was a mistake not to accept in 2005 the public exchange offer (Ops ) of Argentina, although not generous. A serious mistake made by about 250 thousand Italians misguided by various consumer groups and the company Altroconsumo, appiattitesi all the positions of the Task Force Argentina (TFA) by issuing bank. Only needed a minimum of competence (and integrity) to conclude that agreed to join, as did virtually all the big investors and foreign investors, particularly in Germany, and as I and a few others recommend now do.
who refused the offer so far has been with the lit match in hand. If we tried to mobilize his obligations, he did it at a price heavily penalized or even failed to sell.
Now Argentina has reopened the exchange offer on terms a bit 'worse. In that regard, think of the Latin saying: "To err umanum east autem Diabolicum persevere." For those who had not made five years ago is in fact undeniable economic advantage to accept the proposal. The choice between the 2038 Par and Discount bonds instead of 2033 is a secondary aspect of the problem.
For more details and numerical estimates on this subject see my article on pg. 22 insert Affairs & Finance of the Republic of 5/10/2010 titled 'Bond Argentine savers betrayed twice, "can also be downloaded from the address www.beppescienza.it. There are also several of my previous articles on OPS.
Current Ops Argentina also caters to those who had taken advantage of 2005, but the Italians with titles Par or Discount can not very well take this into account and may even be after the same but with substantially less liquid securities.
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Beppe
Science Department of Mathematics
Via Carlo Alberto 10 10123 Torino
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