The impact of the crypto riot in El Salvador: the Nayib Bukele district through Bitcoin pushes al país in the default range

The President Nayib Bukele (REUTERS / Jose Cabezas)
The President Nayib Bukele (REUTERS / Jose Cabezas)

The state of El Salvador in bitcoin is the cost of Gobierno with the surplus to cover the interest of the bond tenders, which records the great risks that the plant has experimented with cryptocurrency.

The withdrawal that has taken place in bitcoin by 40% of the March finals has profounded the accumulated periods of the President’s Governor’s tenure. Nayib Bukele close to USD 40 million, according to a Bloomberg estimate. This is a little more than the next coupon of the external coupon, of USD 38.25 million with a return of 15 June in notes with a return in 2035.

El Gobierno de Bukele has managed $ 105 million to buy bitcoins from which it will be transformed into an example of a world market to convert the tokens into a legal exchange rate coin in September, following its announcements on Twitter. From the first purchase, the cryptocurrency is about 45%, reducing the value of 2,301 bitcoins of the country to USD 66 million.

This day, Moody’s Investors Service has started the credit rating of the scales and advances that the tenderers of their bonds are trying to keep the big money. El Salvador is the first country in the world to win a bitcoin currency and its president will be issuing a $ 1,000 million worth of bitcoin, to the Minister of the Hacienda, Alejandro Zelaya, who will recognize these days as his wife price of cryptocurrency and affect the demand for inversionists.

The graphic artist, in red, the moment in El Salvador recommended to buy bitcoins and como, from the entons, the digital coin lost 44% of its value
The graphic artist, in red, the moment in El Salvador recommended to buy bitcoins and como, from the entons, the digital coin lost 44% of its value

The last days of the cryptocurrencies, with bitcoin that can be read by the debtor for $ 26,300 (and which cost 18 of Argentina for $ 28,300) it’s another goal for Bukele, a devoted creature of the cryptocurrencies that lleva more than five months intentando sell a bono respaldado por bitcoin. Without embargo, the inversionists have not shown much enthusiasm in the good deeds of El Salvador, preoccupied only by the ability of the governor to maintain the day of his death, also of his own free will.

El Salvador does not publish data on bitcoin claims.

The country also hosted conversations with the FMI, but the business was forced to accept that Bukele adopts the cryptocurrency as a legal course currency.

The prices of the external share of the country cayeron accounted for 18% of this year, which is due to bonds with a return of 10 to 30 years of copyright for 40 cents per dollar, in the territory of deficiencies. It is approximately $ 800 million worth of capital. The discount of 22% on the price of which is negotiable to suggest a vacancy rating by part of the inversionists about the bond.

El Salvador is worth $ 382 million in interest bidders and is interested in it, but in July he paid more for the payments of USD 183 million. In April, the nation has USD 3,400 million in reserves, next to the central bank, and el gobierno planea recaudar USD 1.000 millones con el bono respaldado por bitcoin, aunque no está claro en este momento si la transacción se llevará a cabo.

Bukele advertises through social networks that this week the country buys more bitcoins
Bukele advertises through social networks that this week the country buys more bitcoins

The country also established conversations with the International Monetary Fund, but the negotiations were based on the fact that Bukele adopts the cryptocurrency as a legal tender. From the entons, the differentials of the credit default swaps of the nation, a type of insurance against paid claims, has accounted for more than 20 percentage points, which implies an increase of 87% by default in the next few years.

Shopping and qualification

El Pasado, El Salvador announced the purchase of 500 bitcoins, and the mayor has acquired the cryptocurrency. At that moment, he paid $ 31,000 per unit. El Gobierno bought the coins at a price of US $ 30,744, by Bukele on Twitter.

Four days before this operation, Moody’s Investors Service allows you to take care of the country, pay attention to the credit rating and announce that the bones of the country will be able to support the big money.

The agency recruits the qualification of the external god to the place of the nation of “Caa3 ″ desde” Caa1 ″, arguing “a mayor’s creditworthiness for a credit event: restructuring, change in incomplete difficulties ”.

“Rebate incorporates the expectation of Moody’s great material losses for the inversionists of the two best boomers,” he said.

El Salvador has a bond of USD 800 million, which will be sold in 2023, followed by another loan in 2025.

Rebaja “is a big part of the failure of a credit finance plan, a factor that also increases the creditworthiness of derivatives of a restricted access to the market due to the results of the external problems of El Salvador”, said Moody’s.

The differentials of the external bonds in the nation’s dollars have been increased to more than 2,200 basic points by the EU, which reflects a high level of anguish. The dependence of Gobierno de la deuda interna a corto plazo aumenta los riesgos crediticios, expresó Moody’s.

With information from Bloomberg


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