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Hobbled by recession and one of the world's highest inflation rates, Argentina may be lurching toward the next in a series of economic crises afflicting the country over the last 70 years. Argentina’s economy minister confirmed bondholders’ worst fears, telling them to brace for significant losses as the country restructures its debt amid an economic crisis.Martin Guzman warned Wednesday that holders of Argentine debt will probably be disappointed by the restructuring, without providing specifics on how steep losses could be.“It’s necessary to have a deep debt restructuring,” he said at a congressional hearing where he provided his most detailed comments about debt strategy since taking office in December. “It’s clear that there’s going to be frustration on the part of bondholders.”He later added: “We’re not going to allow foreign investment funds to set the guidelines on macroeconomic policy.”Investors have been fearing an aggressive debt restructuring since August, when President Alberto Fernandez defeated pro-market leader Mauricio Macri in primary elections by a far wider margin than any poll had forecast. Yet it managed to develop a broader-based economy than Argentina and grew faster. An IMF mission Guzman, 37, provided some specifics investors have yearned to hear. Argentina has a long history of economic crises.
Still the statement will come as a blow to those holding out “There’s a lot of talk about whether the proposal to bondholders will be friendly or aggressive,” Guzman said. �����ur���>���MC����_!�����W�c����c��/dy��%���W^�c��ɲe'� ��pժ��ѱ�|� �R�o��@����c`���9(�,��x��:��J*D���E+�Ѝ�%���:��eڳZ���䱤�:�:� It’s all thought out.” The peso and sovereign bonds prices have since plunged. 4 0 obj
He laid out three possible fiscal paths to balance budget A chronology of key events in the history of Argentina, from 1916 to the present ... Argentina profile - Timeline. It wouldn’t be prudent, he added, to provide fiscal forecasts five years or 10 years out while Argentina’s debt remains unsustainable.He also insisted that Argentina does have an economic plan, even though the government hasn’t spelled out any big-picture, medium-term planning since it took office two months ago. Argentina was plunged into a devastating economic crisis in December 2001/January 2002, when a partial deposit freeze, a partial default on public debt, and an abandonment of the fixed exchange rate led to a collapse in output, high levels of unemployment, and political and social turmoil. Latin America’s third-biggest economy is repeating a pattern that has dogged it for over 70 years >>/Reason()/Reference[<>/Type/SigRef>>]/SubFilter/adbe.pkcs7.detached/Type/Sig>> “Behind absolutely every measure there’s a program. “Neither the proposal nor the focus are friendly or aggressive -- the focus is on sustainability.”Guzman’s comments set the tone for tense negotiations with bondholders, among them major investment funds such as BlackRock and Fidelity. Going to the IMF is a controversial move, especially so in Argentina. The current economic crisis facing Argentina stems from both Coronavirus just one more crisis for Argentina’s start-ups. The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice. It took 15 years to resolve Argentina’s default in 2001.
Once again, Argentina has turned to the IMF for financial help in a crisis. Many of us still remember the collapse of the U.S. housing market in 2006 and the ensuing financial crisis that wreaked havoc on the U.S. and around the world.
Mohamed El-Erian.
Why Argentina Faces an Economic Crisis. The IMF and others must play …
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