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Err...you saying someone on CNBC trying to crash Argentina? I can totally believe it. Just asking because do not see any link or anything in your post.
Err...you saying someone on CNBC trying to crash Argentina? I can totally believe it. Just asking because do not see any link or anything in your post.
No, just announced on CNBC that Argentina has been declared in selective default.
"As Bloomberg notes, by defaulting today, Argentina may trigger bondholder claims of as much as $29 billion -- equal to all its foreign-currency reserves."
As for governments blaming hedge funds, Argentina is learning well from other countries whose governments point fingers whenever faults are brought up.
I actually side with Argentina here. The hedge funds own the small amount of debt that was not renegotiated in their last default and are demanding full repayment. It seems to me that to accede to this demand would just encourage no one to renegotiate during a default hindering future national bankruptcies from ever resolving.
HCOYX went up 2.98% today. It's top 3 holdings are Argentina bonds, accounting for 17% of its portfolio. Was the big rise in NAV due to what is going on in Argentina? I would have thought it would cause the fund to go down. Or did this happen after markets closed and it can be expected for HCOYX to go way down tomorrow. I have HCOYX, so I'm a little concerned.
HCOYX went up 2.98% today. It's top 3 holdings are Argentina bonds, accounting for 17% of its portfolio. Was the big rise in NAV due to what is going on in Argentina? I would have thought it would cause the fund to go down. Or did this happen after markets closed and it can be expected for HCOYX to go way down tomorrow. I have HCOYX, so I'm a little concerned.
Happened after close. Unfortunately, I'd guess down tomorrow. People have been buying Argentina thinking this wouldn't happened, especially in the last few days/week.
This country has been in some form of default for at least the last 50 years. The government continues to trample the citizens and their monies. Any hedge fund or others who assume to be enlightened towards investing in this country apparently have not studied and do not understand or have knowledge of the modern history of the country; and perhaps think they know how to work the system of investments there or just feel lucky. Numerous articles are readily discovered regarding these circumstances.
We have governments around the world who appear desperate to postpone economic Winter as far as they can. This situation (like Greece) is going to have money thrown at it by someone and it will go away until the next mini-crisis. I believe this Argentine issue is ultimately a buying opportunity. The Russia situation is something else entirely and more concerning.
HCOYX went up 2.98% today. It's top 3 holdings are Argentina bonds, accounting for 17% of its portfolio. Was the big rise in NAV due to what is going on in Argentina? I would have thought it would cause the fund to go down. Or did this happen after markets closed and it can be expected for HCOYX to go way down tomorrow. I have HCOYX, so I'm a little concerned.
Happened after close. Unfortunately, I'd guess down tomorrow. People have been buying Argentina thinking this wouldn't happened, especially in the last few days/week.
HCOYX down only 2.43% today. Breathing a sigh of relief.
Comments
This is the second or third time around for Argentina I think. They are blaming the hedge funds.
Now elsewhere, at this point.
http://www.zerohedge.com/news/2014-07-30/argentina-defaults
"As Bloomberg notes, by defaulting today, Argentina may trigger bondholder claims of as much as $29 billion -- equal to all its foreign-currency reserves."
As for governments blaming hedge funds, Argentina is learning well from other countries whose governments point fingers whenever faults are brought up.
Happened after close. Unfortunately, I'd guess down tomorrow. People have been buying Argentina thinking this wouldn't happened, especially in the last few days/week.
The government continues to trample the citizens and their monies.
Any hedge fund or others who assume to be enlightened towards investing in this country apparently have not studied and do not understand or have knowledge of the modern history of the country; and perhaps think they know how to work the system of investments there or just feel lucky.
Numerous articles are readily discovered regarding these circumstances.
Sleep tight investors..........
Catch
http://www.cnbc.com/id/101860797
We have governments around the world who appear desperate to postpone economic Winter as far as they can. This situation (like Greece) is going to have money thrown at it by someone and it will go away until the next mini-crisis. I believe this Argentine issue is ultimately a buying opportunity. The Russia situation is something else entirely and more concerning.
This does rather substantiate Mr. Hasenstab's argument for focusing on countries with healthy current accounts surpluses and hard currency reserves.
David