“Let's stop criticizing our banks!”

More than ten years after the subprime mortgage crisis, all the light has not been shed, and yet the idea of ​​the guilt of the banks has taken hold firmly in people's minds. They are even blamed for the double fault, since after playing with fire and triggering the crisis, they allegedly asked for help from the States. This unanimous condemnation, the result of incomplete analyzes, is a heavy component of the bank bashing that has raged since then and unfortunately works against our interests. We are indeed at a critical moment when Europe, faced with the domination of American finance and the dollar, must develop its own financial capacities. The development of a strong pan-European financial sector is therefore essential if we particularly want to foster the emergence of future European gafas. 
If it is vain to hope for the complete disappearance of this bank bashing and, one might say, of the bashing market whose roots plunge both in history and in ignor…

Argentina: creditors must answer on debt restructuring

Tuesday is Argentina's deadline for private bondholders to accept or reject its debt restructuring proposal, even though creditors have already indicated they are rejecting the Buenos Aires offer.

Argentina: creditors must answer on debt restructuring
This is the last-ditch offer for Argentina's private creditors, according to Argentine President Alberto Fernandez, who says it represents the maximum effort the country can take. The government proposed in early July to restructure the country's $ 66 billion debt.

In detail, the executive proposes to repay only $ 53 and a half for every $ 100 of the face value of the bonds. A proposal that the creditors have already refused a week ago. They want a higher refund. A possible deal with them, however, falls far short of solving Argentina's debt problem, which stands at $ 324 billion, or 90% of its gross domestic product.

The Argentine government does not have much room for maneuver as the country has officially been in default since May. It also faces a poverty rate of 35% and galloping inflation. The economy has even been in recession since 2018 and the pandemic only deepens the economic crisis.