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Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria Message Board

  • hawkstang hawkstang Oct 21, 2008 5:44 PM Flag

    More BAD News

    NEWS ALERT
    from The Wall Street Journal

    Oct. 21, 2008

    Argentina's President Cristina Kirchner announced plans to nationalize Argentina's private pension funds. Speculation that the move was imminent sent the country's stocks down 11%. The government said the takeover of the private system aimed to protect investors from losses due to the global market turmoil. But economists said the underlying motive would be to provide the government with about $5 billon in annual pension contributions that it needs to plug a gap in financing next year and avert a debt default.

    FOR MORE INFORMATION, see: http://online.wsj.com/article/SB122460155879054331.html?mod=djemalertNEWS

    The article link above is also mobile friendly. Mobile users, click the link to see this story now.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • At least they will not be increasing international borrowing. For a positive angle, the idea that it is even feasible for Argentina to pay down debt coming due by making such moves shows a degree of underlying financial strength. Can anyone even imagine the USA paying off debt in such a manner?

      Cresud now owns 50% of Irsa. They have been buying actively and I think they will probably keep buying as long as people are willing to sell them Irsa at these prices. They liked it at 14, they must love it at 5. Cresud has enough cash to buy it all and have some left over for their buyback.

      Cresy held up really well today for reasons I don't understand, but it did make me glad to have largely moved from Irsa to Cresy recently. Though now the gap is wide enough again between them that the value is similar and I was switching some funds back later in the day (and some out of cresy into bargains in other countries just for good measure seeing the carnage in Argentina)

 
CRESY
9.32+0.14(+1.53%)Dec 17 4:00 PMEST

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