11/23/2023 0 Comments Price tagr![]() ![]() THE Quays pub in Cobh, which went on sale for €5m last year, has had its price slashed in half after failing to sell. The Quays is still on the market after a year - and the asking price has just been cut in half to €2.5m, making it a very attractive proposition for somebody with the resources to take over and run one of Ireland's great landmark pubs. It's also at the centre of a heritage town that is springing back to life, with a huge regeneration plan, new businesses and a general buzz around Cobh that hasn't been seen since the glory days of the big Atlantic liners. ![]() It is a spectacular property, with loads of space, harbourside terrace and it's own pontoon close by the dock where the cruise ships call. The Quays went up for sale in September of last year with a price tag that some in the historic harbour town thought a little ambitious. "This is not free money, and even where the PBOC has a large facility agreement in place, these swap lines often come with drawdown conditions," Mingey said.It could hardly be better placed or better known - but it looks like the asking price of €5m for the famous Quay's pub and restaurant in Cobh has proved to be a little too rich for prospective buyers. ![]() Uncertainty is high over whether Argentina will keep up payments to the IMF thereafter, or if it will need to - or can - tap the swap once again. ![]() "It reflects how much more agile Chinese external financial diplomacy can be, and it's an additional virtue that countries see in maintaining a constructive relationship with China," added Werner, who was the head of the IMF's Western Hemisphere Department when Argentina's 2018 loan was approved.Īrgentina is set to elect a new president in October amid triple-digit inflation and mounting capital controls that have crippled the economy. "From the point of view of geopolitics, this brings Argentina closer to the Chinese sphere," said Alejandro Werner, founding director of the Georgetown Americas Institute. Relations are also at a crucial juncture over hot-button issues such as Taiwan and Russia's invasion of Ukraine. The United States is the IMF's largest contributor but Washington has been increasingly at odds with China on how to solve debt restructurings with countries like Zambia and Sri Lanka. "The line works like any other short-term BoP (balance of payment) loan, although access to the resources is restricted and expensive," said Martin Castellano, Head of LatAm research for the Institute of International Finance (IIF). It has since been renewed and expanded with both leftist and market-friendly governments in Argentina.įollowing a May China trip by Economy Minister Sergio Massa, the countries agreed to double the freely accessible part of the swap deal from 35 billion yuan ($4.94 billion) to 70 billion yuan, allowing Argentina to pay for imports and now, repay the IMF debt from the 2018 loan. The swap line that the People's Bank of China (PBOC) signed in 2009 with Buenos Aires was the first agreed with a Latin American country. "The terms aren't known - how easy is it to draw? What are the conditions? What are the interest rates? How long is the tenor?" are just some of the unanswered questions, he added.Ĭhina's central bank and Argentina's central bank and economy ministry did not reply to requests for comment. representative at the IMF from 2015 through 2018. "The Chinese swaps are highly opaque," said Sobel, who was the U.S. Neither China nor Argentina have released details of the loan bridge, and little is known about the $19 billion currency life line signed more than a decade ago. Such an outcome, and the likely resulting market jitters, would have dramatically increased pressure on Argentina. A country automatically falls into arrears with the IMF if it misses a repayment to the fund, which means also losing access to financing from other multilateral lenders like the World Bank. ![]()
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