After 4 short years, Argentina is back to being a default risk and a distressed asset investor’s delight. Other than Venezuela, there is no place in Latin America that’s as deeply discounted as this market
After four short years, Argentina is back to being a default risk and a distressed asset investor’s delight. Other than Venezuela, which is banned from being traded in the U.S. anyway, there is no place in Latin America that’s as deeply discounted as this sorry market.has floated the idea of a two-year debt moratorium
An extension on IMF loans would amount to a moratorium on that portion of the country’s debt, but not the rest held by the local banks and foreign bond lords who have to agree to a debt extension. They’d have to renegotiate, all hoping that Fernandez can get this pterodactyl of an economy flying again.
parties did nothing to help Mauricio Macri govern, but they'll help Fernandez. That could lead to a compromise with public worker unions.Argentina will start 2020—to take from a Tommy Petty and the Heartbreakers tune—into the great wide open. They look to the left, nothing. They look to the right, nothing. In front of them, nothing. Behind them, nothing. Well, not really. Behind them is a train wreck.
As it is, Guzman is already warning that if the government cannot get a debt extension from the IMF by March, it sets them up for a default on some foreign debts. For the newly inaugurated administration, there is now little time to act if Argentina is to avoid a disorderly default, the EIU’s Latin America analysts believe. Another default would be “hugely damaging” to the economy and prove an almost certain trigger for political instability—yet again—in 2020.
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