Argentina to sell more bonds to Venezuela

[Judi Lynn]

UPDATE 2-Argentina to sell more bonds to Venezuela
Tue Dec 20, 2005 3:08 PM ET

BUENOS AIRES, Argentina, Dec 20 (Reuters) - Argentina said it will sell directly to Venezuela up to $495.7 million in dollar-denominated bonds maturing in 2012, the government said in its Official Bulletin on Tuesday.

"The placement of debt will be made at market price," the bulletin stated, affirming that Argentina had already received an offer from Venezuela on the bonds.

Argentina announced last week it would draw from the central bank's reserves to pay off its nearly $10 billion debt to the International Monetary Fund before year's end, a decision praised by Venezuela's leftist President Hugo Chavez, who offered his help.

Earlier this year, Venezuela bought nearly $1 billion in Argentine debt as part of Chavez's drive for more regional integration as an alternative to U.S. trade policies and IMF financing in Latin America.
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http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=URI:urn:newsml:reuters.com:20051220:MTFH95979_2005-12-20_20-08-12_N20329397:1

[400Years]

1. very cool

I think Chavez is brilliant in his moves.

[Joe Chi Minh]

2. Fabulous.

[WHAT]

3. Do you know?...

if this will allow Argentina to nationalize their natural resources?

I wonder if it will help Argentina to get back to where she was before the rug was pulled out under her feet. What will happen to the corporations that have moved in?, will they loose their stake? I wonder what the ramifications will be...I see a stronger and more democratic South America...

[Judi Lynn]

4. This article is worth reading. Just found it. They definitely have a plan!

Argentina to Pay Entire IMF Debt 4 Years After Default (Update)

Dec. 15 (Bloomberg) -- Argentina said it will pay back its entire $9.8 billion debt to the International Monetary Fund, severing 22-year-old ties with the lender that the government blames for its 2001 debt default.

President Nestor Kirchner, who at rallies and speeches this year has called IMF officials ``rude'' and demanding, said at a press conference in Buenos Aires the government will make the payment after three years of economic growth bolstered foreign currency reserves. The economy grew 9.2 percent in the third quarter on a surge in public spending, the government said today.

Kirchner, 55, vowed to take the decision on several occasions this year to ensure the administration isn't dependent on policies endorsed by the Washington-based lender, including spending caps and higher utility rates. The announcement comes two days after neighboring Brazil said it would repay its $15.5 billion IMF debt.
(snip/...)

http://www.bloomberg.com/apps/news?pid=10000086&sid=aN2Sgudfr6O4&refer=latin_america