Among the reasons Elizabeth Warren is basking in all of the outrage directed at her from Wall Street is that the sheer chutzpah of the financial class can, shall we say, be a bit off-putting to large swaths of voters. Take, for instance, Argentine voters: Having been told by the global financial elite that all they needed was a sensible man with an MBA in the Casa Rosada and all of the economic unpleasantness of the previous decade-and-a-half would be forgotten, they went ahead and elected such a man president. For this they were rewarded with more austerity, more national humiliation, a less valuable currency, an even worse economy than before, and all of global finance impatiently expressing indignation at the hapless Mauricio Macri for refusing to go further down those avenues so as to more effectively line their pockets from their almost hilariously misguided investments.
So, with that plan having backfired magnificently (and predictably), with their man Macri out, how does Wall Street approach the new situation, with a new president over whom they have negligible leverage (in spite of having inadvertently helped elect him) and who is substantially less favorable to their (entirely well-earned) plight than his predecessor? Why, how else but with breathtakingly arrogant expressions of impatient indignation?
Several investors told Reuters they are growing increasingly annoyed by a lack of clarity on the plans of the new government, which is set to take over on Dec. 10…. “The general frustration is how slow the incoming administration has been to name people and get the ball rolling,” a source at a large fixed income investor that holds Argentine debt said, adding that with more clarity things could change “fairly quickly”….
“The group’s preferred scenario is to get a five-year extension, but there is no haircut,” one of the sources said.
Argentina creditors jockey for lead ahead of $100 billion debt talks [Reuters]