Espresso: April 25th

Espresso for April 25th

 

QUOTE OF THE WEEKEND                                                                                            

“The government is responsible for cutting the grass, putting up the goalposts and painting the lines… Now you have to score lots of goals,” Argentina’s Mauricio Macri told businessmen on Friday.

 

WHAT MARKETS ARE TALKING ABOUT


 

BRAZIL’S MEIRELLES WOULD LEAD FINANCE MINISTRY

Folha de S. Paulo reported on Sunday that if Vice President Michel Temer takes power in Brazil, former central bank President Henrique Meirelles would accept the position of finance minister under the condition he was given approval rights over members of the entire economic team. According to rumors, Meirelles and Temer met in Brasilia on Saturday. Meirelles told Folha in a separate interview he had agreed to advise Temer but had not been invited to join a potential cabinet. Meirelles is the current chairman of investment holding company J&F Investimentos and served as central bank president under Luiz Inacio Lula da Silva.

 

BACKGROUND: The Removal of Dilma Rousseff for a provisional 180-day period is almost a certainty after Senate´s Special Committee of 21 members has been formed with 14 members in favor of impeachment; next week they will vote if the process goes ahead and will kick off Rousseff’s trial. The final vote could be as early as May 12, then if 54 out of 81 senators vote against the president, Rousseff will be gone for good.

 


ARGENTINA’S HEDGE-FUND DRAMA IS NOW OVER

Argentina finally paid $9.3 billion to the holdouts on Friday, ending the injunctions that caused the country’s 2014 default, which prevented Buenos Aires from paying other creditors. In detail, $6.2 billion were transferred directly to creditors who settled with Argentina before the February 29 deadline, whereas the remaining $3.1 billion will be wired to a trust in the Bank of New York Mellon to be disbursed to those who settled after the deadline.

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