According to the Institute of Work and Economy (ITE) of the Germán Abdala Foundation, the activity collapsed 18.5% year-on-year in the fourth month of the year. The analysis regarding March of this year shows a deterioration of 9.2%.
Tax collection in May, the second full month of quarantine, amounted to 499,535 billion pesos ($ 7.29 bn), reported the Federal Administration of Public Revenue (AFIP). This figure represented a fall in real terms of 22% compared to the same month last year, but 1.4% better than in April. In nominal terms, there was an increase of 12.4% year-on-year.
The agribusiness firm Vicentin, which went into default in December last year with debts exceeding $1.5 billion, continues to accumulate offers to buy. Currently, Vicentin's financial debt amounts to just over $1.1 billion, and Banco Nación is its main creditor with almost 80% of the total. The commercial debt totals another $400 million, made up of hundreds of agricultural products and cooperatives that sold him grain. The firm closed with the largest default in the history of Argentine agriculture.
With a definitive effort, the Government's offer reaches 49.9% of the Net Present Value (NPV), including the calculation of what should be liquidated, if a GDP coupon or similar is issued within the offer. Creditors remain at an average claim of 55%; now they will have to make the most significant effort to bring their positions closer together. In dollar terms, the gap, for now, is between $4.5 and $5 billion to close a final deal.
On Tuesday, the Central Bank (BCRA) managed to chain its third consecutive day with purchases that allow it to continue to swell its reserves. Gross reserves rose by $52 million to $42.66 billion, an increase of $212 million from last Friday after accumulating a loss of $980 million in May.
The price of soybeans closed 1.2% ($3.67) on Tuesday at $312.51 a ton. The August contract rose 1.1% ($3.49) to $313.33 a ton. Corn also rose 0.3% ($0,.39) and closed operations at $127.65 a ton, accompanied by a rise in oil values that could boost demand for yellow grains within the ethanol-producing sector in the United States. Wheat fell 1.4% ($2.66) to $186-66 a ton, as speculative funds took profits and improved weather for U.S. and Black Sea crops.