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It lost $2 million when the Government abruptly devalued the ruble and rescheduled its short-term debt repayments.
Nor should the possible deal reported at week's end to reschedule some short-term debt mean that the worst is over, some analysts say, because Argentina is a long way from cured.
The government has effectively declared a moratorium on its debt in rubles and announced a rescheduling of the short-term gkos (bonds in rubles).
The next day, South Korean banks reached an agreement with their creditors to reschedule $24 billion in short-term debts.
South Korean financial markets showed gains yesterday as investors cheered a deal to reschedule $24 billion in short-term debt at Korean banks in what could be a key step toward easing the nation's financial crisis.
The exchange rate on August 20th was 7.9 to the dollar only a fifth below its rate a week earlier (see chart).The much bigger potential panic concerns the country's 1,600 banks, almost all of which have been made insolvent overnight by the rescheduling of their main asset, short-term government debt.
But the financial position had deteriorated irretrievably, and Philip's governments, both in Madrid and in Brussels, had to declare a moratorium on their debts, or rather a forcible lowering of the very high rates of interest on government loans and a rescheduling of the repayments of short-term loans.
But unlike its sister company, OSX has easily marketable assets, including oil rigs, and most of its short-term debts are with government-controlled banks that have already agreed to reschedule some payments.
The short-term constraints considered were: restrictions on storage for intermediate products on shared resources (equipment), and a method for on-demand rescheduling.
Short-term interests converge.
It was short-term.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com