Argentina: Bankers cheer ex-leaders’ death

The late Nestor Kirchner.

“Argentine shares and bonds rose on Wednesday after the death of political heavyweight and former President Nestor Kirchner removed a market-unfriendly contender from the country's 2011 election campaign.

“‘Sincerely, for Argentina and from a market perspective there is nothing better than knowing that Kirchner will be out of the presidential race of next year. For years his confrontational, resentful style towards investors, companies and bond holdouts deprived Argentina of much-needed capital,’ said Roberto Sanchez-Dahl, who oversees [US]$1.1 billion in emerging market debt for Pittsburgh-based Federated Investment Management. Federated manages nearly $337 billion in assets …

“Argentina is still wrestling with fallout from its $100 billion sovereign default in 2002. Kirchner, president from 2003 to 2007, refused to settle with hold-out investors who sued the government over the default.”

— October 27 Reuters article.