The stock exchange adhered and rescheduled prices

Portada en Ingles

By Carlos Fontana
Columnist for Ámbito Financiero


"9 generous banks" helped to improve the atmosphere of the market as they offered the Ministry of Economy a rescheduling of $20,000 million of the debt at a short term.

It was a special offering. It is not good -though true- to say that the rescheduling was a desperate request given that we would not find the way out with the "very simple" recipes announced by Cavallo.

However, the recipes are not longer respected anywhere so we had nothing else to do than to expect a rebound of the bond quotation, an improvement in country risk and an impact over the easily governable stock exchange.

The shafts

With Grupo Galicia acting as pivot and deciding the rules of the game, with $7 million cash and 7% rise, the backbone of the indexes was secured.

Pérez Companc got 4% rise accompanied by Telecom; the others acted sympathetically. It was a nice day, the best of the month perhaps, as Merval index rose 4%. Trading volume was moderate: $25 million traded by local stocks and $5.5 million by CEDEAR.

Financial oxygen has turned up. It is not economic oxygen, it does not mean reactivation, or a radical solution, but it helps to "get by". For brokers it was an outstanding opportunity...

During the morning, the "Menem's club" had also turned up.

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