No Reserve: The Limit of Absolute Power by Martín & Newland Redrado & Martín & Newland Redrado

Author:Martín & Newland Redrado & Martín & Newland Redrado [Redrado, Martín & Newland, Dan]
Language: eng
Format: epub
ISBN: 9781935597230
Publisher: AmazonCrossing

After the failure of Resolution 125, I began to receive requests from the President to come up with alternatives for obtaining voluntary financing. I immediately prepared a report in which I proposed the repurchasing of public debt issues, a mechanism utilized at critical points in time and which tends to generate major savings and improved expectations among investors when it’s done seriously.

I received no response. Not, that is, until August 7, 2008, when Venezuelan President Hugo Chávez sent Argentine bond quotations tumbling with a highly questionable maneuver.

Nobody in the administration protested aloud. But off the record, Cabinet Chief Sergio Massa, who had made the finance issue one of his top priorities, asked the President for the support he needed to start working on a schedule for normalizing the debt that was in default. Venezuela’s “backing” was becoming a burden in both political and economic terms.

On August 12, I sent both the President and Massa a report regarding the debt buyback strategy, the main points of which were as follows:

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