Hoy a las 1:47 A.M.
Hoy a las 1:47 A.M.
May 12, 2015Opinions:Despite what the April 24 editorial “Conspiracy theory” claimed, Argentine President Cristina Fernández de Kirchner made no religious consideration in her opinion, let alone anti-Semitic references. Such characterization was groundless and unjustified. Argentina’s peaceful religious coexistence is widely recognized. As the only Latin-American country member of the International Holocaust Remembrance Alliance, the government is actively engaged in Holocaust education and research.Argentina’s government has also championed since 2003 the fight for memory, truth and justice for the victims of a terrorist attack on a Jewish community center in Buenes Aires in 1994. Bringing to justice those responsible for this attack was the one and only goal of the agreement with Iran in 2013. The editorial inexplicably omitted that the Argentine judiciary dismissed, for the third and definitive time, on the grounds of nonexistence of crime, prosecutor Alberto Nisman’s baseless “impunity for oil” accusations against the government.Argentina’s historic position on human rights and non-proliferation regarding Iran has not changed, as shown by our voting record at the United Nations and the International Atomic Energy Agency. Portraying an agreement with Iran as part of a hidden agenda was false and ignored Interpol authorities’ statements praising it as a positive development in the bombing investigation.Furthermore, the editorial was wrong when affirming the agreement was nullified by the Supreme Court, and it stigmatizes our independent judiciary with complete disregard for Argentina’s sovereignty.Cecilia Nahón, WashingtonThe writer is the Argentine ambassador to the United States.By Jonathan GilbertMay 12, 2015BUENOS AIRES — A criminal case against President Cristina Fernández de Kirchner was closed Tuesday when federal judges accepted a prosecutor’s decision not to pursue accusations that she had conspired to shield Iranians suspected of planning the 1994 bombing of a Jewish community center here.The case had originally been brought by another prosecutor, Alberto Nisman, who was found dead in January at his home, hours before he was to present his findings before Congress. Mr. Nisman’s body was lying in a pool of blood, and he had a bullet lodged in his head. A pistol was found on the floor under the body, and a spent cartridge was also at the scene. There was no suicide note.His death thrust Argentina into its most severe political crisis in more than a decade. A team of experts is trying to determine whether it was suicide or murder, but the evidence is inconclusive and a consensus seems improbable.The three-judge panel unanimously agreed to accept a prosecutor’s decision to drop Mr. Nisman’s case. The prosecutor, Javier de Luca, refused to take up an appeal to carry the case forward after two courts dismissed it, saying there was no crime on which to base an investigation.Mr. Nisman accused Mrs. Kirchner and Foreign Minister Héctor Timerman of trying to derail his lengthy investigation into the bombing of the Jewish center, which killed 85 people. He said they had plotted a political cover-up to deflect his charges that former Iranian officials masterminded the attack.It is extremely rare for judges here to demand a criminal investigation if the prosecutor does not believe that one is warranted, legal experts said.The progress of Mr. Nisman’s case through the courts highlighted how acutely politicized Argentina’s judiciary had become. Many people here question whether judges and prosecutors can act impartially, free of political interests.Judges who threw the case out said Mr. Nisman had groped for evidence to support a predetermined hypothesis. The government also accused him of trying to destabilize Mrs. Kirchner, who has recently sought to link him to her other foes. Two prosecutors, however, argued that he had gathered leads strong enough to pursue.Still, one of the judges, Ana María Figueroa, underscored in Tuesday’s ruling comments by Mr. de Luca that “no glimmer at all remains” of Mr. Nisman’s claims of a cover-up.The three-judge panel’s decision to agree with Mr. de Luca brings a formal end to the allegations. But Mr. Nisman’s supporters hope that a new criminal case based on Mr. Nisman’s findings might be brought after a new government takes office in December.By Camila Russo and Bob Van VorisMay 12, 2015Argentine bonds issued under local law, which have continued to get paid after the country’s July default, declined after hedge fund Aurelius Capital Management said it’s seeking to block the payments.The nation’s 2024 bonds reversed earlier gains and slid 0.25 cent to 98.17 cents on the dollar, pushing yields up 0.05 percentage point to 9.1 percent at 5 p.m. New York time.Aurelius claims that Argentina’s $1.4 billion of bonds sold in April are subject to U.S. District Court Judge Thomas Griesa’s ruling, which says that some of the country’s performing bonds are subject to equal treatment, or pari passu, with defaulted debt. That means they can’t be serviced unless the nation also pays defaulted bonds from 2001.Aurelius argued Argentine bonds due 2024 should be included in the ruling because they were marketed abroad by Deutsche Bank AG. Economy Minister Axel Kicillof said the April 21 sale of so-called Bonar 24s proved Argentina has access to international financing even after its July default.“Mr. Kicillof likes to brag that the recent Bonar 24 offering was international,” Mark Brodsky, chairman of Aurelius Capital Management said in an e-mailed statement. “We agree. That makes those bonds subject to our pari passu covenant. The hedge funds that piled into these richly priced bonds did so with eyes wide open.”May 12, 2015In the past few months Argentina has catapulted to the front end of global attention on new nuclear builds with deals for three new nuclear reactors, two from China and one from Russia. Additionally, the country has its own nuclear R&D program which supports the development of a 25 MB SMR based on PWR designs.The combined value of the Chinese and Russian deals is estimated to be between $18-20 billion. Of this amount, most of it will be financed by China’s CNNC (deal worth $13 billion) and Russia’s Rosatom (deal worth $6 billion). Even with these favorable terms, Argentina may still have to go to international financial markets for its share and this will be an issue given the country’s less than stellar track record in paying its debts.Two from ChinaFor starters, World Nuclear News (WNN) reports that China has two reactors on its order books to be delivered to Argentina. The first is an 800 MW PHWR Candu type reactor with work to begin on it in 2016. The second is the first export of CNNC’s new 1100 MW Hualong One to a South American country.China will provide most of the financing of both reactors, but the credit line come with a price. Unlike many export deals from other suppliers, which have strong localization programs to benefit the domestic industries where the reactor is being built, CNNC is demanding in return for favorable financial terms that Chinese companies be given priority for all aspects of the project including design, construction, and the fuel cycle.These terms have not set well with Argentina’s nuclear regulatory agency nor the government both of which have doubts about being a first of a kind test case for an export deal for the Hualong One. CNNC has only recently broken ground for two Hualong One units at a domestic site so experience building one isn’t available.As a result, Argentina has postponed closing the deal for its Hualong unit until 2017 which should give CNNC time to prove that it can keep to schedule and costs for the domestic project. CNNC has tried to sweeten the deal with Argentina by offering to transfer some of the Hualong One PWR technology as part of the arrangement for using Chinese suppliers.The PHWR would be built at the Atucha site near Buenos Aries. The CNNC Hualong One is expected to be built along the Paraguary River, but the exact location hasn’t been set.One from RussiaIn April Argentina signed an agreement with Rosatom for construction of a 1200 MW VVER. Both Roastom and the Argentine government said the final terms and conditions for the project would be completed later this year. Initial reports indicate that like the Chinese project, Rosatom would provide financing of between 50-70% and offer some technology transfer in return for Rosatom providing the reactor, turbine, and fuel cycle. Localization of components has rarely been a significant element of Rosatom’s export deals and this latest one is no exception. The site of the Rosatom unit was not disclosed in news media coverage of the agreement.Small modular reactorCAREM SMRCAREM (Spanish: Central Argentina de Elementos Modulares) is an Argentine nuclear reactor designed by CNEA (National Atomic Energy Commission). A 25 MWe, pressurized water reactor version of CAREM is currently being built near Atucha I Nuclear Power Plant as the first prototype, and a second one of 100-200 MWe is planned to be installed in Formosa Province. The first prototype is planned to receive its first fuel load in 2017. The date for deployment of the second larger unit would be set thereafter.CAREM is being positioned to be used to supply energy for areas with small populations/small electricity demands. Another possible use is to power seawater desalination plants to supply water and energy to coastal sites.Like other SMRs, the plan is to build multiple units at the same location to scale up generation of electricity to follow economic development. There are plans for 100 MW and 300 MW designs. Argentina’s Comision Nacional de Energia Atomica (CNEA), which is the developer, has its eye on export markets for the various designs.How nuclear energy fits in Argentina’s energy mixArgentina has three nuclear reactors generating about 10% of its electricity. Its first commercial nuclear power reactor began operating in 1974. According to WNN, the profile of installed units includes three PWHR Candu type reactors the oldest of which was built in 1974 (Atucha 1). Atucha 2, a 700 MW PHWR entered revenue service in 2014, and a third unit Embalse, a 600 MW Candu 6, was completed in 1983. The majority of the country’s electrical power generation comes from a combination of natural gas and coal (68%) and hydro (28%).According the US Energy Information Administration, natural gas, which is used widely in the electricity, industrial, and residential sectors, represented 53% of total primary energy consumption in 2013 (3.22 quadrillion Btu). Oil is the primary fuel used in the transportation sector and represented 33% of total primary energy consumption.Argentina produces almost all of its domestic fuels for the transportation sector.Despite the commitments to new nuclear plants, Argentina is continuing to exploit its coal deposits with construction of a 240 MW mine mouth power plant near one of the major mining sites.Can Argentina afford major new energy infrastructure?What’s powering the Chinese and Russia deals with that the export arms of both governments are offering to finance 50-70% of the deal with their respective domestic firms providing almost all of the components.The Economist in its 2014 profile of the country points out that its finances are “perilous” composed of inflation, little budgetary space for economic stimulus, and a history of corruption with government projects. The magazine reports the economy is stagnant, the peso is falling in unofficial markets, and inflation is rising.A default on bonds with a group of US hedge fund investors in July 2014 put a crimp on its ability to get international loans in hard currencies. It was the country’s second default with international investors. Since then, the Economist notes, the government has “fudged” the data on how the economy is performing making it difficult for outside observers to make informed judgments about new investments.Current reserves of hard currencies have been falling from $50 billion in 2011 to less than $30 billion in late 2014.The Economist reports that the current regime of Cristina Fernández de Kirchner has little political incentive to settle accounts and this sets up a situation in which international lending markets are now playing a waiting game for a new regime that will play by the rules.How Argentina will finance its end of the massive nuclear projects remains to be seen. The Chinese deal is worth $13 billion and 30% of it will require Argentina to come up with a minimum of $4 billion of the costs. The Russian deal, with a similar funding profile, will be worth about $6 billion which means Argentina’s share would come in at about $2 billion.Taken together, Argentina will want to go to international financial markets with a bond issue worth at least $6 billion, but with a junk bond credit rating. If the deals result in the Chinese and Russian only financing 50% of the costs, the borrowing burden for Argentina would be closer to $10 billion.It is one thing to sign off on nuclear energy projects with favorable financing from the vendor, but eventually, Argentina’s nuclear future depends on its government cleaning up its act with international lending institutions.
By David JenisonMay 12, 2015From Andean volcano peaks to rainforest waterfalls, Argentina has a wealth of natural beauty, and travelers can enjoy many of the best experiences in day trips. The following list highlights the 10 best (and one worst) Argentine adventures that make for memorable days on bikes, boats, feet and 4×4s.Fitz RoyNear the village of El Chaltén on the Argentine-Chilean border, Fitz Roy (pictured above) is the mountain whose namesake range appears in the Patagonia clothing logo. Located in Los Glaciares National Park, Fitz Roy has a challenging summit that should be left to experienced climbers, but clearly marked paths allow the average person to enjoy various day hikes. For example, the Laguna Torre hike leads to a lake at the base of the 10,262-foot-tall Cerro Torre, while the strongly recommended (yet more difficult) Laguna de los Tres trek provides one of the best views of Fitz Roy.Talampaya National ParkTalampaya and Ischigualasto (the latter to follow) are contiguous parks separated by the provincial border of La Rioja and San Juan. Both provinces are associated with winemaking, but these parks have closer ties to a T-Rex than a Torrontés. On the Rioja side, Talampaya claims some of the world’s oldest dinosaur fossils, and prehistoric petroglyphs and paintings provide insight into the desert park’s lost city. Likewise, Instagram addicts will enjoy shooting geomorphic rock shapes with names like the Monk, Chimney and Chessboard as well as sheer 500-foot red-colored walls. Villa Unión is a main departure town for tours, which require a ranger or registered guide.Ischigualasto National Park (Valley of the Moon)Just north of Talampaya, the lunar landscape of Ischigualasto Provincial Park inspired the alternate name Valley of the Moon, and the heavily eroded terrain would certainly give Buzz Aldrin flashbacks. Though its neighbor also has dinosaur bones, the mother lode was found on the Moon Valley side, and the park museum collection includes the Eoraptor, one of the earliest predatory dinosaurs. Ischigualasto also claims a larger collection of geomorphic rock resemblances with names like the Submarine, Worm, Sphinx, Bowling Field and Thor’s Hammer. Those who opt for a full moon tour will be happy to hear none of rocks are called Dracula.Laguna Brava and Corona del IncaIn the Andes of La Rioja Province, small groups in 4×4 vehicles ascend the rugged trails to the Laguna Brava reserve and Corona del Inca crater set in desolate mountain terrain. At around 10,000 feet, Laguna Brava (Angry Lagoon) is a multi-hued hypersaline lake steeped in Jackson Pollock-style color splatter. Towering volcanic peaks like Pissis (the Andes’ third-tallest at 22,297 feet) overlook the reserve, while out-of-place pink flamingos add a tender touch to an otherwise apocalyptic landscape. During the South American summer, tours can continue to Corona del Inca, a sapphire-blue crater lake near 18,000 feet. By means of contrast, Lake Titicaca (Peru/Bolivia) is called the world’s highest navigable lake at only 12,500 feet.Quebrada de HumahuacaSnaking its way toward Bolivia in the north, the UNESCO-crowned Quebrada de Humahuaca is a mountainous canyon with vast minerals and strata eroded into a parade of vibrant colors. The valley reaches its chromatic peak at three places, i.e., the Painter’s Palette, the Hill of Seven Colors and the Mirador del Hornocal. Though location makes it the least-visited of the bunch, the Mirador is unequalled with more than a dozen rich colors stacked in layers like upside down Vs. Few operators, if any, offer group tours that visit all three locations in a day, so rent a car and visit them independently instead.Tierra de FuegoMost people head to Ushuaia for Antarctic cruises, but Argentina’s southernmost tip is also a day-hike paradise with Tierra del Fuego National Park. Separated from the mainland by the Strait of Magellan, Tierra del Fuego (Land of Fire) is an archipelago whose eponymous park is completely contained on the main island. Well-marked trails lead through the Andean-Patagonian forest and up the mountainside to soaring peaks with expansive views. The Pampa Alta trail provides looks across the Beagle Channel, while the forested Hito XXIV stretches around Lago Roca to the Chilean border. From the latter trailhead, a challenging ascent up Cerro Guanaco pays off with viewpoints above 3,000 feet.Circuito ChicoBariloche is a taste of Switzerland in South America with fondues, wild game and chocolates that put a stress test on your belt loops. All the more reason travelers should stay active in this gorgeous Lake District town. Cyclists can start with Circuito Chico, a 37-mile loop through lakeside Nahuel Huapi National Park with scenic spots like López Bay, Panoramic Point and the Hidden Lake. Along the way, the luxurious Llao Llao hotel provides an optional water, wine or whiskey stop for cyclists who won’t scare the guests with Lance Armstrong-style spandex. Bus routes can shorten the ride, while side trips and hikes can extend it. Several companies rent bikes for the day.Iguazú FallsThe serpent god M’Boi in the Iguazú River coveted a beautiful girl set to marry an Indian warrior. As per the Guaraní legend, the tribe ceded to the god’s wishes, but before they could perform the river sacrifice, the couple fled in a canoe. The jealous god responded by splitting the earth and collapsing the riverbed into a series of waterfalls. He then turned the warrior into a tree and the girl into a rock so they could see each other but never touch. Love apparently found a way, however, as rainbows occasionally form that appear to connect the rock and tree. Though the more likely origin story involves lava flow, Iguazú Falls is a network of nearly 300 waterfalls in an Amazon-like national park shared by Brazil and Argentina. Brazil has the panoramic vantage points, but the Argentine side provides front-row views with hiking trails and boat rides that go right up to the falls. For any young love pondering a proposal at Iguazú, M’Boi still lurks in the depths near Devil’s Throat, so maybe pick a different spot to pop the question.El BolsónIf Bariloche is a Euro-Latin hotspot for tourists, El Bolsón is a nature-centric playground for post-Deadhead bohemians who dig vegan vibes and dopey drum circles. Located about 75 miles south of Bariloche, the no-nukes town drew waves of Buenos Aires hippies in the 1970s, and picturesque nature trails complement its laidback allure. The various trailheads, many of which can be reached on foot, include waterfalls, forests, ridges, swimmable lakes and strange rock formations. Many of the paths are also popular with mountain bikers, who can rent wheels in town.Perito Moreno GlacierWatching glacial ice sheets crumble into Argentino Lake is certainly one highlight at Los Glaciares National Park, but no visit is complete without trekking across the Perito Moreno Glacier. Multi-hour tours take adventurous travelers across the surface of the 100-square-mile glacier, which reaches about 300 feet in height. To avoid slipping and sliding, tour companies provide spiked crampons that attach to your boots. The terrain includes small water streams, naturally sculpted ice and a bluish glow that emanates from the otherwise stark-white expanse. Pick the right tour operator, and the trek might conclude with a shot of whiskey from a bottle chilled in glacial ice.The Day Adventure to Avoid: The Train to the CloudsFor all the memorable adventures in Argentina, one trip should be avoided. Tren a las Nubes (Train to the Clouds) in Salta is the nation’s most famous ride, and tickets costing 1,540 pesos each (at 8.91 pesos to the dollar) sell out in advance. The sales pitch itself—a 270-mile journey ascending nearly 14,000 feet into the Andes—sounds like an epic adventure filled with amazing sights. The heavily advertised excursion is, in reality, a cramped 18-hour train ride with limited views save for a stunning 210-foot-high bridge at the peak. On the way back, the train spends about six hours in total darkness while attendants make Herculean attempts to sell merchandise. The train’s Wikitravel entry conspicuously does not allow edits, a move that predates last summer’s derailment at 12,000 feet that required national army help and multi-mile passenger hikes. At the risk of making a grade-school analogy, the Train to the Clouds feels more like the Express Train to Hades.David Jenison is a Los Angeles native. He has covered entertainment, restaurants and travel for more than 20 years as a writer and editor.
se confirmaría que el mundo aspira a integrarse y que los discursos populistas bolivarianos mentirosos K provocan desconfiar de Argentina. Cualquier nuevo Presidente será mejor que Cristina, porque terminará con la inflación y el engaño en INDEC y además el nivel de corrupción presidencial disminuirá, porque el nuevo Presidente no tendrá mayoría en el Congreso, y tampoco podrá manipular a la Justicia al nivel del kirchnerismo y cristinismo.
Domingo Cavallo Domingo Cavallo El gradualismo que le recomiendan a Scioli acentuará la estanflación Posted: 08 May 2015 08:31 AM PDT No sé a quien presta atención Scioli en materia económica. Pero, por lo que d
German rafael Piran
Germán R. Pirán
Posted: 08 May 2015 08:31 AM PDT
No sé a quien presta atención Scioli en materia económica. Pero, por lo que dice en sus últimos discursos, está siendo muy mal asesorado. Su apego al gradualismo en materia de cambios en las reglas de juego cambiarias y monetarias, en materia de tarifas de servicios públicos y en relación al mínimo no imponible y las escalas del impuesto a las ganancias, preanuncia que no va a poder sacar al país de la estanflación. Por el contrario, si sigue esos consejos, va a tener que soportar una estanflación cada vez más grave y costosa, tanto en términos económicos y sociales, como en términos políticos.
El gradualismo, cuando se parte de fuertes desequilibrios macroeconómicos y fuertes cuellos de botella sectoriales, acentúa las expectativas de inflación, las pujas distributivas y los costos recesivos. Por ejemplo, hacer el ajuste de tarifas gradual en el tiempo,pero a un ritmo superior al de la inflación y la devaluación en el mercado oficial, lleva a aumentar la inflación esperada porque la gente sabe que los ajustes de tarifas, al haber sido insuficientes, seguirán en el tiempo. Además, al ser parciales, los ajustes no significarán una reducción importante del gasto en subsidios a las empresas prestadoras. Por lo tanto, no se podrá influir sobre las expectativas de inflación argumentando que se está reduciendo el déficit fiscal.
En materia de reglas monetarias y cambiarias, el gradualismo también es perverso. Si se mantiene el cepo y se trata de que la brecha entre el dólar paralelo y el oficial se cierre gradualmente, se necesitarán muy altas tasas de interés en términos reales y la devaluación gradual esperada en el mercado oficial tenderá a aumentar, con el consiguiente impacto sobre las expectativas de inflación y las pujas distributivas. Se trata del mismo efecto del aumento gradual de tarifas.
En materia de recuperación del crédito público y de entrada de capitales, el gradualismo también es perjudicial, porque aunque se lograra que por el cambio de gobierno y el anuncio de que se tratarán de resolver los pleitos pendientes, permitiera conseguir financiamiento externo, éste, en lugar de utilizarse para las inversiones que permitirían ampliar la capacidad instalada en los sectores que hoy se constituyen en cuellos de botella de las cadenas productivas, terminaría financiando los desequilibrios fiscales heredados e inversiones muy poco productivas vinculadas a incentivos perversos creados por favoritismos sectoriales o corrupción.
También es equivocado el consejo de postergar un ajuste integral del impuesto a las ganancias, que actualice el mínimo no imponible, las escalas de las tasas y que disponga el ajuste por inflación, del mínimo, de las escalas y de la propia base imponible del impuesto. Sin este cambio en el impuesto a las ganancias será muy difícil conciliar posiciones en las negociaciones colectivas de trabajo y lograr que las empresas inviertan en capacidad productiva.
Quienes temen que soluciones de shock produzcan un “Rodrigazo”, es decir que den lugar a demandas de aumentos salariales y a un descontrol fiscal y monetario como el de 1975, no advierten la gran diferencia que existe entre un shock bien planeado, al inicio de un gobierno que puede replantear el conjunto de reglas de juego de la economía en la dirección que predomina en el mundo y un shock que termina produciéndose cuando el gobierno ya está desgastado por un largo período de estanflación y se ve obligado a admitir fuertes reajustes sin haberlos planeado y sin que la gente pueda percibirlos como la etapa inicial de un replanteo interal de reglas de juego.
Quienes le recomiendan a Scioli que en caso de ser elegido Presidente aplique cambios gradualistas en relación al cepo cambiario, las tarifas públicas y el impuesto a las ganancias, estarán contribuyendo a que hacia mediados de su mandato, o incluso antes, Scioli corra el riesgo de ser totalmente desacreditado por un shock no planeado que se transforme en un “Rodrigazo”.
Siempre pensé que Scioli, como Menem, era un político con gran intuición y sentido común. Menem, durante su campaña electoral, no habló de planes de gobierno y creo que no lo hizo porque recibía muchas opiniones, las mas de las veces contradictorias entre sí. Tenía la ventaja, si lo comparamos con Scioli candidato, que Menem prometía un cambio frente a un gobierno, el de Alfonsín, que terminaba enfrentando una gran crisis económica. Nadie sabía en que consistiría el cambio, pero la gente pensaba que no se podía continuar con el tipo de políticas del gobierno precedente. Angelóz presentó planes de cambios sinceros y bien orientados, pero la gente no prestó atención al lenguaje tecnocrático de sus asesores y juzgó que el partido al que representaba no aseguraba un cambio de dirección.
Ahora, la mayoría de la gente quiere también un cambio. Esto, objetivamente no favorece a Scioli que para sostener su candidatura en el Frente para la Victoria, tiene que sugerir que no va a introducir cambios importantes en la política económica.Si bien el deseo de cambio favorece a la oposición, podría llegar a ocurrir que si ninguno de los candidatos de la oposición llega a 30 % de los votos en la primera vuelta y Scioli consigue 40 %, resulte elegido Presidente. Es asombroso que Macri y Massa no adviertan este riesgo para quienes desean un cambio, pero, por el momento, parece que un entendimiento entre ellos es cada vez más lejano, por lo que no puede descartarse que Scioli gane en primera vuelta. De ahí mi preocupación por el mal asesoramiento que Scioli está recibiendo en materia económica.
La gran ventaja de la oposición, si llegara a ganar la elección, es que podría plantear ajustes iniciales de una sola vez, explicarle a la gente que son la consecuencia ineludible de los desequilibrios creados por el Kirchnerismo, y evitar el riesgo de “Rodrigazo” por producir el shock en forma planeada y en el momento en que tendrá el gran margen de maniobra que da el triunfo electoral. Además, producidos de entrada todos los ajustes necesarios, será mucho más factible lograr una baja inmediata en la inflación esperada y una recuperáción rápida del crédito público. La desventaja de la oposición, paradójicamente, es que parece tener una fuerte vocación por la dispersión y la competencia de personalidades.
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Comprobemos que el golpe de Estado encubierto de Alfonsín y Duhalde contra el Presidente F. de la Rúa permitió que el último fuese Presidente sin votación popular. Esto permitió REINSTAURAR la hiperinflación: el primer día del año 2002 el dolar subió de uno a dos pesos (cien por ciento en un día) , y para agosto llegó a cuatro pesos x dólar (300 x ciento en 8 meses). Ese golpe anticonstitucional permitió INSTALAR a los Kirchner en la Presidencia en 2003 gracias al apoyo duhaldista con dinero del Estado Nacional.
El resultado de destruir la convertibilidad fue un fracaso, está a la vista, pero NADIE INVESTIGÓ si existió delito al máximo nivel. Destruir la moneda nacional equivale a ser derrotados por un país enemigo, sin necesidad de perder la guerra. Entre Alfonsín y Duhalde lo lograron en gran parte, simplemente con el cambio de la ley de Acefalía en la trágica noche del 31 de diciembre al 1 de enero de 2002, cuando la Asamblea Legislativa implícitamente dejó sin efecto la convocatoria del interino Presidente Adolfo Rodriguez Saa para que el pueblo eligiésemos al nuevo Presidente y Vicepresidente, debido a que Chacho Alvarez y luego Fernando de la Rúa (vice presidente y presidente) renunciaran. El “sutil” cambio peronista radical fue un permiso para que un Gobierno traidor emitiese papel moneda hiperinflacionario.
La Segunda etapa del plan estuvo a cargo básicamente de la Presidenta Cristina F. de Kirchner, que intentó ocultar el fracaso de su plan inflacionista mediante el engaño del INDEC y las estadísticas, a lo que sumó la mentira y el incumplimiento de la deuda nacional. Pero existió otro delito jamás investigado: el Presidente de la Rúa por decreto no estaba facultado para ordenar el corralito bancario el 1 de diciembre de 2001, que a los pocos días provocó la renuncia del Ministro Cavallo y al día siguiente del Presidente fracasado. Pareciera que existió traicion a la Patria en sentido figurado, o que F. de la Rúa y Domingo Cavallo “nos patearon en contra” con un decreto Presidencial tan insensato que impidió a todos extraer libremente sus fondos bancarios durante 90 días.
Si hubo una maniobra en cadena con ayuda sucesiva de Fernando de la Rúa, Cavallo, Alfonsín, Duhalde, Néstor y Cristina no ha sido investigado, pero la Democracia quedó ostensiblemente alterada por la renuncia forzada del Presidente de la Rúa. Está a la vista que el peronismo nos engañó, y que Argentina retrocedimos catorce años. Espero se investigue y si hubo culpables, vayan presos. No existe suficiente protección constitucional para el pueblo, cuando la moneda nacional puede ser destruida por un Presidente por decreto, pero tampoco la habrá si la Justicia no interviene y permite que todo se investigue.
Ojo: destruir la moneda es traición a la patria, sin Jueces serios eso nunca se investiga. ¿Queremos mas inflación elevada? Depende de los gobernantes que elijamos, los peronistas y radicales nos engañaron. ¿Los votaremos nuevamente para Presidente y Vice de Argentina? THAT IS THE QUESTION.
6. ARGENTINE VEHICLE SALES, PRODUCTION, EXPORTS ALL DECLINE IN APRIL (IHS Global Insight Daily Analysis)By Hugh BronsteinMay 7, 2015BUENOS AIRES Hedge funds suing Argentina over its defaulted debt have had some funds in the country’s Belgian diplomatic bank accounts frozen in a bid to pressure a settlement in the dispute, a move Buenos Aires described as “attempted extortion” and illegitimate.The holdout creditors had 52,001 euros in Belgium frozen via a private justice official but without backing by a judge or a prosecutor, the Argentine Economy Ministry said.It is the latest twist in a legal feud going back to Argentina’s record-smashing default on about $100 billion in sovereign bonds in 2002.Argentina restructured most of that debt in 2005 and 2010, giving holders around 30 cents on the dollar, but a group of holdout hedge funds have sued in the U.S. courts for 100 cents on the dollar. The funds are scouring the world for Argentine government assets that may be seized under a U.S. federal court decision favoring their claim.“The government of Argentina steadfastly refuses to sit down with creditors and negotiate,” NML Ltd, an affiliate of hedge fund Elliott Management, said in a statement. Elliott is the lead fund suing Argentina.“In the absence of a negotiated settlement, our recourse includes locating and attaching Argentine assets wherever we can find them,” the statement said.An Argentine navy ship was temporarily detained in Ghana following a court order sought by NML.“The attempts to seize diplomatic accounts in Belgium have already failed more than once,” the Economy Ministry said. “Diplomatic goods – like the bank accounts of an embassy – enjoy specific immunity in international law.”Argentina was “adopting the pertinent measures that the case requires for the litigants to stop their abusive conduct,” the ministry said.Argentina was forced into default again in July last year when a U.S. judge prohibited the country from servicing its restructured bonds without striking a deal with the holdout hedge funds.Investor sentiment has improved since then as the October presidential election approaches and hopes rise that Argentina may do more to tap its vast shale oil and other natural resources in the future. The market last month snapped up a $1.5 billion bond offer from state energy company YPF (YPFD.BA).The next government is expected to be more market friendly than that of outgoing leader Cristina Fernandez, whose heavy currency and trade controls have weighed on the economy while inflation remains in the double digits.By Sarah Marsh, Nicolas Misculin and Hugh BronsteinMay 7, 2015May 7 (Reuters) – Argentina raised 5.263 billion pesos ($589.7 million) from a sale of local debt on Thursday, the economy ministry said, continuing a drive to drum up cash at home, given its fiscal deficit, upcoming debt payments and difficulty accessing global credit markets.The ministry said it received bids worth 2.84 times the $3 billion of bonds it offered, prompting it to expand the sale. While it offered notes due in March, May and September next year, it only ended up selling the former two series.Argentina has been largely cut off from international capital markets since its 2002 debt default.The country restructured most of its defaulted bonds in 2005 and 2010, but a small group of hedge funds have sued in U.S. courts for 100 cents on the dollar.Argentina refuses to pay up, but that long-running legal feud is preventing it from selling debt abroad.The government has been seeking other ways to raise cash given that foreign reserves are now precariously low, debt payments are high this year and Latin America’s third largest economy is teetering on the brink of recession.One alternative has been large sales of local, peso-denominated debt. In April, the country raised 4.713 billion pesos in such an auction. Another is currency-swap agreements with China.Earlier on Thursday, a source familiar with the legal feud said holdout creditors had two government bank accounts in Belgium frozen in a bid to get the Argentina to resolve the dispute.By Katia PorzecanskiMay 7, 2015At least two banks in Belgium froze Argentine bank accounts at the request of U.S. hedge fund NML Capital, according to a person with knowledge of the matter.A Belgian court ordered the freeze on behalf of the investors who are seeking to enforce U.S. judgments against Argentina over its 2001 default on $95 billion of debt, according to the person who asked not to be identified because the order hasn’t been made public.There is no evidence at this time that the bank accounts belong to the Argentine embassy in Brussels, as reported earlier by newspaper La Nacion, the person said.NML, a unit of billionaire Paul Singer’s Elliott Management, refused restructuring offers from Argentina that imposed losses of 70 percent, which had been accepted by holders of about 92 percent of the repudiated debt. NML sued for full repayment and won $1.7 billion in judgments, which Argentina refuses to pay.In June, the U.S. Supreme Court left intact court orders that blocked the South American nation from paying interest to holders of restructured debt until NML and other creditors are paid.Creditor Efforts“In the absence of a negotiated settlement, our recourse includes locating and attaching Argentine assets wherever we can find them,” NML said in a statement. “Argentina should not be surprised that its refusal to negotiate results in efforts by creditors to pursue their rights in court.”Argentina’s Finance Ministry said in an e-mailed statement that hedge funds are trying to seize assets in Belgium and that Argentina’s government has not been notified by Belgium’s Foreign Ministry or justice system about 52,000 euros ($58,000) frozen by judicial officials. The ministry also said Argentina is taking steps to stop litigants from “abusive conduct.”A U.S. appeals court ruled in December that Argentina, and entities tied to it, must give NML and other creditors details of the country’s global assets, including diplomatic and military holdings.The decision implies that entities which aren’t alter egos of Argentina and aren’t liable for its debts may still have to reveal their assets to creditors. The subpoenas seek asset information from hundreds of state-related entities with accounts or operations outside Argentina.By Pablo Rosendo GonzalezMay 7, 2015YPF SA, Argentina’s largest company, said first-quarter profit fell by 26 percent after the government decided to cut gasoline prices to relieve consumers amid a global energy slump.Net income slid in the quarter to 2.1 billion pesos ($238.4 million), or 5.42 pesos a share, from 2.88 billion pesos, or 7.3 pesos, a year earlier, the Buenos Aires-based oil producer said in a statement to Argentina’s regulator Thursday. Excluding one-time items, per-share profit missed the 5.56-peso average forecast of five analysts surveyed by Bloomberg.While other oil companies including BP Plc and Royal Dutch Shell Plc have announced spending cuts of more than $40 billion, Argentina’s state-run producer has said it plans to keep its $6 billion annual capital budget target intact and maintain its workforce. The state-controlled company, which was nationalized in 2012, is mainly investing in the Vaca Muerta shale formation in southern Argentina.In December, with Brent crude prices down about 50 percent from a June high, the Argentine government set the fourth-quarter price of Medanito light oil at $83.90 a barrel and Escalante heavy at $74. The domestic price has protected YPF and other producers from the huge declines that prompted cost cutting by major oil companies elsewhere.At the same time, the government ordered companies to cut prices at the pump by 5 percent. YPF has about 60 percent of the retail gasoline market.Bond SalesTo fund spending, YPF increased its debt by 15.5 percent including a $500 million sale of bonds in February. The company sold another $1.5 billion of bonds in the international market last month. The average cost of its debt in dollars was 7.1 percent in the quarter and 23 percent in pesos.Crude oil output rose 2.3 percent while natural gas production jumped 18 percent in the quarter, the company said. Sales rose 13.2 percent to 34.7 billion pesos while investment fell 23 percent to 12.4 billion pesos. Costs increased by 13.3 percent compared with the same period in 2014.In the downstream sector, sales increased by 7.8 percent to 31.9 billion pesos, trailing the government’s 16.5 percent annual inflation rate in the period. Private analysts estimate prices actually rose about 25 percent.“Petrochemicals product sales reported less income in the local market due to a decrease in volume and cheaper prices in pesos,” YPF said.The earnings report was released after the close of regular trading in Argentina. YPF’s American depositary receipts fell 2 percent to $30.28 in New York. The ADRs have gained 14.4 percent year to date.By Patrick Gillespie, CNNFri, May 8, 2015New York (CNN) — Argentina evokes images of tango, soccer, gauchos…and an awful economy — one of the world’s worst.Its economy is projected to show little or negative growth in 2015. Argentina is still indebted to American hedge funds, affectionately known as “vultures” in the country. And it remains the poster child of nations that default on their loans.But there’s new optimism in Argentina, mainly driven by presidential elections coming later this year.Its stock market is rallying and investors are buying the countries’ debt (amazing news, considering the country is mired in recession and another default.)“The economy seems to not be falling anymore,” says Eugenio Aleman, an Argentine and senior economist at Wells Fargo Securities. “There are a little bit more positive vibes going around.”Elections drive economic hope: Lionel Bollini has noticed the better vibes. He owns La Dama de Bollini, a historic bar in Buenos Aires where Argentina’s most famous writer, Jorge Luis Borges, once mingled with friends.Rising taxes and inflation are tough on small business owners, but overall Argentina is starting to move in the right direction, Bollini says. More tourists are visiting his bar now than in past years.“The economy is still struggling, but it’s a little more practical, more honest to me,” says Bollini, 47. “Things are improving.”Argentina’s Merval stock market is up 45% this year, more than Europe’s stellar performance and way more than the S&P 500.Even everyday Argentines, battered by rising food prices and electric bills, are feeling better lately. The country’s consumer confidence index is up over 40% from a year ago, according to Torcuato di Tella University, a private university in Buenos Aires.The presidential elections in October are driving hope that any administration could improve the country’s economy more than President Cristina Fernandez de Kirchner and economic minister Axel Kicillof.Kicillof, a frequent tweeter with Elvis-style sideburns and a distaste for ties, announced recently that Argentina sold $1.4 billion in government debt.That’s a healthy sign for a country that’s riddled with inflation and a currency losing value. Argentina paid a hefty price for the debt sale, offering a much higher interest rate on its dollar-denominated bonds than other Latin American countries.“$1.4 billion won’t solve all the [debt] payments, but it’s better than nothing,” says Daniel Artana, senior economist at the Foundation of Latin American Economic Investigations (FIEL) in Buenos Aires. “You can have some short-term, small economic recovery.”But the steak and wine party basically stops there.The ‘vulture’ problem: Argentina’s major problem stems from its $95 billion default in 2001, the largest by any country in history.“I remember, it was chaos,” says Bollini, the bar owner. Compared to 2001: “Everything is better now. [Last year’s default] wasn’t the same.”American hedge funds, led by billionaire Paul Singer and his fund NML Capital, bought the country’s defaulted debt for very little money after the default.Now they want to be repaid in full for $1.5 billion. A New York judge, Thomas Griesa, agrees with the hedge funds and has ordered Argentina to pay. It’s important to note that NML is in a small minority seeking full repayment. The majority of Argentina’s creditors already accepted a steep discount.In July, Griesa stopped Argentina from making a debt payment to its non-holdout creditors before it settled with the holdouts, which eventually forced Argentina into default.Argentina and the hedge funds still say they are willing to negotiate. But NML invited Argentina to reopen talks again in January after a key clause in the bond contract — the main reason Argentina refused to pay them — had expired. Argentina never replied to the invitation, according to the case’s mediator, Daniel Pollack.More ugly problems: Because Argentina refuses to pay the holdouts, it cannot access foreign investment. That’s a huge problem. A massive oil field in Argentina sits untouched because the country doesn’t have the money to drill.Experts say the only way for Argentina to get investment from abroad is to settle with the holdouts.It gets worse. Argentina’s economy relies on commodities like oil and soybeans. Prices for those two have tanked in the past year, though they’ve recently stabilized.Add on that the country’s two key trade partners — Russia and China — have slowed down this year, and it’s easy to see a rocky road ahead for Argentina.Still, the promise of a new president is bringing hope to Argentina.“Everything is going well because there’s an end in sight and in December everybody can sing the ‘Wicked Witch is Dead,'” says Russ Dallen, managing partner at Caracas Capital Markets.6. ARGENTINE VEHICLE SALES, PRODUCTION, EXPORTS ALL DECLINE IN APRIL (IHS Global Insight Daily Analysis)By Stephanie Brinley7 May 2015After increasing in March, Argentina’s vehicle sales fell 9.7% year on year (y/y) in April, exports dropped 34.6% y/y, and production declined 21.2% y/y.IHS Automotive perspectiveSignificanceIn the year to date (ytd), Argentine vehicle sales were down 12.5% (177,341 units) in April; April’s vehicle sales were down 9.7% year on year (y/y), including the light and medium-heavy sectors. Argentina continued to see production decline, down 10.9%, to 46,618 units in April. Though March’s exports were flat compared with a year earlier, there was a 34.6% y/y drop in April’s exports. Production in the ytd declined 17.6% and exports by 23.6% in April.ImplicationsArgentina continues to be impacted by the devaluing currency and higher vehicles taxes. While those taxes were adjusted for 2015, we believe they will still have a major effect on demand this year.OutlookArgentina’s uncertainty includes currency devaluation, with the effects lasting beyond the short term, and we forecast it will hinder sales through 2016. IHS’s expectation remains unchanged that the market will continue a downward trajectory towards sales of 475,541 light vehicles in 2015, a decline of 27.0%.Argentina’s sales of light- and heavy-duty vehicles decreased 6.8% in April, compared with the same month of 2014, while there were also sharp declines in exports and production, according to latest data from the country’s Association of Automobile Manufacturers (Asociación de Fábricas de Automotores: ADEFA). In the first four months of 2015, sales were down by 12.5% y/y, production by 17.6% y/y, and exports by 23.6%.The ongoing effects of the Argentine peso’s depreciation and an unstable economic and political situation, however, are keeping the market back. Wholesale vehicle shipments reached 46,363 units in April, a 9.7% year-on-year (y/y) decline, including medium and heavy commercial vehicles. While month-on-month (m/m) results in March showed dramatic increases over February’s figures, partly explained by holidays, the m/m comparison from March to April returned a 12.2% decline. Looking at light-vehicle sales only, which accounted for 43,279 units of April’s total sales, passenger-car sales were 32,353 units, or 69.7% of light-vehicle sales.At the time of writing, manufacturer-level sales results for April are not available. Over the first three months of 2015, Volkswagen (VW) managed a 62.9% y/y increase in sales, selling 29,734 units and taking the market lead from Ford. Ford sold 19,672 units, a 20.5% decline, in the first quarter. FCA (15,945 units, down 35.5%) was in third position in terms of sales, narrowly ahead of PSA (15,584 units, down 34.2%). General Motors (GM; 15,007 units, down 8.5%) fell to fifth position, with fewer than 1,000 units separating third and fifth positions. Toyota was behind GM, selling 14,539 units between January and March, a 1.5% decline. Renault slipped to seventh position, having sold only 10,435 units in the first quarter, a 48.5% decline. In the month of March, VW led the market with 12,345 units sold, followed by GM (7,510 units), Toyota (7,129 units), FCA (6,112 units), and Ford (5,993 units).Argentina’s total vehicle production, sales, and exports*April 2015 April 2014 Change, % YTD2015 YTD 2014 Change, %Production 46,618 59,165 -21.2 170,164 206,581 -17.6Exports 21,232 32,479 -34.6 81,634 106,827 -23.6Sales 42,363 51,346 -9.7 177,341 202,652 -12.5*Includes light- and heavy-duty vehicles, due to ADEFA volume reporting limitations. For more accurate light-vehicle comparisons, see IHS Automotive’s Argentine Monthly Market Report.Export volumes continued to be affected by trade issues and weak demand in Brazil, Argentina’s major trading partner. After returning a decline of less than 1% in March, exports fell 34.6% y/y in April and were down 23.6% y/y in the year to date (ytd). Although a new trade agreement between Argentina and Brazil came into effect in July 2014 and will last until July 2015, the constraints of a weak market in Brazil continue to keep exports back. In March, Argentina also extended its quota-based agreement with Mexico through 2019; the agreement caps trade at USD575 million. In April, 78.1% of Argentina’s vehicle exports went to Brazil, though ytd exports from Argentina to Brazil were down 31,488 units. Exports to Brazil were 77.5% of export volumes in March, compared with 75.6% in February 2015, and 88.3% in March 2014.Production in the first quarter was impacted by extended plant shutdowns for holidays and adjustment of production lines for model changeovers, with a poor market slowing production in April as well, and it was down 17.6% in the first four months; in March, production dropped 10.3%. Production of light vehicles in April reached 46,618 units, and 170,164 units were built in the first four months of the year, a decline of 17.6% y/y. Production of heavy vehicles fell 64.1% y/y between January and April, to 2,341 units.Outlook and implicationsVehicle sales in Argentina fell by double digits every month in 2014, with many months seeing declines exceeding 40%. April’s results did not carry on the gain in overall sales of March, and light-vehicle sales were down 12.5% y/y in the ytd period. As the Argentine vehicle market continues to face headwinds, IHS Automotive forecasts sales in 2015 will see another decline, of 26.7%, to 475,541 units. The Argentine peso’s exchange rate of ARS8.5:US1.0 strains consumers by making cars even more expensive. The effects of depreciation will last beyond the short term and will likely prevent sales growth until 2017.ADEFA president Isela Costantini said that work in 2015 should be oriented to the continuous improvement of competitiveness and certainty of availability of foreign exchange to ensure a higher level of activity, supplier development, and greater international integration, particularly with Brazil and Mexico. However, ADEFA declined to project total sales for 2015. Investment also continues in the country’s vehicle industry, including Fiat’s plans for a new sedan to be built in the Argentina (see Argentina: 1 May 2015: ), as well as Nissan investing to add Argentine production of a pick-up for Nissan and for Mercedes-Benz (see Argentina: 10 April 2015: and Germany – Japan – France: 9 April 2015: ).A revision to Argentina’s taxation scheme raised the minimum cap by 15% for any vehicle sales between 1 January 2015 and 30 June 2015. The 30% tax level is now for vehicles priced between ARS195,500 and ARS241,500, before the tax; vehicles below the threshold are taxed at 10%. The 50% tax level is now for vehicles that cost more than ARS241,500 before taxes. However, regional media reports are sceptical that the program will work and cite automakers’ concerns that prices of vehicles will simply increase to just below the taxation level; in particular, the vice-president of Hyundai Motor Argentina has said that if the tax cannot be repealed, a better solution would be a lower rate applied to a more progressive price point.The first iteration levied higher taxes on vehicles priced over ARS170,000 (USD25,000) to control imports. An additional 30% is levied on vehicles costing ARS170,000–210,000 and 50% on vehicles priced above ARS210,000. This will continue to impact the C, D, and E segments, though pick-up trucks are exempt.Although a trade agreement has been settled between Brazil and Argentina and is set to last through July 2015, it has not increased exports to Brazil, evidenced by a declining share of vehicles exported to that country in combination with the overall export declines, in part because the Brazilian market is also struggling. The temporary resolution is against a backdrop of sales declining in both markets and this could slow the positive impact of the resumed trade. Argentina renewed its quota arrangement with Mexico in March, as did Brazil; Argentina’s trade with Mexico is capped at USD575 million per year through 2019.Argentina’s medium- and long-term outlook for light-vehicle demand is complicated by the country’s political situation, which has turned from stable to unsettled. Economically, increasing exports of soy to China provide a driver for medium- to long-term growth. The biggest risk comes from the political sphere, with the government choosing not to face up to tepid inflation, creating uncertainty with regard to the vehicle market outlook. The country’s currency has also been depreciating continually, which makes imported cars more expensive. As imports make up 60% of the Argentine vehicle market, this hurts vehicle demand. Vehicle prices went up an average of 60% for cars priced above ARS210,000. The downward market spiral that began in 2014 is spilling over into 2015, as we expect sales to fall by another 175,000 units. A quick recovery is unlikely and we do not see growth reigniting in the market until 2017.7 May 2015BUENOS AIRES, May 7 (Reuters) – Argentina’s state energy company YPF posted better than expected first-quarter profit on Thursday but earnings were still down 24.3 percent on the year due to the global slide in oil prices.YPF posted profit of 2.109 billion pesos ($239 million) in the January to March period, beating the consensus forecast in a Reuters poll of economists that was for profit of 1.5 billion pesos. However, this was significantly below the 2.787 billion pesos achieved in the same period last year.“During this period, the price in international crude halved, a situation that directly impacted the results of the major companies in the sector,” YPF said in a statement.Oil output at YPF, which was nationalized in 2012, rose 2.3 percent in the quarter, while natural gas production climbed 18 percent, the company said in its earnings statement.Shale oil and gas output from 332 wells in the vast but barely tapped Vaca Muerta formation was 41,700 barrels per day equivalent, YPF said.Argentina nationalized YPF in 2012 after accusing its former parent, Spain’s Repsol SA, of under-investing and thereby generating a costly energy deficit for Latin America’s No. 3 economy.The country hopes that by hiking investments in Vaca Muerta, viewed as one of the biggest shale reserves in the Western Hemisphere, it will be able to reduce energy imports that are draining its low foreign reserves.YPF raised $1.5 billion in a bond sale last month.“Investments in the first quarter of 2015 reached 12.351 billion pesos, a level that has enabled us to maintain activity and growth in production in a global context that is unfavorable for this industry,” YPF said.($1=8.8225 Argentine pesos at the end of March)By Charles Newbery7 May 2015Buenos Aires (Platts)–7May2015/715 pm EDT/2315 GMT Argentina’s YPF said Thursday its first-quarter oil and natural gas production rose 2.3% and 18%, respectively, from the same period a year ago, as the state-run energy company ramped up investment to wring more out of conventional reserves and develop unconventional resources.Q1 crude oil production rose to 247,200 barrels/day from 241,600 b/d in Q1 2014, while gas output jumped to 43.9 million cubic meters/d from 37.2 million cu m/d, the company said.Its total Q1 hydrocarbon output rose 10.2% to 583,800 barrels of oil equivalent from 529,700 boe/d a year earlier, an earnings statement said.The 2014 acquisition of the Argentina assets of US-based Apache, which averaged 43,300 boe/d of production in Q1 2015, helped the increase, YPF said.Q1 production of natural gas liquids rose 12% to 60,500 b/d from 54,000 b/d in the same quarter a year ago, it added.YPF said its Q1 capital expenditures fell 23.2% to 12.4 billion pesos ($1.4 billion)from 16.1 billion pesos a year earlier. But the amount was enough to “maintain activity and growth in production in global context unfavorable for the industry.”The company said its investment in exploration and production rose 24.4%, excluding acquisitions, in the first quarter from a year ago. The spending focused on exploration, with 12 exploratory wells completed. Another three workover wells were completed in the period, it added.YPF said the increase in hydrocarbon production came largely from its operations in Neuquen, a southwestern basin with huge potential for unconventional oil and gas, in particular in the giant Vaca Muerta play.So far, YPF is the only company to put Vaca Muerta into mass production, working in a 50:50 partnership, with Chevron, on the Loma Campana block. Q1 production there averaged 41,700 boe/d, up from 35,000 boe/d in Q4 2014. Of the Q1 shale production, 20,500 b/d was crude, 9,400 b/d was NGLs and 1.93 million cu m/d was gas, YPF said.The company said that in Q1 49 wells were put into production at Loma Campana and one for natural gas at La Ribera, all targeting Vaca Muerta and bringing the number of development wells there to 332, it added.YPF said it also is developing tight gas from the Lajas play, also in the Neuquen Basin. It drilled 10 wells with partners there in Q1 2015, taking production to 4.3 million cu m/d. YPF said it also produced 1 million cu m/d of tight gas from the nearby Mulichinco play in the same period.YPF added it has continued to recover conventional oil production at the Malargue area after a March 2014 fire at a crude treatment plant slowed activities. Output at the block has recovered to 7,700 b/d, or 1,500 b/d shy of pre-fire levels, YPF said.Crude oil prices rose 3.4% to $68.8/barrel in Q1 compared with $66.5/b the same period a year ago, but fell from $76.4/b in Q4 2014. Meanwhile, Q1 gas prices rose 4.7% to $4.60/MMBtu from $4.40/MMBtu a year ago, and were up from $4.42/MMBtu in Q4, YPF said.DOWNSTREAM: GASOLINE SALES RISE 1.4%, DIESEL FALLS 0.7%Downstream business, YPF said gasoline sales rose 1.4% in volume and diesel fell by 0.7% in Q1 compared with a year ago. Fuel oil sales rose 18.5% in traded volumes over the same period, YPF said.Higher local prices of these products, and more demand for premium goods, pushed up sales revenue, it added.Domestic diesel and gasoline prices rose 1.6% and 5.8%, respectively, in Q1 year on year, it said.The rate of capacity use of its refineries rose to 94% in Q1 from 86% in Q1 2014, helped by a recovery in the utilization capacity of its 189,000 b/d La Plata refinery, which had been damaged by a fire and flooding in 2013.YPF said it ran 300,000 b/d of crude through its refineries in Q1, up 9.1% from 275,000 b/d in Q1 2014.But revenue from exports of jet fuel, liquid petroleum gas and petrochemical products dropped on lower global prices, YPF said.YPF produces 42% of Argentina’s 530,000 b/d of crude and 30% of its 114 million cu m/d of gas, according to the Argentine Oil and Gas Institute, an industry group. It also has a 55% share of diesel and gasoline sales.By Suchi Rudra8 May 2015BUENOS AIRES — Walking through the circular layout of Frank Ansel’s home is akin to a leisurely museum stroll. But this tour of mostly Asian antiques and paintings takes place on the top floor of a seven-story building from the late 1920s in the affluent Recoleta neighborhood of Buenos Aires.Purchased in late 2008 for the equivalent of $610,000, the 176-square-meter, or 1,894-square-foot, French-style apartment is a calm space, filled with collected artwork and furniture that evoke memories of far-flung friends and places from Mr. Ansel’s more than three decades of travel, much of it in Asia as Hyatt International’s director of food and beverage for the Asia-Pacific region.Although he came to Argentina to help conceptualize both the Park Hyatt Mendoza and Park Hyatt Buenos Aires (the latter opened in 2007), Mr. Ansel, a native of Philadelphia, soon found himself conceptualizing his own home in Buenos Aires, where he decided to stay after retiring.After graduating from the Lausanne Hotel School in Switzerland, Mr. Ansel worked for Hyatt Hotels for 35 years, the last 12 of which he spent as the Chicago-based vice president of food and beverage. He had already purchased a vineyard in Mendoza, where he briefly considered buying a home until his love for big cities brought him back to Buenos Aires.His search took him to 35 apartments, all of them in Recoleta, a neighborhood that Mr. Ansel enjoys for its beauty and because everything is within walking distance. This includes the Park Hyatt, which is two blocks away and is his self-proclaimed home away from home. ”It’s kind of like an umbilical cord,” he said, laughing.No object feels extraneous in Mr. Ansel’s home. A Picasso etching is displayed atop a Chinese cupboard to the right of a painting commissioned from a Macau-based artist, which rests on an easel across the room from a model of an old ship bought in San Telmo’s antique market — all in the dining room, where daylight streams in through the balcony doors and is reflected in the mirrors installed by Mr. Ansel.Adding a regional vibe to his collection, Mr. Ansel commissioned Sofia Huidobro, an artist from Salta, Argentina, to do a wall-sized, pale gray painting for his gray-toned living room. The living room features other art pieces and antiques: a French-style mantel over the fireplace, French and locally made furniture placed symmetrically on a wooden floor covered with Persian rugs.”I just fell in love with this place. The bones were good, as they say. All the spaces were nice sizes,” Mr. Ansel said. Some of those spaces include the French balconies with classic black-and-white checkered tile floors attached to the living room, the master bedroom — there is also a second bedroom — and the dining room, where a round, lacquered wood table suggests the conversation-inducing dining at round tables that Mr. Ansel encountered in Asia.The previous owner fitted the apartment with new German-made windows and doors that Mr. Ansel is pleased with. He made several major design updates, including the replacement of old wallpaper with paint in ”three shades of gray,” his favorite color, and putting in a ”very Buenos Aires” kitchen tile.”The tiles just pop,” Mr. Ansel said. ”It’s the first thing everyone notices when they enter the kitchen.” A spacious and inviting kitchen for entertaining guests was a priority during his search, as were high ceilings and lots of sun.To tie the kitchen space together, the olive green and soft black design of the four-piece pattern tile reappears in the wall space between the white cabinets and the long counter top.Mr. Ansel acknowledged that it might have been easy to start from scratch in Buenos Aires and not bring any of his collected art or furniture from his previous apartment in Chicago. ”But then you’re missing a whole part of your life, all those wonderful times,” he said.May 7, 2015Authorities Fear Court Order Could Threaten Diplomacy in EuropeA US hedge fund obtained a freeze order this week on Argentinean embassy bank accounts in Belgium as it goes after a US$1.3 billion debt default against the South American country, local media reported on Thursday.“We have been informed of a preventive closure of one or more bank accounts held by the Argentine embassy,” Belgian foreign ministry spokesman Hendrik Van De Velde said. “We were informed of this order by a notary … acting for a foreign entity in connection with a foreign default.”NML Capital, led by Paul Singer, succeeded in freezing the bank accounts and other assets, including the building, of Argentina’s embassy in Brussels. A New York court ruled that the Argentinean debt restructuring plan could not move forward unless payments to the holdout creditors were made in full. Buenos Aires, however, has refused to pay, and says the hedge funds lost their claim when they refused to accept the restructured deal when the country defaulted in 2001.The so-called vulture funds took similar action in 2012, but a court rejected the requested on the grounds that the 1961 Vienna Convention prohibits the seizure of diplomatic property.“This is the usual request from a vulture fund that they have already tried in Belgium in 2009 and 2011,” an official of Argentina’s Foreign Ministry told La Nación. “Nothing is going to happen, and this won’t change our lives.”However, officials of the Secretariat for International Coordination and Cooperation expressed fears that the measure could spread to other places in Europe, threatening Argentina’s diplomatic presence in Europe.
Daniel F. Balbastro
Si no estas, ya vas a llegar !……..
Yo al principio empecé a leer este email y lo estaba haciendo según mi costumbre, bastante rápido hasta que llegué a la tercera oración. Me detuve y empecé de nuevo, leyendo más despacio y pensando acerca de cada palabra.
Este email te hará parar, y pensar.
Léelo despacio .Y ya es Invierno…sabes? el tiempo tiene su manera especial de moverse rápido y tomarte desprevenido del paso de los años.
Parece que solo ayer que era joven, recién casado y embarcándome en mi nueva vida con mi pareja.
Pero de cierta forma parece que fue hace mucho tiempo y ahora pienso, a donde se fueron los años.
Sé que los he vivido todos.
Tengo visiones como fue entonces y de todas mis esperanzas y sueños.
Pero, allí esta, el invierno de mi vida y “me agarra de sorpresa”.
Como llegue aquí tan rápido?
Donde se fueron los años?
Adonde se fue mi juventud?
Recuerdo bien haber visto gente mayor a través de los años y pensaba que aquellas personas mayores estaban muy lejos de mi y que ese invierno estaba tan lejos que no me podía imaginar cómo sería..
Pero aquí está, mis amigos están retirados y volviéndose “grises”, se mueven más lento y ahora veo unas personas mayores.
Algunos están en mejor forma, otros peor que yo, pero veo el gran cambio.
No como las que recuerdo que eran jóvenes y vibrantes, sino como yo, su edad empieza a mostrarse y ahora somos aquellas personas mayores que solía ver y que nunca pensé que sería..
Cada día ahora encuentro que sólo el tomar una ducha es uno de los acontecimientos reales del dia!
Y que tomar una siesta ya no es algo agradable como era, es algo obligatorio!
Porque si no lo hago por mi propia voluntad, simplemente me quedo dormido donde esté sentado. !
Así que ahora entro en esta nueva etapa de la vida sin preparación alguna para todos los dolores y achaques y la pérdida de fuerza o habilidad para ir y hacer todas las cosas que quisiera haber hecho pero que nunca hice!!
Pero, por lo menos sé, que aunque el invierno ha llegado y que no estoy seguro cuánto va a durar, esto si sé, que cuando este se acabe en esta tierra, se acabó.
Otra aventura empezara!
Sí, tengo arrepentimientos.
Hay cosas que hubiese querido no haber hecho, cosas que debí haber hecho, pero de verdad, hay muchas cosas de las que estoy contento que hice.
Así que, si todavía no estás en tu invierno permíteme recordarte que estarás aquí mucho más rápido de lo que piensas.
Por tanto, cualquier cosa que quieras lograr en tu vida, por favor hazlo rápido.
No lo pospongas por mucho tiempo.
La vida se pasa rápido.
Haz todo lo que puedas hoy, porque nunca estarás seguro si ya es tu invierno o no !
No tienes promesa que verás todas las estaciones de tu vida, así que vive por el hoy y di todas las cosas que quieres que tus seres queridos recuerden, con la esperanza que ellos lo aprecien y amen por todas las cosas que has hecho por ellos en los años pasados. !!
“La vida es un regalo que se te ha dado”
La forma en que la vives es un regalo para los que vienen después.
Has de este viaje algo único y fantástico.
VIVE BIEN! Goza el día! Has algo agradable! Se Feliz.
QUE TENGAS UN GRAN DIA!
Recuerda, “Lo real es la salud y no las piezas de oro y plata.”
Finalmente, considera lo siguiente:
Hoy día es el día en que serás el mínimo de Viejo, pero lo más joven que podrás ser.
Goza de tu día mientras dure.
~Tus hijos se están convirtiendo en lo que tú eres, pero tus nietos son perfectos!
~Salir a la calle es bueno, Regresar a la casa es mejor!
~Te olvidas de los nombres, pero no importa, está bien porque otras personas se olvidan que siquiera te conocieron!!!
~Las cosas que te importaban hacer, no te importan ahora, pero sí te importa que no te “importe” que no lo hagas más.
~Duermes mejor en un sillón con la TV prendida que en la cama. A esto se le llama “pre-dormir”.
~Extrañas los días cuando todo trabajaba con solamente un interruptor de “prendido” y “apagado”.
~Ahora tiendes a usar más las palabras: “qué?”…”dónde?”…?
~Lo que solía ser pecas, ahora son manchas del hígado.
~Todo el mundo “susurra”.
~Tienes tres tallas de ropa en el ropero, 2 de las cuales nunca las volverás a usar.
~Pero lo Viejo es bueno en algunos casos: Viejas canciones, Viejas películas, y lo mejor de todo, VIEJOS AMIGOS!!
“Que estés bien, viejo amigo”!
Envíalo a otro Viejo amigo y deja que se rían porque están de acuerdo!!!
No es lo que reúnes, sino más bien lo que repartes lo que dice la clase de vida que has vivido.
José Emilio Espinoza