Argentina: Government looking to buy time

UBP
By September 3, 2019 11:59

Argentina: Government looking to buy time

Uncertainty in Argentine markets has increased following the government’s announcement (28 August 2019) to engage with foreign investors over a voluntary re-profiling of a portion of their eurobonds and with local investors to extend their peso/local debt*. These measures are aimed at stabilising the peso / reducing demand for foreign currency. The debt owed to the IMF (USD 44bn) is also part of the proposed re-profiling. The Fund issued a statement that it would be analysing the proposals and that it remains supportive of Argentine policymakers. S&P lowered Argentina’s rating to ‘Selective Default’ (30 August) citing the country’s decision on short term local debt.

UBP
By September 3, 2019 11:59

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