Swiss agribusiness firm Glencore offered Argentina's Vicentin $325 million for its minority stake in the biodiesel production firm Renova. This operation would be a way out of the complicated economic situation Vicentin is going through. Today, it has two plants for grain processing stopped while the bankruptcy proceedings are progressing after accumulating debts of more than $1.5 billion.
Given the drop in revenues, the national government will create a financial emergency program of 120 billion pesos ($1.8 trillion) to assist the provinces. It will distribute the funds according to the percentages provided in the co-participation law and also through specific loans requested by each governor.
The tourist dollar - with a 30% surcharge for the Country Tax - rose 15 cents this Tuesday to an unprecedented 87.22 pesos. The BCRA's International Reserves increased this Tuesday $17 million to $43.7 billion and already accumulate five consecutive days with positive variations.
The S&P Merval of Bolsas y Mercados Argentinos BYMA dropped 0.9% to 26,696.1 units. Dollar bonds deepened the falls of the previous day and lost in some cases up to 9.4%. Argentina's country risk, as measured by JP. Morgan, rose 1.8% to 3,652 basis points.
WTI oil dropped to $23.63 per barrel, down 9.4%. In the United States, crude oil production would cut by 470,000 barrels per day (BPD), and demand would plummet by about 1.3 million BPD by 2020. The Brent barrel of oil fell by 3.6% to $31.87 for delivery in June.