Reuters dominated coverage of a growing conflict between Argentina’s government and central bank that has roiled financial markets and cast doubt over its campaign to woo back investors eight years after a massive default. Reuters scored an exclusive, market-moving interview with Economy Minister Amado Boudou on January 13. Boudou vowed the country would forge ahead with a $20 billion restructuring of defaulted bonds even though markets were worried by the dispute over whether to use foreign currency reserves to pay debt this year. Argentine bonds, stocks and the peso currency all surged after the interview. Dow Jones cited the interview, Credit Suisse used quotes from the story in a research report and it was picked up by Argentine newspapers and radio stations. Bloomberg matched the interview a day later. But by that time Reuters had another exclusive, with Finance Secretary Hernan Lorenzino, who gave us more details about the drive to launch the debt swap. Reuters was then ahead with news that a U.S. judge had frozen assets belonging to Argentina’s central bank in the United States, which shed further doubt over whether the country can proceed with its debt swap and bond issue plans and highlighted the risks of using central bank reserves to pay debt.
Reuters leads coverage of Argentine Government conflict with central banks
13 January 2010, 12:00 am. 2 minutes
Market ImpactArgentine bonds, stocks and the peso currency all surged after the interview.
Type: Reuters Best
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