.

14. WHAT? ARGENTINA CONSIDERS IMPORTING BEEF (PRI org)
By Simeon Tegel
January 26, 2016

In Argentina, one of the world’s great ranching nations, eating steak every day is a way of life. Is it on the brink of importing beef?

The news is just the latest chapter in the country’s long-running drama of economic turmoil. Many citizens are hoping the new conservative government of President Mauricio Macri will finally end both the drama and turmoil.

But beef? It’s considered practically a human right in a land that lives for Sunday afternoon asados — or cookouts. The news that it may be imported comes amid forecasts that Argentines will eat less beef this year, a per capita average of 123 pounds compared to 2015’s 130 pounds, as domestic consumption is hit by a complicated mix of inflation and supply chain turbulence.

The previous presidencies of the late Nestor Kirchner and then his wife, Cristina Fernandez de Kirchner, saw frequent tensions between the government and Argentine ranchers.

The couple’s leftist policies led them to slap a 15 percent export tax on beef and issue a permit system for foreign sales while forcing ranchers to hit quotas for sales to local markets — at lower prices than on international markets.

The plan was aimed at ensuring that even poor Argentines could afford beef in a nation where it is regarded as a basic staple to be eaten morning, noon and night.

http://www.globalpost.com/sites/default/files/styles/w1024/public/photos/201601/rtr3qtvh.jpg?itok=z6SfJ_wz
Meat is grilled at the open air Mataderos Fair in Buenos Aires May 25, 2014. The event was staged as part of the 204th anniversary commemorations of the May Revolution.

But critics called it populist and warned of the harmful effects of alleged market interference, while farmers developed an aversion to selling their wares nationally.

Argentina’s beef herd remains one of the largest in the world at 51 million head of cattle, with production relatively stable. The problem is not a shortage of cattle in the South American nation.

Instead it is inflation, and what the government fears is speculation by some ranchers, seeing domestic beef prices rise by 13 percent just in December.

Vice President Gabriela Michetti warned: “We are seriously considering opening up imports of beef because it is one of the [food items] that most took off [in price]. There were negotiations with the sector but the problem continues. The government is very worried.”

She added that the beef industry was not fulfilling promises to keep prices down and that the government was also determined to avoid a “neoliberal” market readjustment, that would see prices immediately floated, leaving many poor consumers unable to afford steak.

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CORREO CENTRAL y CORRUPCIÓN CENTRALIZADA

27 mayo, 2015

http://es.wikipedia.org/wiki/Correo_Central_%28Buenos_Aires%29

muchos gobiernos argentinos ¿robaron y lo siguen haciendo en forma abierta? sin investigaciones serias, pues  dilapidar dinero público sigue vigente.

¿algún futuro gobierno  investigará criminalmente  la última etapa del  Nestor Kirchner faraónico monumento a  la corrupción? ¿o a la cultura falsa?

Interesante comprobar como las comunicaciones electrónicas parecen haber tornado obsoleto el no tan viejo sistema argentino de correos, que obviamente degeneró porque cambiaron las costumbres pero los gobiernos siguen aprovechando lo viejo para reinventar nuevas maneras de enriquecerse a costa del Pueblo argentino. ¿Porqué se privatizó el Correo? ¿Porqué el nuevo propietario se empobreció y fué salvado por el Estado bandido? ¿Quienes fueron los implicados? ¿Y quienes se enriquecen h9y con las construcciones innecesarias? ¿Existe conexión mafiosa entre gobernantes de la Ciudad y de la Nación en el tema?

ESCALOFRIANTE DISCURSO DE PERÓN

22 mayo, 2015
<h3 “”=”” id=”yui_3_16_0_1_1432294304633_4181″>DiSCURSO DE PERON=ESCALOFRIANTE Asì empezó todo.Gente

Daniel F. Balbastro

Para

CCO

grafpi1@yahoo.com.ar
mayo21 a las 10:12 P.M.

balas punta hueca autorizadas a la Policía Argentina

18 abril, 2015

http://www.mdzol.com/nota/60647-balas-de-punta-hueca-para-la-policia-una-medida-que-despierta-criticas-hacia-la-argentina/

¿Cristina Presidenta lo  autorizó a Aníbal Fernandez?

Cristina ¿marchará pro Justicia?

10 febrero, 2015

La marcha de febrero 18 a favor de la Justicia coincide con su cumpleaños, y es abogada. ¿Marchará  como una  manifestante mas? ¿sus piernas sanaron ? Faltan 8 días…

¿NISMAN traicionado por sus custodios?

24 enero, 2015

http://www.clarin.com/politica/custodia-dejo-Nisman-tambalea-Federal_0_1291071018.html

el caso se complica, los indicios de asesinato organizado desde el Poder crecen, veamos:

a) Su numerosa custodia policial habría desaparecido el día de la muerte

b) el disparo mortal se hizo desde  15 ó 20 centímetros de su cabeza, sospechosamente lejos para suicidios exitosos (comprobar cuan inseguro e incómodo parece,  pero utilizando un bolígrafo para experimentarlo)

c) interesa la cantidad de balas supuestamente recibida por  Nisman para defenderse de hipotéticos  ataques. Y  si quedaron huellas digitales o ADN en el cargador de la pistola y en las balas no disparadas que deben estar en la escena. Si se suicidó en soledad, la evidencia no pudo cambiarse, a menos que a posteriori gente  haya ingresado  para alterar evidencia  y simular suicidio. La señora madre del Fiscal y el médico privado llamado por ella, son insospechables. El resto  – incluyo  funcionarios públicos que no pertenecen a la Fiscalía o la Justicia  – tuvieron posibilidad de hacer desaparecer evidencia, eso sucede  en novelas policiales y crímenes reales.  Atención:  existen confusos relatos sobre los movimientos  de quienes inicialmente accedieron a la escena de la investigada muerte.